Monthly Valuation Update and Factsheet

RTW Biotech Opportunities Ltd

14 September 2026

 

LEI: 549300Q7EXQQH6KF7Z84

14 September 2026

RTW Biotech Opportunities Ltd

Monthly Valuation Update and Factsheet

RTW Biotech Opportunities Ltd (the "Company") announces that its monthly factsheet and quarterly letter as at 31 August 2026 is now available at https://www.rtwbio.com/factsheets-letters/.

The Company's unaudited net asset value attributable to its ordinary shares as at 31 August 2026 was US$2.92 per share, an increase of +3.9% from the previous month vs +10.5% for the Nasdaq Biotech Index and +7.4% for the Russell 2000 Biotech Index. The Company has delivered +15.7% annualised NAV per ordinary share performance since launch in October 2019. 

Top 10 Positions

Holding	Public / Private	% NAV
CG Oncology	Public "CGON"	7.5%
argenx	Public "ARGX"	6.1%
Oruka	Public "ORKA"	5.2%
Corxel	Private	4.8%
UroGen	Public "URGN"	4.7%
Erasca	Public "ERAS"	4.0%
Kailera	Public "KLRA"	4.0%
Yarrow	Public "YARW"	3.5%
Tango	Public "TNGX"	3.5%
Xencor	Public "XNCR"	3.5%

Top YTD Contributors and Detractors

Holding	% NAV	Contribution
UroGen	4.7%	+5.0%
Oruka	5.2%	+3.6%
Yarrow	3.5%	+3.6%
Ensoma	0.2%	(1.7%)
Insmed	1.8%	(1.2%)
Celcuity	3.1%	(1.1%)

Note: % NAV as at period end reflects gross economic exposure as a percentage of NAV.

COMPANY UPDATE

On 19 August, RTW Bio appointed Jefferies International Limited as joint corporate broker alongside BofA Securities.

RTW Bio continued to make market purchases of its Ordinary Shares under the authority granted by shareholders at its Annual General Meeting in June 2026. RTW Bio repurchased 7.6 million shares (equivalent to $14.7 million), over the twelve months to 31 August 2026. The discount to NAV at which RTW Bio's Ordinary Shares trade has closed from 28.9% to 13.8% over the same period.

SECTOR UPDATE

August was a strong month for biotech, with the NBI returning +10.5% and the Russell 2000 Biotech Index +7.4%. The sector recovered well from July's modest pullback, even as the probability of a near-term rate hike increased materially through the month. M&A has proven a more durable driver of sentiment than rate expectations: year-to-date deal value has reached approximately $120 billion, a pace that reflects both the scale of upcoming patent expiries across large-cap pharma and the cash generation capacity that GLP-1 franchises now provide.

The IPO market continued to normalise. Five biotech IPOs priced in August, with an average return of approximately 53% from offer. Twenty biotech IPOs have now completed year-to-date, against eight for the whole of 2025, and aftermarket performance across the cohort remains healthy, with an average return of 68%.

August was also a notable month for FDA approvals. Revolution Medicines received approval for Rasonque in pancreatic cancer, and Replimune's Tudriqev was approved in refractory melanoma, two indications where patients have historically had very limited options. Moderna reported Phase 3 success for its personalised cancer vaccine in adjuvant melanoma. Taken together, these outcomes reinforce the case that oncology is entering a period of genuine, durable progress.

On FDA leadership, President Trump nominated Dr Heidi Overton as the next permanent commissioner, subject to Senate confirmation. Division heads are expected to continue the pro-innovation direction established under interim leadership. The sector has responded positively to the trajectory of change, and we are optimistic that a permanent appointment will bring further regulatory stability.

The broader backdrop supports our core views. Drug pricing policy uncertainty has largely resolved. Capital markets activity slowed in August as is typical in summer months, though reverse mergers remain an active and efficient route to the public markets. Innovation continues to accelerate, driven by the application of AI and the growing contribution of Chinese biotech science to the global pipeline. The number of emerging commercial-stage biotechs with rapidly growing revenues is increasing, and we expect this to attract a broader investor base over time.

PORTFOLIO  UPDATE - AUGUST

On 4 August, private portfolio company Obsidian Therapeutics completed its previously announced reverse merger with Galera Therapeutics and began trading on Nasdaq under the ticker "OBX". The concurrent private financing of approximately $350 million is expected to fund operations into the second half of 2028. RTW Bio first invested $2.1 million in Obsidian's Series C in March 2024 and invested a further $0.4 million in the PIPE financing immediately prior to the merger. Based on the closing share price on the first day of trading of $34, the investment represented a 2.5x MOIC and a 170% uplift to carrying value. As at 31 August 2026, Obsidian represented 0.3% of RTW Bio's NAV.

On 12 August, private portfolio company Avere Therapeutics announced two concurrent private placements totalling $820 million, to close immediately prior to its planned all-stock merger with NextCure Inc., with the combined company expected to trade on Nasdaq under "AVRX" by year-end. Avere is developing AVR-001, a once-weekly oral IL-23 receptor antagonist initially targeting psoriasis, with potential to expand into ulcerative colitis and Crohn's disease. RTW Bio first invested in Avere's Series A and, as at 31 August 2026, the position represented 0.3% of NAV.

On 19 August, BioMarin Pharmaceutical announced a definitive agreement to acquire private portfolio company Alesta Therapeutics for up to $490 million, with $275 million payable upfront for lead asset ALE1, an oral therapy in development for hypophosphatasia, a rare inherited bone disease. RTW Bio first invested in Alesta's Series A in December 2024 and participated again in September 2025, investing €2.4 million in aggregate. The upfront consideration represents a 41% uplift to RTW Bio's 31 July carrying value, adding $1.6 million, or 0.2%, to NAV. This is the sixth acquisition from RTW Bio's portfolio announced in 2026.

Enquiries: RTW Investments, LP - Investment Manager Oliver Kenyon Krisha McCune (Investor Relations)	[phone] [e-mail]
Cadarn Capital - PR & IR Partner Lucy Clark (PR) David Harris (Distribution)	[phone] / [e-mail] [phone] / [e-mail]
Jefferies International Limited - Joint Corporate Broker Gaudi Le Roux Harry Randall-Knowles	[phone]
BofA Securities - Joint Corporate Broker Edward Peel Alex Penney	[phone]
Altum (Guernsey) Limited Joanna Duquemin Nicolle Sadie Morrison	[phone]

About RTW Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW) is an investment fund focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors. Driven by a long-term approach to support innovative businesses, RTW Biotech Opportunities Ltd invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives. RTW Biotech Opportunities Ltd is managed by RTW Investments, LP, a leading healthcare-focused entrepreneurial investment firm with deep scientific expertise and a strong track record of supporting companies developing life-changing therapies.

Visit the website at www.rtwbio.com for more information.

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The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events, and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements, as well as those included in any related materials, are subject to risks, uncertainties and assumptions about the Company and/or its underlying investments, including, among other things, the development of the applicable entity's business, trends in its operating industry, expected use of financing proceeds and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.

The information contained in this announcement is given at the date of its publication (unless otherwise marked). No reliance may be placed for any purpose whatsoever on the information or opinions contained in this announcement or on its completeness, accuracy or fairness.

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