Half-year Report

12 November 2026

Syncona Limited

Interim Results for the six months ended 30 September 2026

Strong progress across the portfolio drives financial performance

Positive Phase II/III pivotal data from Beacon delivers a key value inflection point for Syncona, demonstrating the potential value in the portfolio

Period of significant execution across maturing portfolio, creating momentum with multiple value-creating opportunities ahead

Focused on returning a minimum of £250 million to Shareholders while continuing to drive portfolio value and sustainable long-term returns

Syncona Limited, (“Syncona” or the “Company”), a leading life science investor, today announces its Interim Results for the six months ended 30 September 2026.

Chris Hollowood, Chief Executive and Chief Investment Officer of Syncona Investment Management Limited (“SIML”), commented: “This financial year has started with positive performance and strong momentum across the portfolio and sector. We believe there is a compelling opportunity ahead for significant value creation. I am particularly excited by the landmark clinical data from Beacon's pivotal study which offers hope for patients living with a devastating blinding condition. We are hopeful that laru-zova will become Syncona’s third approved product and will be able to transform the lives of patients, who currently have no treatment options. Crucially, it marks the delivery of a key value inflection point and demonstrates the potential value within a maturing portfolio.

Syncona’s maturing portfolio has multiple opportunities to create further value as the next wave of clinical-stage companies advance, with OMass, Quell and Purespring dosing the first patients in their lead programmes during the period. Encouragingly, the portfolio is strongly positioned to benefit from a more supportive market environment and continued pharma demand for innovative late-stage clinical assets. The Board remains focused on returning a minimum of £250 million to shareholders and advancing the portfolio to support the ongoing delivery of sustainable shareholder returns.”

Positive financial performance with 3.0% increase in NAV per share

· Net assets of £1,068.9 million (31 March 2026: £1,037.7 million), 175.7p[1] per share (31 March 2026: 170.6p per share), a NAV per share return of 3.0%[2]

· Life Science Portfolio valued at £920.7 million[3] (31 March 2026: £839.4 million) a return of 4.7%[4],[5]

· Performance predominantly driven by an uplift of £48.5 million to the deferred consideration relating to Beacon, reflecting the recent positive pivotal data read-out, and increase in the value of Autolus and OMass, partially offset by a write-down of Anaveon

· Share price has appreciated 39.9%[6] (rising from 88.5p to 123.8p) over the period, with the discount to NAV at which the shares trade, narrowing to approximately 29.5%; the Board and SIML Leadership Team remain focused on delivering on Syncona’s strategy, which should support a further narrowing of the discount

· Capital pool[7] of £148.2 million at 30 September 2026 (31 March 2026: £198.3 million); £43.4 million deployed into Life Science Portfolio in the six months with 85.3% into late-stage and clinical-stage companies (£17.2 million deployed in the six months ended 30 September 2025)

Three key value inflection points delivered in CY2026 with one expected by the end of CY2026, three before the end of CY2027 and one before the end of CY2028

· A key value inflection point (KVIP) is a material de-risking event for a portfolio company that has the potential to drive significant NAV growth for Syncona, for example by increasing the possibility of a realisation event, such as Merger & Acquisition (M&A) activity

· Three KVIPs delivered post period end:

Significant clinical and operational progress across a maturing portfolio with multiple value creating opportunities ahead

· Continued focus on driving the Life Science Portfolio to late-stage clinical development, with 91.7% of the life science portfolio now in 10 clinical-stage and commercial companies, of which two are late-stage clinical and one has a product on the market

· Spur dosed the first patient in GALILEO-3, its Phase III pivotal clinical trial with the completion of this stage of the study expected in H1 CY2028

· Purespring, OMass and Quell dosed patients in their Phase I/II trials; clinical data expected from these trials in CY2027

· The SIML team continue to work closely with portfolio company management teams to drive clinical progress and support value creation

Capital allocation focused on clinical and late-stage clinical portfolio with continued external validation of the portfolio

An improving market environment supports potential routes to value realisation

· Pharma M&A activity continues as companies seek to replenish pipelines in light of upcoming patent expiries, with continued interest in late-stage assets

· Public and private biotech markets are showing increased activity, providing an improving backdrop for portfolio companies seeking financing and strategic opportunities

· Syncona's maturing portfolio is well positioned to benefit from a more supportive market environment and continued pharma demand for innovative late-stage clinical assets

Syncona Board strengthened and SIML leadership evolved to support portfolio value creation

· Norman Crighton appointed as an independent Non-Executive Director, bringing over 35 years of experience in the investment company industry

· Gian-Piero Reverberi to step down from the Board on 31 December 2026; Norman Crighton will take over from Gian-Piero as Chair of the Remuneration Committee

· Chris Hollowood has taken on the role of Chief Investment Officer alongside his role as Chief Executive of SIML, reflecting a greater focus on Syncona's investment strategy and activity, alongside actively managing the portfolio

· Dr Samantha (Sam) Roberts, former CEO of the National Institute for Health and Care Excellence (NICE), has become Managing Director of SIML, where she will use her commercial and reimbursement expertise to drive value creation across the portfolio and future investments, as well as manage the organisation day-to-day

· Roel Bulthuis has stepped down from his full-time role as Managing Partner, Head of Investments of SIML and becomes Executive Partner where he will continue as a Director on the Boards of iOnctura and Re-Aim supporting these companies with his significant experience and network in life sciences venture capital, business development and investment banking

Life sciences portfolio valuations[8]

Enquiries

Syncona Ltd

Annabel Clark

Tel: +44 (0) 20 3981 7912

FTI Consulting

Ben Atwell / Natalie Garland-Collins / Tim Stamper

Tel: +44 (0) 20 3727 1000

Syncona Investment Management Limited review

Business review

This has been a period of significant clinical and operational progress across the portfolio, with the delivery of several significant milestones, most notably Beacon’s positive data result from its Phase II/III pivotal trial evaluating laru-zova, a gene therapy for the treatment of patients with X-linked retinitis pigmentosa (XLRP), a devastating blinding condition that has no current treatment options.

Alongside this, the team has continued to focus on driving the portfolio companies to late-stage clinical development, where SIML believes significant value can be accessed through M&A and liquidity events. Syncona now has 91.7% of the portfolio and 10 of 15 portfolio companies at clinical-stage, more than at any point of Syncona’s history. SIML believes the portfolio is well positioned to deliver value for shareholders and transformational treatments to patients.  

Positive NAV performance driven by significant progress across three portfolio companies with important key value inflection point delivered by Beacon

NAV per share increased from 170.6p to 175.7p, a 3.0 per cent total return, and Syncona ended the period with net assets of £1,068.9 million. The performance was predominantly driven by an uplift to the Beacon deferred consideration reflecting the company’s positive topline result in its pivotal study, positive share price appreciation of Autolus and the write-up of OMass following its successful $310 million financing. These valuation gains were partially offset by a £24.5 million write-down in the valuation of Syncona’s holding in Anaveon, following a review by the SIML team and Anaveon’s strengthened leadership team of the best path forward to optimise longer term value from its two current programmes. Following this review, Anaveon is well positioned to execute on its priorities, and is actively considering how to optimise its corporate structure to deliver them.

Positive data-read out from Beacon demonstrates potential substantial latent value in the portfolio yet to be reflected in NAV

During the period, Beacon, the most mature Syncona founded private portfolio company, published positive topline clinical data from its pivotal VISTA study that showed its product, laru-zova, had met its FDA-endorsed primary endpoint for the treatment of XLRP, a severe, inherited retinal disease that leads to progressive vision loss with patients moving from night blindness to being legally blind by a median age of 45.

There are more than 20,000 patients in the US and Europe living with XLRP and there are currently no approved treatment options. Beacon’s pivotal study is the first and only Phase III trial in XLRP to meet its primary endpoint and the company will now be engaging with regulators to seek approval for laru-zova. SIML believes this could be transformational for the patient community, and this corresponds with a significant market opportunity in RPGR mediated XLRP across the company’s primary markets of US and EU4 + UK, with cumulative potential 10-year revenues of $15 billion.

The SIML team’s view is that significant value can be accessed in life science investment at the late stage, when clinical programmes have been de-risked. This data marked the delivery of a key value inflection point, which has the potential to drive significant NAV growth for Syncona through a third-party financing, M&A or strategic transaction in due course.

Broader commercial and clinical-stage portfolio making significant progress with next wave of companies providing multiple value-creation opportunities ahead

The Life Science portfolio is now 91.7% commercial, late-stage clinical and clinical, with 10 clinical-stage companies with strong execution across companies:

· Autolus continued to execute on its commercialisation of AUCATZYL®, reporting a 95% year-over-year sales increase to $41.2 million in Q3 2026, representing strong commercial traction and the delivery of a key value inflection point for the company

· Post period end, Resolution delivered a key value inflection point with encouraging initial clinical data in its EMERALD phase I/II study which reflects the data from the MATCH trial, further validating and reinforcing the SIML team’s investment thesis in the company

· Purespring, OMass and Quell have dosed patients in their lead programmes, all focused on areas of high unmet medical need, with the potential to deliver transformational outcomes for patients and drive value for Syncona shareholders

Syncona’s portfolio has a rich pipeline of key value inflection points, that can materially de-risk our portfolio companies and have the potential to drive significant NAV growth for Syncona. We have five expected key value inflection points by the end of CY2028, with one more this calendar year and three in CY2027.

Continued to attract significant external investment to the portfolio

The portfolio continues to attract significant investment, reflecting the quality of companies the SIML team has been able to create and build. Since 31 March 2026, a total of £230 million has been raised by the portfolio with a financing closed by OMass with £220 million raised from leading external life science investors, broadening the financial scale of our companies and enabling them to deliver on their ambitions. Post period end, Kesmalea (now known as Oyster Therapeutics), has raised $60 million in a Series A-2 financing, with Syncona committing $5.0 million (£3.8 million). Access to external capital also enables Syncona to prioritise its own capital towards late-stage opportunities with the potential to deliver nearer-term shareholder returns, while continuing to maintain strategic influence across its earlier-stage portfolio companies.

Capital allocation focus on clinical and late-stage clinical assets which have the potential to drive near-term value

Over the last four years, a rigorous approach has been taken to capital allocation and portfolio management. The focus on allocating capital to clinical and late-stage clinical assets, which have the potential to drive near-term value, has meant that since March 2022, 87.4% of total capital deployed has been invested in companies that are now clinical-stage. Whilst our proactive approach to portfolio management has meant that we have worked to consolidate assets, explore creative sources of financing and refined investment focus on first and best-in-class assets and on products that can reach late-stage development in the near and medium term. This capital allocation focus allied with a proactive portfolio management approach has meant that the portfolio of 15 companies is poised to access multiple value creation opportunities and is well positioned to benefit from more supportive market conditions and continued pharma demand for innovative clinical-stage assets.

Favourable sector backdrop providing momentum to the portfolio

Pharma M&A activity has continued to accelerate in 2026 with $167 billion of transactions announced in the first three quarters of 2026 across a range of therapeutic areas and modalities but focused on assets in later-stage development. This activity reflects pharma’s continued need to replenish its pipeline, in light of upcoming patent cliffs, through acquiring innovative biotech companies, like those in the Syncona portfolio. We expect both M&A and licensing activity to continue with pharma facing a patent cliff of over $350 billion by 2030 and with over $1.5 trillion in deal capacity.

The financing environment more broadly is also improved. Public markets have continued to show increased activity and the XBI has increased by 23.4% during the six months, further recovering from the lows of Q2 2025. It is now above its October 2020 level, but still below its peak in February 2021. The private market recovery has continued to lag the public markets, but we have started to see value return with $18 billion raised across 190 financings in the first three quarters of 2026[16]. This is a supportive backdrop for portfolio companies seeking financing and strategic opportunities and provides real momentum to our maturing portfolio and continued pharma demand for innovative late-stage clinical assets.

A strengthened ecosystem to drive value and future growth

This evolved approach to capital allocations sits alongside a commitment to the premise on which Syncona was established. Since 2012, Syncona has been a key part of changing the landscape for ambitious life science company creation in the UK. As a direct consequence of SIML’s actions, many potential therapies have been taken from academic research into the clinic on an industrial and scalable footing and two therapies have been approved and are improving patient outcomes. With Beacon meeting its FDA endorsed primary end point, we are hopeful that laru-zova will become Syncona’s third approved product and will be able to transform the lives of patients impacted by a devastating blinding condition.

The UK produces a disproportionate share of global medical research; four of the world’s top 10 universities for life sciences are based in the UK. However, its domestic capital market has not kept pace with the science it produces. Syncona was founded by The Wellcome Trust to bridge precisely that gap and has since gone on to deploy over £1.2 billion into 22 companies in the UK, attracting £4 billion of external capital to UK based life science companies. Syncona has been the largest dedicated life science investor in UK life science spin-outs over the period 2015-2024[17]. The Board and SIML team are passionate about shaping a life science ecosystem that is sustainable and provides a platform for further success.

Syncona Board strengthened and SIML leadership evolved to support portfolio value creation

Norman Crighton joined the Syncona Limited Board on 1 July 2026, bringing over 35 years of experience in the investment company industry, spanning investment banking, fund management, and board-level governance. Gian-Piero Reverberi will step down from the Board on 31 December 2026, and Norman will take over from Gian-Piero as Chair of the Remuneration Committee.

In September, Chris Hollowood took up the role of Chief Investment Officer, alongside his role as Chief Executive Officer of SIML, reflecting a greater focus on Syncona’s investment strategy and activity, alongside actively managing the Syncona portfolio. Alongside this, Dr Samantha (Sam) Roberts became Managing Director of SIML, where she will focus on using her commercial and reimbursement expertise to drive value creation across the portfolio and future investments as well as manage the organisation day-to-day. Additionally, Roel Bulthuis stepped down as Managing Partner, Head of Investments of SIML, and moved on from his full-time leadership role. He continues as an Executive Partner retaining Director positions on the Boards of iOnctura and Re-Aim supporting these companies with his significant experience and network in life sciences venture capital, business development and investment banking.

Focused on returning a minimum of £250 million to shareholders and continuing to drive forward a maturing portfolio that can deliver sustainable returns

Syncona’s portfolio has made significant progress this year, delivering three key value inflection points. Over 91.7% of the portfolio is at commercial, late-stage clinical or clinical stage with the next wave of companies progressing towards the delivery of the next set of key value inflection points. In the coming months, we expect to build and unlock more latent value across this exciting portfolio of companies, focusing first on the return of a minimum of £250 million proceeds to shareholders in a timely manner, whilst also driving significant future value and growth.

This financial year has started with positive performance and strong momentum across the portfolio and sector. We believe there is a compelling opportunity ahead of significant value creation and we are well positioned to deliver on this opportunity for shareholders.  

Financial review

Syncona's strategy is supported by a capital pool which underpins our ability to drive value for shareholders. The SIML team takes a robust and prudent approach to valuation and managing the balance sheet, whilst closely managing our costs. This supports the delivery of strategy and the focus on optimising returns for shareholders.

Capital allocation

Syncona’s rigorous approach to capital allocation and ability to leverage external capital across the portfolio means that we have raised £220 million from external investors, alongside up to £9.6 million of capital committed by Syncona. Our current key value inflection points, which have the potential to support significant growth of our NAV, are funded. Key value inflection points are funded by capital committed by Syncona and third-party investors in financings or underwritten by Syncona’s capital pool. A portion of Syncona’s capital pool is also committed to funding future operational costs and the charitable donation. The remainder of our capital pool is allocated towards driving broader portfolio company milestones and new investments.

Valuation approach

Syncona’s portfolio companies are measured at fair value in accordance with IFRS 13 Fair Value Measurement. In determining the fair value of unquoted investments, the Company applies valuation methodologies consistent with the International Private Equity and Venture Capital Valuation (IPEV) Guidelines. At the period end, our life science portfolio comprised listed holdings (4.6%), private companies valued at either price of recent investment (PRI) (43.6%), or on the basis of capital invested (cost) (41.2%). In addition, deferred consideration payments relating to Beacon, are valued on a risk-adjusted discounted cash flow basis in line with our Valuation Policy and together represent 8.0% of the portfolio. The residual 2.7% of the life science portfolio were valued at Adjusted Third party valuations, sum of the parts methodology or expected proceeds.

Capital pool management

The capital pool of £148.2 million[18] is primarily held in cash and a number of low volatility, highly liquid, multi-asset and credit funds or mandates, managed by Kempen and M&G with portfolio mandates to deliver a core CPI (consumer price index) return over the mid-term. At the period end, £56.6 million was held in cash and cash equivalents, with £105.1 million held in multi-asset funds and credit funds. The remainder of the capital pool is invested in mature cash generative private equity funds. To provide Syncona with a natural hedge against short-term US dollar cash flows, 11.0% of our capital pool is held in US dollars and the 0.3% weakening of the US dollar versus Sterling over the period resulted in an unrealised foreign exchange loss of £0.1 million at the period end. The overall return across our capital pool during the period was 2.0%.

Life science portfolio

The life science portfolio was valued at £920.7 million at 30 September 2026 (31 March 2026: £839.4 million), delivering a 4.7% return in the period. It comprises portfolio companies, potential deferred consideration payments, and investments which are non-core and provide optionality to deliver returns for our shareholders.

The portfolio consists of 15 core life science portfolio companies where Syncona has significant shareholdings and SIML often plays an active role in the company’s development. These companies are diversified across modality and therapeutic area with one commercial-stage company, two late-stage clinical and seven clinical-stage companies.

Portfolio company milestones

Specific portfolio company capital access milestones and key value inflection points15 (which are set out below) are not without risk and their impact will be affected by various factors including the market environment at the time of their delivery.

On the market – 3.9% of the portfolio

Autolus Therapeutics (3.9% of NAV, 9.2% shareholding)

SIML team view

Autolus Therapeutics (Autolus) continues to execute on the commercialisation of its lead CAR-T cell therapy AUCATZYL® (obe-cel) in the US. The company reported net product revenue of $41.2 million, an increase of 95% year-over-year, with full-year 2026 AUCATZYL net product revenue to be at or exceeding upper end of $150 million prior guidance and gross margin increased to 57%, driven by growing volumes and manufacturing efficiency initiatives. This momentum clearly demonstrates strong commercial traction, and the delivery of the key value inflection point, albeit we believe this progress is yet to be fully reflected in the share price. We are encouraged by its clinical and commercial impact since launch, which is now in its second full year. The company is also advancing its autoimmune disease pipeline. In April 2026, Autolus announced a strategic initiative and plan to improve operational efficiency and reduce operating expenses, which has led to the completion of a 13% reduction in its overall workforce. The actions are expected to reduce operating expenses by approximately $15 million on an annualised basis beginning in 2027. The SIML team believes this will enhance margins, support scalable growth, and position Autolus for long-term value creation.

Company focus: Autolus is developing and commercialising next generation programmed T-cell therapies for the treatment of cancer and autoimmunity with a clinical pipeline targeting haematological malignancies, solid tumours and autoimmune diseases.

Financing stage: During the period Autolus entered into a strategic financing with Perceptive Advisors, for the sale of notes of up to $250 million in aggregate principal amount in a five-year, interest-only senior credit facility. At 30 September 2026, cash and cash equivalents and marketable securities totalled $248.4 million ($300.7 million at 31 December 2025).

Lead programme: Autolus is now in its second full year of commercialising AUCATZYL® in the US, after it was approved by the FDA in November 2024. Commercial launch is also progressing in the United Kingdom, following the U.K. Medicines and Healthcare products Regulatory Agency (MHRA) granting AUCATZYL® conditional marketing authorisation in April 2025, and NICE’s recommendation for use in the NHS in November 2025. Obe-cel was also granted European Marketing Authorisation for the treatment of adult patients with r/r B-ALL in July 2025. A Phase II study is ongoing to support an expansion into the paediatric population, with data expected at the end of 2027. This follows positive data in the Phase I CATULUS trial showing obe-cel can produce high remission rates in this paediatric patient population, including in patients with high-risk relapse and patients with primary CNS relapse.

Commercialisation: In the first full year of commercialisation AUCATZYL® generated $74.3 million of revenue. Most recently, the company announced net product revenue for Q3 of $41.2 million, an increase of 95% year on year. Production capacity is served by Autolus’ specialist 70,000 sq. foot advanced manufacturing facility (the Nucleus), the UK’s first purpose-built CAR T-cell manufacturing unit.

Pipeline programmes: obe-cel is in clinical development in Lupus Nephritis, with a pivotal Phase II clinical trial expected to report data in 2028, having generated strong efficacy data in the Phase I CARLYSLE trial in patients with severe refractory systemic lupus erythematosus (srSLE). Phase I trials have also been initiated in progressive multiple sclerosis (obe-cel) and AL-amyloidosis (AUTO8), with data expected in 2027 and 2026, respectively.

Late-stage clinical companies – 42.6% of NAV

Beacon Therapeutics (22.4% of NAV, 38.4% shareholding)

SIML team view

Beacon Therapeutics (Beacon), founded by Syncona, is a leading retinal gene therapy company at an exciting inflection point. Its lead programme, laru-zova, has delivered positive pivotal results in XLRP,a devastating inherited retinal disease that causes progressive vision loss and has no approved treatment. Given the favourable safety and tolerability profile reported to date, laru-zova has the potential to become a first- and best-in-class therapy, offering new hope to patients and families affected by this condition. The pivotal Phase II/III VISTA trial provides compelling clinical support for that ambition. At 12 months, 31% of patients receiving the high dose achieved an improvement of at least 15 letters in low-luminance visual acuity (LLVA), a measure of visual sharpness in dim light, equivalent to reading three additional lines on a standard eye chart. This compared with no responders in the untreated control group, meeting the study’s primary FDA-endorsed primary endpoint.

Laru-zova is the only late-stage clinical programme delivering a functional, full-length copy of the RPGR gene, with the potential to address the underlying genetic defect affecting both rod and cone photoreceptors in RPGR-associated XLRP. Beyond its lead programme, Beacon is building a broader retinal gene therapy pipeline, including a preclinical programme targeting dry age-related macular degeneration, a highly prevalent disease that represents a substantial opportunity. Together, these programmes position Beacon to translate pioneering science into meaningful advances for patients with sight-threatening retinal disease.

Company focus: Beacon is an ophthalmic AAV-based gene therapy company founded to save and restore the vision of patients with a range of prevalent and rare retinal diseases that result in blindness.

Financing stage: Beacon raised $75.2 million in a Series C funding in December 2025. Goldman Sachs led the round with participation from the Retinal Degeneration Fund (RD Fund from Foundation for Fighting Blindness) and, alongside Syncona, the financing was supported by existing investors Forbion, Oxford Science Enterprises and Advent Life Sciences. The Series C financing brings the total amount that Beacon has raised in funding to date to approximately $367 million. The proceeds have supported the continued clinical development of laru-zova through its pivotal data readout and will support preparations for global regulatory submission.

Lead programme: Beacon reported positive VISTA topline results in September 2026, followed by further detail in the late-breaking oral presentation during Retina Subspecialty Day at the American Academy of Ophthalmology (AAO) Annual Meeting in October.

Spur Therapeutics (20.2% of NAV, 86.5% shareholding)

SIML team view

We believe Spur Therapeutics’ (Spur) lead programme, FLT201, has the potential to be the first- and best-in-class gene therapy for Gaucher disease patients, a rare and inherited lysosomal storage disorder for which there is currently no cure. Designed to address the underlying genetic cause of the disease and potentially offering patients a transformative long-term outcome, FLT201 is a highly differentiated gene therapy candidate that delivers a novel transgene to treat Gaucher disease Type 1. Spur continues to make strong clinical and operational progress, with GALILEO-3, its pivotal Phase III trial underway. SIML has been encouraged by the data published from its lead programme to date, including the two-year follow up data demonstrating sustained benefit, including improvements in pain, fatigue and bone health, following a single low dose of FLT201.

Company focus: Developing transformative gene therapies for patients suffering from chronic debilitating diseases.

Financing stage: £7.4 million of additional financing to support the development of the company’s pipeline was provided in the period.

Lead programme: The company has generated positive data from its lead programme in Gaucher disease, and these benefits have been sustained after two years, reinforcing the long-lasting potential of FLT201 beyond what can be delivered through the current standard of care. The FLT201 data released in May 2026 during the International Working Group on Gaucher Disease 2026 Symposium, to date has shown maintenance or improvement in haemoglobin and platelet levels remaining in the normal range for patients who discontinued their standard of care, enzyme replacement therapy, or substrate reduction therapy (SRT). Additionally, data released showing encouraging improvements in bone symptoms with observations of reduced bone marrow burden and improved bone mineral density were also presented. The company started its Phase III trial of FLT201 in adults with Gaucher type 1 in the summer and is on track to complete the full Phase III enrolment of approximately 45 patients by mid-2027. The pivotal stage of this Phase III trial in Gaucher disease is expected to now complete in H2 CY2028 (against prior guidance of H1 CY2028) reflecting the current protocol’s endpoint of stability of haemoglobin concentration at week 52.

Pipeline programmes: During the period, Spur signed an option and licence with Alector Inc., relating to certain patents related to its engineered GCase with Alector, Inc. Alector exercised its option to license, which gives Alector the sub-license the right to develop, manufacture, and commercialise products for use in all fields (other than a specified excluded indication). Post period end, Alector paid Spur a $15 million upfront payment in relation to this agreement and Spur also has a right to a percentage in the teens of any milestone and other non-royalty partnering income that Alector receives, as well as a percentage of royalties received by Alector under a related third-party partnering agreement.

People: CEO Michael Parini transitioned to Chair of the Board of Directors and Chief Scientific Officer Henning Stennicke, PhD assumed the role of Chief Operating Officer bringing deep industry knowledge to his responsibility for operational leadership, whilst Michael will continue to guide the company strategy and provide counsel on ongoing business development priorities. Chris Hollowood, who was Chair of Spur, will remain on the Board as a Director, bringing a wealth of expertise in the gene therapy space and important continuity, whilst Dr. Samantha Roberts, Managing Director at SIML and ex CEO of NICE, will join the Spur Board as a Director.

Key value inflection point: Completion of the pivotal stage of its Phase III trial in Gaucher disease expected in H2 CY2028.

Clinical-stage companies – 32.4% of NAV

Quell Therapeutics (7.8% of NAV, 33.7% shareholding)

SIML team view

Quell Therapeutics (Quell) is developing engineered regulatory T cell (Treg) therapies designed to calm, rather than destroy, an overactive immune system. Its lead programme, QEL-005, is a potential first-in-class therapy for difficult-to-treat rheumatoid arthritis (D2TRA) and systemic sclerosis (SSc), two diseases with significant burden and high unmet need. We believe QEL-005 has the potential to change how complex autoimmune disease is treated.

QEL-005's key differentiation is its cell engineering and broad effect on the immune system. Rather than depleting a single cell type, it is designed to switch on at sites of inflammation and modulate multiple immune cell types at once, including T cells, B cells and macrophages, "Chill, not Kill" approach. This broad mechanism has the potential to have a broad therapeutic impact, is expected to be safer than depleting approaches such as CAR-T and offers the potential for durable responses. Crucially, the benign safety profile could enable the product to fit within the current treatment path, meaning it will be administered in rheumatology outpatient clinics rather than requiring hospitalisation. Recent clinical data from competitors, showed early efficacy for engineered Tregs in refractory rheumatoid arthritis but limited durability as Treg persistence declined. QEL-005 is designed to address this issue, seeking to keep the cells stable.

Quell is now focusing its capital on QEL-005, building on the clinical proof-of-concept for engineered Tregs established in its earlier liver transplant programme. The management team has executed strongly on the Phase I/II CHILL study, activating it in 113 days and completing the first dose cohort with a clean safety profile. The study has generated strong interest from specialists in the UK and internationally.

Company focus: Developing engineered T-regulatory (Treg) cell therapies using a proprietary phenotype-locked platform to deliver stable, durable immunomodulation across complex autoimmune diseases.

Financing stage: Raised $156 million in a syndicated Series B financing in November 2021 and received an aggregate of $105 million in upfront and milestone payments from AstraZeneca under a June 2023 collaboration

Clinical update: In October 2026, Quell completed the first dose cohort of the Phase I/II CHILL study of QEL-005 in D2TRA and SSc. QEL-005 was well tolerated, and all patients were fit to go home the morning after infusion, supporting its potential as an outpatient therapy. While still early, initial observations from the first three D2TRA patients treated have been encouraging, with all three demonstrating meaningful early clinical responses to date. Early efficacy signals from the first patients dosed have also been positive. While preliminary, these findings provide initial support for the programme’s therapeutic potential ahead of the formal interim data readout expected in 1H CY2027. The study has now moved to the second dose cohort.

Key value inflection point: Initial clinical data from the Phase I/II CHILL study of QEL-005 expected in H1 CY2027.

iOnctura (2.4% of NAV, 22.5% shareholding)

SIML team view

iOnctura is a clinical stage oncology company focused on treating neglected and hard-to-treat cancers, like metastatic uveal melanoma, where patients have very few effective treatments. iOnctura’s pipeline is based on precision, targeted oral small molecules with roginolisib as its lead programme. Roginolisib is a potential first-in-class allosteric modulator of a key signalling protein commonly dysregulated in cancer and well validated oncology target. Despite clinical validation, past inhibitors have been held back by significant toxicity, thereby limiting their clinical potential. Roginolisib is designed to retain anti-cancer activity while mitigating the class-defining toxicities with an unprecedented safety profile, enabling long-term treatment and sustained clinical benefit for patients. The company’s principal near term value-drivers includes its Phase II trial readout in uveal melanoma, along with further clinical validation in a number of other indications including haematological oncology to drive wider patient impact. Recent transactions in the field, including Synnovation (Novartis), Terns (Merck) and Ajax (Lilly) underscore both market validation for safe oral best-in-class therapies and strong pharma appetite in iOnctura’s target indications.

Company focus: Pioneering targeted small-molecule cancer therapeutics designed to maximise anti-tumour efficacy while prioritising patient safety.

Financing stage: Syncona led a €80 million (£68.4 million) Series B financing of iOnctura in March 2024 as part of a leading syndicate including existing investors Merck Ventures, Inkef Capital, Schroders Capital, VI Partners and the 3B Future Health Fund, as well as new investor the European Innovation Council.

Lead programme: iOnctura’s lead programme, roginolisib, is a first-in-class allosteric (indirect) modulator of PI3K delta (PI3Kδ), which has potential application across a variety of solid tumour and haematological cancers. The company has launched its Phase II/III trial in uveal melanoma, with patient enrolment completed and an interim data analysis of overall survival expected internally in CY2026. The company is on track with its following Phase IIa trials in non-small cell lung cancer and primary myelofibrosis. Roginolisib is further being evaluated across two investigator-sponsored trials in peripheral T-cell lymphoma and chronic lymphocytic leukaemia, strengthening its application in haematological oncology.

Pipeline programmes: The company has a number of clinical and pre-clinical pipeline programmes in broader solid and haematological oncology indications.

Key value inflection point: Interim data readout from its Phase II trial in uveal melanoma expected in CY2026

Resolution Therapeutics (8.3% of NAV, 82.8% shareholding)

SIML team view

Resolution Therapeutics (Resolution) is developing RTX001 for patients with end-stage liver disease, a condition where many patients ultimately require a liver transplant, yet donor organs remain scarce and many patients never receive one. RTX001 is a cell therapy comprising macrophages, a type of immune cell that can remove damaged tissue and support healing. The cells are taken from patients and then engineered to enhance these natural repair processes before being administered, with the goal of helping patients live longer without needing a liver transplant. Long-term clinical data have shown encouraging improvements in the length of time patients remained alive without requiring a transplant and the SIML team was pleased with the recent clinical data from EMERALD which demonstrated encouraging preliminary clinical findings, with numerical improvements observed across selected efficacy measures, and reinforced and validated SIML's investment thesis. The delivery of this data was a key value inflection point for Syncona.

Company focus: Developing cell therapies derived from macrophages, immune cells that can repair damaged tissue and support healing, to treat patients with severe chronic diseases, initially focusing on end-stage liver disease.

Financing stage: Syncona committed £63.5 million in a Series B financing

Clinical update: Resolution is advancing RTX001 in the fully recruited EMERALD Phase I/II study for patients with end-stage liver disease, reporting encouraging interim data post period end. The programme builds on encouraging results from the MATCH study, where patients receiving macrophage therapy lived longer without needing a liver transplant compared with those receiving standard care. Beyond liver disease, Resolution continues to advance programmes in lung fibrosis and next-generation 'in vivo' approaches to deliver the medicine that could deliver similar effects without the need to collect and manufacture a personalised cell therapy for each patient.

Anaveon (1.1% of NAV, 37.2% shareholding)

SIML team view

The SIML team has worked closely with Anaveon to review the best path forward for the company to optimise longer term value from its two current programmes. As a result of this review, the company has pivoted its focus to autoimmune disease, so it is strongly positioned to apply its deep protein engineering expertise to build a pipeline of precision antibodies. Its lead programme is now ANV200, which is an antibody designed to remove the T cells that drive autoimmune disease while leaving the wider immune system intact. We see ANV200 as a technically differentiated, potentially best-in-class approach, with applications across several autoimmune diseases. ANV200 is currently progressing through pre-clinical studies. In oncology, ANV600 reported encouraging Phase I data at the conference, ASCO 2026, with clinical activity both on its own and in combination with other therapies. In our view, its ability to combine with existing therapies is valuable in a fast-evolving immuno-oncology field, and Anaveon is seeking a partner to take ANV600 forward.

With a strengthened leadership team now in place, Anaveon is well positioned to execute on its priorities to bring ANV200 into the clinic and secure the right partner for its oncology assets (ANV600). Anaveon is actively thinking through how to optimise its corporate structure to deliver on these priorities The review of the programmes that has taken place has resulted in a £24.5 million write-down in the valuation of Syncona’s holding in Anaveon.

Financing stage: Raised CHF 110 million (£90 million) in a syndicated Series B financing in 2021

Lead programme: Anaveon’s lead programme is ANV200, a PD1-targeted T-cell deplete for treatment of autoimmune disease.

People update: Anaveon has completed its leadership team under CEO Thaminda Ramanayake, appointing Jill Jene as CBO in May 2026 and promoting Laetitia Pouzol to CSO in July 2026. Tom Mathers joined as Chairman of the Board.

Purespring Therapeutics (5.2% of NAV, 37.8% shareholding)

SIML team view

Purespring Therapeutics (Purespring) is the leader in the kidney gene therapy field, with a proprietary suite of patented technologies allowing the delivery of medicines to the key filtration cells in the kidney. This technology allows them to target both immune and genetically caused diseases of the kidney in a unique way. Many kidney diseases represent a significant burden to patients, clinicians and the healthcare system, particularly given the substantial healthcare cost associated with dialysis. Many of these diseases have no disease modifying treatments and lead to kidney failure at an early age. Purespring’s lead programme is targeting IgA nephropathy (IgAN), a condition where a faulty immune protein builds up in the kidney’s filters, causing inflammation and progressive damage that can ultimately lead to kidney failure. Purespring's second programme aims to deliver a copy of the Collagen 4A5 gene, the protagonist in X-linked Alport Syndrome, a severe inherited nephropathy which often leads to patients reaching end stage kidney disease in their 20s and 30s as a result of there being no disease modifying treatments.

Company focus: Developing gene therapies for the treatment of chronic kidney diseases which are currently inadequately addressed by existing treatments.

Financing stage: Purespring raised £80 million in an oversubscribed Series B financing in September 2024, with Syncona committing £19.9 million alongside a leading syndicate led by Sofinnova Partners, in collaboration with Gilde Healthcare, Forbion, and British Patient Capital.

Clinical update:  Purespring has dosed the first patients in its lead programme in IgAN and post period end presented positive pre-clinical data on its second programme in AIport Syndrome that validates its approach and has attracted significant interest from academics, industry and key opinion leaders.

Key value inflection point:  Complement biomarker clinical data expected in H1 CY2027

OMass Therapeutics (5.2% of NAV, 15.6% shareholding)

SIML team view

OMass Therapeutics (OMass) is a company that was created from the research of Dame Carol Robinson at the University of Oxford. Her leading work in native mass-spectrometry allows the identification of new druggable sites to create medicines with a differentiated efficacy and toxicity profile. The company’s lead asset is a small molecule therapy being pursued in Congenital Adrenal Hyperplasia, a genetically inherited endocrine disorder characterised by the inability to produce vital hormones, like cortisol, aldosterone, and androgens. Further to this programme, OMass also has a programme in immunology focused on SLC15a4, which is a key mediator of several auto-immune diseases including Lupus and Scleroderma.

Company focus: Developing small molecule drugs to treat rare diseases and immunological conditions.

Financing stage: OMass raised $310 million (£230 million) in a Series C financing in the period with Syncona committing $10.1 million (£7.5 million), alongside a leading global syndicate of new and existing investors.

Clinical update: The company has started dosing patients in its lead programme, OMS1620, with data expected in CY 2027.

Key value inflection point: Data from Phase I trial of MC2 programme in CY2027

Mosaic Therapeutics (2.4% of NAV, 58.4% shareholding)

SIML team view

Mosaic Therapeutics (Mosaic) is developing a treatment, ASTX295, for patients with myelofibrosis, a serious chronic blood disease in which the bone marrow gradually becomes damaged and is less able to produce healthy blood cells. The current standard treatment can help control symptoms, but many patients continue to experience disease progression and require additional treatment options. Other medicines similar to ASTX295 have already shown that adding them to another therapy can improve patient outcomes, but side effects often make it difficult for patients to stay on treatment. ASTX295 was designed to overcome this problem. The company's focus is now on demonstrating this benefit in the clinic.

Company focus:  Developing ASTX295, a next-generation medicine designed to improve outcomes for patients with myelofibrosis and other oncology indications when used alongside the current standard treatment.

Financing stage: £22.5 million Series A announced in April 2023, led by Syncona alongside Cambridge Innovation Capital. Post period end the financing was extended by a further £5.7 million.

People update: Dr Allison Jeynes was appointed as Chair of the board in August 2026. Dr Jeynes is an accomplished life sciences leader with a proven track record of driving successful development of novel therapeutics. Dr Vince O’Neill, MD, was appointed as Head of R&D in April 2026. Dr O’Neil is a medical oncologist and accomplished clinical leader bringing deep development and industry experience to Mosaic’s Executive Leadership team.

Pre-clinical companies – 5.8% of NAV

Oyster Therapeutics (formerly Kesmalea Therapeutics) (0.9% of NAV, 59.7% shareholding)

SIML team view

Oyster Therapeutics (Oyster), previously known as Kesmalea, is developing a proprietary approach to create small molecule therapies focused on the Central Nervous System. The company has made significant advances closing a $60 million financing post-period end and establishing a collaboration with Massachusetts General Hospital (MGH) to provide access to world-class capabilities in the study of neurodegenerative disease. With a potentially first-in-class asset in Alzheimer’s disease that could overcome some of the limitations of existing drugs in development, and a broader pipeline in Central Nervous System diseases, we believe the company is well-placed to be differentiated in this space.

Company focus: An opportunity to create a new generation of small molecule oral drugs addressing CNS diseases through modulating protein homeostasis.

Financing stage: Post period end, Oyster raised a $60m Series A-2 financing, led by 4BIO, with participation from new investors including Eli Lilly and Company, Actium Invest, Crescent Enterprises, and Global Brain. Existing investors, also participated, with Syncona committing $5.0 million (£3.8 million).

Development update: The company has progressed its pipeline, including its lead asset targeting degradation of the protein tau in Alzheimer’s disease, and further progressed development of its SELFTAC platform technology and discovery programmes.

Yellowstone Biosciences (1.6% of NAV, 60.9% shareholding)

SIML team view

Yellowstone Biosciences (Yellowstone) has established itself as the pioneer in targeting HLA class II, a largely untapped class of cancer targets. Its founding insight comes from a unique Oxford biobank of over 10,000 samples from more than 3,000 AML patients, including a unique cohort of patients cured by stem cell transplant, which points to a novel mechanism which the immune system can use to clear cancer while sparing healthy tissue. The company has developed a platform for target selection and development of the best programmes to take towards the clinic.

Company focus: Pioneering soluble bispecific T-cell receptor (TCR)-based therapies to unlock a new class of cancer therapeutics, with a focus on frequently expressed peptide antigens presented by HLA class II.

Financing stage: Syncona committed £16.5 million to Yellowstone in a Series A financing in 2024.

People update: The company has an established leadership team and is now focused on target selection and progression towards a development candidate.

Forcefield Therapeutics (1.2% of NAV, 73.7% shareholding)

SIML team view

Individuals who experience a heart attack (AMI, “Acute Myocardial Infarction”), can lose up to 30% of their heart cells. Losing large numbers of heart cells leads to development of heart failure and a poor mid to long term prognosis with five-year all-cause mortality in these patients over 20%. Current approved therapies do not prevent heart cell death. Based on the work of Professor Mauro Giacca, Forcefield Therapeutics (Forcefield) is developing first in class treatments that directly prevent the irreversible cardiomyocyte loss that accompanies an AMI. By preserving cardiomyocytes after AMI, Forcefield aims to retain heart function and reduce the risk of heart failure, ultimately increasing lifespan and quality of life for patients.

Company focus: Pioneering best-in-class therapeutics that protect cardiomyocytes (heart cells) to revolutionise the treatment of heart attacks.

Financing stage: Syncona committed to a Series A financing in Forcefield in March 2024. Syncona’s total commitment in the Series A is £20.0 million with a further £10.0 million Series A commitment from Roche Venture Fund.

Re-Aim Therapeutics (0.4% of NAV, 37.8% shareholding)

SIML team view

Re-Aim Therapeutics (Re-Aim) is a company founded in collaboration with Dr Asher Maroof, a former UCB drug developer, who has extensive experience in immunology having developed the drug Bimekizumab (now approved and estimated to reach $8 billion in sales). The company is pursuing the targeted depletion of subsets of T-cells in the context of auto-immune diseases. T-cells are one of the main pools of adaptive immune cells which “recognise” infections based on prior exposure. However, in some diseases those T-cells start recognising the host’s own body, leading to an auto-immune response. While existing drugs work well at partially suppressing the inflammation created by that response, it does not adequately control all patients' symptoms. The depletion of T-cells could lead to a significant improvement in the dampening of inflammation and potentially resolution of inflammation. The lead asset targets Th17 cells and has potential applications in a wide range of auto-immune diseases.

Company focus: Pioneering a pipeline of monoclonal antibodies designed to specifically deplete the pathogenic T-cells in T-cell driven auto-immune diseases to drive curative therapies.

Financing stage: Syncona led a seed financing of £7 million alongside Oxford Science Entreprises (OSE), contributing £4.5 million. This financing will progress the lead asset to candidate stage and initiate discovery of the three pipeline programs.

People update: The company was founded by Asher Maroof who was the development lead for Bimekizumab at UCB and subsequently headed up the immune reset group. The company has also now hired Iain McGill has a Chair.

Slingshot (1.7% of NAV, 100.0% shareholding)

SIML team view

Slingshot, the Syncona Accelerator has completed the build-out of its management team and is branching out its capabilities beyond small molecule programmes. The accelerator is now optimally set up to provide scientific, operational and business development support to accelerate drug development of other modalities while continuing to advance its current pipeline.

Company focus: Slingshot is focused on accumulating and accelerating a pipeline of exceptional academic science towards clinical development.

Financing stage: Since Syncona’s initial commitment of £12.5 million in November 2024 to support Apini and the development of the Slingshot platform, a further commitment of £10 million was made via Slingshot in ALTx in February 2026. ALTx, founded by Prof Simon Boulton, a senior group leader at the Francis Crick Institute, is developing first-in-class precision cancer medicines that target vulnerabilities in the Alternative Lengthening of Telomeres (ALT) pathway.

People update: Since its founding in 2024, the management team has been fully built-out with John Isaac as CSO, Bobby Soni as CBO, Richard Scarrott as Head of Finance, and Ed Savory as Head of Chemistry.

Syncona investments– 1.4% of NAV

Syncona has £14.9 million of value in investments which are non-core and provide optionality to deliver returns for its shareholders.

Chris Hollowood, Chief Executive Officer & Chief Investment Officer, Syncona Investment Management Limited

Supplementary information

SIML is focused on driving Syncona’s companies to late-stage clinical development, where it believes significant value can be accessed. As Syncona’s portfolio matures and scales, there are opportunities to deliver milestones that primarily drive access to capital (capital access milestones), and milestones that have the potential to drive significant NAV growth, through M&A and liquidity events (key value inflection points).

A capital access milestone is a de-risking event for a portfolio company that is expected to enable access to capital, which underpins progression towards a company’s next milestone. It is less likely that a capital access milestone will drive significant NAV growth for Syncona, for example by increasing the possibility of a realisation event, such as M&A.

A key value inflection point is a material de-risking event for a portfolio company that has the potential to drive significant NAV growth for Syncona, for example by increasing the possibility of a realisation event, such as M&A. These milestones can also enable companies to access significant capital including through financings and IPOs, which may take place at valuation uplifts and underpin progression to a subsequent key value inflection point which has the potential to drive greater value. M&A or capital access is unlikely to occur immediately following a key value inflection point.

Principal risks and uncertainties

The principal risks and uncertainties facing the Company for the second half of the financial year are substantially the same as those disclosed in the Report and Accounts for the year ended 31 March 2026: https://www.synconaltd.com/media/ylobh14h/syn-ar26-web.pdf

Portfolio company risks:

- Scientific theses fail

- Clinical development doesn't deliver a commercially viable product

- Portfolio concentration risk to platform technology

- Concentration risk and binary outcomes

Access to Capital:

- Not having capital to invest

- Private/public markets don't value or fund our companies when we wish to access them

- Capital pool losses or illiquidity

People risks:

- Reliance on small number of key individuals at our Investment Manager

- Systems and controls failures

- Unable to build high-quality team/team culture

- Unable to execute business plans

Macroeconomic environment:

- Macroeconomic environment has a negative impact on sentiment for portfolio companies

and the Group’s business model

Related Parties

There have been no material changes to the nature of related party transactions as described in the Annual Report and Audited Financial statements for the year ended 31 March 2026. Refer to Note 12 for information on related party transactions.

Statement of Directors' Responsibilities

The Directors confirm that to the best of their knowledge:

The Directors of Syncona Limited are:

Melanie Gee, Chair

Julie Cherrington, Non-Executive Director

Kemal Malik, Non-Executive Director

Gian Piero Reverberi, Non-Executive Director

John Roche, Non-Executive Director

Norman Crighton, Non-Executive Director

INDEPENDENT REVIEW REPORT TO SYNCONA LIMITED

Conclusion

We have been engaged by Syncona Limited (the “Company”) to review the condensed consolidated set of financial statements in the half-yearly financial report for the six months ended 30 September 2026 which comprises the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Statement of Financial Position, the Condensed Consolidated Statement of Changes in Net Assets Attributable to Holders of Ordinary Shares, the Condensed Consolidated Statement of Cash Flows and the related notes 1 to 15.

Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated set of financial statements in the half-yearly financial report for the six months ended 30 September 2026 is not prepared, in all material respects, in accordance with European Union adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.

Basis for Conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Financial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in note 2, the annual financial statements of the Company are prepared in accordance with the International Financial Reporting Standards (IFRSs) as adopted by the European Union. The condensed consolidated set of financial statements included in this half-yearly financial report has been prepared in accordance with the European Union adopted International Accounting Standard 34, “Interim Financial Reporting”.

Conclusion Relating to Going Concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.

This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410; however future events or conditions may cause the entity to cease to continue as a going concern.

Responsibilities of the Directors

The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.

In preparing the half-yearly financial report, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Review of the Financial Information

In reviewing the half-yearly financial report, we are responsible for expressing to the Company a conclusion on the condensed consolidated set of financial statements in the half-yearly financial report. Our conclusion, including our conclusion relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion section of this report.

Use of Our Report

This report is made solely to the Company in accordance with ISRE (UK) 2410. Our work has been undertaken so that we might state to the Company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.

Deloitte LLP Statutory Auditor London, UK

11 November 2026

UNAUDITED GROUP PORTFOLIO STATEMENT

As at 30 September 2026

(1) Value of life science companies reflects the full economic interest attributable to the Company. Includes value attributable to equity, debt and other economic interests such as deferred consideration and royalty rights.

(2) The life science portfolio of £920,677,253 (31 March 2026: £839,401,450) consists of life science investments totalling £910,418,144 (31 March 2026: £828,407,711), milestone payments of £nil (31 March 2026: £804,373) held by Syncona Holdings Limited and CRT Pioneer Fund of £10,259,109 (31 March 2026: £10,189,366) held by Syncona Investments LP Incorporated.

(3) The capital pool investments of £106,443,342 (31 March 2026: £161,117,641) are held by Syncona Investments LP Incorporated.

(4) Cash and cash equivalents amounting to £12,552 (31 March 2026: £1,918,266) is held by Syncona Limited. The remaining £63,898,592 (31 March 2026: £51,100,722) is held by its subsidiaries other than portfolio companies (“Syncona Group Companies”). Cash and cash equivalents held by Syncona Group Companies other than Syncona GP Limited and Syncona Carry 1 GP Limited are not shown in Syncona Limited’s Consolidated Statement of Financial Position since it is included within financial assets at fair value through profit or loss.

Assets held by the Group are held primarily through Syncona Holdings Limited and Syncona Investments LP Incorporated. See note 1 for a description of these entities.

The totals in the above table may differ slightly to the financial statements due to rounding differences.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the period ended 30 September 2026

The above statement represent the Group’s Condensed Consolidated Statement of Comprehensive Income, prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union.

The profit/(loss) for the period is equivalent to the “total comprehensive income” as defined by International Accounting Standards (“IAS”) 1 “Presentation of Financial Statements”. There is no other comprehensive income as defined by IFRS.

For the period ended 30 September 2026, the Group reported a profit after tax in the amount of £31,060,000 (period ended 30 September 2025: loss after tax in the amount of £25,469,000).

All the items in the above statement derive from continuing operations.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 September 2026

The unaudited Condensed Consolidated Financial Statements were approved on 11 November 2026.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF ORDINARY SHARES

For the period ended 30 September 2026

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the period ended 30 September 2026

Cash held by the Company and Syncona Group Companies is disclosed in the Group Portfolio Statement.

Comparative information has been reclassified to conform with the current period's presentation. The reclassification had no impact on reported results, net assets or cash flows.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

CONDENSED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the period ended 30 September 2026

1. GENERAL INFORMATION

Syncona Limited (the “Company”) is incorporated in Guernsey as a registered closed-ended investment company. The Company’s Ordinary Shares were listed on the premium segment of the London Stock Exchange (“LSE”) on 26 October 2012 when it commenced its business. The registered office of the Company is Frances House, PO Box 273, Sir William Place, St Peter Port, Guernsey, GY1 3RD.

The Company makes its life science investments through Syncona Holdings Limited (the “Holding Company”), a subsidiary of the Company. The Company maintains its capital pool through Syncona Investments LP Incorporated (the “Partnership”) in which the Company is the sole limited partner. The general partner of the Partnership is Syncona GP Limited (the “General Partner”), a wholly-owned subsidiary of the Company. Syncona Carry 1 GP Limited (the “Carry GP”), a wholly-owned subsidiary of the Company, is the general partner of Syncona Portfolio Holdings LP (the “Fund LP”), a subsidiary of the Holding Company. Syncona Limited, the General Partner and the Carry GP are collectively referred to as the “Group”.

Syncona Investment Management Limited (“SIML”), a subsidiary, was appointed as the Company’s Alternative Investment Fund Manager (“Investment Manager”).

The investment objective and policy is set out in the Directors’ Report within the Annual Report and Accounts for the year ended 31 March 2026.

2. ACCOUNTING POLICIES

The accounting policies applied in these interim financial statements are the same as those applied by the Group in its Annual Report and Accounts for the year ended 31 March 2026 and shall form the basis of the 2027 Annual Report and Accounts. No new standards that have become effective in the period have had a material effect on the Group’s financial statements.

Information reported to the Board (the Chief Operating Decision Maker (“CODM”)) for the purpose of allocating resources and monitoring performance of the Group’s overall strategy to find, build and fund companies in innovative areas of healthcare, consists of financial information reported at the Group level. The capital pool is fundamental to the delivery of the Group’s strategy and performance and is reviewed by the CODM only to the extent this enables the allocation of those resources to support the Group’s investment in life science companies. There are no reconciling items between the results contained within this information and amounts reported in the Condensed Consolidated Financial Statements. IFRS requires operating segments to be identified on the basis of the internal financial reports that are provided to the CODM, and as such the Directors present the results of the Group as a single operating segment.

Statement of compliance

The Condensed Consolidated Financial Statements have been prepared in accordance with European Union adopted International Accounting Standard 34 and Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority, and should be read in conjunction with the Annual Report and Accounts for the year ended 31 March 2026, which have been prepared in accordance with IFRS as adopted by the European Union, and are in compliance with The Companies (Guernsey) Law, 2008.

The annual financial statements of the Group will also be prepared in accordance with IFRS as adopted by the European Union. The financial information in these interim financial statements was approved by the Board and authorised for issue on 11 November 2026. The financial information is unaudited but has been subject to a review by the Group’s independent auditor.

Basis of preparation

The Condensed Consolidated Financial Statements have been prepared under the historical cost basis, except for investments and share based payment provision held at fair value through profit or loss, which have been measured at fair value.

Going concern

The Condensed Consolidated Financial Statements are prepared on a going concern basis as the Directors consider that the Group has adequate financial resources to continue its operation, including existing commitments to its investments and planned additional capital expenditure for 12 months following the approval of the Condensed Consolidated Financial Statements. The Group holds cash and cash equivalents amounting to £12,552 (31 March 2026: £1,918,266) with an additional £63,898,592 (31 March 2026: £51,100,722) of cash and cash equivalents and £105,083,587 (31 March 2026: £159,536,329) of other highly liquid investments being held by Syncona Group Companies. Therefore, the Directors believe that it is appropriate to continue to adopt the going concern basis in preparing the Condensed Consolidated Financial Statements.

Basis of consolidation

The Group’s Condensed Consolidated Financial Statements consist of the financial statements of the Company, the General Partner and the Carry GP.

The results of the General Partner and the Carry GP during the period are consolidated in the Condensed Consolidated Statement of Comprehensive Income from the effective date of incorporation and are consolidated in full. The financial statements of the General Partner and the Carry GP are prepared in accordance with United Kingdom (UK) Accounting Standards under Financial Reporting Standard 101 “Reduced Disclosure Framework”. Where necessary, adjustments are made to the financial statements of the General Partner and the Carry GP to bring the accounting policies used in line with those used by the Group. During the periods and year ended 30 September 2026, 30 September 2025 and 31 March 2026, no such adjustments have been made. All intra-group transactions, balances and expenses are eliminated on consolidation.

Entities that meet the definition of an investment entity under IFRS 10 “Consolidated Financial Statements” are held at fair value through profit or loss in accordance with IFRS 9 “Financial Instruments”. The Company, the Partnership and the Holding Company meet the definition of investment entities. The General Partner and the Carry GP do not meet the definition of an investment entity due to providing investment management related services to the Group, and are therefore consolidated.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the interim financial statements requires the Directors to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses at the reporting date. However, uncertainties about these assumptions and estimates, in particular relating to underlying investments of private equity investments and life science investments could result in outcomes that require a material adjustment to the carrying value of the assets or liabilities in future periods.

In preparing these interim financial statements, the significant judgements made by the Directors in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those applied to the Annual Report and Accounts for the year ended 31 March 2026.

The key critical accounting judgement is the basis for determining the fair value of life science investments. Further information can be found in note 3 of the Annual Report and Accounts.

The key source of estimation uncertainty is the valuation of the Holding Company’s investments in privately held life science companies.

The unquoted investments within the life science portfolio are very illiquid. Many of the companies are early-stage investments and privately owned. Accordingly, a market value can be difficult to determine. The primary inputs used by the Company to determine the fair value of investments in privately held life science companies are the cost of the capital invested and price of recent investment (“PRI”), adjusted to reflect the achievement or otherwise of milestones or other factors. The accounting policy for investments is set out in note 2 of the Annual Report and Accounts for the year ended 31 March 2026 and remains unchanged during the period, with the exception that the Group has included a sum-of-the-parts valuation methodology as an additional technique, where considered appropriate, to determine fair value in accordance with IFRS 13. This methodology estimates the value of an investment by reference to the aggregate value of its underlying assets, businesses or programmes, taking into account relevant market participant assumptions. The fair value of all investments at 31 March 2026 is described in note 13 of the Annual Report and Accounts.

In determining a suitable range to sensitise the fair value of the unlisted life science portfolio, the Directors note the progress towards and achievement of core milestones as well as underlying company indicators being a key source of estimation uncertainty. Such activities and resulting data emanating from the life science companies can be the key trigger for fair value changes and typically involve financing events which crystallise value at those points in time. The range of +/-8% (30 September 2025: +/-10%, 31 March 2026: +/-8%) identified by the Directors reflects their estimate of the range of reasonably possible valuations over the next financial year, taking into account the position of the portfolio as a whole. Key technical milestones considered by the Directors that typically trigger value enhancement (or deterioration if not achieved) include the generation of substantial clinical data.

As part of the consideration with respect to the initial formation of Beacon Therapeutics, the Group is entitled to receive deferred consideration of 5% of the future sales and licensing proceeds generated from Beacon’s Laru-zova programme. The deferred consideration is measured at fair value and is classified within Level 3 of the fair value hierarchy. Determining the fair value of this asset requires significant management judgement and estimation. The valuation is based on a discounted cash flow model incorporating forecasts of future product sales, the timing and probability of successful clinical, regulatory and commercial milestones, and an appropriate discount rate. Given the high degree of uncertainty, changes in these assumptions could result in a material change in the carrying value of the deferred consideration. Management reviews these assumptions at each reporting date, taking into account the latest clinical, regulatory and commercial information available. As of 30 September 2026, following the release of the latest clinical data, the Beacon deferred consideration was valued at £73,700,000 (31 March 2026: £25,446,000).

4. INVESTMENT IN SUBSIDIARIES AND ASSOCIATES

The Company meets the definition of an investment entity in accordance with IFRS 10. Therefore, with the exception of the General Partner and the Carry GP, the Company does not consolidate its subsidiaries and indirect associates, but rather recognises them as financial assets at fair value through profit or loss.

Direct interests in subsidiaries

(1) Based on undiluted issued share capital and excluding the Management Equity Shares (“MES”) issued by Syncona Holdings Limited (see note 9).

There are no significant restrictions on the ability of subsidiaries to transfer funds to the Company.

Indirect interests in subsidiaries and associates

(1) Based on undiluted issued share capital and excluding the Management Equity Shares (“MES”) issued by Syncona Holdings Limited (see note 9).

(2) Syncona Carry 1 LP is controlled by the Carry GP and therefore considered an indirect subsidiary.

5. NET GAINS/(LOSSES) ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

The net gains/(losses) on financial assets at fair value through profit or loss arise from the Group’s holdings in the Holding Company and Partnership.

5.A MOVEMENTS IN THE HOLDING COMPANY:

5.B MOVEMENTS IN THE PARTNERSHIP:

* Distributions from the Partnership represents the other income for Syncona Limited

6. CHARITABLE DONATIONS

For the period ended 30 September 2026, the Group has agreed to make a charitable donation to The Syncona Foundation of 0.25% of the total NAV of the Group calculated on a monthly basis (30 September 2025: 0.35%, 31 March 2026: 0.35%). The donation is made by the General Partner.

During the period, charitable donations expense amounted to £1,296,552 (30 September 2025: £1,824,147) of which £1,296,552 (31 March 2026: £3,642,398) remained payable as at 30 September 2026.

7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

The Holding Company and Partnership are the only two investments held directly by the Group and as such the reconciliation of movement in investments has been presented separately for each below.

7.A NET ASSETS OF THE HOLDING COMPANY

On 6 March 2026, in order to implement the new Long Term Incentive Arrangements, additional group structuring was required whereby the Holding Company became a limited partner in Syncona Portfolio Holdings LP (the “Holding Partnership”). In addition, the Holding Company transferred its ownership in its previously wholly owned subsidiary, Syncona Portfolio Limited, to the Holding Partnership in return for an intercompany loan and is recorded as an investment in subsidiaries in accordance with International Accounting Standards 27 “Separate Financial Statements”. The below schedule details the impact of this on the financial assets of the Holding Company.

7.B NET ASSETS OF THE PARTNERSHIP

8. TRADE AND OTHER RECEIVABLES