Monthly Valuation Update and Factsheet

RTW Biotech Opportunities Ltd

14 August 2026

 

LEI: 549300Q7EXQQH6KF7Z84

14 August 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 July 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 July 2026 was US$2.82 per share, a decrease of -1.6% from the previous month vs -1.7% for the Nasdaq Biotech Index and -4.4% for the Russell 2000 Biotech Index. The Company has delivered +15.3% annualised NAV per ordinary share performance since launch in October 2019. 

Top 10 Positions

Holding	Public / Private	% NAV
CG Oncology	Public "CGON"	7.4%
UroGen	Public "URGN"	7.2%
Oruka	Public "ORKA"	5.7%
argenx	Public "ARGX"	5.3%
Corxel	Private	5.0%
Kailera	Public "KLRA"	4.6%
Tango	Public "TNGX"	4.4%
Erasca	Public "ERAS"	4.3%
Spyre	Public "SYRE"	4.0%
Yarrow	Public "YARW"	3.9%

Top YTD Contributors and Detractors

Holding	% NAV	Contribution
Oruka	5.7%	+3.9%
Yarrow	3.9%	+3.9%
UroGen	7.2%	+3.4%
Ensoma	0.2%	(1.6%)
Insmed	1.5%	(1.6%)
Celcuity	3.1%	(1.2%)

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

COMPANY UPDATE

Over the last twelve months, the discount to NAV at which RTW Bio's Ordinary Shares trade has closed from 28.9% to 12.3%.

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 7.7 million shares (equivalent to $14.7 million), over the twelve months to 31 July 2026.

SECTOR UPDATE

Biotech gave back some of its June gains in July. The XBI fell 7.1% and the Russell 2000 Biotech Index declined 4.4%, though both remain positive year-to-date.

M&A continued at pace. Vertex agreed to acquire Crinetic for $10 billion, the third deal of $10 billion or above this year, bringing year-to-date transaction value to approximately $105 billion. Capital markets held up, with two IPOs and 14 follow-on transactions completing during the month. Every biotech IPO priced since late February remained above offer price at month-end.

The FDA's new leadership reinstated advisory committee panels as a standard part of the review process for contested applications, with two panels held in July. Permanent appointments to lead CDER and CBER, alongside a new commissioner, are expected, though timing remains unclear. The sector has responded well to the direction of travel under the current interim leadership.

US-China biotech policy remained in focus. The administration is actively considering whether to include biotech in the COINS Act, the legislation restricting US investment in Chinese technology. RTW's position on this is set out on the RTW Thought Leadership page.

PORTFOLIO  UPDATE - JULY

On 29 July, RTW Bio announced the completion of the merger between private portfolio company Yarrow Bioscience and VYNE Therapeutics. The combined company began trading on Nasdaq under the ticker "YARW" on 28 July, following concurrent private financings of approximately $200 million led by RTW Investments. Yarrow is RTW's seventh new company creation, developing YB-101 for Graves' disease and thyroid eye disease. RTW Bio saw a 3.7x MOIC and 192% uplift to carrying value on the first day of trading, equivalent to $20.4 million or 2.0% of the 30 June NAV. As at 31 July 2026, Yarrow represented 3.9% of RTW Bio'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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