Syncona (LSE:SYNC), the life science investor, in its first quarter update, reported net assets of £1.038 billion, or 170.6p per share, for the quarter to 30 June, flat against £1.037 billion three months earlier.
Its life science portfolio, which the company values separately from its uninvested capital pool, rose 0.5% to £866.7 million.
The capital pool available for new investment fell to £171.4 million from £198.3 million after Syncona deployed £24.9 million entirely into two late-stage clinical companies, Spur Therapeutics and Resolution Therapeutics.
Spur dosed the first patient in its Phase III pivotal trial of avigbagene parvec, a gene therapy for Gaucher disease type 1, building on encouraging Phase I/II data on skeletal disease published earlier.
Resolution's investment case was reinforced by four-year follow-up data from the University of Edinburgh's MATCH trial of Regenerative Macrophage Therapy in liver cirrhosis patients.
Syncona flagged four expected value inflection points by the end of the year: a Phase II/III readout from Beacon Therapeutics in a rare eye disease, Phase IIb data from iOnctura in metastatic uveal melanoma, further AUCATZYL commercial traction for Autolus, and interim Phase I/II data from Resolution in end-stage liver disease.
Mosaic Therapeutics pushed back its first clinical study to 2027 from the second half of this year, reflecting a strategic refocus.
"With four key value inflection points expected by the end of CY2026, the portfolio is well positioned to deliver significant upside, which could enable the return of £250 million of proceeds to shareholders in due course", said Chris Hollowood, chief executive of Syncona Investment Management Limited.
