NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Syncona Limited
(“Syncona”)

Beacon Therapeutics delivers positive topline result in Phase II/III pivotal VISTA trial and achieves key value inflection point

• Positive topline result for portfolio company Beacon Therapeutics’s gene therapy, laru-zova, which met its FDA-endorsed primary endpoint demonstrating statistically significant low luminesce visual acuity (LLVA)1 in patients
• If approved, laru-zova could become the first therapy for patients with X-linked retinitis pigmentosa, a retinal disease that leads to progressive vision loss and blindness
• Based upon these results, Beacon will initiate pre-submission discussions with global regulatory authorities
• Positive data in the Phase II/III pivotal VISTA trial represents a key value inflection point

Syncona Ltd, a leading life science investor, today announces that its portfolio company, Beacon Therapeutics (“Beacon”), has reported a positive topline result from its Phase II/III pivotal VISTA study for the treatment of the blinding condition X-linked retinitis pigmentosa (“XLRP”).

Developing a treatment for patients in an area of high unmet medical need

XLRP is a severe, inherited retinal disease that leads to progressive vision loss with patients moving from night blindness to being legally blind by a median age of 45. There are >20,0002 patients in the US and Europe and there are currently no approved treatment options. Beacon’s potentially best-in-class programme is the only late-stage clinical programme that can deliver the full-length missing protein, important for function of the photoreceptor cells that transmit light signals to your brain.

FDA-endorsed primary endpoint met with statistical significance

The pivotal VISTA clinical trial is a randomised, controlled trial designed to evaluate the efficacy, safety and tolerability of laru-zova in male patients with XLRP caused by mutations in the RPGR gene, the most common cause of the condition.

As reported by Beacon:

• The VISTA study met its FDA-endorsed primary endpoint, demonstrating statistically significant LLVA responder rates at month 12 compared to the untreated control group
• Data showed that a significant proportion of participants treated with laru-zova achieved an improvement of ≥15-letters on an eye chart in low LLVA compared to no responders in the untreated control group at month 12, meaning patients can now see smaller letters on an eye chart than they could before

• High dose group responder rate: 31.0%, p=0.0019; low dose group responder rate: 24.1%, p=0.0106

• VISTA is the first and only pivotal trial in XLRP to achieve its FDA-endorsed primary endpoint, further building on Beacon's five-year clinical dataset including the prior HORIZON, SKYLINE, and DAWN trials
• Laru-zova demonstrated a favorable safety and tolerability profile, consistent with prior studies

Next steps

The full clinical dataset will be presented in a late-breaking oral presentation at Retina Subspecialty Day during the upcoming American Academy of Ophthalmology (AAO) Annual Meeting on 10 October 2026. Syncona will publish an announcement alongside the presentation of the full dataset.

Based upon these positive topline results, Beacon plans to engage with global regulatory authorities with initiation of a rolling Biologics License Application (BLA) submission planned for later this year.

Key value inflection point delivered

Syncona’s holding in Beacon was valued at £183.4 million3 as of 30 June 2026, prior to the completion and positive topline result of the VISTA trial, and Syncona has a 38.4% ownership position in the business. Positive data in the Phase II/III pivotal VISTA trial represents a key value inflection point (“KVIP”) for the company.

A KVIP is a material de-risking event for a portfolio company that has the potential to drive significant NAV growth, for example, by increasing the possibility of a realisation event, such as M&A, in due course. These milestones can also enable companies to access significant capital, including through financings and IPOs, which may take place at valuation uplifts and underpin progression to a subsequent key value inflection point that has the potential to drive greater value.

Chris Hollowood, Chief Executive Officer of Syncona Investment Management Limited, said: “Today’s data read-out is a significant milestone for patients impacted by a devastating blinding condition and for the team at Beacon, who have advanced this therapy through clinical trials demonstrating the profound clinical impact this therapy can provide for patients who have no treatment options.

We are incredibly proud of the role Syncona has played in supporting Beacon on this journey, from identifying the opportunity to acquire a late-stage asset in the US public company, AGTC, working with the company to navigate the clinical and regulatory pathways, and providing funding to drive its product through late-stage clinical development. Seeing laru-zova generate positive pivotal data is a powerful validation of the potential we saw in this asset and of the work of everyone who has helped bring it to this point.

The SIML team’s view is that significant value can be accessed in life science investment at the late stage, and today’s data mark a key value inflection point, which has the potential to drive significant NAV growth for Syncona. We look forward to reviewing the full dataset in the coming weeks and working closely with the company as it continues to advance this therapy towards patients.”

Lance Baldo, M.D., Chief Executive Officer of Beacon Therapeutics, said: “These results represent a landmark moment for the thousands of patients worldwide living with XLRP who currently have no treatment options and no way to slow the loss of their sight. Today’s data is both statistically significant and clinically meaningful, representing an important milestone for ocular gene therapy and demonstrating the potential for a one-time treatment to change the course of an inherited retinal disease. We are deeply grateful to the patients, families, investigators and advocacy partners who have contributed to this trial, and we now look forward to working closely with regulatory authorities to bring laru-zova to patients as quickly as possible.”

Jason Menzo, Chief Executive Officer of the Foundation Fighting Blindness, added: “For people living with XLRP, this is the news we have been waiting years to hear. XLRP is a relentlessly progressive disease with no approved treatments. This is the first pivotal study of a potential treatment for XLRP to achieve its primary endpoint with statistical significance. Seeing positive study results in endpoints that measure the aspects of vision that matter most in everyday life provides hope for patients and families around the world.”

The person responsible for making this announcement on behalf of Syncona is Marc Perkins, General Counsel of SIML.

Enquiries

Syncona Ltd
Annabel Clark
Tel: +44 (0) 20 3981 7940
 

FTI Consulting
Ben Atwell / Natalie Garland-Collins / Tim Stamper
Tel: +44 (0) 20 3727 1000

Notes

1. LLVA is an eye test that measures how well you can read an eye chart when a dimming filter is placed in front of your eye.
2. Daiger SP. Perspective on genes and mutations causing retinitis pigmentosa. Arch Ophthalmol.

3. Includes value of equity, and deferred consideration attributable to Syncona relating to Beacon.

About Syncona

Syncona is a leading life science investor focused on transforming patient outcomes by translating frontier science into therapeutic reality. Our investment manager, Syncona Investment Management Limited (SIML), actively manages a maturing portfolio of leading life science companies, which are diversified across development stage, modality and therapeutic area. Syncona is focused on delivering strong risk-adjusted returns to shareholders by building and scaling its portfolio companies to late-stage development, where significant value can be realised. SIML does this by working in close partnership with world-class academic founders and experienced management teams to develop treatments with the potential for transformational patient impact. For more information, please visit www.synconaltd.com.

IMPORTANT NOTICES

This announcement or any part of it does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities.

Certain statements contained in this announcement constitute "forward-looking statements" with respect to the results, financial condition, performance, developments or achievements of Syncona and its subsidiaries. Words such as "believes", "anticipates", "estimates", "expects", "intends", "plans", "aims", "potential", "will", "would", "could", "considered", "likely", "estimate" and variations of these words and similar future or conditional expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements and forecasts are inherently predictive and speculative and involve risks, uncertainties and assumptions that could cause actual results, financial condition, performance, developments or achievements to differ materially from those expressed or implied by these forward-looking statements and forecasts. Many of these risks, uncertainties and assumptions relate to factors that are beyond Syncona's ability to control, predict or estimate precisely. No representation or warranty is made, and no responsibility or liability is accepted, as to the achievement or reasonableness of, and no reliance should be placed on, such forward-looking statements. The forward-looking statements contained in this announcement speak only as of the date of this announcement. Syncona expressly disclaims any obligation or undertaking to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable law or regulation, the Financial Conduct Authority or London Stock Exchange plc.

No statement in this announcement is intended to be a profit forecast or profit estimate for any period, and no statement in this announcement should be interpreted to mean that earnings, earnings per share or income, cash flow from operations or free cash flow for Syncona for the current or future financial years would necessarily match or exceed the historical published earnings, earnings per share or income, cash flow from operations or free cash flow for Syncona.

Neither the content of Syncona's website (or any other website) nor the content of any website accessible from hyperlinks on Syncona's website (or any other website) is incorporated into or forms part of this announcement.

This announcement has been prepared for the purposes of complying with applicable law and regulation in the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside the United Kingdom.