Our NAV Growth Framework

As we build and scale our companies, in the current market environment there are opportunities to deliver milestones that drive capital access and key value inflection points that have the potential to drive significant NAV growth.

In our FY2023/4 Interim Results, we set out a NAV Growth Framework to provide shareholders with more clarity on the milestones and stages of the development cycle where we anticipate our companies will be able to access capital and drive significant NAV growth in the current market environment.

“The financial year has started with positive momentum and we remain focused on driving NAV growth for shareholders whilst delivering transformational impact for patients.”

Chris Hollowood
CEO, Syncona Investment Management Limited

Creating and building companies from leading science

Forcefield has developed a strategy focused on harnessing the potential of its first-in-class cardioprotective proteins to retain heart function following heart attacks, an area devoid of any significant advancements in the past two decades. Forcefield was founded by Syncona and Professor Mauro Giacca, a leading authority in cardiovascular disease, who is the Head of the School of Cardiovascular and Metabolic Medicine & Sciences at King’s College London.


Harnessing the potential of IL-2 therapies 

Anaveon is developing a selective IL-2 receptor agonist, a protein that could therapeutically enhance a patient’s immune system to respond to tumours. In humans, IL-2 causes an immune cell, called a T-cell, to multiply and become activated. Under certain situations, T-cells can be activated to attack tumours and, as a result, IL-2 is an already approved therapy for the treatment of metastatic melanoma and renal cancer.

Anaveon’s next generation compound, ANV600, is designed to overcome known challenges with IL-2 therapies. These include severe, dose-limiting side effects and a short half-life that requires frequent infusions. ANV600 could potentially have a wide therapeutic use in oncology, including in combination with cell therapies, vaccines, checkpoint inhibitors and radiotherapy.


Combining two leading
gene therapy companies

During the year, Syncona was able to take advantage of market conditions impacting the biotech sector and wholly acquire Freeline, an adeno-associated virus (AAV) gene therapy company previously listed on NASDAQ. Post-period end, Freeline completed the acquisition of Syncona portfolio company SwanBio, creating a new Syncona portfolio company Spur. This creates a consolidated AAV gene therapy pipeline, with the company focused on driving forward its two potentially first-in-class gene therapy assets in Gaucher disease and adrenomyeloneuropathy (AMN) towards late-stage development, supported by an increased capability in central nervous system (CNS) disorders, which supports its pre-clinical Parkinson’s programme.


Maturing data supporting potential of clinical programmes

During the year Beacon published positive 12-month data from its Phase II SKYLINE trial of AGTC-501 in X-Linked Retinitis Pigmentosa (XLRP), with the data demonstrating a favourable efficacy and safety profile with improvements in visual function amongst treated patients. The positive data supported further investigation of AGTC-501 in XLRP, with the subsequent initiation of the Phase II DAWN trial and the post-period announcement of the initiation of the registrational Phase II/III VISTA trial1. The company expects to announce 24-month durability data from the SKYLINE trial in H2 CY2024, with data read-outs to follow from DAWN and VISTA in CY2025 and CY2026, respectively.