Monthly Valuation Update and Factsheet

RTW Biotech Opportunities Ltd

15 July 2026

 

LEI: 549300Q7EXQQH6KF7Z84

15 July 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 30 June 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 30 June 2026 was US$2.86 per share, an increase of +9.7% from the previous month vs +9.7% for the Nasdaq Biotech Index and +15.8% for the Russell 2000 Biotech Index. The Company has delivered +15.8% annualised NAV per ordinary share performance since launch in October 2019. 

Top 10 Positions

Holding	Public / Private	% NAV
CG Oncology	Public "CGON"	7.2%
UroGen	Public "URGN"	6.8%
Kailera	Public "KLRA"	5.9%
Oruka	Public "ORKA"	5.5%
argenx	Public "ARGX"	5.5%
Tango	Public "TNGX"	5.0%
Corxel	Private	4.9%
Stoke	Public "STOK"	3.7%
Celcuity	Public "CELC"	3.7%
Spyre	Public "SYRE"	3.5%

Top YTD Contributors and Detractors

Holding	% NAV	Contribution
Kailera	5.9%	+3.8%
Oruka	5.5%	+3.8%
Tango	5.0%	+3.4%
Ensoma	0.2%	(1.6%)
Insmed	1.6%	(1.4%)
Verastem	0.8%	(1.0%)

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

COMPANY UPDATE

RTW Bio held its annual general meeting on 11 June, with each of the proposed resolutions passing without amendment. Shareholders renewed the Company's authorisation to continue repurchasing its Ordinary Shares.

RTW Bio continued to make market purchases of its Ordinary Shares under the authority granted by shareholders at its Annual General Meeting in June 2025. RTW Bio repurchased 7.6 million shares (equivalent to $14.4 million), over the twelve months to 30 June 2026. The discount to NAV at which RTW Bio's Ordinary Shares trade has closed from 28.8% to 15.4% over the same period.

PERFORMANCE UPDATE

Over the second quarter, the Company's NAV per share returned +18.1%vs +27.4% for the Russell 2000 Biotech Index (R2kB), +12.6% for the Nasdaq Biotech Index (NBI), and +6.5% for the AIC Biotechnology and Healthcare sector.

The Company's NAV per share has delivered an annualised return of +15.8% per annum since launch on 30 October 2019, outperforming the R2Kb +10.5% p/a, the NBI +11.7% p/a, and the AIC Biotechnology and Healthcare sector +4.0% p/a.

SECTOR UPDATE

The second quarter began under pressure. Geopolitical uncertainty and sector outflows of around 2% year-to-date weighed on sentiment through April and into May, with biotech underperforming as capital rotated defensively. The picture changed materially in June. A combination of ceasefire de-escalation, a leadership reset at the FDA, strong M&A, and a genuinely consequential oncology readout accelerated the recovery. The quarter ended with the sector well ahead of where it started.

M&A was active throughout the period. June saw the first two $10 billion-plus deals of the year: GSK's acquisition of Nuvalent and AbbVie's acquisition of Apogee, the latter a portfolio company. The pace reflects where large-cap pharma sits in the patent expiry cycle, with GLP-1 revenues providing additional balance sheet capacity. IPO volumes continued to recover, with 13 transactions completed year-to-date, against eight in the whole of 2025.

The FDA leadership transition, which began in May with Marty Makary's resignation, continued in June. Interim head Kyle Diamantas moved quickly to reverse several decisions made under the previous leadership, and the administration has signalled its intent to appoint a permanent commissioner supportive of rare disease innovation. The sector has responded positively to the change in direction.

US-China biotech policy remained in focus. The US Treasury is considering whether to include biotech in the COINS Act, the legislation passed late last year restricting US investment in Chinese technology. The most likely outcome appears to be that IP licensing deals would continue, subject to additional safeguards. We believe continued licensing is in the US's interest and have set out our views in detail on the RTW Thought Leadership page.

ASCO 2026 in Chicago was a strong conference for late-stage oncology data. Revolution Medicines' Phase 3 results for daraxonrasib in pancreatic cancer were among the most discussed of the meeting. Portfolio company Celcuity presented Phase 3 data for gedatolisib in advanced breast cancer, and Immatics presented Phase 1 data for IMA203CD8 in heavily pre-treated ovarian cancer.

PORTFOLIO  UPDATE - JUNE

On 25 June, RTW Bio made an additional investment of $1.4 million in private portfolio company Lycia Therapeutics, as part of a $75 million Series D financing round. RTW has backed Lycia since the Series B in September 2021 and participated in the Series C in April 2024. Lycia is a clinical-stage biotechnology company developing therapies that degrade disease-causing extracellular proteins, with programmes focused on autoimmune, inflammatory, and allergic diseases. As at 30 June 2026, Lycia represented 0.7% of RTW Bio's NAV.

On 23 June, RTW Bio invested $7.5 million in the Series A financing of Serapha Bio, a new private biotechnology company. Serapha is developing SERP-01, a gene editing therapy for Alpha-1 Antitrypsin Deficiency, a hereditary condition that causes progressive lung disease, including emphysema and COPD, and for which no approved treatment targeting the underlying cause currently exists. Simultaneously, Serapha announced a definitive merger agreement with Boundless Bio (Nasdaq: BOLD), with the combined company expected to trade on Nasdaq under the ticker "AATD" following completion in the fourth quarter of 2026. RTW Bio will invest a further $7.5 million on closing of the merger. As at 30 June 2026, the initial investment represented 0.7% of RTW Bio's NAV.

On 22 June, AbbVie announced a definitive agreement to acquire public portfolio company Apogee Therapeutics for $135.11 per share in cash, valuing Apogee at approximately $10.9 billion. The acquisition price represents a 49.5% premium to Apogee's closing share price on 18 June, prior to announcement. RTW Bio first invested in Apogee's Series B in December 2022. The transaction is expected to close in the third quarter of 2026. Following the announcement, as at 30 June 2026, RTW Bio had closed the position.

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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