We updated our KPIs during the year to reflect the business evolution and strategy, including our 10-year growth targets that we announced in FY2022/3.
NAV progression to £5bn by 2032
Rationale
We seek to deliver strong risk-adjusted returns to shareholders over the long term, with an ambition to organically grow net assets to £5 billion by 2032.
How we measure progress
- NAV per share return: on a one, three and five-year basis
- Life science portfolio return: on a one, three and five-year basis
- Capital pool as % of overall NAV
2024 Highlights
- Net assets of £1.2 billion
- 1.2% NAV per share return
- 2.2% return from the life science portfolio, with uplifts from Autolus offset by partial write-downs of Anaveon and Clade and the write-off of Gyroscope milestone payments − £452.8 million capital pool, 36.5% of NAV
Building the portfolio to 20-25 companies
Rationale
By creating or adding three new companies per annum we aim to expand the portfolio to 20-25 companies, diversified across clinical stage and therapeutic area.
How we measure progress
- Number of companies in the portfolio
- New companies added to the portfolio (over one, three and five years)
- Capital deployed in the year
2024 Highlights
- Strategic portfolio of 13 companies
- Three new companies added to the portfolio in the year
- £172.2 million deployed into the life science portfolio in the year
Clinical progress across the portfolio
Rationale
A measurement of progress of our portfolio companies through the clinical pathway and the growing maturity of the portfolio.
How we measure progress
- Number of clinical-stage companies
- Number of late-stage clinical companies
- Number of pivotal studies
- Number of clinical trials commenced in the year
- % of portfolio at different clinical stage and value
2024 Highlights
- Five clinical companies including two late-stage clinical, representing 71.1% of the strategic portfolio by value
- 15 clinical data readouts across trials during the year
- One clinical stage company added to the portfolio during the year
- Two pivotal studies across the portfolio
- Five new clinical trials commenced in FY2023/4
Access to capital
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.
How we measure progress
- Available capital to deliver key value inflection points
- Aggregate capital raised across Syncona and its portfolio companies
2024 Highlights
- Syncona is funded to deliver on upcoming key value inflection points across its portfolio
- Nine portfolio company financings and strategic transactions, with disciplined capital allocation across the portfolio to prioritise capital access
Sustainability and the Syncona team
Rationale
A measurement of our strong commitment to sustainability and the Syncona team.
How we measure progress
- Performance against the four pillars of our Sustainability Policy
2024 Highlights
Responsible investor and partner
- Submitted first UN PRI questionnaire2
- Successful integration of sustainability into launch team processes
- Increase in carbon emissions data gathered across the strategic portfolio
- Rolled out increased monitoring for sustainability within the capital pool
Social impact
- Autolus BLA filing for its lead obe-cel therapy as it approaches planned commercialisation
- 0.35% donation to The Syncona Foundation
- Launch of patient impact framework
- Increased engagement with life sciences ecosystem
Inspiring and empowering our people
- Focus on supporting female leadership, including launch of our Level 20 sponsorship
- Launch of new Syncona Fellowship programme
- Introduction of new team operating model, underpinning the delivery of Syncona’s 10-year targets
Responsible and ethical business
- Submitted first interim net zero target, under the NZAM initiative2
1. As a percentage of life sciences NAV.
2. Syncona has signed up to the NZAM and PRI initiatives through the Company’s investment manager, SIML.