{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"rtw": "http://www.rtwfunds.com/2024-12-31",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://www.rtwfunds.com/2024-12-31/549300Q7EXQQH6KF7Z84-2024-12-31.xsd"
]
},
"facts": {
"ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_E10_CY": {
"value": "The Group seeks to achieve positive absolute performance and superior long-term capital appreciation, with a focus on forming, building, and supporting world-class life sciences, biopharmaceutical and medical technology companies. It\ue017intends to create a diversi\ufb01ed portfolio of investments across a range of businesses, each pursuing the development of superior pharmacological or medical therapeutic assets to\ue017enhance the quality of life and/or extend patient life. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_FinancialAssetsAtFairValue_D766681412_CY": {
"value": "611011096.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:FinancialAssetsAtFairValue",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_FinancialAssetsAtFairValue_D766681412_PY": {
"value": "367611231.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:FinancialAssetsAtFairValue",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_DerivativeFinancialAssets_D303005337_CY": {
"value": "110177172.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DerivativeFinancialAssets",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_DerivativeFinancialAssets_D303005337_PY": {
"value": "15463820.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DerivativeFinancialAssets",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_CashAndCashEquivalents_D1383318661_CY": {
"value": "5360022.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_CashAndCashEquivalents_D1383318661_PY": {
"value": "2721553.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_DueFromBrokers_D1148542700_CY": {
"value": "27990478.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:DueFromBrokers",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_DueFromBrokers_D1148542700_PY": {
"value": "57887214.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:DueFromBrokers",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_ReceivableFromUnsettledTrades_D1220994664_CY": {
"value": "4237674.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ReceivableFromUnsettledTrades",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_ReceivableFromUnsettledTrades_D1220994664_PY": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ReceivableFromUnsettledTrades",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_OtherAssets_D1489740820_CY": {
"value": "1239967.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:OtherAssets",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_OtherAssets_D1489740820_PY": {
"value": "2550609.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:OtherAssets",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_Assets_D1582278563_CY": {
"value": "760016409.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_Assets_D1582278563_PY": {
"value": "446234427.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_FinancialLiabilitiesAtFairValue_D599645271_CY": {
"value": "95151493.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:FinancialLiabilitiesAtFairValue",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_FinancialLiabilitiesAtFairValue_D599645271_PY": {
"value": "1197921.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:FinancialLiabilitiesAtFairValue",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_DerivativeFinancialLiabilities_D553507671_CY": {
"value": "7799422.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DerivativeFinancialLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_DerivativeFinancialLiabilities_D553507671_PY": {
"value": "8390327.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DerivativeFinancialLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_DueToBrokers_D1124164105_CY": {
"value": "23570906.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:DueToBrokers",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_DueToBrokers_D1124164105_PY": {
"value": "5329681.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:DueToBrokers",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_D1627807703_CY": {
"value": "850903.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_D1627807703_PY": {
"value": "2293541.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_Liabilities_D906876330_CY": {
"value": "127372724.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_Liabilities_D906876330_PY": {
"value": "17211470.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_NetAssetsLiabilities_D866980754_CY": {
"value": "632643685.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_NetAssetsLiabilities_D866980754_PY": {
"value": "429022957.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_NetAssetsAttributableToOrdinaryShares_D675837032_CY": {
"value": "606921161.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetAssetsAttributableToOrdinaryShares",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_NetAssetsAttributableToOrdinaryShares_D675837032_PY": {
"value": "399283811.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetAssetsAttributableToOrdinaryShares",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_NoncontrollingInterests_D837404675_CY": {
"value": "25722524.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_NoncontrollingInterests_D837404675_PY": {
"value": "29739146.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_NetAssetValuePerOrdinaryShare_D1571857043_CY": {
"value": "1.8079",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetAssetValuePerOrdinaryShare",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"fact_rtw_NetAssetValuePerOrdinaryShare_D1571857043_PY": {
"value": "1.8956",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetAssetValuePerOrdinaryShare",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"fact_ifrs-full_RevenueFromInterest_D411961649_CY": {
"value": "6347583.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:RevenueFromInterest",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_RevenueFromInterest_D411961649_PY": {
"value": "2419117.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:RevenueFromInterest",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_RevenueFromDividends_D791457813_CY": {
"value": "390961.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:RevenueFromDividends",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_RevenueFromDividends_D791457813_PY": {
"value": "571473.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:RevenueFromDividends",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_OtherIncome_D173022748_CY": {
"value": "1451293.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_OtherIncome_D173022748_PY": {
"value": "1179964.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_InvestmentIncome_D1974731808_CY": {
"value": "8189837.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:InvestmentIncome",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_InvestmentIncome_D1974731808_PY": {
"value": "4170554.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:InvestmentIncome",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_ManagementFees_D1372636257_CY": {
"value": "7611701.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ManagementFees",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_ManagementFees_D1372636257_PY": {
"value": "4269757.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ManagementFees",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_InterestExpense_D350787403_CY": {
"value": "4772375.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:InterestExpense",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_InterestExpense_D350787403_PY": {
"value": "1560429.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:InterestExpense",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_ProfessionalFeesExpense_D1015386712_CY": {
"value": "1432954.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ProfessionalFeesExpense",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_ProfessionalFeesExpense_D1015386712_PY": {
"value": "749328.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ProfessionalFeesExpense",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_ResearchAndDevelopmentExpense_D1380188255_CY": {
"value": "849452.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ResearchAndDevelopmentExpense",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_ResearchAndDevelopmentExpense_D1380188255_PY": {
"value": "474511.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ResearchAndDevelopmentExpense",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AdministrativeExpense_D1040959276_CY": {
"value": "749649.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AdministrativeExpense_D1040959276_PY": {
"value": "673422.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AuditorsRemunerationForAuditServices_D1493078470_CY": {
"value": "366984.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AuditorsRemunerationForAuditServices",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AuditorsRemunerationForAuditServices_D1493078470_PY": {
"value": "341500.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AuditorsRemunerationForAuditServices",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_DirectorsRemunerationExpense_D826114780_CY": {
"value": "262477.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DirectorsRemunerationExpense",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_DirectorsRemunerationExpense_D826114780_PY": {
"value": "177011.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DirectorsRemunerationExpense",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_OtherExpenseByNature_D953790130_CY": {
"value": "887540.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_OtherExpenseByNature_D953790130_PY": {
"value": "687805.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_ExpenseByNature_D1397669797_CY": {
"value": "16933132.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ExpenseByNature",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_ExpenseByNature_D1397669797_PY": {
"value": "8933763.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ExpenseByNature",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_NetInvestmentIncomeLoss_D1057944_CY": {
"value": "-8743295.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetInvestmentIncomeLoss",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_NetInvestmentIncomeLoss_D1057944_PY": {
"value": "-4763209.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetInvestmentIncomeLoss",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_GainsLossesOnDisposalsOfInvestments_D99024878_CY": {
"value": "28021357.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_GainsLossesOnDisposalsOfInvestments_D99024878_PY": {
"value": "69546080.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AdjustmentsForFairValueGainsLosses_D1302761372_CY": {
"value": "34485235.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFairValueGainsLosses",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AdjustmentsForFairValueGainsLosses_D1302761372_PY": {
"value": "-29962442.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFairValueGainsLosses",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_D202256730_CY": {
"value": "8239477.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_D202256730_PY": {
"value": "-2428987.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_D2104958758_CY": {
"value": "41147665.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_D2104958758_PY": {
"value": "-9123947.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_NetRealisedAndUnrealisedGainLossOnInvestmentsDerivativesAndForeignCurrencyTransactions_D1714202370_CY": {
"value": "-42923264.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetRealisedAndUnrealisedGainLossOnInvestmentsDerivativesAndForeignCurrencyTransactions",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_NetRealisedAndUnrealisedGainLossOnInvestmentsDerivativesAndForeignCurrencyTransactions_D1714202370_PY": {
"value": "-87955588.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetRealisedAndUnrealisedGainLossOnInvestmentsDerivativesAndForeignCurrencyTransactions",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_ProfitLoss_D1955619519_CY": {
"value": "34179969.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_ProfitLoss_D1955619519_PY": {
"value": "83192379.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_1": {
"value": "399283811.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_2": {
"value": "29739146.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_3": {
"value": "8743295.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetInvestmentIncomeLoss",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_4": {
"value": "0.0",
"decimals": 0,
"dimensions": {
"concept": "rtw:NetInvestmentIncomeLoss",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_5": {
"value": "-28021357.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_6": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_7": {
"value": "-34485235.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFairValueGainsLosses",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_8": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFairValueGainsLosses",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_9": {
"value": "-8239477.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_10": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_11": {
"value": "-41147665.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_12": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_15": {
"value": "-4016622.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_16": {
"value": "4016622.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_17": {
"value": "-38196591.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetChangeInNetAssetsResultingFromOperations",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_18": {
"value": "4016622.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetChangeInNetAssetsResultingFromOperations",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_19": {
"value": "-180781065.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_20": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_21": {
"value": "-11340306.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ShareBuyBack",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_22": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ShareBuyBack",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_23": {
"value": "169440759.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetChangeInNetAssetsResultingFromCapitalTransactions",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_24": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetChangeInNetAssetsResultingFromCapitalTransactions",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_25": {
"value": "606921161.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_26": {
"value": "25722524.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_27": {
"value": "326079521.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_28": {
"value": "21844468.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_29": {
"value": "4763209.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetInvestmentIncomeLoss",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_30": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetInvestmentIncomeLoss",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_31": {
"value": "-69546080.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_32": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_33": {
"value": "29962442.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFairValueGainsLosses",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_34": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFairValueGainsLosses",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_35": {
"value": "2428987.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_36": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_37": {
"value": "9123947.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_38": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_39": {
"value": "7894678.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_40": {
"value": "-7894678.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_41": {
"value": "-75297701.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetChangeInNetAssetsResultingFromOperations",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_42": {
"value": "-7894678.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetChangeInNetAssetsResultingFromOperations",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_43": {
"value": "-2093411.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ShareBuyBack",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_44": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ShareBuyBack",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_45": {
"value": "399283811.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember",
"unit": "iso4217:USD"
}
},
"fact_46": {
"value": "29739146.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_ProfitLoss_E4_CY": {
"value": "34179969.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_ProfitLoss_E4_PY": {
"value": "83192379.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_GainsLossesOnDisposalsOfInvestments_D122646086_CY": {
"value": "28021357.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_GainsLossesOnDisposalsOfInvestments_D122646086_PY": {
"value": "69546080.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AdjustmentsForFairValueGainsLosses_D1399309266_CY": {
"value": "34485235.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFairValueGainsLosses",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AdjustmentsForFairValueGainsLosses_D1399309266_PY": {
"value": "-29962442.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFairValueGainsLosses",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_D1897592006_CY": {
"value": "8239477.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_D1897592006_PY": {
"value": "-2428987.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_D1577728419_CY": {
"value": "41147665.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_D1577728419_PY": {
"value": "-9123947.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_D1485397565_CY": {
"value": "99291.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_D1485397565_PY": {
"value": "-80371.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_PurchasesOfInvestmentsInSecurities_D767482627_CY": {
"value": "-530568570.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:PurchasesOfInvestmentsInSecurities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_PurchasesOfInvestmentsInSecurities_D767482627_PY": {
"value": "-147986641.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:PurchasesOfInvestmentsInSecurities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_ProceedsFromSalesOfInvestmentsInSecurities_D746801084_CY": {
"value": "321657762.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ProceedsFromSalesOfInvestmentsInSecurities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_ProceedsFromSalesOfInvestmentsInSecurities_D746801084_PY": {
"value": "203554346.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ProceedsFromSalesOfInvestmentsInSecurities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_ProceedsFromSecuritiesSoldShort_D1427856079_CY": {
"value": "174423104.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ProceedsFromSecuritiesSoldShort",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_ProceedsFromSecuritiesSoldShort_D1427856079_PY": {
"value": "27233184.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ProceedsFromSecuritiesSoldShort",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_PaymentsForSecuritiesSoldShort_D547573143_CY": {
"value": "51329764.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:PaymentsForSecuritiesSoldShort",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_PaymentsForSecuritiesSoldShort_D547573143_PY": {
"value": "11938063.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:PaymentsForSecuritiesSoldShort",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_ProceedsFromDerivativeContracts_D1931042849_CY": {
"value": "31242577.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ProceedsFromDerivativeContracts",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_ProceedsFromDerivativeContracts_D1931042849_PY": {
"value": "15512690.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ProceedsFromDerivativeContracts",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_PaymentsForDerivativeContracts_D269628633_CY": {
"value": "75360177.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:PaymentsForDerivativeContracts",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_PaymentsForDerivativeContracts_D269628633_PY": {
"value": "21598211.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:PaymentsForDerivativeContracts",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_AccretionOfBondDiscount_D392868784_CY": {
"value": "3847.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:AccretionOfBondDiscount",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_AccretionOfBondDiscount_D392868784_PY": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:AccretionOfBondDiscount",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets_D1706629627_CY": {
"value": "1684089.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherAssets",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets_D1706629627_PY": {
"value": "-2204859.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherAssets",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_ReceivableFromPayableForUnsettledTrades_D2033977055_CY": {
"value": "-4237674.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ReceivableFromPayableForUnsettledTrades",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_ReceivableFromPayableForUnsettledTrades_D2033977055_PY": {
"value": "-5121762.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:ReceivableFromPayableForUnsettledTrades",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_AdjustmentsForIncreaseDecreaseInDueToBrokers_D1845544254_CY": {
"value": "18241225.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:AdjustmentsForIncreaseDecreaseInDueToBrokers",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_AdjustmentsForIncreaseDecreaseInDueToBrokers_D1845544254_PY": {
"value": "-20493335.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:AdjustmentsForIncreaseDecreaseInDueToBrokers",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_AdjustmentsForIncreaseDecreaseInAccruedExpenses_D752956471_CY": {
"value": "-1442638.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:AdjustmentsForIncreaseDecreaseInAccruedExpenses",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_AdjustmentsForIncreaseDecreaseInAccruedExpenses_D752956471_PY": {
"value": "1426785.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:AdjustmentsForIncreaseDecreaseInAccruedExpenses",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_CashFlowsFromUsedInOperatingActivities_D1809716021_CY": {
"value": "-124337917.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_CashFlowsFromUsedInOperatingActivities_D1809716021_PY": {
"value": "33540554.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_ProceedsFromIssuingShares_D1131759071_CY": {
"value": "108419956.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_ProceedsFromIssuingShares_D1131759071_PY": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_D2135330754_CY": {
"value": "11340306.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_D2135330754_PY": {
"value": "2093411.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_CashFlowsFromUsedInFinancingActivities_D570690765_CY": {
"value": "97079650.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_CashFlowsFromUsedInFinancingActivities_D570690765_PY": {
"value": "-2093411.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_NetChangeInCashAndCashEquivalents_D733642613_CY": {
"value": "-27258267.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetChangeInCashAndCashEquivalents",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_NetChangeInCashAndCashEquivalents_D733642613_PY": {
"value": "31447143.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:NetChangeInCashAndCashEquivalents",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_CashCashEquivalentsAndRestrictedCashBeginningOfTheYear_D1050531700_CY": {
"value": "60608767.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:CashCashEquivalentsAndRestrictedCashBeginningOfTheYear",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_CashCashEquivalentsAndRestrictedCashBeginningOfTheYear_D1050531700_PY": {
"value": "29161624.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:CashCashEquivalentsAndRestrictedCashBeginningOfTheYear",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_CashCashEquivalentsAndRestrictedCashEndOfTheYear_D354462863_CY": {
"value": "33350500.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:CashCashEquivalentsAndRestrictedCashEndOfTheYear",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_CashCashEquivalentsAndRestrictedCashEndOfTheYear_D354462863_PY": {
"value": "60608767.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:CashCashEquivalentsAndRestrictedCashEndOfTheYear",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_CashAndCashEquivalents_D1202820457_CY": {
"value": "5360022.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_CashAndCashEquivalents_D1202820457_PY": {
"value": "2721553.0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_DueFromBrokers_D175406774_CY": {
"value": "27990478.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:DueFromBrokers",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_DueFromBrokers_D175406774_PY": {
"value": "57887214.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:DueFromBrokers",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_CashCashEquivalentsAndRestrictedCashTotal_D131253452_CY": {
"value": "33350500.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:CashCashEquivalentsAndRestrictedCashTotal",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_CashCashEquivalentsAndRestrictedCashTotal_D131253452_PY": {
"value": "60608767.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:CashCashEquivalentsAndRestrictedCashTotal",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_CashPaidDuringTheYearForInterest_D1621392393_CY": {
"value": "4356455.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:CashPaidDuringTheYearForInterest",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_CashPaidDuringTheYearForInterest_D1621392393_PY": {
"value": "1620709.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:CashPaidDuringTheYearForInterest",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_CancellationOfSharesInRtwBiotechOpportunitiesLtdReceivedInArixAcquisition_D1298681065_CY": {
"value": "59221117.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:CancellationOfSharesInRtwBiotechOpportunitiesLtdReceivedInArixAcquisition",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_CancellationOfSharesInRtwBiotechOpportunitiesLtdReceivedInArixAcquisition_D1298681065_PY": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:CancellationOfSharesInRtwBiotechOpportunitiesLtdReceivedInArixAcquisition",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_InvestmentsInSecurities_D1424220741_CY": {
"value": "129409264.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:InvestmentsInSecurities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_InvestmentsInSecurities_D1424220741_PY": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:InvestmentsInSecurities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_DerivativeContracts_D556219419_CY": {
"value": "1799515.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:DerivativeContracts",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_DerivativeContracts_D556219419_PY": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:DerivativeContracts",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_OtherAssetsInKindFinancingActivities_D1734499677_CY": {
"value": "373447.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:OtherAssetsInKindFinancingActivities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_rtw_OtherAssetsInKindFinancingActivities_D1734499677_PY": {
"value": "0.0",
"decimals": 1,
"dimensions": {
"concept": "rtw:OtherAssetsInKindFinancingActivities",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"fact_ifrs-full_DisclosureOfNotesAndOtherExplanatoryInformationExplanatory_E2_CY": {
"value": "\n1. Nature of operations and summary of signi\ufb01cant accounting policies
RTW Biotech Opportunities Ltd (the \u201cCompany\u201d) is a publicly listed Guernsey non-cellular company limited by shares. The Company was originally
incorporated in the State of Delaware, United States of America, and re-domiciled into Guernsey under the Companies Law on 2 October 2019 with
registration number 66847 on the Guernsey Register of Companies. On 30 October 2019, all of the issued Ordinary Shares of the Company were
listed and admitted to trading on the Specialist Fund Segment of the London Stock Exchange under the ticker symbol: RTW. Subsequently, on
6 August 2021, the Company\u2019s Ordinary Shares were admitted to trading on the Premium Segment (the former standard and premium listing
segments of the London Stock Exchange Main Market were consolidated into a single segment on 29 July 2024) of the London Stock Exchange with
the additional ticker symbol: RTWG denoting the Sterling price. The RTWG ticker was consolidated into the USD line e\ufb00ective October 2024 and the
Company ceased trading the GBP quote. The original ticker, RTW, continues to denote the US Dollar price.
In 2022, the Company transferred its right to the pro\ufb01ts and losses attributable to the Group\u2019s portfolio of assets to its wholly owned subsidiary,
RTW Biotech Opportunities Operating Ltd (the \u201cSubsidiary\u201d). All the income and expenses of the Subsidiary are consolidated with the income and
expenses of the Group.
On 13 February 2024, the Group completed the acquisition of the assets of Arix Bioscience plc. To facilitate the acquisition, the Subsidiary formed
RTW Biotech UK Limited (the \u201cUK Subsidiary\u201d) as a wholly owned subsidiary of the Subsidiary to manage and integrate the Arix Bioscience plc
acquired entities and assets, based on the regulatory and operational landscape in the UK. The transaction was announced on 1 November 2023 and
was e\ufb00ected through a scheme of reconstruction and the voluntary winding-up of Arix under section 110 of the Insolvency Act 1986. The details around
this transaction are further disclosed within the consolidated statement of cash \ufb02ows and within Note 9.
The Group seeks to use equity capital (from the net proceeds of any share issuance or, where appropriate, from the net proceeds of investment
divestments or other related pro\ufb01ts) to provide seed and additional growth capital to the private investments. To mitigate cash-drag, the uninvested
portion is invested across public stocks largely replicating the public stock portfolios of RTW\u2019s existing US-based funds. The Group focuses on
creating, building, and supporting world-class life sciences, biopharmaceutical and medical technology companies. The Group's investment objective is
to generate attractive risk-adjusted returns through investments in securities, both equity and debt, long and short, of companies with a focus on the
pharmaceutical sector.
Pursuant to an investment management agreement, the Group is managed by RTW Investments, LP, a Delaware limited partnership, to provide the
Group with discretionary portfolio management, risk management services and certain other services. The Investment Manager is an investment
adviser registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940.
Basis of presentation
The consolidated \ufb01nancial statements are expressed in United States Dollars. The consolidated \ufb01nancial statements which give a true and fair view
and have been prepared in accordance with US generally accepted accounting principles (\u201cUS GAAP\u201d) and are in compliance with the Companies
(Guernsey) Law, 2008. The entities comprised within the Group are investment companies and follow the accounting and reporting guidance in
Financial Accounting Standards Board\u2019s (\u201cFASB\u201d) Accounting Standards Codi\ufb01cation Topic 946, Financial Services \u2013 Investment Companies.
The Directors consider that it is appropriate to adopt a going concern basis of accounting in preparing the consolidated \ufb01nancial statements.
In reaching this assessment, the Directors have considered a wide range of information relating to present and future conditions including the balance
sheets, future projections, cash \ufb02ows and the longer-term strategy of the business.
Principles of consolidation
The consolidated \ufb01nancial statements include accounts of the Company consolidated with the accounts of the Subsidiary and the UK Subsidiary.
All inter-group balances have been eliminated upon consolidation. The Subsidiary is incorporated in Guernsey and the UK Subsidiary is incorporated
in the United Kingdom
Non-Controlling Interest
An a\ufb03liate of the Investment Manager, RTW Venture Performance LLC, holds an interest in the Subsidiary. The Non-Controlling Interest captures
both Performance Allocation and mark to market movements on the New Performance Allocation Share held by RTW Venture Performance LLC in
the Subsidiary. For the year ended 31 December 2024, $1,259,780 of the total loss of $4,016,622 attributable to the Non-Controlling Interest was
comprised of mark to market movements of Notional Ordinary Shares (31 December 2023: $5,137,836), with $2,756,842 of the loss related to a
reversal of uncrystallized performance allocation from Ordinary Shareholders to the Performance Allocation Share Class (31 December 2023:
allocation of $2,756,842).
Cash, cash equivalents, and restricted cash
Cash represents cash deposits held at \ufb01nancial institutions. Cash equivalents include short-term highly liquid investments of su\ufb03cient credit quality
that are readily convertible to known amounts of cash and have original maturities of three months or less. Cash equivalents are carried at cost plus
accrued interest, which approximates fair value. Cash equivalents are held for the purpose of meeting short-term liquidity requirements, rather than
for investment purposes. As at 31 December 2024 and 31 December 2023, the Group had no cash equivalents.
Restricted cash is subject to a legal or contractual restriction by third parties as well as a restriction as to withdrawal or use, including restrictions
that require the funds to be used for a speci\ufb01ed purpose and restrictions that limit the purpose for which the funds can be used. The Group considers
cash pledged as collateral for securities sold short, cash collateral posted with counterparties for derivative contracts and further amounts due from
brokers to be restricted cash, as outlined in Note 3.
Fair value \u2013 de\ufb01nition and hierarchy
Fair value is de\ufb01ned as the price that would be received to sell an asset or paid to transfer a liability (i.e. the \u2018exit price\u2019) in an orderly transaction
between market participants at the measurement date.
In determining fair value, the Group uses various valuation techniques. A fair value hierarchy for inputs is used in measuring fair value that maximizes
the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available.
Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources
independent of the Group.
Unobservable inputs re\ufb02ect the Group\u2019s assumptions about the inputs market participants would use in pricing the asset or liability based on the best
information available in the circumstances. The fair value hierarchy is categorised into three levels based on the inputs as follows:
Level 1 \u2013 Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Group has the ability to access.
Valuation adjustments are not applied to Level 1 investments. Since valuations are based on quoted prices that are readily and regularly available in
an active market, valuation of these investments does not entail a signi\ufb01cant degree of judgement.
Level 2 \u2013 Valuations based on inputs, other than quoted prices included in Level 1, that are observable, either directly or indirectly.
Level 3 \u2013 Valuations based on inputs that are unobservable and signi\ufb01cant to the overall fair value measurement.
Investments in private investment companies measured using net asset value as a practical expedient are not categorised in the fair value hierarchy.
The availability of valuation techniques and observable inputs can vary from investment to investment and is a\ufb00ected by a wide variety of factors,
including the type of investment, whether the investment is new and not yet established in the marketplace, and other characteristics particular to
the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgement. Those estimated values do not necessarily represent the amounts that may be ultimately realised due to the
occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values
may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree
of judgement exercised by the Group in determining fair value is greatest for investments categorised in Level 3. In certain cases, the inputs used to
measure fair value may fall into di\ufb00erent levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy
within which the fair value measurement falls in its entirety is determined based on the lowest level input that is signi\ufb01cant to the fair value
measurement.
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-speci\ufb01c measure. Therefore, even
when market assumptions are not readily available, the Group\u2019s own assumptions are set to re\ufb02ect those that market participants would use in pricing
the asset or liability at the measurement date. The Group uses prices and inputs that are current as of the measurement date, including periods of
market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many investments. This condition could
cause an investment to be reclassi\ufb01ed to a lower level within the fair value hierarchy.
Fair value \u2013 valuation techniques and inputs
Investments in securities and securities sold short
Listed investments
The Group values investments in securities including exchange traded funds and securities sold short that are freely tradable and are listed on a national
securities exchange or reported on the NASDAQ national market at their closing sales price as of the valuation date. To the extent these securities are
actively traded and valuation adjustments are not applied, they are categorised in Level 1 of the fair value hierarchy. Securities traded on inactive
markets or valued by reference to similar instruments or where a discount may be applied are categorised in Level 2 or 3 of the fair value hierarchy.
Unlisted investments
Unlisted investments are valued at fair value by the Directors following a detailed review and appropriate challenge of the valuations proposed by the
Investment Manager. As part of their valuation process, the Investment Manager engages Independent Valuers to challenge their assessed fair value on
certain unlisted investments. The Investment Manager\u2019s unlisted investment valuation policy applies techniques consistent with the IPEV Guidelines.
The valuation techniques applied are either a market-based approach, an income approach such as discounted cash \ufb02ows, or where available, a net
asset value practical expedient approach. A combination of the valuation techniques mentioned may also be utilised. The IPEV Guidelines recognise
that the price of a recent transaction, if resulting from an orderly transaction, generally represents fair value as at the transaction date and may be an
appropriate starting point for estimating fair value at subsequent measurement dates. Consideration is given to the facts and circumstances as at the
subsequent measurement date including changes in the market and/or performance of the investee company. Milestone analysis is used where
appropriate to incorporate operational progress at the investee company level. In addition, a trigger event such as a subsequent round of \ufb01nancing by
the investee company would in\ufb02uence the market technique used to calibrate fair value at the measurement date. Where appropriate, a probability-
weighted expected return method (\u201cPWERM\u201d) may be employed when di\ufb00erent potential outcomes (e.g. IPO, round of \ufb01nancing, stay private,
dissolution, etc.) are utilised to derive the value of investments held.
The market approach utilises guideline public companies relying on projected revenues and/or earnings metrics to derive an indicative enterprise
value. Due to the nature of the investments, being in the early stages of development, the projected revenues are typically used as a proxy for stable
state revenue. A selected multiple is then applied based on the observed market multiples of the guideline public companies. To re\ufb02ect the risk
associated with the achievement of the projected \ufb01nancial metrics and the early development stage of each of the investments, the indicative
enterprise value is discounted at an appropriate rate.
The income approach utilises the discounted cash \ufb02ow method. Projected cash \ufb02ows for each investment are discounted to determine the
enterprise value.
Where applicable, the indicative enterprise value has been determined using a back-solve model based on the pricing of the most recent round of
\ufb01nancing. The internal rate of return for each investment is compared to the selected venture capital rate applied in the market approach to assess
the reasonableness of the indicated value implied by each \ufb01nancing round. The derived enterprise value is allocated to the equity class on either a fully
diluted basis or using an option pricing model. The resulting indicative value on a per share basis is then multiplied by the number of shares to derive
the fair market value.
American depository receipts
The Group values investments in American depositary receipts that are freely tradable and are listed on a national securities exchange or reported
on the NASDAQ national market at their last reported sales price as of the valuation date. These investments are categorised in Level 1 of the fair
value hierarchy.
Convertible notes
The Group values investments in convertible notes in accordance with the unlisted investments section above. As of 31 December 2024, these
investments are all categorised in Level 3 of the fair value hierarchy.
Convertible preferred stock
The Group values Level 1 investments in convertible preferred stock that are listed on a national securities exchange at their closing sales price as of
the valuation date. Level 2 investments in convertible preferred stock are valued with certain adjustments to the underlying public stocks closing sales
price that is listed on a national securities exchange. Level 3 investments in convertible preferred stock are valued in accordance with the unlisted
investments section above. As of 31 December 2024, these investments are categorised in Level 3 of the fair value hierarchy.
Corporate bonds
The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or
credit default swap spreads. The spread data used is for the same maturity as the bond. If the spread data does not reference the issuer, then data
that references a comparable issuer is used. When observable price quotations are not available, fair value is determined based on cash \ufb02ow models
using yield curves, bond or single name credit default swap spreads, and recovery rates based on collateral values as key inputs. As of 31 December
2024, these investments are categorised in Level 2 of the fair value hierarchy.
Investment in private investment companies
The Group values investment in private investment companies using the net asset values provided by the underlying private investment companies
as a practical expedient. The Group applies the practical expedient to its private investment companies on an investment-by-investment basis and
consistently with the Group\u2019s entire position in a particular investment, unless it is probable that the Group will sell a portion of an investment at an
amount di\ufb00erent from the net asset value of the investment.
Private investment in public equity
Private investment in public equity (\u201cPIPE\u201d) cannot be o\ufb00ered for sale to the public until the issuer complies with certain statutory or contractual
requirements. Such securities traded on inactive markets or valued by reference to similar instruments or where a discount may be applied are
generally categorised in Level 2. However, to the extent that signi\ufb01cant inputs used to determine liquidity discounts are unobservable, PIPE may be
categorized in Level 3 of the fair value hierarchy. As of 31 December 2024, these investments are categorised in Level 1 of the fair value hierarchy and
are recognised within common stock within the Schedule of Investments.
Revenue-Based Financing Agreement
These represent structured, non-dilutive \ufb01nancing alternatives for businesses seeking to raise capital in lieu typically of issuing equity. The Group may
enter into a contract with an undertaking that owns the revenue interest in one or more healthcare products and such undertaking also typically plays
the principal role in commercialization, marketing and sales of such product or products. This contract entitles the Group to receive a share of
revenue from a stream of cash \ufb02ow payments based on the sales of such product or products.
The valuation is based on an income approach utilizing management\u2019s internal projections or sell-side equity research analysts\u2019 consensus estimates in the
absence of adequate brokerage analyst coverage. The projections take into account contractual terms speci\ufb01c to each revenue-based \ufb01nancing investment
and are present valued based on a discount rate based on the prime rate adjusted for additional investment-speci\ufb01c risk that aligns to the debt-like nature
of the projected cash \ufb02ows speci\ufb01c to the Group. As of 31 December 2024, these investments are categorised in Level 3 of the fair value hierarchy.
Derivative contracts
Equity swaps
Equity swaps may be centrally cleared or traded on the over-the-counter market. The fair value of equity swaps is calculated based on the terms of
the contract and current market data, such as changes in fair value of the reference asset. The fair value of equity swaps is generally categorised in
Level 2 of the fair value hierarchy.
Warrants
Warrants that are listed on major securities exchanges are valued at their last reported sales price as of the valuation date. The fair value of over-the-
counter (\u201cOTC\u201d) warrants is determined using the Black-Scholes option pricing model, a valuation technique that follows the income approach. This
pricing model takes into account the contract terms (including maturity) as well as multiple inputs, including time value, implied volatility, equity prices,
interest rates and currency rates. Warrants are categorised in all levels of the fair value hierarchy.
Contingent value rights
Contingent value rights that are not traded on an organized facility are valued using a market approach or such other analysis and information as the
Group may determine. As of 31 December 2024, these investments are categorised in Level 3 of the fair value hierarchy.
Fair value \u2013 valuation processes
The Group establishes valuation processes and procedures to ensure that the valuation techniques are fair and consistent, and valuation inputs
are supportable. The Group designates the Investment Manager\u2019s Valuation Committee to oversee the entire valuation process of the Group\u2019s
investments. The Valuation Committee comprises various members of the Investment Manager, including those separate from the Group\u2019s portfolio
management and trading functions, and reports to the Board.
The Valuation Committee is responsible for developing the Group\u2019s written valuation processes and procedures, conducting periodic reviews of the
valuation policies, and evaluating the overall fairness and consistent application of the valuation policies.
The Investment Manager\u2019s Valuation Committee meets on a monthly basis or more frequently, as needed, to determine the valuations of the Group\u2019s
Level 3 investments. Valuations determined by the Valuation Committee are required to be supported by market data, third-party pricing sources,
industry-accepted pricing models, counterparty prices or other methods they deem to be appropriate, including the use of internal proprietary
pricing models.
The Group periodically tests its valuations of Level 3 investments by performing back-testing. Back-testing involves the comparison of sales proceeds
of those investments to the most recent fair values reported and, if necessary, uses the \ufb01ndings to recalibrate its valuation procedures.
On a regular basis, the Group engages the services of third-party valuation \ufb01rms, the Independent Valuers, to perform an independent review of the
valuation of the Group\u2019s Level 3 investments and the Group may adjust its valuations based on the recommendations from the Investment Manager\u2019s
Valuation Committee.
Translation of foreign currency
Assets and liabilities denominated in foreign currencies are translated into United States Dollar amounts at the year end exchange rates. Transactions
denominated in foreign currencies, including purchases and sales of investments, and income and expenses, are translated into United States Dollar
amounts on the transaction date. Adjustments arising from foreign currency transactions are re\ufb02ected in the consolidated statement of operations.
The Group does not isolate that portion of the results of operations arising from the e\ufb00ect of changes in foreign exchange rates on investments from
\ufb02uctuations arising from changes in market prices of investments held. Such \ufb02uctuations are included in net realised and change in unrealised gain/
(loss) on securities, derivatives and foreign currency transactions in the consolidated statement of operations.
Reported net realised gain/(loss) from foreign currency transactions arise from sales of foreign currencies; currency gains or losses realised between
the trade and settlement dates on securities transactions; and the di\ufb00erence between the amounts of dividends, interest, and foreign withholding
taxes recorded on the Group\u2019s books and the United States Dollar equivalent of the amounts actually received or paid.
Net change in unrealised gain/(loss) from foreign currency translation of assets and liabilities arises from changes in the fair values of assets and
liabilities, other than investments in securities at the end of the period, resulting from changes in exchange rates.
Investment transactions and related investment income
Investment transactions are accounted for on a trade date basis. Realised gains and losses on investment transactions have been calculated on a
speci\ufb01c identi\ufb01cation method.
Dividends are recorded on the ex-dividend date and interest is recognised on the accrual basis.
Withholding taxes on foreign dividends have been provided for in accordance with the Group's understanding of the applicable country's rules
and rates.
O\ufb00setting of amounts related to certain contracts
Amounts due from and to brokers are presented on a net basis, by counterparty, to the extent the Group has the legal right to o\ufb00set the recognised
amounts and intends to settle on a net basis.
The Group has elected not to o\ufb00set fair value amounts recognised for cash collateral receivables and payables against fair value amounts recognised
for derivative positions executed with the same counterparty under the same master netting arrangement. At 31 December 2024, the Group had
cash collateral receivables of $23,390,565 (31 December 2023: $23,793,429) (see Note 3) with derivative counterparties under the same master
netting arrangement.
Income taxes
The Company and Subsidiary are exempt from taxation in Guernsey and were each charged an annual exemption fee of GBP 1,600 (2023: GBP 1,200).
The Group will only be liable to tax in Guernsey in respect of income arising or accruing from a Guernsey source, other than from a relevant bank deposit.
It is not anticipated that such Guernsey source taxable income will arise. The Group is managed so as not to be resident in the UK for UK tax purposes.
The Group recognises tax bene\ufb01ts of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by
a tax authority based on the technical merits of the position. In evaluating whether a tax position has met the recognition threshold, the Group must
presume the position will be examined by the appropriate taxing authority and that taxing authority has full knowledge of all relevant information.
A tax position meeting the more likely than not recognition threshold is measured to determine the amount of bene\ufb01t to recognise in the Group\u2019s
consolidated \ufb01nancial statements. Income tax and related interest and penalties would be recognised as a tax expense in the consolidated statement
of operations if the tax position was deemed to meet the more likely than not threshold.
The Investment Manager has analysed the Group\u2019s tax positions and has concluded no liability for unrecognised tax bene\ufb01ts should be recorded
related to uncertain tax positions. Further, management is not aware of any tax positions for which it is reasonably possible the total amounts of
unrecognised tax bene\ufb01ts will signi\ufb01cantly change in the next twelve months.
The Company, UK Subsidiary and the Subsidiary each \ufb01le income tax returns in the US federal jurisdiction and, as applicable, in US state or local
jurisdictions, or non-US jurisdictions. Generally, the Group was subject to income tax examinations by major taxing authorities for each tax period
since inception. Based on its analysis, the Group determined that it had not incurred any liability for unrecognised tax bene\ufb01ts as of 31 December 2024
or 31 December 2023.
Use of estimates
Preparing consolidated \ufb01nancial statements in accordance with US GAAP requires management to make estimates and assumptions in determining
the reported amounts of assets and liabilities, including the fair value of investments, and disclosure of contingent assets and liabilities as of the date
of the consolidated \ufb01nancial statements and the reported amounts of income and expenses during the reporting period. Actual results could di\ufb00er
from those estimates.
2. Fair value measurements
The Group\u2019s assets and liabilities recorded at fair value have been categorised based upon a fair value hierarchy as described in the Group\u2019s signi\ufb01cant
accounting policies in Note 1.
The following table presents information about the Group\u2019s assets and liabilities measured at fair value as of 31 December 2024:
| Level 1 | Level 2 | Level 3 | | |
| | | | Investments | |
| | | | measured at net | |
| | | | asset value* | Tota l |
| Assets (at fair value) | | | | | |
| Investments in securities | | | | | |
| Common stocks | 362,223,884 | 266,171 | 1,457,470 | \u2013 | 363,947,525 |
| Convertible preferred stocks | \u2013 | \u2013 | 164,325,035 | \u2013 | 164,325,035 |
| Convertible notes | \u2013 | \u2013 | 32,744,748 | \u2013 | 32,744,748 |
| American depository receipts | 30,724,375 | \u2013 | \u2013 | \u2013 | 30,724,375 |
| Investment in private investment companies | \u2013 | \u2013 | \u2013 | 19,094,800 | 19,094,800 |
| Revenue based \ufb01nancing agreement | \u2013 | \u2013 | 174,613 | \u2013 | 174,613 |
| Corporate bonds | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
| Total investments in securities | 392,948,259 | 266,171 | 198,701,866 | 19,094,800 | 611,011,096 |
| Derivative contracts | | | | | |
| Warrants | 367 | 87,127,278 | 919,671 | \u2013 | 88,047,316 |
| Equity swaps | \u2013 | 20,526,482 | \u2013 | \u2013 | 20,526,482 |
| Contingent value rights | \u2013 | \u2013 | 1,603,374 | \u2013 | 1,603,374 |
| Total derivative contracts | 367 | 107,653,760 | 2,523,045 | \u2013 | 110,177,172 |
| 392,948,626 | 107,919,931 | 201,224,911 | 19,094,800 | 721,188,268 |
| Liabilities (at fair value) | | | | | |
| Securities sold short | | | | | |
| Common stocks | 94,837,287 | \u2013 | \u2013 | \u2013 | 94,837,287 |
| American depository receipts | 314,206 | \u2013 | \u2013 | \u2013 | 314,206 |
| Total securities sold short | 95,151,493 | \u2013 | \u2013 | \u2013 | 95,151,493 |
| Derivative contracts | | | | | |
| Equity swaps | \u2013 | 7,799,422 | \u2013 | \u2013 | 7,799,422 |
| Total derivative contracts | \u2013 | 7,799,422 | \u2013 | \u2013 | 7,799,422 |
| 95,151,493 | 7,799,422 | \u2013 | \u2013 | 102,950,915 |
* The Group\u2019s investment in private investment companies that are valued at their net asset value are not categorised within the fair value hierarchy.
The following table presents information about the Group\u2019s assets and liabilities measured at fair value as of 31 December 2023:
| Level 1 | Level 2 | Level 3 | | |
| | | | Investments | |
| | | | measured at net | |
| | | | asset value* | Tota l |
| Assets (at fair value) | | | | | |
| Investments in securities | | | | | |
| Common stocks | 204,773,131 | 1,000,720 | 904,339 | \u2013 | 206,678,190 |
| Convertible preferred stocks | 1,854,238 | 2,836,628 | 73,189,264 | \u2013 | 77,880,130 |
| Investment in private investment companies | \u2013 | \u2013 | \u2013 | 41,855,893 | 41,855,893 |
| American depository receipts | 33,213,628 | \u2013 | \u2013 | \u2013 | 33,213,628 |
| Convertible notes | \u2013 | \u2013 | 7,983,390 | \u2013 | 7,983,390 |
| Total investments in securities | 239,840,997 | 3,837,348 | 82,076,993 | 41,855,893 | 367,611,231 |
| Derivative contracts | | | | | |
| Equity swaps | \u2013 | 7,475,802 | \u2013 | \u2013 | 7,475,802 |
| Warrants | 5,247 | 6,743,593 | 697,472 | \u2013 | 7,446,312 |
| Contingent value rights | \u2013 | \u2013 | 541,706 | \u2013 | 541,706 |
| Total derivative contracts | 5,247 | 14,219,395 | 1,239,178 | \u2013 | 15,463,820 |
| 239,846,244 | 18,056,743 | 83,316,171 | 41,855,893 | 383,075,051 |
| Liabilities (at fair value) | | | | | |
| Securities sold short | | | | | |
| Common stocks | 1,146,920 | 51,001 | \u2013 | \u2013 | 1,197,921 |
| Total securities sold short | 1,146,920 | 51,001 | \u2013 | \u2013 | 1,197,921 |
| Derivative contracts | | | | | |
| Equity swaps | \u2013 | 8,390,327 | \u2013 | \u2013 | 8,390,327 |
| Total derivative contracts | \u2013 | 8,390,327 | \u2013 | \u2013 | 8,390,327 |
| 1,146,920 | 8,441,328 | \u2013 | \u2013 | 9,588,248 |
* The Group\u2019s investment in private investment companies that are valued at their net asset value are not categorised within the fair value hierarchy.
The following tables summarise the valuation techniques and signi\ufb01cant unobservable inputs used for the Group\u2019s investments that are categorised
within Level 3 of the fair value hierarchy as of 31 December 2024 and 31 December 2023:
| Fair value at | | | |
| 31 December 2024 | Valuation techniques | Signi\ufb01cant unobservable inputs | Range of inputs |
| Assets (at fair value) | | | | |
| Investments in securities | | | | |
| Convertible preferred stocks | 56,837,402 | Recent transaction price | n/a | n/a |
| 37,870,153 | Discounted cash \ufb02ow | WACC | 10% \u2013 31% |
| | and/or market approach | Revenue multiples | 2.0x \u2013 4.0x |
| | | Market rate of returns | (13%) \u2013 15% |
| 69,559,998 | Probability-weighted expected | | |
| | return method (\u201cPWERM\u201d) | | |
| | | WACC | |
| | | Revenue multiples | |
| | | Market step-up multiple | |
| | | | 10% \u2013 20% |
| | | | 4.0x |
| | | | 0.8x \u2013 2.1x |
| | | Market rate of returns | (5%) \u2013 5% |
| 57,482 | Liquidation value | n/a | n/a |
| Convertible notes | 32,156,487 | PWERM | Discount rate | 6% \u201312% |
| | | Market step-up multiple | |
| | | | 0.9x \u2013 1.2x |
| | | Market rate of returns | (5%) \u2013 5% |
| | | Expected volatility | 60% |
| 588,261 | Recent transaction price | n/a | |
| | | | n/a |
| Common stocks | 246,828 | Recent transaction price | n/a | n/a |
| 375,605 | Liquidation value | n/a | n/a |
| 835,037 | Probability-weighted expected | | |
| | return method (\u201cPWERM\u201d) | | |
| | | Market step-up multiple | |
| | | Market Rate of Returns | |
| | | | 0.9x \u2013 1.2x |
| | | | 5% \u2013 5% |
| Revenue interest \ufb01nancing | 174,613 | Discounted cash \ufb02ow | | |
| | and/or market approach | | |
| | | WACC | 28% \u2013 28% |
| Total investments in securities | 198,701,866 | | | |
| Derivative contracts | | | | |
| Contingent value rights | 1,603,374 | Recent transaction price | n/a | n /a |
| Warrants | 919,671 | Discounted cash \ufb02ow | | |
| | and/or market approach | | |
| | and option pricing model | | |
| | | Expected volatility | |
| | | | 40% |
| Total derivative contracts | 2,523,045 | | | |
| Fair value at | | | |
| 31 December 2023 | Valuation techniques | Signi\ufb01cant unobservable inputs | Range of inputs |
| Assets (at fair value) | | | | |
| Investments in securities | | | | |
| Convertible preferred stocks | 44,732,084 | Recent transaction price | n/a | n/a |
| 19,614,346 | Discounted cash \ufb02ow | WACC | 13% \u2013 30% |
| | and/or market approach | Revenue multiples | 2.8x \u2013 4.0x |
| | | Market rate of returns | (18%) \u2013 10% |
| 8,727,481 | Probability-weighted expected | | |
| | return method (\u201cPWERM\u201d) | | |
| | | WACC | |
| | | Revenue multiples | |
| | | Market step-up multiple | |
| | | | 12% \u2013 20% |
| | | | 4.0x |
| | | | 0.7x \u2013 1.8x |
| | | Market rate of returns | (23)% \u2013 10% |
| | | Recovery rate | 50% |
| 115,353 | Liquidation value | n/a | n/a |
| Convertible notes | 7,566,258 | PWERM | Discount rate | 5% \u2013 7% |
| | | Expected volatility | 60% |
| 352,904 | Discounted cash \ufb02ow | WACC | 26% |
| | and/or market approach | Revenue multiples | |
| | | | 4.0x |
| | | Market rate of returns | (3%) |
| 64,228 | Recent transaction price | n/a | n/a |
| Common stocks | 798,531 | Recent transaction price | n/a | n/a |
| 105,808 | Market approach | Revenue multiples | 0.5x \u2013 0.6x |
| Total investments in securities | 82,076,993 | | | |
| Derivative contracts | | | | |
| Warrants | 697,472 | Recent transaction price | Expected volatility | 38% \u2013 43% |
| | and option pricing model | | |
| Contingent value rights | 541,706 | Recent transaction price | n/a | n/a |
| Total derivative contracts | 1,239,178 | | | |
The signi\ufb01cant unobservable inputs used in the fair value measurements of Level 3 common stock, convertible preferred stocks, convertible notes, and
warrants include, but are not limited to, WACC, revenue and/or earnings multiple, market rate of return, and expected volatility. Increases in the WACC
in isolation would result in a lower fair value for the security, and vice versa. Increases in multiples and/or market rate of returns in isolation would
result in a higher fair value of the security, and vice versa. A change in volatility in isolation could result in a higher or lower fair value for the security.
The below table presents additional information about Level 3 assets and liabilities measured at fair value. Both observable and unobservable inputs
may be used to determine the fair value of positions that the Group has classi\ufb01ed within the Level 3 category. As a result, the unrealised gains and
losses for assets and liabilities within the Level 3 category may include changes in fair value that were attributable to both observable and
unobservable inputs.
Changes in Level 3 assets and liabilities measured at fair value for the year ended 31 December 2024 were as follows:
| Balance beginning | | | | | | |
| 1 January 2024 | | | | | | |
| | Realised gains/ | | | | | |
| | (losses) | | | | | |
| | (a) | | | | | |
| | | Change in | | | | |
| | | Unrealised gains/ | | | | |
| | | (losses) | | | | |
| | | (a) | | | | |
| | | | Purchases | Sales | | |
| | | | | | Transfers into/ | |
| | | | | | (from) Level 3 | |
| | | | | | (b) | |
| | | | | | | Ending balance |
| | | | | | | 31 December 2024 |
| Assets (at fair value) | | | | | | | |
| Investments in securities | | | | | | | |
| Common stocks | 904,339 | 3,423,828 | (8,477,436) | 9,030,018 | (4,897,750) | 1,474,471 | 1,457,470 |
| Convertible preferred stocks | 73,189,264 | \u2013 | 32,032,300 | 67,196,769 | \u2013 | (8,093,298) | 164,325,035 |
| Convertible notes | 7,983,390 | 83,537 | (570,999) | 27,016,689 | (1,768,682) | 813 | 32,744,748 |
| Revenue based \ufb01nancing | | | | | | | |
| agreement | | | | | | | |
| \u2013 | \u2013 | 13,882 | 160,731 | \u2013 | \u2013 | 174,613 |
| Total investments in securities | 82,076,993 | 3,507,365 | 22,997,747 | 103,404,207 | (6,666,432) | (6,618,014) | 198,701,866 |
| Derivative contracts | | | | | | | |
| Warrants | 697,472 | \u2013 | 221,386 | \u2013 | \u2013 | 813 | 919,671 |
| Contingent value rights | 541,706 | 812,225 | 430,401 | 466,419 | (812,225) | 164,848 | 1,603,374 |
| Total derivative contracts | 1,239,178 | 812,225 | 651,787 | 466,419 | (812,225) | 165,661 | 2,523,045 |
Changes in Level 3 assets and liabilities measured at fair value for the year ended 31 December 2023 were as follows:
| Balance beginning | | | | | | |
| 1 January 2023 | | | | | | |
| | Realised gains/ | | | | | |
| | (losses) | | | | | |
| | (a) | | | | | |
| | | Change in | | | | |
| | | Unrealised gains/ | | | | |
| | | (losses) | | | | |
| | | (a) | | | | |
| | | | Purchases | Sales | | |
| | | | | | Transfers into/ | |
| | | | | | (from) Level 3 | |
| | | | | | (c) | |
| | | | | | | Ending balance |
| | | | | | | 31 December 2023 |
| Assets (at fair value) | | | | | | | |
| Investments in securities | | | | | | | |
| Common stocks | 3,364,557 | \u2013 | (304,109) | \u2013 | \u2013 | (2,156,109) | 904,339 |
| Convertible preferred stocks | 57,932,949 | \u2013 | 6,114,014 | 7,595,169 | \u2013 | 1,547,132 | 73,189,264 |
| Convertible notes | 10,052,833 | \u2013 | (1,329,981) | 11,536,901 | \u2013 | (12,276,363) | 7,983,390 |
| Total investments in securities | 71,350,339 | \u2013 | 4,479,924 | 19,132,070 | \u2013 | (12,885,340) | 82,076,993 |
| Derivative contracts | | | | | | | |
| Warrants | 476,911 | \u2013 | 21,813 | 321,257 | \u2013 | (122,509) | 697,472 |
| Contingent value rights | \u2013 | \u2013 | 541,706 | \u2013 | \u2013 | \u2013 | 541,706 |
| Total derivative contracts | 476,911 | \u2013 | 563,519 | 321,257 | \u2013 | (122,509) | 1,239,178 |
(a) Realised and unrealised gains and losses are included in net realised and change in unrealised gain/(loss) on investments, derivatives and foreign currency
transactions in the consolidated statement of operations.
(b) Conversions of preferred stock into common stock.
(c) Includes conversion of convertible bonds into convertible preferred stock and convertible notes.
Changes in Level 3 unrealised gains and losses during the year for assets still held at year end were as follows:
| 2024 | 2023 |
| Common stocks | (8,477,436) | 116,949 |
| Convertible notes | (570,999) | (919,115) |
| Convertible preferred stocks | 32,081,173 | 6,199,338 |
| Revenue Based Financing Agreement | 13,882 | \u2013 |
| Contingent value rights | 430,401 | 541,706 |
| Warrants | 221,386 | 21,813 |
| Change in unrealised gains and losses during the year for assets still held at year end | 23,698,407 | 5,960,691 |
Total realised gains and losses and unrealised gains and losses in the Group\u2019s investment in securities, derivative contracts and securities sold short
are made up of the following gain and loss elements:
| 2024 | 2023 |
| Realised gains | 96,931,839 | 127,739,248 |
| Realised losses | (60,671,005) | (60,622,155) |
| Net realised gain on securities, derivative contracts and securities sold short | 36,260,834 | 67,117,093 |
| 2024 | 2023 |
| Change in unrealised gains | 190,826,387 | 132,672,225 |
| Change in unrealised losses | (184,163,957) | (111,833,730) |
| Net change in unrealised gain/(loss) on securities, derivative contracts and securities sold short | 6,662,430 | 20,838,495 |
As at 31 December 2024, the Group had commitments (subject to completion of certain parameters) to certain investments totalling $22,390,694 (31
December 2023: $59,732,160), which was mainly comprised of a $14,651,294 commitment to the 4010 Royalty Fund.
3. Due to/from brokers
Due to/from brokers includes cash balances held with brokers and collateral on derivative transactions. Amounts due from brokers may be restricted
to the extent that they serve as deposits for securities sold short or cash posted as collateral for derivative contracts.
As at 31 December 2024, due from brokers totalled $27,990,478 (31 December 2023: $57,887,214). Included within due from brokers is $4,599,913
(31 December 2023: $34,093,785) which can be used for investment. The Group pledged cash collateral to counterparties to over-the-counter
derivative contracts of $23,390,565 (31 December 2023: $23,793,429) which is included in due from brokers.
In the normal course of business, substantially all of the Group\u2019s securities transactions, money balances, and security positions are transacted with
the Group\u2019s prime brokers and counterparties, Goldman Sachs & Co. LLC, Cowen Financial Products, LLC, UBS AG, Bank of America Merrill Lynch,
Morgan Stanley & Co. LLC, Je\ufb00eries & Co. and J.P. Morgan Securities, LLC. The Group is subject to credit risk to the extent any broker with which it
conducts business is unable to ful\ufb01l contractual obligations on its behalf. The Group\u2019s management monitors the \ufb01nancial condition of such brokers
and does not anticipate any losses from these counterparties.
4. Derivative contracts
In the normal course of business, the Group utilises derivative contracts in connection with its proprietary trading activities. Investments in derivative
contracts are subject to additional risks that can result in a loss of all or part of an investment. The Group\u2019s derivative activities and exposure to
derivative contracts are classi\ufb01ed by the primary underlying risk, equity price risk and foreign currency exchange rate risk. In addition to its primary
underlying risk, the Group is also subject to additional counterparty risk due to the inability of its counterparties to meet the terms of their contracts.
Warrants
The Group may receive warrants from its portfolio companies upon an investment in the debt or equity of a portfolio company. The warrants provide
the Group with exposure and potential gains upon equity appreciation of the portfolio company\u2019s share price.
The value of a warrant has two components: time value and intrinsic value. A warrant has a limited life and expires on a certain date. As time to the
expiration date of a warrant approaches, the time value of a warrant will decline. In addition, if the stock underlying the warrant declines in price, the
intrinsic value of an \u201cin the money\u201d warrant will decline. Further, if the price of the stock underlying the warrant does not exceed the strike price of the
warrant on the expiration date, the warrant will expire worthless. As a result, there is the potential for the Group to lose its entire investment in a
warrant.
The Group is exposed to counterparty risk from the potential failure of an issuer of warrants to settle its exercised warrants. The maximum risk of
loss from counterparty risk to the Group is the fair value of the contracts and the purchase price of the warrants. The Group considers the e\ufb00ects
of counterparty risk when determining the fair value of its investments in warrants.
Equity swap contracts
The Group is subject to equity price risk in the normal course of pursuing its investment objectives. The Group may enter into equity swap
contracts either to manage its exposure to the market or certain sectors of the market, or to create exposure to certain equities to which it is
otherwise not exposed.
Equity swap contracts involve the exchange by the Group and a counterparty of their respective commitments to pay or receive a net amount based
on the change in the fair value of a particular security or index and a speci\ufb01ed notional amount.
Contingent value rights
The Group may receive contingent value rights during mergers, acquisitions, or divestitures. Contingent value rights are designed to provide the
Group with additional compensation or bene\ufb01ts contingent upon the occurrence of speci\ufb01c future events, such as regulatory approvals, milestones
related to product development or commercialization, or the achievement of certain \ufb01nancial targets. Contingent value rights are subject to the
uncertainty of payout, as their value hinges on the occurrence of speci\ufb01c events. The Group considers the uncertainty when determining the fair value
of its investments in contingent value rights.
Volume of derivative activities
The Group considers the average month-end notional amounts during the year, categorised by primary underlying risk, to be representative of the
volume of its derivative activities during the year ended 31 December 2024:
| Primary underlying risk | | | | |
| 2024 | | 2023 | |
| Long exposure | | | |
| Notional amounts | | | |
| | Short exposure | | |
| | Notional amounts | | |
| | | Long exposure | |
| | | Notional amounts | |
| | | | Short exposure |
| | | | Notional amounts |
| Equity price | | | | |
| Equity swaps | 60,394,443 | 30,266,515 | 64,032,939 | 56,046,951 |
| Warrants | | | | |
| (a) | | | | |
| 92,282,619 | \u2013 | 3,963,562 | \u2013 |
| Contingent value rights | 2,070,315 | \u2013 | 541,706 | \u2013 |
| 154,747,377 | 30,266,515 | 68,538,207 | 56,046,951 |
(a) Notional amounts presented for warrants are based on the fair value of the underlying shares as if the warrants were exercised at each respective month end date.
Impact of derivatives on the consolidated statement of assets and liabilities and consolidated statement of operations
The following tables identify the fair value amounts of derivative instruments included in the consolidated statement of assets and liabilities as
derivative contracts, categorised by primary underlying risk, at 31 December 2024 and 31 December 2023. The following table also identi\ufb01es the gain
and loss amounts included in the consolidated statement of operations as net realised gain/(loss) on derivative contracts and net change in unrealised
gain/(loss) on derivative contracts, categorised by primary underlying risk, for the year ended 31 December 2024 and 31 December 2023.
| Primary underlying risk | | | | |
| | 2024 | | |
| Derivative assets | | | |
| | Derivative | | |
| | liabilities | | |
| | | Realised gain/ | |
| | | (loss) | |
| | | | Change in |
| | | | unrealised gain/ |
| | | | (loss) |
| Equity price | | | | |
| Warrants | 88,047,316 | \u2013 | (19,829) | 27,075,679 |
| Equity swaps | 20,526,482 | 7,799,422 | 7,447,081 | 13,641,585 |
| Contingent value rights | 1,603,374 | \u2013 | 812,225 | 430,401 |
| 110,177,172 | 7,799,422 | 8,239,477 | 41,147,665 |
| Primary underlying risk | | | | |
| | 2023 | | |
| Derivative assets | | | |
| | Derivative | | |
| | liabilities | | |
| | | Realised gain/ | |
| | | (loss) | |
| | | | Change in |
| | | | unrealised gain/ |
| | | | (loss) |
| Equity price | | | | |
| Equity swaps | 7,475,802 | 8,390,327 | (2,428,614) | (11,074,111) |
| Warrants | 7,446,312 | \u2013 | (373) | 1,408,458 |
| Contingent value rights | 541,706 | \u2013 | \u2013 | 541,706 |
| 15,463,820 | 8,390,327 | (2,428,987) | (9,123,947) |
5. Securities lending agreements
The Group has entered into securities lending agreements with its prime brokers. From time to time, the prime brokers lend securities on the Group\u2019s
behalf. As of 31 December 2024 and 31 December 2023, no securities were loaned and no collateral was received.
6. O\ufb00setting assets and liabilities
The Group is required to disclose the impact of o\ufb00setting assets and liabilities represented in the consolidated statement of assets and liabilities to
enable users of the consolidated \ufb01nancial statements to evaluate the e\ufb00ect or potential e\ufb00ect of netting arrangements on its \ufb01nancial position for
recognised assets and liabilities. These recognised assets and liabilities are \ufb01nancial instruments and derivative instruments that are either subject
to an enforceable master netting arrangement or similar agreement or meet the following right of seto\ufb00 criteria: the amounts owed by the Group
to another party are determinable, the Group has the right to o\ufb00set the amounts owed with the amounts owed by the other party, the Group intends
to o\ufb00set and the Group\u2019s right of seto\ufb00 is enforceable by law.
As of 31 December 2024 and 31 December 2023, the Group held \ufb01nancial instruments and derivative instruments that were eligible for o\ufb00set in
the consolidated statement of assets and liabilities and are subject to a master netting arrangement. The master netting arrangement allows
the counterparty to net applicable collateral held on behalf of the Group against applicable liabilities or payment obligations of the Group to the
counterparty. These arrangements also allow the counterparty to net any of its applicable liabilities or payment obligations they have to the Group
against any collateral sent to the Group.
As discussed in Note 1, the Group has elected not to o\ufb00set assets and liabilities in the consolidated statement of assets and liabilities. The following
table presents the potential e\ufb00ect of netting arrangements for asset derivative contracts presented in the consolidated statement of assets
and liabilities:
| Description | | | | | | |
| Gross amounts of | | | | | |
| recognised assets | | | | | |
| | Gross amounts o\ufb00set | | | | |
| | in the consolidated | | | | |
| | statement of assets | | | | |
| | and liabilities | | | | |
| | | Gross amounts of | | | |
| | | recognised assets | | | |
| | | | 31 December 2024 | | |
| | | | Gross amounts not o\ufb00set in the | | |
| | | | consolidated statement of | | |
| | | | assets and liabilities | | |
| | | | | | Net amount |
| | | | Financial | | |
| | | | instruments | | |
| | | | (a) | | |
| | | | | | |
| | | | | Cash collateral | |
| | | | | received | |
| | | | | (b) | |
| | | | | | | |
| Equity swaps | | | | | | |
| Cowen Financial Products, LLC | 11,004,397 | \u2013 | 11,004,397 | (3,666,923) | \u2013 | 7,337,474 |
| Morgan Stanley & Co. LLC | 5,639,240 | \u2013 | 5,639,240 | (2,056,637) | \u2013 | 3,582,603 |
| Bank of America Merrill Lynch | 3,411,345 | \u2013 | 3,411,345 | (49) | \u2013 | 3,411,296 |
| Je\ufb00eries & Co. | 471,500 | \u2013 | 471,500 | (471,500) | \u2013 | \u2013 |
| 20,526,482 | \u2013 | 20,526,482 | (6,195,109) | \u2013 | 14,331,373 |
| Description | | | | | | |
| Gross amounts of | | | | | |
| recognised assets | | | | | |
| | Gross amounts o\ufb00set | | | | |
| | in the consolidated | | | | |
| | statement of assets | | | | |
| | and liabilities | | | | |
| | | Gross amounts of | | | |
| | | recognised assets | | | |
| | | | 31 December 2023 | | |
| | | | Gross amounts not o\ufb00set in the | | |
| | | | consolidated statement of | | |
| | | | assets and liabilities | | |
| | | | | | Net amount |
| | | | Financial | | |
| | | | instruments | | |
| | | | (a) | | |
| | | | | | |
| | | | | Cash collateral | |
| | | | | received | |
| | | | | (b) | |
| | | | | | | |
| Equity swaps | | | | | | |
| Cowen Financial Products, LLC | 6,235,319 | \u2013 | 6,235,319 | (286,396) | \u2013 | 5,948,923 |
| Je\ufb00eries & Co. | 1,058,293 | \u2013 | 1,058,293 | (758,677) | \u2013 | 299,616 |
| Morgan Stanley & Co. LLC | 129,527 | \u2013 | 129,527 | (129,527) | \u2013 | \u2013 |
| Bank of America Merrill Lynch | 52,663 | \u2013 | 52,663 | (52,663) | \u2013 | \u2013 |
| 7,475,802 | \u2013 | 7,475,802 | (1,227,263) | \u2013 | 6,248,539 |
(a) Amounts related to master netting agreements (e.g. ISDA), determined by the Group to be legally enforceable in the event of default and if certain other criteria are
met in accordance with applicable o\ufb00setting accounting guidance but were not o\ufb00set due to management\u2019s accounting policy election.
(b) Amounts related to master netting agreements and collateral agreements determined by the Group to be legally enforceable in the event of default, but certain
other criteria are not met in accordance with applicable o\ufb00setting accounting guidance. The collateral amounts may exceed the related net amounts of \ufb01nancial
assets and liabilities presented in the consolidated statement of assets and liabilities. If this is the case, the total amount reported is limited to the net amounts of
\ufb01nancial assets and liabilities with that counterparty.
The following tables present the potential e\ufb00ect of netting arrangements for liability derivative contracts presented in the consolidated statement of
assets and liabilities as of 31 December 2024 and 31 December 2023:
| Description | | | | | | |
| Gross amounts of | | | | | |
| recognised | | | | | |
| liabilities | | | | | |
| | Gross amounts o\ufb00set | | | | |
| | in the consolidated | | | | |
| | statement of assets | | | | |
| | and liabilities | | | | |
| | | Gross amounts of | | | |
| | | recognised | | | |
| | | liabilities | | | |
| | | | 31 December 2024 | | |
| | | | Gross amounts not o\ufb00set in the | | |
| | | | consolidated statement of | | |
| | | | assets and liabilities | | |
| | | | | | Net amount |
| | | | Financial | | |
| | | | instruments | | |
| | | | (a) | | |
| | | | | Cash collateral | |
| | | | | pledged | |
| | | | | (b) | |
| Equity swaps | | | | | | |
| Cowen Financial Products, LLC | 3,666,923 | | 3,666,923 | (3,666,923) | \u2013 | \u2013 |
| Je\ufb00eries & Co. | 2,069,804 | \u2013 | 2,069,804 | (471,500) | (1,598,304) | \u2013 |
| Morgan Stanley & Co. LLC | 2,056,637 | \u2013 | 2,056,637 | (2,056,637) | \u2013 | \u2013 |
| J.P. Morgan Securities, LLC | 6,009 | \u2013 | 6,009 | \u2013 | \u2013 | 6,009 |
| Bank of America Merrill Lynch | 49 | \u2013 | 49 | (49) | \u2013 | \u2013 |
| 7,799,422 | \u2013 | 7,799,422 | (6,195,109) | (1,598,304) | 6,009 |
| Description | | | | | | |
| Gross amounts of | | | | | |
| recognised | | | | | |
| liabilities | | | | | |
| | Gross amounts o\ufb00set | | | | |
| | in the consolidated | | | | |
| | statement of assets | | | | |
| | and liabilities | | | | |
| | | Gross amounts of | | | |
| | | recognised | | | |
| | | liabilities | | | |
| | | | 31 December 2023 | | |
| | | | Gross amounts not o\ufb00set in the | | |
| | | | consolidated statement of | | |
| | | | assets and liabilities | | |
| | | | | | Net amount |
| | | | Financial | | |
| | | | instruments | | |
| | | | (a) | | |
| | | | | Cash collateral | |
| | | | | pledged | |
| | | | | (b) | |
| Equity swaps | | | | | | |
| Bank of America Merrill Lynch | 4,382,764 | \u2013 | 4,382,764 | (52,663) | (4,320,957) | 9,144 |
| Morgan Stanley & Co. LLC | 2,962,490 | \u2013 | 2,962,490 | (129,527) | (2,832,963) | \u2013 |
| Je\ufb00eries & Co. | 758,677 | \u2013 | 758,677 | (758,677) | \u2013 | \u2013 |
| Cowen Financial Products, LLC | 286,396 | \u2013 | 286,396 | (286,396) | \u2013 | \u2013 |
| 8,390,327 | \u2013 | 8,390,327 | (1,227,263) | (7,153,920) | 9,144 |
(a) Amounts related to master netting agreements (e.g. ISDA), determined by the Group to be legally enforceable in the event of default and if certain other criteria are
met in accordance with applicable o\ufb00setting accounting guidance but were not o\ufb00set due to management\u2019s accounting policy election.
(b) Amounts related to master netting agreements and collateral agreements determined by the Group to be legally enforceable in the event of default, but certain
other criteria are not met in accordance with applicable o\ufb00setting accounting guidance. The collateral amounts may exceed the related net amounts of \ufb01nancial
assets and liabilities presented in the consolidated statement of assets and liabilities. If this is the case, the total amount reported is limited to the net amounts
of \ufb01nancial assets and liabilities with that counterparty.
7. Securities sold short
The Group is subject to certain inherent risks arising from its investing activities of selling securities short. The ultimate cost to the Group to acquire
these securities may exceed the liability re\ufb02ected in these consolidated \ufb01nancial statements.
8. Risk factors
Some underlying investments may be deemed to be highly speculative investments and are not intended as a complete investment program. The
Company is designed only for sophisticated persons who are able to bear the economic risk of the loss of their entire investment in the Company and
who have a limited need for liquidity in their investment. The following risks are applicable to the Company:
Market risk
Certain events particular to each market in which Portfolio Companies conduct operations, as well as general economic and political conditions, may
have a signi\ufb01cant negative impact on the operations and pro\ufb01tability of the Group\u2019s investments and/or on the fair value of the Group\u2019s investments.
Such events are beyond the Group\u2019s control, and the likelihood they may occur and the e\ufb00ect on the Group cannot be predicted. The Group intends
to mitigate market risk generally by investing in Medtech and Biotech Companies in various geographies.
Portfolio Company products are subject to regulatory approvals and actions with new drugs, medical devices and procedures being subject to
extensive regulatory scrutiny before approval, and approvals can be revoked.
The market value of the Group\u2019s holdings in public Portfolio Companies could be a\ufb00ected by a number of factors, including, but not limited to: a change
in sentiment in the market regarding the public Portfolio Companies, the market\u2019s appetite for speci\ufb01c asset classes; and the \ufb01nancial or operational
performance of the public Portfolio Companies.
The size of investments in public Portfolio Companies or involvement in management may trigger restrictions on buying or selling securities. Laws and
regulations relating to takeovers and inside information may restrict the ability of the Group to carry out transactions, or there may be delays or
disclosure requirements before transactions can be completed.
Equity prices and returns from investing in equity markets are sensitive to various factors, including but not limited to: expectations of future
dividends and pro\ufb01ts; economic growth; exchange rates; interest rates; and in\ufb02ation.
Biotech/healthcare companies
The Portfolio Companies are biotechnology and medical technology companies, which are generally subject to greater governmental regulation than
other industries at both the state and federal levels. Changes in governmental policies may have a material e\ufb00ect on the demand for or costs of
certain products and services.
Any failure by a Portfolio Company to develop new technologies or to accurately evaluate the technical or commercial prospects of new technologies
could result in it failing to achieve a growth in value and this could have a material adverse e\ufb00ect on the Group\u2019s \ufb01nancial condition.
Portfolio Companies may not successfully translate promising scienti\ufb01c theory into a commercially viable business opportunity. Further, the Portfolio
Companies\u2019 therapies in development may fail clinical trials and therefore no longer be viable.
Portfolio Company products are subject to intense competition and there are many factors that will a\ufb00ect whether the new therapies released by the
Portfolio Companies gain market share against competitors and existing therapies.
Portfolio Companies may be newer small and mid-size Medtech and Biotech Companies. These companies may be more volatile and have less
experience and fewer resources than more established companies.
Concentration risk
The Group may not make an investment or a series of investments in a Portfolio Company that result in the Group\u2019s aggregate investment in such
Portfolio Company exceeding 15 per cent. of the Group\u2019s gross assets, save for Rocket for which the limit is 25 per cent. as stated in the Company's
Prospectus. Each of these investment restrictions will be calculated as at the time of investment. As such, it is possible that the Group\u2019s portfolio may
be concentrated at any given point in time, potentially with more than 15 per cent. of gross assets held in one Portfolio Company as Portfolio
Companies increase or decrease in value following such initial investment. The Group\u2019s portfolio of investments may also lack diversi\ufb01cation among
Medtech and Biotech Companies and related investments.
Concentration of credit risk
In the normal course of business, the Group maintains its cash balances in \ufb01nancial institutions, which at times may exceed US federal, Guernsey or UK
insured limits, as applicable. The Group is subject to credit risk to the extent any \ufb01nancial institution with which it conducts business is unable to ful\ufb01l
contractual obligations on its behalf. Management monitors the \ufb01nancial condition of such \ufb01nancial institutions and does not anticipate any losses from
these counterparties.
Counterparty risk
The Group invests in equity swaps and takes the risk of non-performance by the other party to the contract. This risk may include credit risk of the
counterparty, the risk of settlement default, and generally, the risk of the inability of counterparties to perform with respect to transactions, whether
due to insolvency, bankruptcy or other causes.
In an e\ufb00ort to mitigate such risks, the Group will attempt to limit its transactions to counterparties which are established, well capitalised and
creditworthy.
Liquidity risk
Liquidity risk is the risk that the Group cannot meet its \ufb01nancial commitments as they fall due. The Group\u2019s unquoted investments may have limited
or no secondary market liquidity so the Investment Manager maintains a su\ufb03cient balance of cash and market quoted securities which can be sold if
needed to meet its commitments.
The Group\u2019s investments in quoted securities may also be subject to sale restrictions on listing and when the Investment Manager is subject to close
periods or privy to con\ufb01dential information by virtue of their active involvement in the management of portfolio companies.
Derivative transactions may not be liquid in all circumstances, such that in volatile markets it may not be possible to close out a position without
incurring a loss. The illiquidity of the derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on
deliverable supplies, the participation of speculators, government regulation and intervention, and technical and operational or system failures.
Foreign exchange risk
The Group will make investments in various jurisdictions in a number of currencies and will be exposed to the risk of currency \ufb02uctuations that may
materially adversely a\ufb00ect, amongst other things, the value of the Portfolio Company or the Group\u2019s investment in such Portfolio Company, or any
distributions received from the Portfolio Company. Under its investment policy, the Group does not intend to enter into any securities or \ufb01nancially
engineered products designed to hedge portfolio exposure or mitigate portfolio risk as a core part of its investment strategy.
9. Share capital
During the year ended 31 December 2024 the Company share activity was as follows:
| 2024 | 2024 | 2023 | 2023 |
| Number of | | | |
| Ordinary Shares | | | |
| | Number of | | |
| | Treasury Shares | | |
| | | Number of | |
| | | Ordinary Shares | |
| | | | Number of |
| | | | Treasury Shares |
| As at 1 January | 210,635,347 | 1,753,791 | 212,389,138 | \u2013 |
| Share issuance | 133,578,302 | \u2013 | \u2013 | \u2013 |
| Share buyback | (8,500,000) | 8,500,000 | (1,753,791) | 1,753,791 |
| As at 31 December | 335,713,649 | 10,253,791 | 210,635,347 | 1,753,791 |
During the year ended 31 December 2024, the Company bought back 8,500,000 (31 December 2023: 1,753,791) Ordinary Shares at an average price
of US$1.33 (31 December 2023: $1.19) for a total cost of US$11,340,306 (31 December 2023: $2,093,411), including transaction costs of $22,681
(31 December 2023: $4,178). At the date of approval of these consolidated \ufb01nancial statements, 10,253,791 repurchased Ordinary Shares were held
as treasury shares (31 December 2023: 1,753,791).
During the year ended 31 December 2024, the Company issued 181,901,165 Ordinary Shares to facilitate the acquisition of Arix Bioscience plc in an
all-share transaction for $246,476,079 with associated issuance costs of $6,473,897. Of the 181,901,165 Ordinary Shares, 48,322,863, with a value
of $59,221,117, were issued to the Group as existing shareholders of Arix Bioscience plc, and were subsequently cancelled. The details around this
transaction are further disclosed within the consolidated statement of cash \ufb02ows and within Note 1.
Ordinary Shares carry the right to receive all income of the Company attributable to the Ordinary Shares and to participate in any distribution of such
income made by the Company. Such income shall be divided pari passu among the holders of Ordinary Shares in proportion to the number of Ordinary
Shares held by them.
Ordinary Shares shall carry the right to receive notice of and attend and vote at any general meeting of the Company, and at any such meeting on a show
of hands, every holder of Ordinary Shares present in person (includes present by attorney or by proxy or, in the case of a corporate member, by duly
authorised corporate representative) and entitled to vote shall have one vote, and on a poll, subject to any special voting powers or restrictions, every
holder of Ordinary Shares present in person or by proxy shall be entitled to one vote for each Ordinary Share, or fraction of an Ordinary Share, held.
On 1 December 2022, the Performance Allocation Share held by RTW Venture Performance LLC was surrendered in exchange for a New Performance
Allocation Share issued by the Subsidiary. The New Performance Allocation Share issued by the Subsidiary has identical terms to the original
Performance Allocation Share issued by the Company. From 1 December 2022, the Performance Allocation Amount is now allocated at the Subsidiary
level, and is presented in the Group\u2019s \ufb01nancial statements as part of the Non-Controlling Interest. The sole New Performance Allocation Share is held
by RTW Venture Performance LLC. As at 31 December 2024, there were no Performance Allocation Shares of the Company in issue (31 December
2023: nil) and one New Performance Allocation Share of the Subsidiary in issue (31 December 2023: one).
New Performance Allocation Shares of the Subsidiary carry the right to receive, and participate in, any dividends or other distributions of the
Subsidiary available for dividend or distribution. New Performance Allocation Shares are not entitled to receive notice of, to attend or to vote at
general meetings of the Company or the Subsidiary.
For all share classes, subject to compliance with the solvency test set out in the Companies Law, the Board may declare and pay such annual or
interim dividends and distributions as appear to be justi\ufb01ed by the position of the Group. The Board may, in relation to any dividend or distribution,
direct that the dividend or distribution shall be satis\ufb01ed wholly or partly by the distribution of assets, and in particular of paid-up shares or reserves
of any nature as approved by the Group.
10. Related party transactions
Management Fee
The Investment Manager receives a monthly management fee, in advance, as of the beginning of each month in an amount equal to 0.104% (1.25% per
annum) of the net assets of the Group (the \"Management Fee\"). For purposes of determining the Management Fee, private investments will be valued
at the fair value. The Management Fee will be prorated for any period that is less than a full month. The Management Fees charged for the year ended
31 December 2024 amounted to $7,611,701 (year ended 31 December 2023: $4,269,757) of which $nil (31 December 2023: $nil) was outstanding at the
year end.
Performance Allocation
The Performance Allocation Share held by RTW Venture Performance LLC was surrendered in exchange for a New Performance Allocation Share
issued by the Subsidiary. The New Performance Allocation Share issued by the Subsidiary has identical terms to the original Performance Allocation
Share issued by the Company.
In respect of each Performance Allocation Period, the Performance Allocation Amount shall be allocated at the Subsidiary level and disclosed on the
Group\u2019s \ufb01nancial statements within the Non-Controlling Interest, subject to the satisfaction of a hurdle condition.
The Performance Allocation Amount relating to the Performance Allocation Period, which is calculated solely at the Subsidiary, is an amount equal to:
((A-B) x C) x 20 per cent.
where:
A is the Adjusted Net Asset Value per Ordinary Share on the Calculation Date, adjusted by:
adding back (i) the total net Distributions (if any) per Ordinary Share (whether paid, or declared but not yet paid) during the Performance
Allocation Period; and (ii) any accrual for the Performance Allocation for the current Performance Allocation Period re\ufb02ected in the Net Asset
Value per Ordinary Share; and deducting any accretion in the Net Asset Value per Ordinary Share resulting from either the issuance of Ordinary
Shares at a premium or the repurchase or redemption of Ordinary Shares at a discount during the Performance Allocation Period;
B is the Adjusted Net Asset Value per Ordinary Share at the start of the Performance Allocation Period; and
C is the time weighted average number of Ordinary Shares in issue during the Performance Allocation Period.
The Hurdle Amount represents an 8 per cent. annualised compounded rate of return in respect of the Adjusted Net Asset Value per Ordinary Share
from the start of the initial Performance Allocation Period through the then current Performance Allocation Period.
The Performance Allocation Share Class can elect to receive the Performance Allocation Amount in Ordinary Shares, cash, or a mixture of the two,
subject to a minimum 50% as Ordinary Shares. The Performance Allocation Share Class entered into a letter agreement dated 21 April 2020,
pursuant to which the Performance Allocation Share Class agreed to defer distributions of Ordinary Shares that would otherwise be distributed to
the Performance Allocation Share Class no later than 30 business days after the publication of the Group\u2019s audited annual consolidated \ufb01nancial
statements. Under that letter agreement, such Ordinary Shares shall be distributed to the Performance Allocation Share Class at such time or times
as determined by the Boards of Directors of the Group.
The Group will increase or decrease the amount owed to the Performance Allocation Share Class based on its investment exposure to the Group\u2019s
performance had such Performance Ordinary Shares been so issued. The Performance Allocation Amount for the year ended 31 December 2024
includes the residual, undistributed Performance Allocation Amounts from prior years that were previously converted into a total of 14,228,208
Notional Ordinary Shares. These Notional Ordinary Shares are subject to market risk alongside the Ordinary Shares and incurred a mark to market
loss of $1,259,780 in 2024 (31 December 2023: mark to market gain of $5,137,836), which is included in Performance Allocation within the consolidated
statement of changes in net assets. There was a reversal of uncrystallized performance allocation from Ordinary Shareholders to the Performance
Allocation Share Class of $2,756,842 related to the Group\u2019s performance in the period (31 December 2023: allocation of $2,756,842). The Performance
Allocation Amount was not adjusted in relation to the Ordinary Shares issued related to the Arix transaction (as set out within Note 9).
Until the Group makes a distribution of Ordinary Shares to the Performance Allocation Share Class, the Group will have an unsecured discretionary
obligation to make such distribution at such time or times as the Board of Directors of the Group determines. RTW Venture Performance LLC has
agreed to the deferral of the distributions of the Subsidiary\u2019s Ordinary Shares in connection with its own tax planning. The Group does not believe that
the deferral of such distributions to the Performance Allocation Share Class will have any negative e\ufb00ects on holders of Ordinary Shares.
RTW Venture Performance LLC, an a\ufb03liate of the Investment Manager is a member of the Performance Allocation Share Class and will therefore receive
a proportion of the Performance Allocation Amount. For the year ended 31 December 2024, the Board did not approve a cash distribution to the
Performance Allocation Share Class (year ended 31 December 2023: $nil). At the year end the Performance Allocation Share Class of the Subsidiary is
re\ufb02ected within the Non-Controlling Interest balance of $25,722,524 (31 December 2023: $29,739,146).
The Investment Manager is also refunded any research costs incurred on behalf of the Group.
On 6 July 2023, the Group signed a $25,000,000 commitment to 4010 Royalty Fund, a private fund created and managed by RTW Investments, LP. The
Group subsequently funded $23,892,852 of this commitment on 20 July 2023, had $13,544,146 of capital returned on 1 October 2024 and had a remaining
commitment of $14,651,294 at 31 December 2024 (31 December 2023: $1,107,148). No management or performance fees are charged to the Group at the
4010 Royalty Fund.
Director fees and interests
One of the Directors of the Group, Stephanie Sirota, is also a partner and the Chief Business O\ufb03cer of the Investment Manager.
As at 31 December 2024, the number of Ordinary Shares held by each Director was as follows:
| 2024 | 2023 |
| Number of | |
| Ordinary Shares | |
| | Number of |
| | Ordinary Shares |
| William Simpson | 200,000 | 200,000 |
| Paul Le Page | 128,000 | 128,000 |
| William Scott | 400,000 | 350,000 |
| Nicola Blackwood | \u2013 | N/A |
| Stephanie Sirota | 1,010,000 | 1,010,000 |
Roderick Wong is a major shareholder and a member of the Investment Manager. Roderick Wong serves on the boards of the following investments:
Rocket, Corxel Pharmaceuticals (formerly Ji Xing Pharmaceuticals Ltd.), HSA2 Holdings, LLC and Yarrow Biotechnology. As at 31 December 2024, he
held 49,643,313 Ordinary Shares in the Group (14.79% of the Ordinary Shares in issue) (31 December 2023: 29,593,872, 14.10% of the Ordinary Shares
in issue).
The total Directors\u2019 fees expense for the year amounted to $262,477 (31 December 2023: $177,011) of which $71,029 was outstanding at 31 December
2024 (31 December 2023: $50,369) and is included within accrued expenses.
All of the Directors of the Company are also directors of the Subsidiary. Each has served since the Subsidiary\u2019s incorporation on 23 November 2022,
except Baroness Blackwood, who was appointed a director of the Subsidiary alongside her appointment as director of the Company on 11 July 2024.
Stephanie Sirota is also a director of the UK Subsidiary.
Incubated Companies
The Group invests in RTW incubated companies. Incubated companies are those portfolio companies that are formed and supported by RTW
(\u201cIncubated Companies\u201d). Incubated Companies generally are small, emerging companies that are unseasoned, unpro\ufb01table and/or have no established
operating history or earnings. These companies may also lack technical, marketing, \ufb01nancial and other resources or may be dependent upon the
success of one product or service or the e\ufb00ectiveness of RTW and its management team.
Employees of RTW and employees of certain RTW a\ufb03liates are expected to serve as executives, o\ufb03cers, directors, members, consultants or
employees of such companies. These individuals are eligible for compensation in the Incubated Companies in the form of founder shares or other
forms of company securities. Certain RTW employees who perform speci\ufb01c executive functions for such Incubated Companies may also receive cash
compensation directly or indirectly from those companies. For the avoidance of doubt, these employees do not receive such compensation from both
RTW and the Incubated Company. These employees receive 100% of their compensation from RTW and RTW charges back to the Incubated Company
for the applicable percentage of their time spent on executive functions at the Incubated Company. Employees of RTW and employees of certain RTW
a\ufb03liates may also receive compensation in the form of stock options or other securities from certain Incubated Companies in connection with their
delivery of speci\ufb01ed products, research and consulting services. RTW believes this is an e\ufb00ective way to align incentives and motivate employees, while
reducing the \ufb01nancial burden on the newly Incubated Companies by minimizing the need to hire external employees.
11. Administrative services
Altum (Guernsey) Limited (previously named Elysium Fund Management Limited (\u201cAltum\u201d)) serves as Administrator to the Group, providing
administration, corporate secretarial, corporate governance and compliance services. Morgan Stanley Fund Services USA LLC (\u201cMSFS\u201d) serves as the
Group\u2019s Sub-Administrator.
During the year ended 31 December 2024, Altum and MSFS charged administration fees of $388,732 and $360,917 respectively (31 December 2023:
Altum charged $421,468 (including $212,000 (GBP165,000) in respect of one-o\ufb00 work and compensation for work performed in prior years) and MSFS
charged $251,954), of which a prepayment of $5,693 and an accrual of $105,860 (31 December 2023: Altum $18,465, MSFS $94,250) were outstanding
at 31 December 2024, and were included within accrued expenses.
12. Financial highlights
Financial highlights for the year ended 31 December 2024 and 31 December 2023 are as follows:
| 2024 | 2023 |
| Per Ordinary Share operating performance | | |
| Net Asset Value, beginning of year | $ 1.90 | $ 1.54 |
| Cost of issuance of Ordinary Shares | (0.23) | \u2013 |
| Share buybacks | 0.03 | \u2013 |
| Income from investments | | |
| Net investment income/(loss) | (0.03) | (0.02) |
| Net realised and unrealised gain/(loss) on securities, derivatives and foreign currency transactions | 0.13 | 0.42 |
| Income/(loss) attributable to Non-Controlling Interest | 0.01 | (0.04) |
| Total from investment operations | 0.11 | 0.36 |
| Net Asset Value, end of year | $1.81 | $1.90 |
| Total return | | |
| Total return before Performance Allocation | (5.25) % | 24.27 % |
| Performance Allocation (excluding mark to market) | 0.62 % | (0.80) % |
| Total return after Performance Allocation | (4.63) % | 23.47 % |
| Ratios to average net assets* | | |
| Expenses | 2.78 % | 2.58 % |
| Performance Allocation (including mark to market) | (0.66) % | 2.28 % |
| Expenses and Performance Allocation | 2.12 % | 4.86 % |
| Net investment income/(loss) | (1.44) % | (1.38) % |
| NAV total return for the year | (4.63) % | 23.47 % |
* Ratios are not annualised.
Financial highlights are calculated for Ordinary Shares. An individual shareholder\u2019s \ufb01nancial highlights may vary based on the timing of capital share
transactions. Net investment income/loss does not re\ufb02ect the e\ufb00ects of the Performance Allocation.
13. Subsequent events
From 31 December 2024 to the date of approval of these consolidated \ufb01nancial statements, the Company bought back 950,000 Ordinary Shares at an
average price of $1.26 for a total cost of $1,199,347, including transaction costs of $1,811. At the point of signing these consolidated \ufb01nancial
statements, all 950,000 of the Ordinary Shares were held as treasury shares.
On 14 February 2025, William Simpson purchased an additional 40,000 Ordinary Shares taking his total holding to 240,000 Ordinary Shares,
representing 0.07% of issued share capital. On 24 February 2025, Rod Wong further increased his shareholding to 50,356,880, representing 15.04%
of issued share capital.
These consolidated \ufb01nancial statements were approved by the Board of Directors on 28 March 2025. Subsequent events have been evaluated through
this date.
1. Nature of operations and summary of signi\ufb01cant accounting policies
RTW Biotech Opportunities Ltd (the \u201cCompany\u201d) is a publicly listed Guernsey non-cellular company limited by shares. The Company was originally
incorporated in the State of Delaware, United States of America, and re-domiciled into Guernsey under the Companies Law on 2 October 2019 with
registration number 66847 on the Guernsey Register of Companies. On 30 October 2019, all of the issued Ordinary Shares of the Company were
listed and admitted to trading on the Specialist Fund Segment of the London Stock Exchange under the ticker symbol: RTW. Subsequently, on
6 August 2021, the Company\u2019s Ordinary Shares were admitted to trading on the Premium Segment (the former standard and premium listing
segments of the London Stock Exchange Main Market were consolidated into a single segment on 29 July 2024) of the London Stock Exchange with
the additional ticker symbol: RTWG denoting the Sterling price. The RTWG ticker was consolidated into the USD line e\ufb00ective October 2024 and the
Company ceased trading the GBP quote. The original ticker, RTW, continues to denote the US Dollar price.
In 2022, the Company transferred its right to the pro\ufb01ts and losses attributable to the Group\u2019s portfolio of assets to its wholly owned subsidiary,
RTW Biotech Opportunities Operating Ltd (the \u201cSubsidiary\u201d). All the income and expenses of the Subsidiary are consolidated with the income and
expenses of the Group.
On 13 February 2024, the Group completed the acquisition of the assets of Arix Bioscience plc. To facilitate the acquisition, the Subsidiary formed
RTW Biotech UK Limited (the \u201cUK Subsidiary\u201d) as a wholly owned subsidiary of the Subsidiary to manage and integrate the Arix Bioscience plc
acquired entities and assets, based on the regulatory and operational landscape in the UK. The transaction was announced on 1 November 2023 and
was e\ufb00ected through a scheme of reconstruction and the voluntary winding-up of Arix under section 110 of the Insolvency Act 1986. The details around
this transaction are further disclosed within the consolidated statement of cash \ufb02ows and within Note 9.
The Group seeks to use equity capital (from the net proceeds of any share issuance or, where appropriate, from the net proceeds of investment
divestments or other related pro\ufb01ts) to provide seed and additional growth capital to the private investments. To mitigate cash-drag, the uninvested
portion is invested across public stocks largely replicating the public stock portfolios of RTW\u2019s existing US-based funds. The Group focuses on
creating, building, and supporting world-class life sciences, biopharmaceutical and medical technology companies. The Group's investment objective is
to generate attractive risk-adjusted returns through investments in securities, both equity and debt, long and short, of companies with a focus on the
pharmaceutical sector.
Pursuant to an investment management agreement, the Group is managed by RTW Investments, LP, a Delaware limited partnership, to provide the
Group with discretionary portfolio management, risk management services and certain other services. The Investment Manager is an investment
adviser registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940.
Basis of presentation
The consolidated \ufb01nancial statements are expressed in United States Dollars. The consolidated \ufb01nancial statements which give a true and fair view
and have been prepared in accordance with US generally accepted accounting principles (\u201cUS GAAP\u201d) and are in compliance with the Companies
(Guernsey) Law, 2008. The entities comprised within the Group are investment companies and follow the accounting and reporting guidance in
Financial Accounting Standards Board\u2019s (\u201cFASB\u201d) Accounting Standards Codi\ufb01cation Topic 946, Financial Services \u2013 Investment Companies.
The Directors consider that it is appropriate to adopt a going concern basis of accounting in preparing the consolidated \ufb01nancial statements.
In reaching this assessment, the Directors have considered a wide range of information relating to present and future conditions including the balance
sheets, future projections, cash \ufb02ows and the longer-term strategy of the business.
Principles of consolidation
The consolidated \ufb01nancial statements include accounts of the Company consolidated with the accounts of the Subsidiary and the UK Subsidiary.
All inter-group balances have been eliminated upon consolidation. The Subsidiary is incorporated in Guernsey and the UK Subsidiary is incorporated
in the United Kingdom
Non-Controlling Interest
An a\ufb03liate of the Investment Manager, RTW Venture Performance LLC, holds an interest in the Subsidiary. The Non-Controlling Interest captures
both Performance Allocation and mark to market movements on the New Performance Allocation Share held by RTW Venture Performance LLC in
the Subsidiary. For the year ended 31 December 2024, $1,259,780 of the total loss of $4,016,622 attributable to the Non-Controlling Interest was
comprised of mark to market movements of Notional Ordinary Shares (31 December 2023: $5,137,836), with $2,756,842 of the loss related to a
reversal of uncrystallized performance allocation from Ordinary Shareholders to the Performance Allocation Share Class (31 December 2023:
allocation of $2,756,842).
Cash, cash equivalents, and restricted cash
Cash represents cash deposits held at \ufb01nancial institutions. Cash equivalents include short-term highly liquid investments of su\ufb03cient credit quality
that are readily convertible to known amounts of cash and have original maturities of three months or less. Cash equivalents are carried at cost plus
accrued interest, which approximates fair value. Cash equivalents are held for the purpose of meeting short-term liquidity requirements, rather than
for investment purposes. As at 31 December 2024 and 31 December 2023, the Group had no cash equivalents.
Restricted cash is subject to a legal or contractual restriction by third parties as well as a restriction as to withdrawal or use, including restrictions
that require the funds to be used for a speci\ufb01ed purpose and restrictions that limit the purpose for which the funds can be used. The Group considers
cash pledged as collateral for securities sold short, cash collateral posted with counterparties for derivative contracts and further amounts due from
brokers to be restricted cash, as outlined in Note 3.
Fair value \u2013 de\ufb01nition and hierarchy
Fair value is de\ufb01ned as the price that would be received to sell an asset or paid to transfer a liability (i.e. the \u2018exit price\u2019) in an orderly transaction
between market participants at the measurement date.
In determining fair value, the Group uses various valuation techniques. A fair value hierarchy for inputs is used in measuring fair value that maximizes
the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available.
Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources
independent of the Group.
Unobservable inputs re\ufb02ect the Group\u2019s assumptions about the inputs market participants would use in pricing the asset or liability based on the best
information available in the circumstances. The fair value hierarchy is categorised into three levels based on the inputs as follows:
Level 1 \u2013 Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Group has the ability to access.
Valuation adjustments are not applied to Level 1 investments. Since valuations are based on quoted prices that are readily and regularly available in
an active market, valuation of these investments does not entail a signi\ufb01cant degree of judgement.
Level 2 \u2013 Valuations based on inputs, other than quoted prices included in Level 1, that are observable, either directly or indirectly.
Level 3 \u2013 Valuations based on inputs that are unobservable and signi\ufb01cant to the overall fair value measurement.
Investments in private investment companies measured using net asset value as a practical expedient are not categorised in the fair value hierarchy.
The availability of valuation techniques and observable inputs can vary from investment to investment and is a\ufb00ected by a wide variety of factors,
including the type of investment, whether the investment is new and not yet established in the marketplace, and other characteristics particular to
the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgement. Those estimated values do not necessarily represent the amounts that may be ultimately realised due to the
occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values
may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree
of judgement exercised by the Group in determining fair value is greatest for investments categorised in Level 3. In certain cases, the inputs used to
measure fair value may fall into di\ufb00erent levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy
within which the fair value measurement falls in its entirety is determined based on the lowest level input that is signi\ufb01cant to the fair value
measurement.
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-speci\ufb01c measure. Therefore, even
when market assumptions are not readily available, the Group\u2019s own assumptions are set to re\ufb02ect those that market participants would use in pricing
the asset or liability at the measurement date. The Group uses prices and inputs that are current as of the measurement date, including periods of
market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many investments. This condition could
cause an investment to be reclassi\ufb01ed to a lower level within the fair value hierarchy.
Fair value \u2013 valuation techniques and inputs
Investments in securities and securities sold short
Listed investments
The Group values investments in securities including exchange traded funds and securities sold short that are freely tradable and are listed on a national
securities exchange or reported on the NASDAQ national market at their closing sales price as of the valuation date. To the extent these securities are
actively traded and valuation adjustments are not applied, they are categorised in Level 1 of the fair value hierarchy. Securities traded on inactive
markets or valued by reference to similar instruments or where a discount may be applied are categorised in Level 2 or 3 of the fair value hierarchy.
Unlisted investments
Unlisted investments are valued at fair value by the Directors following a detailed review and appropriate challenge of the valuations proposed by the
Investment Manager. As part of their valuation process, the Investment Manager engages Independent Valuers to challenge their assessed fair value on
certain unlisted investments. The Investment Manager\u2019s unlisted investment valuation policy applies techniques consistent with the IPEV Guidelines.
The valuation techniques applied are either a market-based approach, an income approach such as discounted cash \ufb02ows, or where available, a net
asset value practical expedient approach. A combination of the valuation techniques mentioned may also be utilised. The IPEV Guidelines recognise
that the price of a recent transaction, if resulting from an orderly transaction, generally represents fair value as at the transaction date and may be an
appropriate starting point for estimating fair value at subsequent measurement dates. Consideration is given to the facts and circumstances as at the
subsequent measurement date including changes in the market and/or performance of the investee company. Milestone analysis is used where
appropriate to incorporate operational progress at the investee company level. In addition, a trigger event such as a subsequent round of \ufb01nancing by
the investee company would in\ufb02uence the market technique used to calibrate fair value at the measurement date. Where appropriate, a probability-
weighted expected return method (\u201cPWERM\u201d) may be employed when di\ufb00erent potential outcomes (e.g. IPO, round of \ufb01nancing, stay private,
dissolution, etc.) are utilised to derive the value of investments held.
The market approach utilises guideline public companies relying on projected revenues and/or earnings metrics to derive an indicative enterprise
value. Due to the nature of the investments, being in the early stages of development, the projected revenues are typically used as a proxy for stable
state revenue. A selected multiple is then applied based on the observed market multiples of the guideline public companies. To re\ufb02ect the risk
associated with the achievement of the projected \ufb01nancial metrics and the early development stage of each of the investments, the indicative
enterprise value is discounted at an appropriate rate.
The income approach utilises the discounted cash \ufb02ow method. Projected cash \ufb02ows for each investment are discounted to determine the
enterprise value.
Where applicable, the indicative enterprise value has been determined using a back-solve model based on the pricing of the most recent round of
\ufb01nancing. The internal rate of return for each investment is compared to the selected venture capital rate applied in the market approach to assess
the reasonableness of the indicated value implied by each \ufb01nancing round. The derived enterprise value is allocated to the equity class on either a fully
diluted basis or using an option pricing model. The resulting indicative value on a per share basis is then multiplied by the number of shares to derive
the fair market value.
American depository receipts
The Group values investments in American depositary receipts that are freely tradable and are listed on a national securities exchange or reported
on the NASDAQ national market at their last reported sales price as of the valuation date. These investments are categorised in Level 1 of the fair
value hierarchy.
Convertible notes
The Group values investments in convertible notes in accordance with the unlisted investments section above. As of 31 December 2024, these
investments are all categorised in Level 3 of the fair value hierarchy.
Convertible preferred stock
The Group values Level 1 investments in convertible preferred stock that are listed on a national securities exchange at their closing sales price as of
the valuation date. Level 2 investments in convertible preferred stock are valued with certain adjustments to the underlying public stocks closing sales
price that is listed on a national securities exchange. Level 3 investments in convertible preferred stock are valued in accordance with the unlisted
investments section above. As of 31 December 2024, these investments are categorised in Level 3 of the fair value hierarchy.
Corporate bonds
The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or
credit default swap spreads. The spread data used is for the same maturity as the bond. If the spread data does not reference the issuer, then data
that references a comparable issuer is used. When observable price quotations are not available, fair value is determined based on cash \ufb02ow models
using yield curves, bond or single name credit default swap spreads, and recovery rates based on collateral values as key inputs. As of 31 December
2024, these investments are categorised in Level 2 of the fair value hierarchy.
Investment in private investment companies
The Group values investment in private investment companies using the net asset values provided by the underlying private investment companies
as a practical expedient. The Group applies the practical expedient to its private investment companies on an investment-by-investment basis and
consistently with the Group\u2019s entire position in a particular investment, unless it is probable that the Group will sell a portion of an investment at an
amount di\ufb00erent from the net asset value of the investment.
Private investment in public equity
Private investment in public equity (\u201cPIPE\u201d) cannot be o\ufb00ered for sale to the public until the issuer complies with certain statutory or contractual
requirements. Such securities traded on inactive markets or valued by reference to similar instruments or where a discount may be applied are
generally categorised in Level 2. However, to the extent that signi\ufb01cant inputs used to determine liquidity discounts are unobservable, PIPE may be
categorized in Level 3 of the fair value hierarchy. As of 31 December 2024, these investments are categorised in Level 1 of the fair value hierarchy and
are recognised within common stock within the Schedule of Investments.
Revenue-Based Financing Agreement
These represent structured, non-dilutive \ufb01nancing alternatives for businesses seeking to raise capital in lieu typically of issuing equity. The Group may
enter into a contract with an undertaking that owns the revenue interest in one or more healthcare products and such undertaking also typically plays
the principal role in commercialization, marketing and sales of such product or products. This contract entitles the Group to receive a share of
revenue from a stream of cash \ufb02ow payments based on the sales of such product or products.
The valuation is based on an income approach utilizing management\u2019s internal projections or sell-side equity research analysts\u2019 consensus estimates in the
absence of adequate brokerage analyst coverage. The projections take into account contractual terms speci\ufb01c to each revenue-based \ufb01nancing investment
and are present valued based on a discount rate based on the prime rate adjusted for additional investment-speci\ufb01c risk that aligns to the debt-like nature
of the projected cash \ufb02ows speci\ufb01c to the Group. As of 31 December 2024, these investments are categorised in Level 3 of the fair value hierarchy.
Derivative contracts
Equity swaps
Equity swaps may be centrally cleared or traded on the over-the-counter market. The fair value of equity swaps is calculated based on the terms of
the contract and current market data, such as changes in fair value of the reference asset. The fair value of equity swaps is generally categorised in
Level 2 of the fair value hierarchy.
Warrants
Warrants that are listed on major securities exchanges are valued at their last reported sales price as of the valuation date. The fair value of over-the-
counter (\u201cOTC\u201d) warrants is determined using the Black-Scholes option pricing model, a valuation technique that follows the income approach. This
pricing model takes into account the contract terms (including maturity) as well as multiple inputs, including time value, implied volatility, equity prices,
interest rates and currency rates. Warrants are categorised in all levels of the fair value hierarchy.
Contingent value rights
Contingent value rights that are not traded on an organized facility are valued using a market approach or such other analysis and information as the
Group may determine. As of 31 December 2024, these investments are categorised in Level 3 of the fair value hierarchy.
Fair value \u2013 valuation processes
The Group establishes valuation processes and procedures to ensure that the valuation techniques are fair and consistent, and valuation inputs
are supportable. The Group designates the Investment Manager\u2019s Valuation Committee to oversee the entire valuation process of the Group\u2019s
investments. The Valuation Committee comprises various members of the Investment Manager, including those separate from the Group\u2019s portfolio
management and trading functions, and reports to the Board.
The Valuation Committee is responsible for developing the Group\u2019s written valuation processes and procedures, conducting periodic reviews of the
valuation policies, and evaluating the overall fairness and consistent application of the valuation policies.
The Investment Manager\u2019s Valuation Committee meets on a monthly basis or more frequently, as needed, to determine the valuations of the Group\u2019s
Level 3 investments. Valuations determined by the Valuation Committee are required to be supported by market data, third-party pricing sources,
industry-accepted pricing models, counterparty prices or other methods they deem to be appropriate, including the use of internal proprietary
pricing models.
The Group periodically tests its valuations of Level 3 investments by performing back-testing. Back-testing involves the comparison of sales proceeds
of those investments to the most recent fair values reported and, if necessary, uses the \ufb01ndings to recalibrate its valuation procedures.
On a regular basis, the Group engages the services of third-party valuation \ufb01rms, the Independent Valuers, to perform an independent review of the
valuation of the Group\u2019s Level 3 investments and the Group may adjust its valuations based on the recommendations from the Investment Manager\u2019s
Valuation Committee.
Translation of foreign currency
Assets and liabilities denominated in foreign currencies are translated into United States Dollar amounts at the year end exchange rates. Transactions
denominated in foreign currencies, including purchases and sales of investments, and income and expenses, are translated into United States Dollar
amounts on the transaction date. Adjustments arising from foreign currency transactions are re\ufb02ected in the consolidated statement of operations.
The Group does not isolate that portion of the results of operations arising from the e\ufb00ect of changes in foreign exchange rates on investments from
\ufb02uctuations arising from changes in market prices of investments held. Such \ufb02uctuations are included in net realised and change in unrealised gain/
(loss) on securities, derivatives and foreign currency transactions in the consolidated statement of operations.
Reported net realised gain/(loss) from foreign currency transactions arise from sales of foreign currencies; currency gains or losses realised between
the trade and settlement dates on securities transactions; and the di\ufb00erence between the amounts of dividends, interest, and foreign withholding
taxes recorded on the Group\u2019s books and the United States Dollar equivalent of the amounts actually received or paid.
Net change in unrealised gain/(loss) from foreign currency translation of assets and liabilities arises from changes in the fair values of assets and
liabilities, other than investments in securities at the end of the period, resulting from changes in exchange rates.
Investment transactions and related investment income
Investment transactions are accounted for on a trade date basis. Realised gains and losses on investment transactions have been calculated on a
speci\ufb01c identi\ufb01cation method.
Dividends are recorded on the ex-dividend date and interest is recognised on the accrual basis.
Withholding taxes on foreign dividends have been provided for in accordance with the Group's understanding of the applicable country's rules
and rates.
O\ufb00setting of amounts related to certain contracts
Amounts due from and to brokers are presented on a net basis, by counterparty, to the extent the Group has the legal right to o\ufb00set the recognised
amounts and intends to settle on a net basis.
The Group has elected not to o\ufb00set fair value amounts recognised for cash collateral receivables and payables against fair value amounts recognised
for derivative positions executed with the same counterparty under the same master netting arrangement. At 31 December 2024, the Group had
cash collateral receivables of $23,390,565 (31 December 2023: $23,793,429) (see Note 3) with derivative counterparties under the same master
netting arrangement.
Income taxes
The Company and Subsidiary are exempt from taxation in Guernsey and were each charged an annual exemption fee of GBP 1,600 (2023: GBP 1,200).
The Group will only be liable to tax in Guernsey in respect of income arising or accruing from a Guernsey source, other than from a relevant bank deposit.
It is not anticipated that such Guernsey source taxable income will arise. The Group is managed so as not to be resident in the UK for UK tax purposes.
The Group recognises tax bene\ufb01ts of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by
a tax authority based on the technical merits of the position. In evaluating whether a tax position has met the recognition threshold, the Group must
presume the position will be examined by the appropriate taxing authority and that taxing authority has full knowledge of all relevant information.
A tax position meeting the more likely than not recognition threshold is measured to determine the amount of bene\ufb01t to recognise in the Group\u2019s
consolidated \ufb01nancial statements. Income tax and related interest and penalties would be recognised as a tax expense in the consolidated statement
of operations if the tax position was deemed to meet the more likely than not threshold.
The Investment Manager has analysed the Group\u2019s tax positions and has concluded no liability for unrecognised tax bene\ufb01ts should be recorded
related to uncertain tax positions. Further, management is not aware of any tax positions for which it is reasonably possible the total amounts of
unrecognised tax bene\ufb01ts will signi\ufb01cantly change in the next twelve months.
The Company, UK Subsidiary and the Subsidiary each \ufb01le income tax returns in the US federal jurisdiction and, as applicable, in US state or local
jurisdictions, or non-US jurisdictions. Generally, the Group was subject to income tax examinations by major taxing authorities for each tax period
since inception. Based on its analysis, the Group determined that it had not incurred any liability for unrecognised tax bene\ufb01ts as of 31 December 2024
or 31 December 2023.
Use of estimates
Preparing consolidated \ufb01nancial statements in accordance with US GAAP requires management to make estimates and assumptions in determining
the reported amounts of assets and liabilities, including the fair value of investments, and disclosure of contingent assets and liabilities as of the date
of the consolidated \ufb01nancial statements and the reported amounts of income and expenses during the reporting period. Actual results could di\ufb00er
from those estimates.
Non-Controlling Interest
An a\ufb03liate of the Investment Manager, RTW Venture Performance LLC, holds an interest in the Subsidiary. The Non-Controlling Interest captures
both Performance Allocation and mark to market movements on the New Performance Allocation Share held by RTW Venture Performance LLC in
the Subsidiary. For the year ended 31 December 2024, $1,259,780 of the total loss of $4,016,622 attributable to the Non-Controlling Interest was
comprised of mark to market movements of Notional Ordinary Shares (31 December 2023: $5,137,836), with $2,756,842 of the loss related to a
reversal of uncrystallized performance allocation from Ordinary Shareholders to the Performance Allocation Share Class (31 December 2023:
allocation of $2,756,842).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_E83_CY": {
"value": "Cash, cash equivalents, and restricted cash
Cash represents cash deposits held at \ufb01nancial institutions. Cash equivalents include short-term highly liquid investments of su\ufb03cient credit quality
that are readily convertible to known amounts of cash and have original maturities of three months or less. Cash equivalents are carried at cost plus
accrued interest, which approximates fair value. Cash equivalents are held for the purpose of meeting short-term liquidity requirements, rather than
for investment purposes. As at 31 December 2024 and 31 December 2023, the Group had no cash equivalents.
Restricted cash is subject to a legal or contractual restriction by third parties as well as a restriction as to withdrawal or use, including restrictions
that require the funds to be used for a speci\ufb01ed purpose and restrictions that limit the purpose for which the funds can be used. The Group considers
cash pledged as collateral for securities sold short, cash collateral posted with counterparties for derivative contracts and further amounts due from
brokers to be restricted cash, as outlined in Note 3.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_E33_CY": {
"value": "Fair value \u2013 de\ufb01nition and hierarchy
Fair value is de\ufb01ned as the price that would be received to sell an asset or paid to transfer a liability (i.e. the \u2018exit price\u2019) in an orderly transaction
between market participants at the measurement date.
In determining fair value, the Group uses various valuation techniques. A fair value hierarchy for inputs is used in measuring fair value that maximizes
the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available.
Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources
independent of the Group.
Unobservable inputs re\ufb02ect the Group\u2019s assumptions about the inputs market participants would use in pricing the asset or liability based on the best
information available in the circumstances. The fair value hierarchy is categorised into three levels based on the inputs as follows:
Level 1 \u2013 Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Group has the ability to access.
Valuation adjustments are not applied to Level 1 investments. Since valuations are based on quoted prices that are readily and regularly available in
an active market, valuation of these investments does not entail a signi\ufb01cant degree of judgement.
Level 2 \u2013 Valuations based on inputs, other than quoted prices included in Level 1, that are observable, either directly or indirectly.
Level 3 \u2013 Valuations based on inputs that are unobservable and signi\ufb01cant to the overall fair value measurement.
Investments in private investment companies measured using net asset value as a practical expedient are not categorised in the fair value hierarchy.
The availability of valuation techniques and observable inputs can vary from investment to investment and is a\ufb00ected by a wide variety of factors,
including the type of investment, whether the investment is new and not yet established in the marketplace, and other characteristics particular to
the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgement. Those estimated values do not necessarily represent the amounts that may be ultimately realised due to the
occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values
may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree
of judgement exercised by the Group in determining fair value is greatest for investments categorised in Level 3. In certain cases, the inputs used to
measure fair value may fall into di\ufb00erent levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy
within which the fair value measurement falls in its entirety is determined based on the lowest level input that is signi\ufb01cant to the fair value
measurement.
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-speci\ufb01c measure. Therefore, even
when market assumptions are not readily available, the Group\u2019s own assumptions are set to re\ufb02ect those that market participants would use in pricing
the asset or liability at the measurement date. The Group uses prices and inputs that are current as of the measurement date, including periods of
market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many investments. This condition could
cause an investment to be reclassi\ufb01ed to a lower level within the fair value hierarchy.
Fair value \u2013 valuation techniques and inputs
Investments in securities and securities sold short
Listed investments
The Group values investments in securities including exchange traded funds and securities sold short that are freely tradable and are listed on a national
securities exchange or reported on the NASDAQ national market at their closing sales price as of the valuation date. To the extent these securities are
actively traded and valuation adjustments are not applied, they are categorised in Level 1 of the fair value hierarchy. Securities traded on inactive
markets or valued by reference to similar instruments or where a discount may be applied are categorised in Level 2 or 3 of the fair value hierarchy.
Unlisted investments
Unlisted investments are valued at fair value by the Directors following a detailed review and appropriate challenge of the valuations proposed by the
Investment Manager. As part of their valuation process, the Investment Manager engages Independent Valuers to challenge their assessed fair value on
certain unlisted investments. The Investment Manager\u2019s unlisted investment valuation policy applies techniques consistent with the IPEV Guidelines.
The valuation techniques applied are either a market-based approach, an income approach such as discounted cash \ufb02ows, or where available, a net
asset value practical expedient approach. A combination of the valuation techniques mentioned may also be utilised. The IPEV Guidelines recognise
that the price of a recent transaction, if resulting from an orderly transaction, generally represents fair value as at the transaction date and may be an
appropriate starting point for estimating fair value at subsequent measurement dates. Consideration is given to the facts and circumstances as at the
subsequent measurement date including changes in the market and/or performance of the investee company. Milestone analysis is used where
appropriate to incorporate operational progress at the investee company level. In addition, a trigger event such as a subsequent round of \ufb01nancing by
the investee company would in\ufb02uence the market technique used to calibrate fair value at the measurement date. Where appropriate, a probability-
weighted expected return method (\u201cPWERM\u201d) may be employed when di\ufb00erent potential outcomes (e.g. IPO, round of \ufb01nancing, stay private,
dissolution, etc.) are utilised to derive the value of investments held.
The market approach utilises guideline public companies relying on projected revenues and/or earnings metrics to derive an indicative enterprise
value. Due to the nature of the investments, being in the early stages of development, the projected revenues are typically used as a proxy for stable
state revenue. A selected multiple is then applied based on the observed market multiples of the guideline public companies. To re\ufb02ect the risk
associated with the achievement of the projected \ufb01nancial metrics and the early development stage of each of the investments, the indicative
enterprise value is discounted at an appropriate rate.
The income approach utilises the discounted cash \ufb02ow method. Projected cash \ufb02ows for each investment are discounted to determine the
enterprise value.
Where applicable, the indicative enterprise value has been determined using a back-solve model based on the pricing of the most recent round of
\ufb01nancing. The internal rate of return for each investment is compared to the selected venture capital rate applied in the market approach to assess
the reasonableness of the indicated value implied by each \ufb01nancing round. The derived enterprise value is allocated to the equity class on either a fully
diluted basis or using an option pricing model. The resulting indicative value on a per share basis is then multiplied by the number of shares to derive
the fair market value.
American depository receipts
The Group values investments in American depositary receipts that are freely tradable and are listed on a national securities exchange or reported
on the NASDAQ national market at their last reported sales price as of the valuation date. These investments are categorised in Level 1 of the fair
value hierarchy.
Convertible notes
The Group values investments in convertible notes in accordance with the unlisted investments section above. As of 31 December 2024, these
investments are all categorised in Level 3 of the fair value hierarchy.
Convertible preferred stock
The Group values Level 1 investments in convertible preferred stock that are listed on a national securities exchange at their closing sales price as of
the valuation date. Level 2 investments in convertible preferred stock are valued with certain adjustments to the underlying public stocks closing sales
price that is listed on a national securities exchange. Level 3 investments in convertible preferred stock are valued in accordance with the unlisted
investments section above. As of 31 December 2024, these investments are categorised in Level 3 of the fair value hierarchy.
Corporate bonds
The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or
credit default swap spreads. The spread data used is for the same maturity as the bond. If the spread data does not reference the issuer, then data
that references a comparable issuer is used. When observable price quotations are not available, fair value is determined based on cash \ufb02ow models
using yield curves, bond or single name credit default swap spreads, and recovery rates based on collateral values as key inputs. As of 31 December
2024, these investments are categorised in Level 2 of the fair value hierarchy.
Investment in private investment companies
The Group values investment in private investment companies using the net asset values provided by the underlying private investment companies
as a practical expedient. The Group applies the practical expedient to its private investment companies on an investment-by-investment basis and
consistently with the Group\u2019s entire position in a particular investment, unless it is probable that the Group will sell a portion of an investment at an
amount di\ufb00erent from the net asset value of the investment.
Private investment in public equity
Private investment in public equity (\u201cPIPE\u201d) cannot be o\ufb00ered for sale to the public until the issuer complies with certain statutory or contractual
requirements. Such securities traded on inactive markets or valued by reference to similar instruments or where a discount may be applied are
generally categorised in Level 2. However, to the extent that signi\ufb01cant inputs used to determine liquidity discounts are unobservable, PIPE may be
categorized in Level 3 of the fair value hierarchy. As of 31 December 2024, these investments are categorised in Level 1 of the fair value hierarchy and
are recognised within common stock within the Schedule of Investments.
Revenue-Based Financing Agreement
These represent structured, non-dilutive \ufb01nancing alternatives for businesses seeking to raise capital in lieu typically of issuing equity. The Group may
enter into a contract with an undertaking that owns the revenue interest in one or more healthcare products and such undertaking also typically plays
the principal role in commercialization, marketing and sales of such product or products. This contract entitles the Group to receive a share of
revenue from a stream of cash \ufb02ow payments based on the sales of such product or products.
The valuation is based on an income approach utilizing management\u2019s internal projections or sell-side equity research analysts\u2019 consensus estimates in the
absence of adequate brokerage analyst coverage. The projections take into account contractual terms speci\ufb01c to each revenue-based \ufb01nancing investment
and are present valued based on a discount rate based on the prime rate adjusted for additional investment-speci\ufb01c risk that aligns to the debt-like nature
of the projected cash \ufb02ows speci\ufb01c to the Group. As of 31 December 2024, these investments are categorised in Level 3 of the fair value hierarchy.
Derivative contracts
Equity swaps
Equity swaps may be centrally cleared or traded on the over-the-counter market. The fair value of equity swaps is calculated based on the terms of
the contract and current market data, such as changes in fair value of the reference asset. The fair value of equity swaps is generally categorised in
Level 2 of the fair value hierarchy.
Warrants
Warrants that are listed on major securities exchanges are valued at their last reported sales price as of the valuation date. The fair value of over-the-
counter (\u201cOTC\u201d) warrants is determined using the Black-Scholes option pricing model, a valuation technique that follows the income approach. This
pricing model takes into account the contract terms (including maturity) as well as multiple inputs, including time value, implied volatility, equity prices,
interest rates and currency rates. Warrants are categorised in all levels of the fair value hierarchy.
Contingent value rights
Contingent value rights that are not traded on an organized facility are valued using a market approach or such other analysis and information as the
Group may determine. As of 31 December 2024, these investments are categorised in Level 3 of the fair value hierarchy.
Fair value \u2013 valuation processes
The Group establishes valuation processes and procedures to ensure that the valuation techniques are fair and consistent, and valuation inputs
are supportable. The Group designates the Investment Manager\u2019s Valuation Committee to oversee the entire valuation process of the Group\u2019s
investments. The Valuation Committee comprises various members of the Investment Manager, including those separate from the Group\u2019s portfolio
management and trading functions, and reports to the Board.
The Valuation Committee is responsible for developing the Group\u2019s written valuation processes and procedures, conducting periodic reviews of the
valuation policies, and evaluating the overall fairness and consistent application of the valuation policies.
The Investment Manager\u2019s Valuation Committee meets on a monthly basis or more frequently, as needed, to determine the valuations of the Group\u2019s
Level 3 investments. Valuations determined by the Valuation Committee are required to be supported by market data, third-party pricing sources,
industry-accepted pricing models, counterparty prices or other methods they deem to be appropriate, including the use of internal proprietary
pricing models.
The Group periodically tests its valuations of Level 3 investments by performing back-testing. Back-testing involves the comparison of sales proceeds
of those investments to the most recent fair values reported and, if necessary, uses the \ufb01ndings to recalibrate its valuation procedures.
On a regular basis, the Group engages the services of third-party valuation \ufb01rms, the Independent Valuers, to perform an independent review of the
valuation of the Group\u2019s Level 3 investments and the Group may adjust its valuations based on the recommendations from the Investment Manager\u2019s
Valuation Committee.
Translation of foreign currency
Assets and liabilities denominated in foreign currencies are translated into United States Dollar amounts at the year end exchange rates. Transactions
denominated in foreign currencies, including purchases and sales of investments, and income and expenses, are translated into United States Dollar
amounts on the transaction date. Adjustments arising from foreign currency transactions are re\ufb02ected in the consolidated statement of operations.
The Group does not isolate that portion of the results of operations arising from the e\ufb00ect of changes in foreign exchange rates on investments from
\ufb02uctuations arising from changes in market prices of investments held. Such \ufb02uctuations are included in net realised and change in unrealised gain/
(loss) on securities, derivatives and foreign currency transactions in the consolidated statement of operations.
Reported net realised gain/(loss) from foreign currency transactions arise from sales of foreign currencies; currency gains or losses realised between
the trade and settlement dates on securities transactions; and the di\ufb00erence between the amounts of dividends, interest, and foreign withholding
taxes recorded on the Group\u2019s books and the United States Dollar equivalent of the amounts actually received or paid.
Net change in unrealised gain/(loss) from foreign currency translation of assets and liabilities arises from changes in the fair values of assets and
liabilities, other than investments in securities at the end of the period, resulting from changes in exchange rates.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_E42_CY": {
"value": "Translation of foreign currency
Assets and liabilities denominated in foreign currencies are translated into United States Dollar amounts at the year end exchange rates. Transactions
denominated in foreign currencies, including purchases and sales of investments, and income and expenses, are translated into United States Dollar
amounts on the transaction date. Adjustments arising from foreign currency transactions are re\ufb02ected in the consolidated statement of operations.
The Group does not isolate that portion of the results of operations arising from the e\ufb00ect of changes in foreign exchange rates on investments from
\ufb02uctuations arising from changes in market prices of investments held. Such \ufb02uctuations are included in net realised and change in unrealised gain/
(loss) on securities, derivatives and foreign currency transactions in the consolidated statement of operations.
Reported net realised gain/(loss) from foreign currency transactions arise from sales of foreign currencies; currency gains or losses realised between
the trade and settlement dates on securities transactions; and the di\ufb00erence between the amounts of dividends, interest, and foreign withholding
taxes recorded on the Group\u2019s books and the United States Dollar equivalent of the amounts actually received or paid.
Net change in unrealised gain/(loss) from foreign currency translation of assets and liabilities arises from changes in the fair values of assets and
liabilities, other than investments in securities at the end of the period, resulting from changes in exchange rates.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory_E61_CY": {
"value": "Investment transactions and related investment income
Investment transactions are accounted for on a trade date basis. Realised gains and losses on investment transactions have been calculated on a
speci\ufb01c identi\ufb01cation method.
Dividends are recorded on the ex-dividend date and interest is recognised on the accrual basis.
Withholding taxes on foreign dividends have been provided for in accordance with the Group's understanding of the applicable country's rules
and rates.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory_E70_CY": {
"value": "O\ufb00setting of amounts related to certain contracts
Amounts due from and to brokers are presented on a net basis, by counterparty, to the extent the Group has the legal right to o\ufb00set the recognised
amounts and intends to settle on a net basis.
The Group has elected not to o\ufb00set fair value amounts recognised for cash collateral receivables and payables against fair value amounts recognised
for derivative positions executed with the same counterparty under the same master netting arrangement. At 31 December 2024, the Group had
cash collateral receivables of $23,390,565 (31 December 2023: $23,793,429) (see Note 3) with derivative counterparties under the same master
netting arrangement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_E52_CY": {
"value": "Income taxes
The Company and Subsidiary are exempt from taxation in Guernsey and were each charged an annual exemption fee of GBP 1,600 (2023: GBP 1,200).
The Group will only be liable to tax in Guernsey in respect of income arising or accruing from a Guernsey source, other than from a relevant bank deposit.
It is not anticipated that such Guernsey source taxable income will arise. The Group is managed so as not to be resident in the UK for UK tax purposes.
The Group recognises tax bene\ufb01ts of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by
a tax authority based on the technical merits of the position. In evaluating whether a tax position has met the recognition threshold, the Group must
presume the position will be examined by the appropriate taxing authority and that taxing authority has full knowledge of all relevant information.
A tax position meeting the more likely than not recognition threshold is measured to determine the amount of bene\ufb01t to recognise in the Group\u2019s
consolidated \ufb01nancial statements. Income tax and related interest and penalties would be recognised as a tax expense in the consolidated statement
of operations if the tax position was deemed to meet the more likely than not threshold.
The Investment Manager has analysed the Group\u2019s tax positions and has concluded no liability for unrecognised tax bene\ufb01ts should be recorded
related to uncertain tax positions. Further, management is not aware of any tax positions for which it is reasonably possible the total amounts of
unrecognised tax bene\ufb01ts will signi\ufb01cantly change in the next twelve months.
The Company, UK Subsidiary and the Subsidiary each \ufb01le income tax returns in the US federal jurisdiction and, as applicable, in US state or local
jurisdictions, or non-US jurisdictions. Generally, the Group was subject to income tax examinations by major taxing authorities for each tax period
since inception. Based on its analysis, the Group determined that it had not incurred any liability for unrecognised tax bene\ufb01ts as of 31 December 2024
or 31 December 2023.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_D733878160_CY": {
"value": "Use of estimates
Preparing consolidated \ufb01nancial statements in accordance with US GAAP requires management to make estimates and assumptions in determining
the reported amounts of assets and liabilities, including the fair value of investments, and disclosure of contingent assets and liabilities as of the date
of the consolidated \ufb01nancial statements and the reported amounts of income and expenses during the reporting period. Actual results could di\ufb00er
from those estimates.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFairValueMeasurementExplanatory_E46_CY": {
"value": "2. Fair value measurements
The Group\u2019s assets and liabilities recorded at fair value have been categorised based upon a fair value hierarchy as described in the Group\u2019s signi\ufb01cant
accounting policies in Note 1.
The following table presents information about the Group\u2019s assets and liabilities measured at fair value as of 31 December 2024:
| Level 1 | Level 2 | Level 3 | | |
| | | | Investments | |
| | | | measured at net | |
| | | | asset value* | Tota l |
| Assets (at fair value) | | | | | |
| Investments in securities | | | | | |
| Common stocks | 362,223,884 | 266,171 | 1,457,470 | \u2013 | 363,947,525 |
| Convertible preferred stocks | \u2013 | \u2013 | 164,325,035 | \u2013 | 164,325,035 |
| Convertible notes | \u2013 | \u2013 | 32,744,748 | \u2013 | 32,744,748 |
| American depository receipts | 30,724,375 | \u2013 | \u2013 | \u2013 | 30,724,375 |
| Investment in private investment companies | \u2013 | \u2013 | \u2013 | 19,094,800 | 19,094,800 |
| Revenue based \ufb01nancing agreement | \u2013 | \u2013 | 174,613 | \u2013 | 174,613 |
| Corporate bonds | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
| Total investments in securities | 392,948,259 | 266,171 | 198,701,866 | 19,094,800 | 611,011,096 |
| Derivative contracts | | | | | |
| Warrants | 367 | 87,127,278 | 919,671 | \u2013 | 88,047,316 |
| Equity swaps | \u2013 | 20,526,482 | \u2013 | \u2013 | 20,526,482 |
| Contingent value rights | \u2013 | \u2013 | 1,603,374 | \u2013 | 1,603,374 |
| Total derivative contracts | 367 | 107,653,760 | 2,523,045 | \u2013 | 110,177,172 |
| 392,948,626 | 107,919,931 | 201,224,911 | 19,094,800 | 721,188,268 |
| Liabilities (at fair value) | | | | | |
| Securities sold short | | | | | |
| Common stocks | 94,837,287 | \u2013 | \u2013 | \u2013 | 94,837,287 |
| American depository receipts | 314,206 | \u2013 | \u2013 | \u2013 | 314,206 |
| Total securities sold short | 95,151,493 | \u2013 | \u2013 | \u2013 | 95,151,493 |
| Derivative contracts | | | | | |
| Equity swaps | \u2013 | 7,799,422 | \u2013 | \u2013 | 7,799,422 |
| Total derivative contracts | \u2013 | 7,799,422 | \u2013 | \u2013 | 7,799,422 |
| 95,151,493 | 7,799,422 | \u2013 | \u2013 | 102,950,915 |
* The Group\u2019s investment in private investment companies that are valued at their net asset value are not categorised within the fair value hierarchy.
The following table presents information about the Group\u2019s assets and liabilities measured at fair value as of 31 December 2023:
| Level 1 | Level 2 | Level 3 | | |
| | | | Investments | |
| | | | measured at net | |
| | | | asset value* | Tota l |
| Assets (at fair value) | | | | | |
| Investments in securities | | | | | |
| Common stocks | 204,773,131 | 1,000,720 | 904,339 | \u2013 | 206,678,190 |
| Convertible preferred stocks | 1,854,238 | 2,836,628 | 73,189,264 | \u2013 | 77,880,130 |
| Investment in private investment companies | \u2013 | \u2013 | \u2013 | 41,855,893 | 41,855,893 |
| American depository receipts | 33,213,628 | \u2013 | \u2013 | \u2013 | 33,213,628 |
| Convertible notes | \u2013 | \u2013 | 7,983,390 | \u2013 | 7,983,390 |
| Total investments in securities | 239,840,997 | 3,837,348 | 82,076,993 | 41,855,893 | 367,611,231 |
| Derivative contracts | | | | | |
| Equity swaps | \u2013 | 7,475,802 | \u2013 | \u2013 | 7,475,802 |
| Warrants | 5,247 | 6,743,593 | 697,472 | \u2013 | 7,446,312 |
| Contingent value rights | \u2013 | \u2013 | 541,706 | \u2013 | 541,706 |
| Total derivative contracts | 5,247 | 14,219,395 | 1,239,178 | \u2013 | 15,463,820 |
| 239,846,244 | 18,056,743 | 83,316,171 | 41,855,893 | 383,075,051 |
| Liabilities (at fair value) | | | | | |
| Securities sold short | | | | | |
| Common stocks | 1,146,920 | 51,001 | \u2013 | \u2013 | 1,197,921 |
| Total securities sold short | 1,146,920 | 51,001 | \u2013 | \u2013 | 1,197,921 |
| Derivative contracts | | | | | |
| Equity swaps | \u2013 | 8,390,327 | \u2013 | \u2013 | 8,390,327 |
| Total derivative contracts | \u2013 | 8,390,327 | \u2013 | \u2013 | 8,390,327 |
| 1,146,920 | 8,441,328 | \u2013 | \u2013 | 9,588,248 |
* The Group\u2019s investment in private investment companies that are valued at their net asset value are not categorised within the fair value hierarchy.
The following tables summarise the valuation techniques and signi\ufb01cant unobservable inputs used for the Group\u2019s investments that are categorised
within Level 3 of the fair value hierarchy as of 31 December 2024 and 31 December 2023:
| Fair value at | | | |
| 31 December 2024 | Valuation techniques | Signi\ufb01cant unobservable inputs | Range of inputs |
| Assets (at fair value) | | | | |
| Investments in securities | | | | |
| Convertible preferred stocks | 56,837,402 | Recent transaction price | n/a | n/a |
| 37,870,153 | Discounted cash \ufb02ow | WACC | 10% \u2013 31% |
| | and/or market approach | Revenue multiples | 2.0x \u2013 4.0x |
| | | Market rate of returns | (13%) \u2013 15% |
| 69,559,998 | Probability-weighted expected | | |
| | return method (\u201cPWERM\u201d) | | |
| | | WACC | |
| | | Revenue multiples | |
| | | Market step-up multiple | |
| | | | 10% \u2013 20% |
| | | | 4.0x |
| | | | 0.8x \u2013 2.1x |
| | | Market rate of returns | (5%) \u2013 5% |
| 57,482 | Liquidation value | n/a | n/a |
| Convertible notes | 32,156,487 | PWERM | Discount rate | 6% \u201312% |
| | | Market step-up multiple | |
| | | | 0.9x \u2013 1.2x |
| | | Market rate of returns | (5%) \u2013 5% |
| | | Expected volatility | 60% |
| 588,261 | Recent transaction price | n/a | |
| | | | n/a |
| Common stocks | 246,828 | Recent transaction price | n/a | n/a |
| 375,605 | Liquidation value | n/a | n/a |
| 835,037 | Probability-weighted expected | | |
| | return method (\u201cPWERM\u201d) | | |
| | | Market step-up multiple | |
| | | Market Rate of Returns | |
| | | | 0.9x \u2013 1.2x |
| | | | 5% \u2013 5% |
| Revenue interest \ufb01nancing | 174,613 | Discounted cash \ufb02ow | | |
| | and/or market approach | | |
| | | WACC | 28% \u2013 28% |
| Total investments in securities | 198,701,866 | | | |
| Derivative contracts | | | | |
| Contingent value rights | 1,603,374 | Recent transaction price | n/a | n /a |
| Warrants | 919,671 | Discounted cash \ufb02ow | | |
| | and/or market approach | | |
| | and option pricing model | | |
| | | Expected volatility | |
| | | | 40% |
| Total derivative contracts | 2,523,045 | | | |
| Fair value at | | | |
| 31 December 2023 | Valuation techniques | Signi\ufb01cant unobservable inputs | Range of inputs |
| Assets (at fair value) | | | | |
| Investments in securities | | | | |
| Convertible preferred stocks | 44,732,084 | Recent transaction price | n/a | n/a |
| 19,614,346 | Discounted cash \ufb02ow | WACC | 13% \u2013 30% |
| | and/or market approach | Revenue multiples | 2.8x \u2013 4.0x |
| | | Market rate of returns | (18%) \u2013 10% |
| 8,727,481 | Probability-weighted expected | | |
| | return method (\u201cPWERM\u201d) | | |
| | | WACC | |
| | | Revenue multiples | |
| | | Market step-up multiple | |
| | | | 12% \u2013 20% |
| | | | 4.0x |
| | | | 0.7x \u2013 1.8x |
| | | Market rate of returns | (23)% \u2013 10% |
| | | Recovery rate | 50% |
| 115,353 | Liquidation value | n/a | n/a |
| Convertible notes | 7,566,258 | PWERM | Discount rate | 5% \u2013 7% |
| | | Expected volatility | 60% |
| 352,904 | Discounted cash \ufb02ow | WACC | 26% |
| | and/or market approach | Revenue multiples | |
| | | | 4.0x |
| | | Market rate of returns | (3%) |
| 64,228 | Recent transaction price | n/a | n/a |
| Common stocks | 798,531 | Recent transaction price | n/a | n/a |
| 105,808 | Market approach | Revenue multiples | 0.5x \u2013 0.6x |
| Total investments in securities | 82,076,993 | | | |
| Derivative contracts | | | | |
| Warrants | 697,472 | Recent transaction price | Expected volatility | 38% \u2013 43% |
| | and option pricing model | | |
| Contingent value rights | 541,706 | Recent transaction price | n/a | n/a |
| Total derivative contracts | 1,239,178 | | | |
The signi\ufb01cant unobservable inputs used in the fair value measurements of Level 3 common stock, convertible preferred stocks, convertible notes, and
warrants include, but are not limited to, WACC, revenue and/or earnings multiple, market rate of return, and expected volatility. Increases in the WACC
in isolation would result in a lower fair value for the security, and vice versa. Increases in multiples and/or market rate of returns in isolation would
result in a higher fair value of the security, and vice versa. A change in volatility in isolation could result in a higher or lower fair value for the security.
The below table presents additional information about Level 3 assets and liabilities measured at fair value. Both observable and unobservable inputs
may be used to determine the fair value of positions that the Group has classi\ufb01ed within the Level 3 category. As a result, the unrealised gains and
losses for assets and liabilities within the Level 3 category may include changes in fair value that were attributable to both observable and
unobservable inputs.
Changes in Level 3 assets and liabilities measured at fair value for the year ended 31 December 2024 were as follows:
| Balance beginning | | | | | | |
| 1 January 2024 | | | | | | |
| | Realised gains/ | | | | | |
| | (losses) | | | | | |
| | (a) | | | | | |
| | | Change in | | | | |
| | | Unrealised gains/ | | | | |
| | | (losses) | | | | |
| | | (a) | | | | |
| | | | Purchases | Sales | | |
| | | | | | Transfers into/ | |
| | | | | | (from) Level 3 | |
| | | | | | (b) | |
| | | | | | | Ending balance |
| | | | | | | 31 December 2024 |
| Assets (at fair value) | | | | | | | |
| Investments in securities | | | | | | | |
| Common stocks | 904,339 | 3,423,828 | (8,477,436) | 9,030,018 | (4,897,750) | 1,474,471 | 1,457,470 |
| Convertible preferred stocks | 73,189,264 | \u2013 | 32,032,300 | 67,196,769 | \u2013 | (8,093,298) | 164,325,035 |
| Convertible notes | 7,983,390 | 83,537 | (570,999) | 27,016,689 | (1,768,682) | 813 | 32,744,748 |
| Revenue based \ufb01nancing | | | | | | | |
| agreement | | | | | | | |
| \u2013 | \u2013 | 13,882 | 160,731 | \u2013 | \u2013 | 174,613 |
| Total investments in securities | 82,076,993 | 3,507,365 | 22,997,747 | 103,404,207 | (6,666,432) | (6,618,014) | 198,701,866 |
| Derivative contracts | | | | | | | |
| Warrants | 697,472 | \u2013 | 221,386 | \u2013 | \u2013 | 813 | 919,671 |
| Contingent value rights | 541,706 | 812,225 | 430,401 | 466,419 | (812,225) | 164,848 | 1,603,374 |
| Total derivative contracts | 1,239,178 | 812,225 | 651,787 | 466,419 | (812,225) | 165,661 | 2,523,045 |
Changes in Level 3 assets and liabilities measured at fair value for the year ended 31 December 2023 were as follows:
| Balance beginning | | | | | | |
| 1 January 2023 | | | | | | |
| | Realised gains/ | | | | | |
| | (losses) | | | | | |
| | (a) | | | | | |
| | | Change in | | | | |
| | | Unrealised gains/ | | | | |
| | | (losses) | | | | |
| | | (a) | | | | |
| | | | Purchases | Sales | | |
| | | | | | Transfers into/ | |
| | | | | | (from) Level 3 | |
| | | | | | (c) | |
| | | | | | | Ending balance |
| | | | | | | 31 December 2023 |
| Assets (at fair value) | | | | | | | |
| Investments in securities | | | | | | | |
| Common stocks | 3,364,557 | \u2013 | (304,109) | \u2013 | \u2013 | (2,156,109) | 904,339 |
| Convertible preferred stocks | 57,932,949 | \u2013 | 6,114,014 | 7,595,169 | \u2013 | 1,547,132 | 73,189,264 |
| Convertible notes | 10,052,833 | \u2013 | (1,329,981) | 11,536,901 | \u2013 | (12,276,363) | 7,983,390 |
| Total investments in securities | 71,350,339 | \u2013 | 4,479,924 | 19,132,070 | \u2013 | (12,885,340) | 82,076,993 |
| Derivative contracts | | | | | | | |
| Warrants | 476,911 | \u2013 | 21,813 | 321,257 | \u2013 | (122,509) | 697,472 |
| Contingent value rights | \u2013 | \u2013 | 541,706 | \u2013 | \u2013 | \u2013 | 541,706 |
| Total derivative contracts | 476,911 | \u2013 | 563,519 | 321,257 | \u2013 | (122,509) | 1,239,178 |
(a) Realised and unrealised gains and losses are included in net realised and change in unrealised gain/(loss) on investments, derivatives and foreign currency
transactions in the consolidated statement of operations.
(b) Conversions of preferred stock into common stock.
(c) Includes conversion of convertible bonds into convertible preferred stock and convertible notes.
Changes in Level 3 unrealised gains and losses during the year for assets still held at year end were as follows:
| 2024 | 2023 |
| Common stocks | (8,477,436) | 116,949 |
| Convertible notes | (570,999) | (919,115) |
| Convertible preferred stocks | 32,081,173 | 6,199,338 |
| Revenue Based Financing Agreement | 13,882 | \u2013 |
| Contingent value rights | 430,401 | 541,706 |
| Warrants | 221,386 | 21,813 |
| Change in unrealised gains and losses during the year for assets still held at year end | 23,698,407 | 5,960,691 |
Total realised gains and losses and unrealised gains and losses in the Group\u2019s investment in securities, derivative contracts and securities sold short
are made up of the following gain and loss elements:
| 2024 | 2023 |
| Realised gains | 96,931,839 | 127,739,248 |
| Realised losses | (60,671,005) | (60,622,155) |
| Net realised gain on securities, derivative contracts and securities sold short | 36,260,834 | 67,117,093 |
| 2024 | 2023 |
| Change in unrealised gains | 190,826,387 | 132,672,225 |
| Change in unrealised losses | (184,163,957) | (111,833,730) |
| Net change in unrealised gain/(loss) on securities, derivative contracts and securities sold short | 6,662,430 | 20,838,495 |
As at 31 December 2024, the Group had commitments (subject to completion of certain parameters) to certain investments totalling $22,390,694 (31
December 2023: $59,732,160), which was mainly comprised of a $14,651,294 commitment to the 4010 Royalty Fund.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_E130_CY": {
"value": "3. Due to/from brokers
Due to/from brokers includes cash balances held with brokers and collateral on derivative transactions. Amounts due from brokers may be restricted
to the extent that they serve as deposits for securities sold short or cash posted as collateral for derivative contracts.
As at 31 December 2024, due from brokers totalled $27,990,478 (31 December 2023: $57,887,214). Included within due from brokers is $4,599,913
(31 December 2023: $34,093,785) which can be used for investment. The Group pledged cash collateral to counterparties to over-the-counter
derivative contracts of $23,390,565 (31 December 2023: $23,793,429) which is included in due from brokers.
In the normal course of business, substantially all of the Group\u2019s securities transactions, money balances, and security positions are transacted with
the Group\u2019s prime brokers and counterparties, Goldman Sachs & Co. LLC, Cowen Financial Products, LLC, UBS AG, Bank of America Merrill Lynch,
Morgan Stanley & Co. LLC, Je\ufb00eries & Co. and J.P. Morgan Securities, LLC. The Group is subject to credit risk to the extent any broker with which it
conducts business is unable to ful\ufb01l contractual obligations on its behalf. The Group\u2019s management monitors the \ufb01nancial condition of such brokers
and does not anticipate any losses from these counterparties.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory_E35_CY": {
"value": "4. Derivative contracts
In the normal course of business, the Group utilises derivative contracts in connection with its proprietary trading activities. Investments in derivative
contracts are subject to additional risks that can result in a loss of all or part of an investment. The Group\u2019s derivative activities and exposure to
derivative contracts are classi\ufb01ed by the primary underlying risk, equity price risk and foreign currency exchange rate risk. In addition to its primary
underlying risk, the Group is also subject to additional counterparty risk due to the inability of its counterparties to meet the terms of their contracts.
Warrants
The Group may receive warrants from its portfolio companies upon an investment in the debt or equity of a portfolio company. The warrants provide
the Group with exposure and potential gains upon equity appreciation of the portfolio company\u2019s share price.
The value of a warrant has two components: time value and intrinsic value. A warrant has a limited life and expires on a certain date. As time to the
expiration date of a warrant approaches, the time value of a warrant will decline. In addition, if the stock underlying the warrant declines in price, the
intrinsic value of an \u201cin the money\u201d warrant will decline. Further, if the price of the stock underlying the warrant does not exceed the strike price of the
warrant on the expiration date, the warrant will expire worthless. As a result, there is the potential for the Group to lose its entire investment in a
warrant.
The Group is exposed to counterparty risk from the potential failure of an issuer of warrants to settle its exercised warrants. The maximum risk of
loss from counterparty risk to the Group is the fair value of the contracts and the purchase price of the warrants. The Group considers the e\ufb00ects
of counterparty risk when determining the fair value of its investments in warrants.
Equity swap contracts
The Group is subject to equity price risk in the normal course of pursuing its investment objectives. The Group may enter into equity swap
contracts either to manage its exposure to the market or certain sectors of the market, or to create exposure to certain equities to which it is
otherwise not exposed.
Equity swap contracts involve the exchange by the Group and a counterparty of their respective commitments to pay or receive a net amount based
on the change in the fair value of a particular security or index and a speci\ufb01ed notional amount.
Contingent value rights
The Group may receive contingent value rights during mergers, acquisitions, or divestitures. Contingent value rights are designed to provide the
Group with additional compensation or bene\ufb01ts contingent upon the occurrence of speci\ufb01c future events, such as regulatory approvals, milestones
related to product development or commercialization, or the achievement of certain \ufb01nancial targets. Contingent value rights are subject to the
uncertainty of payout, as their value hinges on the occurrence of speci\ufb01c events. The Group considers the uncertainty when determining the fair value
of its investments in contingent value rights.
Volume of derivative activities
The Group considers the average month-end notional amounts during the year, categorised by primary underlying risk, to be representative of the
volume of its derivative activities during the year ended 31 December 2024:
| Primary underlying risk | | | | |
| 2024 | | 2023 | |
| Long exposure | | | |
| Notional amounts | | | |
| | Short exposure | | |
| | Notional amounts | | |
| | | Long exposure | |
| | | Notional amounts | |
| | | | Short exposure |
| | | | Notional amounts |
| Equity price | | | | |
| Equity swaps | 60,394,443 | 30,266,515 | 64,032,939 | 56,046,951 |
| Warrants | | | | |
| (a) | | | | |
| 92,282,619 | \u2013 | 3,963,562 | \u2013 |
| Contingent value rights | 2,070,315 | \u2013 | 541,706 | \u2013 |
| 154,747,377 | 30,266,515 | 68,538,207 | 56,046,951 |
(a) Notional amounts presented for warrants are based on the fair value of the underlying shares as if the warrants were exercised at each respective month end date.
Impact of derivatives on the consolidated statement of assets and liabilities and consolidated statement of operations
The following tables identify the fair value amounts of derivative instruments included in the consolidated statement of assets and liabilities as
derivative contracts, categorised by primary underlying risk, at 31 December 2024 and 31 December 2023. The following table also identi\ufb01es the gain
and loss amounts included in the consolidated statement of operations as net realised gain/(loss) on derivative contracts and net change in unrealised
gain/(loss) on derivative contracts, categorised by primary underlying risk, for the year ended 31 December 2024 and 31 December 2023.
| Primary underlying risk | | | | |
| | 2024 | | |
| Derivative assets | | | |
| | Derivative | | |
| | liabilities | | |
| | | Realised gain/ | |
| | | (loss) | |
| | | | Change in |
| | | | unrealised gain/ |
| | | | (loss) |
| Equity price | | | | |
| Warrants | 88,047,316 | \u2013 | (19,829) | 27,075,679 |
| Equity swaps | 20,526,482 | 7,799,422 | 7,447,081 | 13,641,585 |
| Contingent value rights | 1,603,374 | \u2013 | 812,225 | 430,401 |
| 110,177,172 | 7,799,422 | 8,239,477 | 41,147,665 |
| Primary underlying risk | | | | |
| | 2023 | | |
| Derivative assets | | | |
| | Derivative | | |
| | liabilities | | |
| | | Realised gain/ | |
| | | (loss) | |
| | | | Change in |
| | | | unrealised gain/ |
| | | | (loss) |
| Equity price | | | | |
| Equity swaps | 7,475,802 | 8,390,327 | (2,428,614) | (11,074,111) |
| Warrants | 7,446,312 | \u2013 | (373) | 1,408,458 |
| Contingent value rights | 541,706 | \u2013 | \u2013 | 541,706 |
| 15,463,820 | 8,390,327 | (2,428,987) | (9,123,947) |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_D205496289_CY": {
"value": "5. Securities lending agreements
The Group has entered into securities lending agreements with its prime brokers. From time to time, the prime brokers lend securities on the Group\u2019s
behalf. As of 31 December 2024 and 31 December 2023, no securities were loaned and no collateral was received.
7. Securities sold short
The Group is subject to certain inherent risks arising from its investing activities of selling securities short. The ultimate cost to the Group to acquire
these securities may exceed the liability re\ufb02ected in these consolidated \ufb01nancial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory_D200353749_CY": {
"value": "6. O\ufb00setting assets and liabilities
The Group is required to disclose the impact of o\ufb00setting assets and liabilities represented in the consolidated statement of assets and liabilities to
enable users of the consolidated \ufb01nancial statements to evaluate the e\ufb00ect or potential e\ufb00ect of netting arrangements on its \ufb01nancial position for
recognised assets and liabilities. These recognised assets and liabilities are \ufb01nancial instruments and derivative instruments that are either subject
to an enforceable master netting arrangement or similar agreement or meet the following right of seto\ufb00 criteria: the amounts owed by the Group
to another party are determinable, the Group has the right to o\ufb00set the amounts owed with the amounts owed by the other party, the Group intends
to o\ufb00set and the Group\u2019s right of seto\ufb00 is enforceable by law.
As of 31 December 2024 and 31 December 2023, the Group held \ufb01nancial instruments and derivative instruments that were eligible for o\ufb00set in
the consolidated statement of assets and liabilities and are subject to a master netting arrangement. The master netting arrangement allows
the counterparty to net applicable collateral held on behalf of the Group against applicable liabilities or payment obligations of the Group to the
counterparty. These arrangements also allow the counterparty to net any of its applicable liabilities or payment obligations they have to the Group
against any collateral sent to the Group.
As discussed in Note 1, the Group has elected not to o\ufb00set assets and liabilities in the consolidated statement of assets and liabilities. The following
table presents the potential e\ufb00ect of netting arrangements for asset derivative contracts presented in the consolidated statement of assets
and liabilities:
| Description | | | | | | |
| Gross amounts of | | | | | |
| recognised assets | | | | | |
| | Gross amounts o\ufb00set | | | | |
| | in the consolidated | | | | |
| | statement of assets | | | | |
| | and liabilities | | | | |
| | | Gross amounts of | | | |
| | | recognised assets | | | |
| | | | 31 December 2024 | | |
| | | | Gross amounts not o\ufb00set in the | | |
| | | | consolidated statement of | | |
| | | | assets and liabilities | | |
| | | | | | Net amount |
| | | | Financial | | |
| | | | instruments | | |
| | | | (a) | | |
| | | | | | |
| | | | | Cash collateral | |
| | | | | received | |
| | | | | (b) | |
| | | | | | | |
| Equity swaps | | | | | | |
| Cowen Financial Products, LLC | 11,004,397 | \u2013 | 11,004,397 | (3,666,923) | \u2013 | 7,337,474 |
| Morgan Stanley & Co. LLC | 5,639,240 | \u2013 | 5,639,240 | (2,056,637) | \u2013 | 3,582,603 |
| Bank of America Merrill Lynch | 3,411,345 | \u2013 | 3,411,345 | (49) | \u2013 | 3,411,296 |
| Je\ufb00eries & Co. | 471,500 | \u2013 | 471,500 | (471,500) | \u2013 | \u2013 |
| 20,526,482 | \u2013 | 20,526,482 | (6,195,109) | \u2013 | 14,331,373 |
| Description | | | | | | |
| Gross amounts of | | | | | |
| recognised assets | | | | | |
| | Gross amounts o\ufb00set | | | | |
| | in the consolidated | | | | |
| | statement of assets | | | | |
| | and liabilities | | | | |
| | | Gross amounts of | | | |
| | | recognised assets | | | |
| | | | 31 December 2023 | | |
| | | | Gross amounts not o\ufb00set in the | | |
| | | | consolidated statement of | | |
| | | | assets and liabilities | | |
| | | | | | Net amount |
| | | | Financial | | |
| | | | instruments | | |
| | | | (a) | | |
| | | | | | |
| | | | | Cash collateral | |
| | | | | received | |
| | | | | (b) | |
| | | | | | | |
| Equity swaps | | | | | | |
| Cowen Financial Products, LLC | 6,235,319 | \u2013 | 6,235,319 | (286,396) | \u2013 | 5,948,923 |
| Je\ufb00eries & Co. | 1,058,293 | \u2013 | 1,058,293 | (758,677) | \u2013 | 299,616 |
| Morgan Stanley & Co. LLC | 129,527 | \u2013 | 129,527 | (129,527) | \u2013 | \u2013 |
| Bank of America Merrill Lynch | 52,663 | \u2013 | 52,663 | (52,663) | \u2013 | \u2013 |
| 7,475,802 | \u2013 | 7,475,802 | (1,227,263) | \u2013 | 6,248,539 |
(a) Amounts related to master netting agreements (e.g. ISDA), determined by the Group to be legally enforceable in the event of default and if certain other criteria are
met in accordance with applicable o\ufb00setting accounting guidance but were not o\ufb00set due to management\u2019s accounting policy election.
(b) Amounts related to master netting agreements and collateral agreements determined by the Group to be legally enforceable in the event of default, but certain
other criteria are not met in accordance with applicable o\ufb00setting accounting guidance. The collateral amounts may exceed the related net amounts of \ufb01nancial
assets and liabilities presented in the consolidated statement of assets and liabilities. If this is the case, the total amount reported is limited to the net amounts of
The following tables present the potential e\ufb00ect of netting arrangements for liability derivative contracts presented in the consolidated statement of
assets and liabilities as of 31 December 2024 and 31 December 2023:
| Description | | | | | | |
| Gross amounts of | | | | | |
| recognised | | | | | |
| liabilities | | | | | |
| | Gross amounts o\ufb00set | | | | |
| | in the consolidated | | | | |
| | statement of assets | | | | |
| | and liabilities | | | | |
| | | Gross amounts of | | | |
| | | recognised | | | |
| | | liabilities | | | |
| | | | 31 December 2024 | | |
| | | | Gross amounts not o\ufb00set in the | | |
| | | | consolidated statement of | | |
| | | | assets and liabilities | | |
| | | | | | Net amount |
| | | | Financial | | |
| | | | instruments | | |
| | | | (a) | | |
| | | | | Cash collateral | |
| | | | | pledged | |
| | | | | (b) | |
| Equity swaps | | | | | | |
| Cowen Financial Products, LLC | 3,666,923 | | 3,666,923 | (3,666,923) | \u2013 | \u2013 |
| Je\ufb00eries & Co. | 2,069,804 | \u2013 | 2,069,804 | (471,500) | (1,598,304) | \u2013 |
| Morgan Stanley & Co. LLC | 2,056,637 | \u2013 | 2,056,637 | (2,056,637) | \u2013 | \u2013 |
| J.P. Morgan Securities, LLC | 6,009 | \u2013 | 6,009 | \u2013 | \u2013 | 6,009 |
| Bank of America Merrill Lynch | 49 | \u2013 | 49 | (49) | \u2013 | \u2013 |
| 7,799,422 | \u2013 | 7,799,422 | (6,195,109) | (1,598,304) | 6,009 |
| Description | | | | | | |
| Gross amounts of | | | | | |
| recognised | | | | | |
| liabilities | | | | | |
| | Gross amounts o\ufb00set | | | | |
| | in the consolidated | | | | |
| | statement of assets | | | | |
| | and liabilities | | | | |
| | | Gross amounts of | | | |
| | | recognised | | | |
| | | liabilities | | | |
| | | | 31 December 2023 | | |
| | | | Gross amounts not o\ufb00set in the | | |
| | | | consolidated statement of | | |
| | | | assets and liabilities | | |
| | | | | | Net amount |
| | | | Financial | | |
| | | | instruments | | |
| | | | (a) | | |
| | | | | Cash collateral | |
| | | | | pledged | |
| | | | | (b) | |
| Equity swaps | | | | | | |
| Bank of America Merrill Lynch | 4,382,764 | \u2013 | 4,382,764 | (52,663) | (4,320,957) | 9,144 |
| Morgan Stanley & Co. LLC | 2,962,490 | \u2013 | 2,962,490 | (129,527) | (2,832,963) | \u2013 |
| Je\ufb00eries & Co. | 758,677 | \u2013 | 758,677 | (758,677) | \u2013 | \u2013 |
| Cowen Financial Products, LLC | 286,396 | \u2013 | 286,396 | (286,396) | \u2013 | \u2013 |
| 8,390,327 | \u2013 | 8,390,327 | (1,227,263) | (7,153,920) | 9,144 |
(a) Amounts related to master netting agreements (e.g. ISDA), determined by the Group to be legally enforceable in the event of default and if certain other criteria are
met in accordance with applicable o\ufb00setting accounting guidance but were not o\ufb00set due to management\u2019s accounting policy election.
(b) Amounts related to master netting agreements and collateral agreements determined by the Group to be legally enforceable in the event of default, but certain
other criteria are not met in accordance with applicable o\ufb00setting accounting guidance. The collateral amounts may exceed the related net amounts of \ufb01nancial
assets and liabilities presented in the consolidated statement of assets and liabilities. If this is the case, the total amount reported is limited to the net amounts
of \ufb01nancial assets and liabilities with that counterparty.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_E58_CY": {
"value": "8. Risk factors
Some underlying investments may be deemed to be highly speculative investments and are not intended as a complete investment program. The
Company is designed only for sophisticated persons who are able to bear the economic risk of the loss of their entire investment in the Company and
who have a limited need for liquidity in their investment. The following risks are applicable to the Company:
Market risk
Certain events particular to each market in which Portfolio Companies conduct operations, as well as general economic and political conditions, may
have a signi\ufb01cant negative impact on the operations and pro\ufb01tability of the Group\u2019s investments and/or on the fair value of the Group\u2019s investments.
Such events are beyond the Group\u2019s control, and the likelihood they may occur and the e\ufb00ect on the Group cannot be predicted. The Group intends
to mitigate market risk generally by investing in Medtech and Biotech Companies in various geographies.
Portfolio Company products are subject to regulatory approvals and actions with new drugs, medical devices and procedures being subject to
extensive regulatory scrutiny before approval, and approvals can be revoked.
The market value of the Group\u2019s holdings in public Portfolio Companies could be a\ufb00ected by a number of factors, including, but not limited to: a change
in sentiment in the market regarding the public Portfolio Companies, the market\u2019s appetite for speci\ufb01c asset classes; and the \ufb01nancial or operational
performance of the public Portfolio Companies.
The size of investments in public Portfolio Companies or involvement in management may trigger restrictions on buying or selling securities. Laws and
regulations relating to takeovers and inside information may restrict the ability of the Group to carry out transactions, or there may be delays or
disclosure requirements before transactions can be completed.
Equity prices and returns from investing in equity markets are sensitive to various factors, including but not limited to: expectations of future
dividends and pro\ufb01ts; economic growth; exchange rates; interest rates; and in\ufb02ation.
Biotech/healthcare companies
The Portfolio Companies are biotechnology and medical technology companies, which are generally subject to greater governmental regulation than
other industries at both the state and federal levels. Changes in governmental policies may have a material e\ufb00ect on the demand for or costs of
certain products and services.
Any failure by a Portfolio Company to develop new technologies or to accurately evaluate the technical or commercial prospects of new technologies
could result in it failing to achieve a growth in value and this could have a material adverse e\ufb00ect on the Group\u2019s \ufb01nancial condition.
Portfolio Companies may not successfully translate promising scienti\ufb01c theory into a commercially viable business opportunity. Further, the Portfolio
Companies\u2019 therapies in development may fail clinical trials and therefore no longer be viable.
Portfolio Company products are subject to intense competition and there are many factors that will a\ufb00ect whether the new therapies released by the
Portfolio Companies gain market share against competitors and existing therapies.
Portfolio Companies may be newer small and mid-size Medtech and Biotech Companies. These companies may be more volatile and have less
experience and fewer resources than more established companies.
Concentration risk
The Group may not make an investment or a series of investments in a Portfolio Company that result in the Group\u2019s aggregate investment in such
Portfolio Company exceeding 15 per cent. of the Group\u2019s gross assets, save for Rocket for which the limit is 25 per cent. as stated in the Company's
Prospectus. Each of these investment restrictions will be calculated as at the time of investment. As such, it is possible that the Group\u2019s portfolio may
be concentrated at any given point in time, potentially with more than 15 per cent. of gross assets held in one Portfolio Company as Portfolio
Companies increase or decrease in value following such initial investment. The Group\u2019s portfolio of investments may also lack diversi\ufb01cation among
Medtech and Biotech Companies and related investments.
Concentration of credit risk
In the normal course of business, the Group maintains its cash balances in \ufb01nancial institutions, which at times may exceed US federal, Guernsey or UK
insured limits, as applicable. The Group is subject to credit risk to the extent any \ufb01nancial institution with which it conducts business is unable to ful\ufb01l
contractual obligations on its behalf. Management monitors the \ufb01nancial condition of such \ufb01nancial institutions and does not anticipate any losses from
these counterparties.
Counterparty risk
The Group invests in equity swaps and takes the risk of non-performance by the other party to the contract. This risk may include credit risk of the
counterparty, the risk of settlement default, and generally, the risk of the inability of counterparties to perform with respect to transactions, whether
due to insolvency, bankruptcy or other causes.
In an e\ufb00ort to mitigate such risks, the Group will attempt to limit its transactions to counterparties which are established, well capitalised and
creditworthy.
Liquidity risk
Liquidity risk is the risk that the Group cannot meet its \ufb01nancial commitments as they fall due. The Group\u2019s unquoted investments may have limited
or no secondary market liquidity so the Investment Manager maintains a su\ufb03cient balance of cash and market quoted securities which can be sold if
needed to meet its commitments.
The Group\u2019s investments in quoted securities may also be subject to sale restrictions on listing and when the Investment Manager is subject to close
periods or privy to con\ufb01dential information by virtue of their active involvement in the management of portfolio companies.
Derivative transactions may not be liquid in all circumstances, such that in volatile markets it may not be possible to close out a position without
incurring a loss. The illiquidity of the derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on
deliverable supplies, the participation of speculators, government regulation and intervention, and technical and operational or system failures.
Foreign exchange risk
The Group will make investments in various jurisdictions in a number of currencies and will be exposed to the risk of currency \ufb02uctuations that may
materially adversely a\ufb00ect, amongst other things, the value of the Portfolio Company or the Group\u2019s investment in such Portfolio Company, or any
distributions received from the Portfolio Company. Under its investment policy, the Group does not intend to enter into any securities or \ufb01nancially
engineered products designed to hedge portfolio exposure or mitigate portfolio risk as a core part of its investment strategy.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfMarketRiskExplanatory_E91_CY": {
"value": "Market risk
Certain events particular to each market in which Portfolio Companies conduct operations, as well as general economic and political conditions, may
have a signi\ufb01cant negative impact on the operations and pro\ufb01tability of the Group\u2019s investments and/or on the fair value of the Group\u2019s investments.
Such events are beyond the Group\u2019s control, and the likelihood they may occur and the e\ufb00ect on the Group cannot be predicted. The Group intends
to mitigate market risk generally by investing in Medtech and Biotech Companies in various geographies.
Portfolio Company products are subject to regulatory approvals and actions with new drugs, medical devices and procedures being subject to
extensive regulatory scrutiny before approval, and approvals can be revoked.
The market value of the Group\u2019s holdings in public Portfolio Companies could be a\ufb00ected by a number of factors, including, but not limited to: a change
in sentiment in the market regarding the public Portfolio Companies, the market\u2019s appetite for speci\ufb01c asset classes; and the \ufb01nancial or operational
performance of the public Portfolio Companies.
The size of investments in public Portfolio Companies or involvement in management may trigger restrictions on buying or selling securities. Laws and
regulations relating to takeovers and inside information may restrict the ability of the Group to carry out transactions, or there may be delays or
disclosure requirements before transactions can be completed.
Equity prices and returns from investing in equity markets are sensitive to various factors, including but not limited to: expectations of future
dividends and pro\ufb01ts; economic growth; exchange rates; interest rates; and in\ufb02ation.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfCreditRiskExplanatory_E27_CY": {
"value": "Concentration of credit risk
In the normal course of business, the Group maintains its cash balances in \ufb01nancial institutions, which at times may exceed US federal, Guernsey or UK
insured limits, as applicable. The Group is subject to credit risk to the extent any \ufb01nancial institution with which it conducts business is unable to ful\ufb01l
contractual obligations on its behalf. Management monitors the \ufb01nancial condition of such \ufb01nancial institutions and does not anticipate any losses from
these counterparties.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfLiquidityRiskExplanatory_E88_CY": {
"value": "Liquidity risk
Liquidity risk is the risk that the Group cannot meet its \ufb01nancial commitments as they fall due. The Group\u2019s unquoted investments may have limited
or no secondary market liquidity so the Investment Manager maintains a su\ufb03cient balance of cash and market quoted securities which can be sold if
needed to meet its commitments.
The Group\u2019s investments in quoted securities may also be subject to sale restrictions on listing and when the Investment Manager is subject to close
periods or privy to con\ufb01dential information by virtue of their active involvement in the management of portfolio companies.
Derivative transactions may not be liquid in all circumstances, such that in volatile markets it may not be possible to close out a position without
incurring a loss. The illiquidity of the derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on
deliverable supplies, the participation of speculators, government regulation and intervention, and technical and operational or system failures.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory_E39_CY": {
"value": "Foreign exchange risk
The Group will make investments in various jurisdictions in a number of currencies and will be exposed to the risk of currency \ufb02uctuations that may
materially adversely a\ufb00ect, amongst other things, the value of the Portfolio Company or the Group\u2019s investment in such Portfolio Company, or any
distributions received from the Portfolio Company. Under its investment policy, the Group does not intend to enter into any securities or \ufb01nancially
engineered products designed to hedge portfolio exposure or mitigate portfolio risk as a core part of its investment strategy.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_D519256023_CY": {
"value": "9. Share capital
During the year ended 31 December 2024 the Company share activity was as follows:
| 2024 | 2024 | 2023 | 2023 |
| Number of | | | |
| Ordinary Shares | | | |
| | Number of | | |
| | Treasury Shares | | |
| | | Number of | |
| | | Ordinary Shares | |
| | | | Number of |
| | | | Treasury Shares |
| As at 1 January | 210,635,347 | 1,753,791 | 212,389,138 | \u2013 |
| Share issuance | 133,578,302 | \u2013 | \u2013 | \u2013 |
| Share buyback | (8,500,000) | 8,500,000 | (1,753,791) | 1,753,791 |
| As at 31 December | 335,713,649 | 10,253,791 | 210,635,347 | 1,753,791 |
During the year ended 31 December 2024, the Company bought back 8,500,000 (31 December 2023: 1,753,791) Ordinary Shares at an average price
of US$1.33 (31 December 2023: $1.19) for a total cost of US$11,340,306 (31 December 2023: $2,093,411), including transaction costs of $22,681
(31 December 2023: $4,178). At the date of approval of these consolidated \ufb01nancial statements, 10,253,791 repurchased Ordinary Shares were held
as treasury shares (31 December 2023: 1,753,791).
During the year ended 31 December 2024, the Company issued 181,901,165 Ordinary Shares to facilitate the acquisition of Arix Bioscience plc in an
all-share transaction for $246,476,079 with associated issuance costs of $6,473,897. Of the 181,901,165 Ordinary Shares, 48,322,863, with a value
of $59,221,117, were issued to the Group as existing shareholders of Arix Bioscience plc, and were subsequently cancelled. The details around this
transaction are further disclosed within the consolidated statement of cash \ufb02ows and within Note 1.
Ordinary Shares carry the right to receive all income of the Company attributable to the Ordinary Shares and to participate in any distribution of such
income made by the Company. Such income shall be divided pari passu among the holders of Ordinary Shares in proportion to the number of Ordinary
Shares held by them.
Ordinary Shares shall carry the right to receive notice of and attend and vote at any general meeting of the Company, and at any such meeting on a show
of hands, every holder of Ordinary Shares present in person (includes present by attorney or by proxy or, in the case of a corporate member, by duly
authorised corporate representative) and entitled to vote shall have one vote, and on a poll, subject to any special voting powers or restrictions, every
holder of Ordinary Shares present in person or by proxy shall be entitled to one vote for each Ordinary Share, or fraction of an Ordinary Share, held.
On 1 December 2022, the Performance Allocation Share held by RTW Venture Performance LLC was surrendered in exchange for a New Performance
Allocation Share issued by the Subsidiary. The New Performance Allocation Share issued by the Subsidiary has identical terms to the original
Performance Allocation Share issued by the Company. From 1 December 2022, the Performance Allocation Amount is now allocated at the Subsidiary
level, and is presented in the Group\u2019s \ufb01nancial statements as part of the Non-Controlling Interest. The sole New Performance Allocation Share is held
by RTW Venture Performance LLC. As at 31 December 2024, there were no Performance Allocation Shares of the Company in issue (31 December
2023: nil) and one New Performance Allocation Share of the Subsidiary in issue (31 December 2023: one).
New Performance Allocation Shares of the Subsidiary carry the right to receive, and participate in, any dividends or other distributions of the
Subsidiary available for dividend or distribution. New Performance Allocation Shares are not entitled to receive notice of, to attend or to vote at
general meetings of the Company or the Subsidiary.
For all share classes, subject to compliance with the solvency test set out in the Companies Law, the Board may declare and pay such annual or
interim dividends and distributions as appear to be justi\ufb01ed by the position of the Group. The Board may, in relation to any dividend or distribution,
direct that the dividend or distribution shall be satis\ufb01ed wholly or partly by the distribution of assets, and in particular of paid-up shares or reserves
of any nature as approved by the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfTransactionsWithRelatedParty_D602754440_CY": {
"value": "10. Related party transactions
Management Fee
The Investment Manager receives a monthly management fee, in advance, as of the beginning of each month in an amount equal to 0.104% (1.25% per
annum) of the net assets of the Group (the \"Management Fee\"). For purposes of determining the Management Fee, private investments will be valued
at the fair value. The Management Fee will be prorated for any period that is less than a full month. The Management Fees charged for the year ended
31 December 2024 amounted to $7,611,701 (year ended 31 December 2023: $4,269,757) of which $nil (31 December 2023: $nil) was outstanding at the
year end.
Performance Allocation
The Performance Allocation Share held by RTW Venture Performance LLC was surrendered in exchange for a New Performance Allocation Share
issued by the Subsidiary. The New Performance Allocation Share issued by the Subsidiary has identical terms to the original Performance Allocation
Share issued by the Company.
In respect of each Performance Allocation Period, the Performance Allocation Amount shall be allocated at the Subsidiary level and disclosed on the
Group\u2019s \ufb01nancial statements within the Non-Controlling Interest, subject to the satisfaction of a hurdle condition.
The Performance Allocation Amount relating to the Performance Allocation Period, which is calculated solely at the Subsidiary, is an amount equal to:
((A-B) x C) x 20 per cent.
where:
A is the Adjusted Net Asset Value per Ordinary Share on the Calculation Date, adjusted by:
adding back (i) the total net Distributions (if any) per Ordinary Share (whether paid, or declared but not yet paid) during the Performance
Allocation Period; and (ii) any accrual for the Performance Allocation for the current Performance Allocation Period re\ufb02ected in the Net Asset
Value per Ordinary Share; and deducting any accretion in the Net Asset Value per Ordinary Share resulting from either the issuance of Ordinary
Shares at a premium or the repurchase or redemption of Ordinary Shares at a discount during the Performance Allocation Period;
B is the Adjusted Net Asset Value per Ordinary Share at the start of the Performance Allocation Period; and
C is the time weighted average number of Ordinary Shares in issue during the Performance Allocation Period.
The Hurdle Amount represents an 8 per cent. annualised compounded rate of return in respect of the Adjusted Net Asset Value per Ordinary Share
from the start of the initial Performance Allocation Period through the then current Performance Allocation Period.
The Performance Allocation Share Class can elect to receive the Performance Allocation Amount in Ordinary Shares, cash, or a mixture of the two,
subject to a minimum 50% as Ordinary Shares. The Performance Allocation Share Class entered into a letter agreement dated 21 April 2020,
pursuant to which the Performance Allocation Share Class agreed to defer distributions of Ordinary Shares that would otherwise be distributed to
the Performance Allocation Share Class no later than 30 business days after the publication of the Group\u2019s audited annual consolidated \ufb01nancial
statements. Under that letter agreement, such Ordinary Shares shall be distributed to the Performance Allocation Share Class at such time or times
as determined by the Boards of Directors of the Group.
The Group will increase or decrease the amount owed to the Performance Allocation Share Class based on its investment exposure to the Group\u2019s
performance had such Performance Ordinary Shares been so issued. The Performance Allocation Amount for the year ended 31 December 2024
includes the residual, undistributed Performance Allocation Amounts from prior years that were previously converted into a total of 14,228,208
Notional Ordinary Shares. These Notional Ordinary Shares are subject to market risk alongside the Ordinary Shares and incurred a mark to market
loss of $1,259,780 in 2024 (31 December 2023: mark to market gain of $5,137,836), which is included in Performance Allocation within the consolidated
statement of changes in net assets. There was a reversal of uncrystallized performance allocation from Ordinary Shareholders to the Performance
Allocation Share Class of $2,756,842 related to the Group\u2019s performance in the period (31 December 2023: allocation of $2,756,842). The Performance
Allocation Amount was not adjusted in relation to the Ordinary Shares issued related to the Arix transaction (as set out within Note 9).
Until the Group makes a distribution of Ordinary Shares to the Performance Allocation Share Class, the Group will have an unsecured discretionary
obligation to make such distribution at such time or times as the Board of Directors of the Group determines. RTW Venture Performance LLC has
agreed to the deferral of the distributions of the Subsidiary\u2019s Ordinary Shares in connection with its own tax planning. The Group does not believe that
the deferral of such distributions to the Performance Allocation Share Class will have any negative e\ufb00ects on holders of Ordinary Shares.
RTW Venture Performance LLC, an a\ufb03liate of the Investment Manager is a member of the Performance Allocation Share Class and will therefore receive
a proportion of the Performance Allocation Amount. For the year ended 31 December 2024, the Board did not approve a cash distribution to the
Performance Allocation Share Class (year ended 31 December 2023: $nil). At the year end the Performance Allocation Share Class of the Subsidiary is
re\ufb02ected within the Non-Controlling Interest balance of $25,722,524 (31 December 2023: $29,739,146).
The Investment Manager is also refunded any research costs incurred on behalf of the Group.
On 6 July 2023, the Group signed a $25,000,000 commitment to 4010 Royalty Fund, a private fund created and managed by RTW Investments, LP. The
Group subsequently funded $23,892,852 of this commitment on 20 July 2023, had $13,544,146 of capital returned on 1 October 2024 and had a remaining
commitment of $14,651,294 at 31 December 2024 (31 December 2023: $1,107,148). No management or performance fees are charged to the Group at the
4010 Royalty Fund.
Director fees and interests
One of the Directors of the Group, Stephanie Sirota, is also a partner and the Chief Business O\ufb03cer of the Investment Manager.
As at 31 December 2024, the number of Ordinary Shares held by each Director was as follows:
| 2024 | 2023 |
| Number of | |
| Ordinary Shares | |
| | Number of |
| | Ordinary Shares |
| William Simpson | 200,000 | 200,000 |
| Paul Le Page | 128,000 | 128,000 |
| William Scott | 400,000 | 350,000 |
| Nicola Blackwood | \u2013 | N/A |
| Stephanie Sirota | 1,010,000 | 1,010,000 |
Roderick Wong is a major shareholder and a member of the Investment Manager. Roderick Wong serves on the boards of the following investments:
Rocket, Corxel Pharmaceuticals (formerly Ji Xing Pharmaceuticals Ltd.), HSA2 Holdings, LLC and Yarrow Biotechnology. As at 31 December 2024, he
held 49,643,313 Ordinary Shares in the Group (14.79% of the Ordinary Shares in issue) (31 December 2023: 29,593,872, 14.10% of the Ordinary Shares
in issue).
The total Directors\u2019 fees expense for the year amounted to $262,477 (31 December 2023: $177,011) of which $71,029 was outstanding at 31 December
2024 (31 December 2023: $50,369) and is included within accrued expenses.
All of the Directors of the Company are also directors of the Subsidiary. Each has served since the Subsidiary\u2019s incorporation on 23 November 2022,
except Baroness Blackwood, who was appointed a director of the Subsidiary alongside her appointment as director of the Company on 11 July 2024.
Stephanie Sirota is also a director of the UK Subsidiary.
Incubated Companies
The Group invests in RTW incubated companies. Incubated companies are those portfolio companies that are formed and supported by RTW
(\u201cIncubated Companies\u201d). Incubated Companies generally are small, emerging companies that are unseasoned, unpro\ufb01table and/or have no established
operating history or earnings. These companies may also lack technical, marketing, \ufb01nancial and other resources or may be dependent upon the
success of one product or service or the e\ufb00ectiveness of RTW and its management team.
Employees of RTW and employees of certain RTW a\ufb03liates are expected to serve as executives, o\ufb03cers, directors, members, consultants or
employees of such companies. These individuals are eligible for compensation in the Incubated Companies in the form of founder shares or other
forms of company securities. Certain RTW employees who perform speci\ufb01c executive functions for such Incubated Companies may also receive cash
compensation directly or indirectly from those companies. For the avoidance of doubt, these employees do not receive such compensation from both
RTW and the Incubated Company. These employees receive 100% of their compensation from RTW and RTW charges back to the Incubated Company
for the applicable percentage of their time spent on executive functions at the Incubated Company. Employees of RTW and employees of certain RTW
a\ufb03liates may also receive compensation in the form of stock options or other securities from certain Incubated Companies in connection with their
delivery of speci\ufb01ed products, research and consulting services. RTW believes this is an e\ufb00ective way to align incentives and motivate employees, while
reducing the \ufb01nancial burden on the newly Incubated Companies by minimizing the need to hire external employees.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfTransactionsWithRelatedParty",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory_E60_CY": {
"value": "11. Administrative services
Altum (Guernsey) Limited (previously named Elysium Fund Management Limited (\u201cAltum\u201d)) serves as Administrator to the Group, providing
administration, corporate secretarial, corporate governance and compliance services. Morgan Stanley Fund Services USA LLC (\u201cMSFS\u201d) serves as the
Group\u2019s Sub-Administrator.
During the year ended 31 December 2024, Altum and MSFS charged administration fees of $388,732 and $360,917 respectively (31 December 2023:
Altum charged $421,468 (including $212,000 (GBP165,000) in respect of one-o\ufb00 work and compensation for work performed in prior years) and MSFS
charged $251,954), of which a prepayment of $5,693 and an accrual of $105,860 (31 December 2023: Altum $18,465, MSFS $94,250) were outstanding
at 31 December 2024, and were included within accrued expenses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_rtw_DisclosureOfFinancialHighlightsExplanatory_D1287905905_CY": {
"value": "12. Financial highlights
Financial highlights for the year ended 31 December 2024 and 31 December 2023 are as follows:
| 2024 | 2023 |
| Per Ordinary Share operating performance | | |
| Net Asset Value, beginning of year | $ 1.90 | $ 1.54 |
| Cost of issuance of Ordinary Shares | (0.23) | \u2013 |
| Share buybacks | 0.03 | \u2013 |
| Income from investments | | |
| Net investment income/(loss) | (0.03) | (0.02) |
| Net realised and unrealised gain/(loss) on securities, derivatives and foreign currency transactions | 0.13 | 0.42 |
| Income/(loss) attributable to Non-Controlling Interest | 0.01 | (0.04) |
| Total from investment operations | 0.11 | 0.36 |
| Net Asset Value, end of year | $1.81 | $1.90 |
| Total return | | |
| Total return before Performance Allocation | (5.25) % | 24.27 % |
| Performance Allocation (excluding mark to market) | 0.62 % | (0.80) % |
| Total return after Performance Allocation | (4.63) % | 23.47 % |
| Ratios to average net assets* | | |
| Expenses | 2.78 % | 2.58 % |
| Performance Allocation (including mark to market) | (0.66) % | 2.28 % |
| Expenses and Performance Allocation | 2.12 % | 4.86 % |
| Net investment income/(loss) | (1.44) % | (1.38) % |
| NAV total return for the year | (4.63) % | 23.47 % |
* Ratios are not annualised.
Financial highlights are calculated for Ordinary Shares. An individual shareholder\u2019s \ufb01nancial highlights may vary based on the timing of capital share
transactions. Net investment income/loss does not re\ufb02ect the e\ufb00ects of the Performance Allocation.
",
"dimensions": {
"concept": "rtw:DisclosureOfFinancialHighlightsExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory_D24511469_CY": {
"value": "12. Financial highlights
Financial highlights for the year ended 31 December 2024 and 31 December 2023 are as follows:
| 2024 | 2023 |
| Per Ordinary Share operating performance | | |
| Net Asset Value, beginning of year | $ 1.90 | $ 1.54 |
| Cost of issuance of Ordinary Shares | (0.23) | \u2013 |
| Share buybacks | 0.03 | \u2013 |
| Income from investments | | |
| Net investment income/(loss) | (0.03) | (0.02) |
| Net realised and unrealised gain/(loss) on securities, derivatives and foreign currency transactions | 0.13 | 0.42 |
| Income/(loss) attributable to Non-Controlling Interest | 0.01 | (0.04) |
| Total from investment operations | 0.11 | 0.36 |
| Net Asset Value, end of year | $1.81 | $1.90 |
| Total return | | |
| Total return before Performance Allocation | (5.25) % | 24.27 % |
| Performance Allocation (excluding mark to market) | 0.62 % | (0.80) % |
| Total return after Performance Allocation | (4.63) % | 23.47 % |
| Ratios to average net assets* | | |
| Expenses | 2.78 % | 2.58 % |
| Performance Allocation (including mark to market) | (0.66) % | 2.28 % |
| Expenses and Performance Allocation | 2.12 % | 4.86 % |
| Net investment income/(loss) | (1.44) % | (1.38) % |
| NAV total return for the year | (4.63) % | 23.47 % |
* Ratios are not annualised.
Financial highlights are calculated for Ordinary Shares. An individual shareholder\u2019s \ufb01nancial highlights may vary based on the timing of capital share
transactions. Net investment income/loss does not re\ufb02ect the e\ufb00ects of the Performance Allocation.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact_ifrs-full_ExplanationOfMaterialEventsSubsequentToEndOfInterimPeriodThatHaveNotBeenReflected_D1097088810_CY": {
"value": "13. Subsequent events
From 31 December 2024 to the date of approval of these consolidated \ufb01nancial statements, the Company bought back 950,000 Ordinary Shares at an
average price of $1.26 for a total cost of $1,199,347, including transaction costs of $1,811. At the point of signing these consolidated \ufb01nancial
statements, all 950,000 of the Ordinary Shares were held as treasury shares.
On 14 February 2025, William Simpson purchased an additional 40,000 Ordinary Shares taking his total holding to 240,000 Ordinary Shares,
representing 0.07% of issued share capital. On 24 February 2025, Rod Wong further increased his shareholding to 50,356,880, representing 15.04%
of issued share capital.
These consolidated \ufb01nancial statements were approved by the Board of Directors on 28 March 2025. Subsequent events have been evaluated through
this date.
",
"dimensions": {
"concept": "ifrs-full:ExplanationOfMaterialEventsSubsequentToEndOfInterimPeriodThatHaveNotBeenReflected",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"ifrs-full_AddressOfRegisteredOfficeOfEntity_E8_CY": {
"value": "1st Floor, Royal ChambersSt Julian\u2019s AvenueSt Peter PortGuernseyGY1 3JX",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300Q7EXQQH6KF7Z84",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}