1. Investors

KPIs

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

Rationale

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

Rationale

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

Rationale

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

Rationale

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

Rationale

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

Rationale

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

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