Monthly Valuation Update and Factsheet

RTW Biotech Opportunities Ltd

15 April 2026

 

LEI: 549300Q7EXQQH6KF7Z84

15 April 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 31 March 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 March 2026 was US$2.42 per share, an increase of +0.6% from the previous month vs -3.3% for the Nasdaq Biotech Index and -1.0% for the Russell 2000 Biotech Index. The Company has delivered +13.5% annualised NAV per ordinary share performance since launch in October 2019.

Top 10 Positions

Holding	Public / Private	% NAV
Corxel	Private	5.8%
CG Oncology	Public "CGON"	5.7%
Stoke	Public "STOK"	5.4%
argenx	Public "ARGX"	5.1%
PTC	Public "PTCT"	5.0%
Celcuity	Public "CELC"	4.2%
UroGen	Public "URGN"	4.0%
Kailera	Private	3.5%
Tango	Public "TNGX"	3.4%
Erasca	Public "ERAS"	3.2%

Top YTD Contributors and Detractors

Holding	% NAV	Contribution
CG Oncology	6.1%	+1.2%
Tango	2.0%	+1.2%
Oruka	2.8%	+0.9%
PTC	10.7%	(1.5%)
UroGen	3.4%	(1.3%)
argenx	5.4%	(0.8%)

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

COMPANY UPDATE

On 30 March 2026, the Company released its annual report and accounts for the year ended 31 December 2025. The financial statements, presentation and webinar recording can be found in the Results and Presentations section of the website. 

PERFORMANCE  UPDATE

Over the first quarter, the Company's NAV per share returned -1.3% vs +0.6% for the Russell 2000 Biotech Index (R2kB), +2.5% for the Nasdaq Biotech Index (NBI), and -5.6% for the AIC Biotechnology and Healthcare sector.  

The Company's NAV per share has delivered an annualised return of +13.5% per annum since launch on 30 October 2019, outperforming the R2kB +7.0% p/a, the NBI +10.2% p/a, and the AIC Biotechnology and Healthcare sector +3.1% p/a. 

SECTOR UPDATE

Biotech demonstrated relative resilience in Q1 2026 despite broader market volatility, supported by strong M&A activity and a materially improved financing backdrop. While geopolitical developments, particularly in the Middle East, drove a short-term reversal in capital flows and increased risk aversion, underlying sector fundamentals remain constructive. The asset class continues to benefit from growing recognition of scientific progress, with innovation increasingly translating into clinical and commercial success. 

M&A activity accelerated meaningfully through the quarter, with March alone accounting for 10 transactions totalling up to $31.5 billion and bringing year-to-date value to $48.5 billion. This places 2026 on track to be the second strongest year on record. Large-cap pharma remains active, driven by the need to offset upcoming patent expiries and supported by significant cash flows, particularly from obesity franchises. Strategic demand continues to centre on late-stage clinical and early commercial assets, where de-risked profiles and clearer revenue visibility are increasingly attractive. 

Capital markets showed clear signs of reopening. Follow-on activity remained robust, with c. $3.5 billion raised in March and c. $11 billion across 67 deals in Q1, a substantial increase versus c. $4 billion across 27 deals in Q1 2025. IPO activity, while still muted, is beginning to recover, with six offerings year-to-date compared to eight for the entirety of 2025. The improving financing environment reflects renewed investor engagement and is expected to support continued innovation across both private and public biotech companies. 

From a market perspective, performance was shaped by a rotation in investor positioning. Commercial-stage companies, which tend to have higher generalist ownership, experienced pressure amid broader derisking, while earlier-stage and catalyst-driven names proved more resilient. In MedTech, valuations came under pressure despite solid operating performance, reflecting investor concerns around potential AI-driven disruption as well as evolving policy narratives focused on healthcare system economics. 

The regulatory backdrop remains a key variable. The upcoming departure of the FDA's head of CBER has been viewed positively given prior concerns around inconsistency and conservatism, particularly in rare diseases. Greater clarity on leadership is expected in the coming months and may help stabilise sentiment. Looking ahead, the sector enters a catalyst-rich period with major oncology updates expected at AACR in April and ASCO in May, which could be among the most consequential medical meetings in recent years. More broadly, biotech remains under-owned and attractively valued, with continued advances in novel modalities and AI-driven drug discovery supporting a favourable medium-term outlook. 

PORTFOLIO UPDATE - MARCH

On 31 March, RTW Bio announced the completion of private company Amani Therapeutics' $25 million Series A financing. Amani is the sixth new company creation of RTW Investments, LP. Proceeds are expected to advance AM-01, a novel schizophrenia therapy. RTW Bio invested $6.6 million in the Series A financing (in addition to $0.4 million invested in a previous SAFE funding that later converted to Series A shares), the total investment representing 0.8% of NAV as of 31 March 2026. 

Furthermore, two of RTW Bio's public portfolio companies were acquired in M&A transactions announced on 31 March: 

Apellis was acquired by Biogen for $5.6 billion at a 163% premium (including CVRs) to its prior closing share price. Apellis is a commercial stage biotech with two drugs on the market for eye disease and rare kidney diseases. As at 31 March 2026, Apellis represented 0.7% of the Company's NAV. 

Centessa was acquired by Eli Lilly for $6.3 billion at a 70% premium (including CVRs) to its prior closing share price. Centessa is a clinical-stage biotech developing a new class of medicines for the treatment of excessive daytime sleepiness and other neurological conditions.  As at 31 March 2026, Centessa represented 0.4% of the Company's NAV.

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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