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Syncona Ltd on Thursday reported a negative net asset value total return for the financial year to date, despite NAV rising during its third quarter. Shares in Syncona were up 1.7% at 93.11 pence in London on Thursday morning. The London-based investor in healthcare companies said its net asset value at December 31 was 179.4 pence per share, up from 178.9p at September 30. Its life science portfolio, however, was valued at £779.6 million at the end of the quarter, down 1.6% from £791.9 million at September 30. This was primarily driven by a fall in the share price of Nasdaq-listed investee Autolus Therapeutics PLC, Syncona said, as the stock has tumbled 45% over the last six months. The firm noted that the portfolio decline was partially offset by positive foreign exchange movements. Its NAV per share delivered a 0.3% return during the quarter that ended December 31, but delivered a negative 4.9% return for the nine months to the end of December. Syncona now expects capital deployment into its life science portfolio to be below or at the lower end of its prior £150.0 million to £200.0 million guidance for the year ending in March. Chair Melanie Gee said: ‘The board remains frustrated by the share price performance and widening discount to NAV. The fundamentals of the portfolio are robust given the rebalancing to later stage companies and the number of recent financings supported by third party investors that externally validate the valuation of these portfolio companies. ‘The board is confident that the portfolio is well placed to deliver strong risk adjusted returns over time. Nonetheless given challenging broader market conditions and headwinds in the investment companies’ sector, the board together with Syncona Investment Management Ltd will continue to review options to maximise value for shareholders over the medium term.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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