We use a number of key performance indicators (KPIs) to assess progress against our strategic objectives

As part of our commitment to enhanced narrative reporting, we measure our performance against a number of financial and non-financial KPIs that are aligned to our strategic priorities. These KPIs are not specific targets; they are metrics that are reported on each year to show progression of the business and reflect the nature of the asset class.

Please note that the KPIs referenced have been subject to revision since the publication of the FY2021/2 Annual Report. A comprehensive update will be provided in the FY2022/3 Annual Report.

Targeting a portfolio of 15-20 companies, adding 2-3 new companies a year, with a goal of delivering 3-5 products to the point of approval over a rolling 10-year basis


A measurement of our progress towards our rolling 10-year goals, with a focus on total number of portfolio companies and the average number of companies added to the portfolio over the previous three years. Critical to our strategy is the creation of a diversified portfolio across the development cycle over time.

Progress in FY2021/2

  • Total of 11 portfolio companies at year end
  • Led the Series A for one new company, Clade Therapeutics
  • 1.7 is the average number of portfolio companies founded or invested in over the last three years
  • 19 high interest investment opportunities subject to diligence during the year

Access to capital, seeking to maintain a capital pool of a minimum of 2-3 years of expected capital deployment


A strong balance sheet and deep pool of capital underpin our strategy, enabling us to take a long-term view and support our portfolio companies as they scale, remaining a significant shareholder through to product approval.

Progress in FY2021/2

  • £123.2m deployed in the year
  • £784.9m capital pool at 31 March 2022
  • Capital pool was significantly strengthened during the
    year with the sale of Gyroscope to Novartis, which
    completed in February 2022, generating cash
    proceeds of £325.8m for Syncona
  • 3.9 years of available capital* to fund new and
    existing portfolio companies

NAV growth


We seek to deliver strong risk-adjusted returns for shareholders over the long term, recognising that our NAV can be volatile year on year. We have a long-term target of 15% IRR on NAV and a key metric of five-year compound annual NAV growth at year end.

Progress in FY2021/2

  • 0.3% growth NAV per share in the year
  • 0.8% growth in the life science portfolio
  • Sale of Gyroscope to Novartis at £225.5m uplift to NAV from 31 March 2021 valuation
  • Quell and Anaveon Series B financings delivered 41% and 88% uplifts to previous holding valuations
  • Positive valuation progression from Gyroscope, Anaveon and Quell, offset by decline in share prices of Autolus, Freeline and Achilles

Progress in de-risking pre-clinical and early stage clinical companies


A measurement of progress of our portfolio companies through the pre-clinical and clinical pathway, with the key measurements of number of clinical candidate nominations and clinical programmes across the portfolio.

Progress in FY2021/2

  • Anaveon entered the clinic in the year
  • 2 new clinical trials commenced during the year
  • Pre-clinical companies, SwanBio, Quell and Neogene, at clinical candidate stage

Portfolio progress to patient impact


A measurement of our progress in delivering transformational treatments to patients, with a focus on total number of programmes in pivotal trial, and then approval for any product. We measure pivotal studies and approved products on a cumulative basis to reflect our 10-year rolling targets and the timeframe it takes to develop products.

Progress in FY2021/2

  • Autolus’ AUTO1 (obe-cel) progressing its pivotal trial with meaningful data expected H2 CY2022

People in the Syncona team


The Syncona team is differentiated by its people and the quality and depth of the team’s expertise is critical to the success of the Company. We measure the depth of the team at year end to show its development over time.

Progress in FY2021/2

  • Chief Medical Officer hired
  • New Chief Financial Officer appointed
  • Chief Human Resources Officer appointed

*Available years of capital calculated using mid point of capital deployment guidance range

Syncona legal disclaimer

Please read the below disclaimer carefully. You will be asked to accept these terms and conditions before proceeding.

The information on this website is directed only at persons who are shareholders in Syncona Limited (the “Company”) and is provided for their exclusive use and benefit.

Users of this website are responsible for observing all applicable laws and regulations in their relevant jurisdictions before proceeding to access the information contained herein. By proceeding to access the information, users are deemed to be representing and warranting that the applicable laws and regulations of their relevant jurisdiction allow them to do so. No information, materials or opinions contained on this website (“Materials”) constitute or would be deemed to constitute a recommendation or invitation in any jurisdiction to invest or otherwise deal in the shares of the Company (the “Shares”).

The website that you are seeking to access does not constitute an offer to buy or sell the securities mentioned in the website in any jurisdiction or jurisdictions in which such offers or sales are unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In particular, the securities mentioned in the website have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or exemption from registration under the Securities Act and other securities laws. There will be no public offer of these securities in the United States. Offers and sales of these securities, and distribution of the related information, may also be subject to restrictions in other jurisdictions.

The website that you are seeking to access is not directed at and may not be viewed by or distributed to persons:

  • in the United States or who are U.S persons (as defined in Rule 902 under the Securities Act);


  • located in a jurisdiction where it is not lawful to access the materials.

The Materials are provided on an “as is” and “as available basis” and do not purport to be full or complete. The Company and its affiliates believe that the source of the Materials is reliable however they cannot and do not guarantee, either expressly or implicitly, and accept no liability for, the accuracy, validity, timeliness, merchantability or completeness of any information or data (whether prepared by the Company, its affiliates or by any third party) for any particular purpose or use or that the information or data will be free from error. The Company and its affiliates do not undertake any responsibility for any reliance which is placed by any person on any statements or opinions which are expressed herein. Neither the Company, nor any of its affiliates, directors, officers or employees will be liable or have any responsibility of any kind for any loss or damage that any person may incur resulting from the use of this information.Nothing contained in this website constitutes financial, investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.

The Materials on this website are provided for your personal use and informational purposes only and are subject to change without notice. The Company has the right to suspend or withdraw the provision of all or any of the website of the Materials without prior notice at any time.

The value of investments mentioned in this site, and the income from them may go down as well as up and investors may not get back the amount invested. Information on past performance, where given, is not a guide to future performance. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase.
The Company is a registered closed-ended collective investment scheme registered pursuant to the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended (the ‘‘POI Law’’) and the Registered Collective Investment Scheme Rules 2008 (the ‘‘CIS Rules’’) issued by the Guernsey Financial Services Commission (the ‘‘GFSC’’). Neither the GFSC nor the States of Guernsey Policy Council take any responsibility for the financial soundness of the Company or for the correctness of any of the statements made or opinions expressed with regard to it.


Copyright of all images and text in this website is owned by or licensed to the Company or one of its affiliates unless otherwise noted. You may imprint, copy, download or temporarily store extracts from this website for your personal information and use. Any other use is prohibited unless you first request and obtain the prior written consent of the Company. You may not alter or otherwise make any changes to any material that you print or download from this website, including, without limitation, removing any identifying marks or legends from such material. In particular, you may not copy or use any part of this website on any other website, or link any other website to this website, without the prior written permission of the Company. You may not use the website for any purpose which is unlawful, abusive, libellous, obscene or threatening.

No warranty

The Materials contained in this website are provided without any warranty of any kind, either expressed or implied, to the fullest extent permissible pursuant to applicable law. Neither the Company nor its affiliates assume any responsibility for the uninterrupted availability of this website or warrant that it will be error-free, that defects will be corrected, or that this website or the servers that make it available will be free of viruses or other harmful components.

Liability waiver

You agree that under no circumstances, including, but not limited to, negligence, shall the Company or any of its affiliates be liable for any special or consequential damages that result from the access or use of, or the inability to access or use, the Materials on this website. This does not exclude or restrict any duty or liability that the Company has to its customers under the regulatory system in the United Kingdom or Guernsey.

Privacy policy

This policy sets out what the Company and its affiliates do with any personal information collected from this website.

Any personal information collected from this website will be processed in accordance with relevant data protection laws.

You may use the public areas of this website without providing the Company or its affiliates with any personal information and the Company and its affiliates do not monitor or collect any personal information through your access to the public areas of this website. The Company and its affiliates do not use cookies to collect information but may gather other anonymous information to assist in improving the services.

If you chose to provide the Company and its affiliates with personal information, this information will only be used for the purposes of the service that you have requested. The Company and its affiliates will not sell or transfer any personal information to third parties without your permission, other than as required by law.

The Company and its affiliates are not responsible for the content or privacy policies of websites to which this website may link.

The Company and its affiliates are committed to protecting your personal information but in the event that the system is infiltrated by unauthorised third parties the Company and its affiliates will not be liable for any resulting misuse of personal information.

Linked sites

The Company has not reviewed any website linked to this website and is not responsible for the contents of off-site pages or any other websites linked or linking to this website. If you follow any links from this website you do so at your own risk.

Links to this website may not be established without the prior written consent of the Company.

Governing law

The terms and conditions of this legal notice shall be governed by and construed in accordance with the laws of Guernsey. Users of this website agree that any dispute or action arising out of or relating to these terms or any user’s use of this website shall be commenced only in the courts located in Guernsey, and users of this website hereby consent and submit to the exclusive jurisdiction of such courts for the purposes of any such dispute or action.

By accessing Materials on this website you agree to be bound by the foregoing limitations.