Monthly Valuation Update and Factsheet

RTW Biotech Opportunities Ltd

13 March 2026

 

LEI: 549300Q7EXQQH6KF7Z84

13 March 2026

RTW Biotech Opportunities Ltd

Monthly Valuation Update and Factsheet

RTW Biotech Opportunities Ltd (the "Company") announces that its monthly factsheet and commentary as at 28 February 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 28 February 2026 was US$2.41 per share, an increase of +1.7% from the previous month vs +8.3% for the Nasdaq Biotech Index and -0.2% for the Russell 2000 Biotech Index. The Company has delivered +13.6% annualised NAV per ordinary share performance since launch in October 2019.

Top 10 Positions

Holding	Public / Private	% NAV
PTC	Public "PTCT"	10.7%
Stoke	Public "STOK"	6.1%
Corxel	Private	5.9%
argenx	Public "ARGX"	5.4%
UroGen	Public "URGN"	4.8%
Kailera	Private	3.5%
Insmed	Public "INSM"	3.4%
Celcuity	Public "CELC"	3.0%
CG Oncology	Public "CGON"	2.8%
Immatics	Public "IMTX"	2.8%

Top YTD Contributors and Detractors

Holding	% NAV	Contribution
Stoke	6.1%	+0.8%
Evommune	2.0%	+0.8%
CG Oncology	2.8%	+0.5%
PTC	10.7%	(1.3%)
Insmed	3.4%	(0.6%)
argenx	5.4%	(0.6%)

Note: % NAV as at period end based on economic exposure.

SECTOR UPDATE

Biotechnology indices outperformed broader equity markets in February and are outperforming year-to-date. The move appears to reflect a rotation away from mega-cap growth and AI-exposed tech names in favour of a more diversified group of sectors including healthcare. Furthermore, declining long term yields supported biotech companies, given their long-duration cash flow profile. Together, these dynamics have begun to re-engage generalist investors who had remained underweight in the space for the past several years.

Capital markets activity has remained constructive. Year-to-date, 46 biotech transactions totalling more than $8 billion have been completed, including six IPOs. Approximately two thirds of IPOs year-to-date are trading above offer price, a marked improvement versus early 2025, when issuance was more muted and aftermarket performance less durable. The tentative reopening of the IPO window and improved follow-on performance reflect a gradual normalisation of risk appetite and improving institutional participation.

M&A activity also remained robust in February, with two announced transactions: Eli Lilly's acquisition of private RNA therapeutics company Orna Therapeutics for up to $2.4 billion and Gilead's $7.8 billion acquisition of Arcellx, a post-Phase 2 oncology company. Year-to-date, five acquisitions totalling up to $14 billion have been announced. The Arcellx transaction reinforces continued large-cap appetite for validated clinical-stage assets. The sustained pace of deal activity underscores the need for pipeline replenishment across large biopharma with impending material patent cliffs.

PERFORMANCE  UPDATE

Relative underperformance during the month was concentrated in our commercial-stage therapeutics holdings, reflecting mark-to-market pressure rather than evidence of permanent impairment. Winter prescription dynamics, including annual copay resets and periods of severe weather, weighed on prescription volumes across parts of the portfolio. However, we believe this seasonal softness was consistent with prior years and does not alter the underlying demand trajectory. We remain optimistic on our commercial portfolio, where launch trajectories and underlying fundamentals continue to progress favourably despite near-term volatility.

Within our clinical portfolio, we maintain a robust catalyst calendar for 2026, with multiple value-inflecting events ahead. We believe this positions the portfolio well to benefit from continued strategic activity and improving risk appetite across development-stage biotechnology.

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]
Deutsche Numis - Joint Corporate Broker Nathan Brown George Shiel Duncan Monteith	[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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