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.
Targeting a portfolio of 20-25 companies, creating 3 new companies a year, with a goal of delivering 3-5 companies to late-stage development over a rolling 10-year basis
Rationale
By creating three new companies per annum we aim to expand the portfolio to 20-25 companies, diversified across clinical stage and therapeutic area.
Progress in FY2022/3
- Portfolio of 13 companies diversified across therapeutic area and development stage
- Four new companies added to the portfolio
- £177.2 million of capital deployed during the year, with £83.0 million into late clinical investments
- Industry leaders Brian Gladsden and David Fellows appointed as CEOs of new portfolio companies Mosaic and Beacon
- An average number of 3 portfolio companies have been added to the portfolio over the last three years
Access to capital, aim to maintain 3 years of financing runway
Rationale
A deep pool of capital underpins our strategy, enabling us to take a long-term view and support our portfolio companies as they scale, remaining a significant shareholder through to late-stage development.
Progress in FY2022/3
- £177.2m deployed in the year
- £650.1m capital pool at 31 March 2023
- Sale of Neogene to AstraZeneca for up to $320.0 million, with total proceeds to Syncona of up to £21.9 million, including £15.3 million in upfront proceeds1
- £394.3 million raised across the portfolio, with £176.9 million committed by Syncona
- 3.7 years of available capital to fund new and existing portfolio companies2
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 FY2022/3
- Net assets of £1.3 billion
- (4.1)% NAV return per share in the year
- (14.3)% return from the life science portfolio in the year with performance impacted by a decline in share prices of listed holdings and the write down of SwanBio
Progress in de-risking pre-clinical and early-stage clinical companies
Rationale
A measurement of progress of our portfolio companies through the clinical pathway.
Progress in FY2022/3
- Seven portfolio companies at clinical stage
- Five clinical trials commenced in the year
- 16 data read-outs across the portfolio
People in the Syncona team
Rationale
The Syncona team is differentiated by its people and the quality of the team’s expertise is critical to the success of the Company. We are also focused on ensuring that we create an inclusive and supportive environment for our people to thrive whilst delivering our strategy.
Progress in FY2022/3
- Launch of first Employee Engagement Survey
- Developed first diversity and inclusion framework
- Updated family friendly policy framework
- Became a supporter of Level 20, a not-forprofit organisation dedicated to improving gender diversity in European private equity, post-period end
- Key changes to the structure of the Syncona investment team with Ed Hodgkin promoted to Managing Partner and Elisa Petris and Magdalena Jonikas becoming Lead Partners. Roel Bulthuis joined post-period end as Managing Partner and Head of Investments
Portfolio progress to patient impact
Rationale
A measurement of our progress in delivering transformational treatments to patients.
Progress in FY2022/3
- Autolus’ obe-cel reached its primary endpoint in its pivotal FELIX trial, in advance of filing a BLA with the US FDA in 2023
- Addition of late-stage clinical asset to the portfolio in Beacon’s lead programme in XLRP, with Phase II data expected in H2 CY2023
- 250+ patients in clinical trials
1. FX rate taken at receipt of funds.
2. Capital pool divided by mid-point of capital deployment guidance.
3. To date.