LEI: 549300Q7EXQQH6KF7Z84

11 September 2026

RTW Biotech Opportunities Ltd

Additional investment in Encoded Therapeutics

·      $275 million financing to advance ETX101 through pivotal development in Dravet syndrome

·      RTW Bio invested $4.1 million as part of the Series F

·      As at 31 July 2026, Encoded represented 0.1% of the Company's NAV

RTW Biotech Opportunities Ltd ("the Company"), the London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, is pleased to note an additional investment in the $275 million Series F financing of private portfolio company Encoded Therapeutics ("Encoded").

Encoded is a clinical-stage biotechnology company developing one-time precision genetic medicines for severe neurological disorders. Encoded's lead programme, ETX101, is a one-time gene therapy for patients with Dravet syndrome, a severe, treatment-resistant childhood epilepsy for which no approved therapy addresses the underlying genetic cause. Proceeds from the Series F are expected to fund pivotal and expansion studies of ETX101 in Dravet syndrome, commercial scale-up of Encoded's manufacturing facility, and continued advancement of its broader neurology pipeline.

RTW Bio first invested in Encoded's Series D in June 2020 and has invested a further $4.1 million as part of this financing. As at 31 July 2026, Encoded represented 0.1% of the Company's NAV.

Rod Wong, CIO of RTW Investments, said, "Dravet syndrome is a devastating epilepsy for which no approved treatment targets the underlying cause. Encoded has delivered encouraging Phase 1/2 data, secured RMAT designation from the FDA and prepared ETX101 to enter pivotal development. This is one of the largest private financings of a CNS gene therapy company in recent years and is a strong endorsement of Encoded's science. It also underscores the potential for further value realisation in RTW Bio's portfolio as key programmes mature toward the clinic and public markets."

The announcement can be found here.

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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.