## RTW Biotech Opportunities Ltd Half-Year Report Summary (September 11, 2025)
**Key Highlights**
* **Resilient Performance** Despite a volatile biotech sector, RTW Bio demonstrated resilience, outperforming benchmarks and peers over the long term.
* **FTSE All Share Inclusion** RTW Bio will be included in the FTSE All Share Index from September 22, 2025, enhancing visibility and access to investors.
* **Supportive Policy Environment** New FDA leadership and initiatives like "Make American Biotech Accelerate" are seen as tailwinds for innovation.
* **Attractive Valuations** Public market valuations are at multi-year lows, presenting opportunities for long-term investors.
* **Active M&A Landscape** Large pharmas patent cliffs are driving M&A activity, with RTW Bio expecting deal activity to accelerate.
* **Portfolio Diversification** RTW Bio added 5 new private companies, including American Laboratories and Prolium Bioscience, and saw significant capital markets events like the IPO of Metsera and the reverse merger of Jade Biosciences.
* **Focus on Later-Stage Companies** 64% of the portfolios NAV is invested in clinical programs, 32% in commercial products, and 4% in pre-clinical programs.
* **Strong Private Investment Track Record:** Since inception, RTW Bio has made 73 private investments, with 33 experiencing liquidity events and an average MOIC of 1.7x.
* **Royalty Strategy** RTW Bios royalty positions, representing 2.8% of NAV, contributed modestly to NAV growth, with assets like Lumryz and Jelmyto performing well.
* **Share Buybacks** The company repurchased 5.65 million shares in the first half of 2025, demonstrating confidence in the portfolio and investment strategy.
**Financial Performance**
* **Net Asset Value (NAV)** $561.0 million as of June 30, 2025, a 6.0% decrease from December 31, 2024.
* **NAV per Ordinary Share:** $1.70a 6.0% decrease from December 312024.
* **Ordinary Share Price:** $1.21a 13.6% decrease from December 312024.
* **Share Price Discount to NAV** 28.8%, widened from 6.0% at December 31, 2024.
**Portfolio Highlights**
* **Public Investments** 70% of NAV, with Akero and UroGen as top contributors.
* **Private Investments** 32% of NAV, with Corxel as the top contributor.
* **Royalty Investments** 2.8% of NAV, with Lumryz and Jelmyto performing well.
**Outlook**
RTW Bio remains optimistic about the biotech sector, citing improving policy clarity, capital markets activity, and a pipeline of clinical readouts and M&A catalysts. The company believes its diversified portfolio and full life cycle strategy position it well to capture value as sentiment improves.