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Nature of operations and summary of significant 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 of the London Stock Exchange (the former standard and premium listing segments of the London Stock Exchange Main Market were consolidated into a single segment on 29 July 2024) with the additional ticker symbol: RTWG denoting the Sterling price. The RTWG ticker was consolidated into the USD line effective October 2024 and the Company ceased trading under the GBP quote. The original ticker, RTW, continues to denote the US Dollar price. In 2022, the Company transferred its right to the profits 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 effected 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 Note 9. On 15 April 2025, the UK Subsidiary was placed into liquidation and it is currently in the process of being wound up. On 28 March 2025, the UK Subsidiary transferred its ownership in Arix Bioscience Holdings Limited (\u201cABHL\u201d) to the Subsidiary. ABHL is a wholly owned subsidiary of the Subsidiary which was acquired as part of the Arix Bioscience plc acquired entities. In April 2025, the Subsidiary formed RTW Biotech ALI LLC (the \u201cSPV\u201d), a Delaware limited liability company. The Subsidiary is the sole member of the SPV, which serves as an intermediate blocker to manage the Subsidiary\u2019s tax exposure. All the income and gains/losses will be allocated or distributed to the SPV. All the income and expenses of the SPV are consolidated with the income and expenses of the Company. 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 profits) 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\u2019s 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 financial statements are expressed in United States Dollars. The consolidated financial 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 Codification 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 financial 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 financial statements include the accounts of the Company consolidated with the accounts of the Subsidiary, ABHL and the SPV. All inter-group balances have been eliminated upon consolidation. The Subsidiary is incorporated in Guernsey, the UK Subsidiary and ABHL are incorporated in the United Kingdom, and the SPV is incorporated in Delaware. On 15 April 2025, the UK Subsidiary was placed into liquidation and it is currently in the process of being wound up. The Group deconsolidated the UK Subsidiary as of that date. The consolidated statement of assets and liabilities as at 31 December 2025 does not include the assets and liabilities of the UK Subsidiary. Non-Controlling Interest An affiliate 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 2025, US$10,421,052 of the total income of US$38,620,865 attributable to the Non-Controlling Interest was comprised of mark to market movements of Notional Ordinary Shares (31 December 2024: US$1,259,780 of the total loss of US$4,016,622), with US$28,199,813 of the income related to an allocation of uncrystallized performance allocation from Ordinary Shareholders to the Performance Allocation Share Class (31 December 2024: reversal of US$2,756,842). Cash, cash equivalents, and restricted cash Cash represents cash deposits held at financial institutions. Cash equivalents include short-term highly liquid investments of sufficient 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 2025 and 31 December 2024, 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 specified 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 definition and hierarchy Fair value is defined 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 significant 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 significant 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 affected 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 different 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 significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific 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 reclassified 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 financing 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 different potential outcomes (e.g. IPO, round of financing, 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 financial 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
financing. 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 financing 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 2025, 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 2025, 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.
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 different from the net asset value of the investment .
Private investment in public equity Private investment in public equity (\u201cPIPE\u201d) cannot be offered 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 significant inputs used to determine liquidity discounts are unobservable, PIPE may be categorized in Level 3 of the fair value hierarchy. As of 31 December 2025, these investments are categorised in Level 2 of the fair value hierarchy and are recognised as warrants within the Schedule of Investments. Revenue-Based Financing Agreement These represent structured, non-dilutive financing 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 specific to each revenue based financing investment and are present valued based on a discount rate based on the prime rate adjusted for additional investment-specific risk that aligns to the debt-like nature of the projected cash \ufb02ows specific to the Group. As of 31 December 2025, 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 2025, these investments are categorised in Level 3 of the fair value hierarchy. Forward contracts The Group trades forward contracts on foreign currencies. The fair value of these instruments is determined based on the terms of the contract and by measuring the difference between the forward foreign exchange rates at various contractual dates and the last day of the reporting period. As of 31 December 2025, forward contracts are categorised in Level 2 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 findings to recalibrate its valuation procedures. On a regular basis, the Group engages the services of third-party valuation firms, 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 effect 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 difference 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 specific identification 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\u2019s understanding of the applicable country\u2019s rules and rates. Offsetting 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 offset the recognised amounts and intends to settle on a net basis. The Group has elected not to offset 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 2025, the Group had cash collateral receivables of US$30,045,495 (31 December 2024: US$23,390,565) (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 (2024: GBP 1,600). 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 benefits 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 benefit to recognise in the Group\u2019s consolidated financial 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 benefits 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 benefits will significantly change in the next twelve months. The Company, UK Subsidiary, Subsidiary, ABHL and SPV each file 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 benefits as of 31 December 2025 or 31 December 2024. The Group does not expect that its assessment regarding unrecognised tax benefits will materially change over the next twelve months. However, the Group\u2019s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, the nexus of income among various tax jurisdictions, compliance with U.S. federal, U.S. state and foreign tax laws, and changes in the administrative practices and precedents of the relevant taxing authorities. Use of estimates Preparing consolidated financial 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 financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-188": { "value": "RTW Biotech Opportunities Ltd", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-190": { "value": "publicly listed", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-189": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-191": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-192": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-194": { "value": "
Non-Controlling Interest
An affiliate 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 2025, US$10,421,052 of the total income of US$38,620,865 attributable to the Non-Controlling
Interest was comprised of mark to market movements of Notional Ordinary Shares (31 December 2024: US$1,259,780 of the total loss of
US$4,016,622), with US$28,199,813 of the income related to an allocation of uncrystallized performance allocation from Ordinary Shareholders to the
Performance Allocation Share Class (31 December 2024: reversal of US$2,756,842).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-195": { "value": "
Cash, cash equivalents, and restricted cash
Cash represents cash deposits held at financial institutions. Cash equivalents include short-term highly liquid investments of sufficient 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 2025 and 31 December 2024, 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 specified 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-196": { "value": "Fair value \u2013 definition and hierarchy Fair value is defined 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 significant 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 significant 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 affected 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 different 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 significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific 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 reclassified 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 financing 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 different potential outcomes (e.g. IPO, round of financing, 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 financial 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 financing. 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 financing 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 2025, 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 2025, 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. 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 different from the net asset value of the investment
Private investment in public equity
Private investment in public equity (\u201cPIPE\u201d) cannot be offered 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 significant inputs used to determine liquidity discounts are unobservable, PIPE may be
categorized in Level 3 of the fair value hierarchy. As of 31 December 2025, these investments are categorised in Level 2 of the fair value hierarchy and
are recognised as warrants within the Schedule of Investments.
Revenue-Based Financing Agreement
These represent structured, non-dilutive financing 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 specific to each revenue based financing
investment and are present valued based on a discount rate based on the prime rate adjusted for additional investment-specific risk that aligns to the
debt-like nature of the projected cash \ufb02ows specific to the Group. As of 31 December 2025, 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 2025, these investments are categorised in Level 3 of the fair value hierarchy.
Forward contracts
The Group trades forward contracts on foreign currencies. The fair value of these instruments is determined based on the terms of the contract and
by measuring the difference between the forward foreign exchange rates at various contractual dates and the last day of the reporting period. As of 31
December 2025, forward contracts are categorised in Level 2 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 findings to recalibrate its valuation procedures.
On a regular basis, the Group engages the services of third-party valuation firms, 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-197": { "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 effect 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 difference 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-198": { "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
specific identification 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\u2019s understanding of the applicable country\u2019s rules and rates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-199": { "value": "Offsetting 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 offset the recognised amounts and intends to settle on a net basis. The Group has elected not to offset 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 2025, the Group had cash collateral receivables of US$30,045,495 (31 December 2024: US$23,390,565) (see Note 3) with derivative counterparties under the same master netting arrangement", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-200": { "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 (2024: GBP 1,600). 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 benefits 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 benefit to recognise in the Group\u2019s consolidated financial 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 benefits 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 benefits will significantly change in the next twelve months. The Company, UK Subsidiary, Subsidiary, ABHL and SPV each file 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 benefits as of 31 December 2025 or 31 December 2024. The Group does not expect that its assessment regarding unrecognised tax benefits will materially change over the next twelve months. However, the Group\u2019s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, the nexus of income among various tax jurisdictions, compliance with U.S. federal, U.S. state and foreign tax laws, and changes in the administrative practices and precedents of the relevant taxing authorities", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-201": { "value": "
Use of estimates
Preparing consolidated financial 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 financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ
from those estimates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-202": { "value": "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 significant 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 2025: Level 1 Level 2 Level 3
Investments
measured at net
asset value*
To t a l
Assets (at fair value)
Investments in securities
Common stocks
509,067,691
243,678
8,504,836
\u2013
517,816,205
Convertible preferred stocks
\u2013
\u2013
178,632,880
\u2013
178,632,880
American depository receipts
64,182,651
\u2013
\u2013
\u2013
64,182,651
Investment in private investment companies
\u2013
\u2013
\u2013
20,017,665
20,017,665
Convertible notes
\u2013
\u2013
13,650,919
\u2013
13,650,919
Revenue based financing agreement
\u2013
\u2013
17,215
\u2013
17,215
Total investments in securities
573,250,342
243,678
200,805,850
20,017,665
794,317,535
Derivative contracts
Equity swaps
\u2013
74,416,410
\u2013
\u2013
74,416,410
Warrants
260
55,715,685
20,372
\u2013
55,736,317
Contingent value rights
\u2013
\u2013
16,639,322
\u2013
16,639,322
Total derivative contracts
260
130,132,095
16,659,694
\u2013
146,792,049
573,250,602
130,375,773
217,465,544
20,017,665
941,109,584
Liabilities (at fair value)
Securities sold short
Common stocks
155,635,512
\u2013
\u2013
\u2013
155,635,512
American depository receipts
4,917,133
\u2013
\u2013
\u2013
4,917,133
Total securities sold short
160,552,645
\u2013
\u2013
\u2013
160,552,645
Derivative contracts
Equity swaps
\u2013
2,601,035
\u2013
\u2013
2,601,035
Total derivative contracts
\u2013
2,601,035
\u2013
\u2013
2,601,035
160,552,645
2,601,035
\u2013
\u2013
163,153,680
* 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 2024:
Level 1 Level 2 Level 3
Investments
measured at net
asset value*
To t a 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 financing 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 tables summarise the valuation techniques and significant unobservable inputs used for the Group\u2019s investments that are categorised
within Level 3 of the fair value hierarchy as of 31 December 2025 and 31 December 2024:
Fair value at
31 December 2025
Valuation techniques
Significant unobservable inputs
Range of inputs
Assets (at fair value)
Investments in securities
Convertible preferred stocks
103,721,382
Recent transaction price
n/a
n/a
50,424,442
Probability-weighted expected
Market step-up multiple 0.8x \u2013 1.4x
return method (\u201cPWERM\u201d) Market rate of returns 0% \u2013 30%
24,483,870
Discounted cash \ufb02ow
WACC
10.5% \u2013 32.3%
and/or market approach
Revenue multiples
4.0x
Market rate of returns
(12.5%) \u2013 10%
3,186
Liquidation value
n/a
n /a
Convertible notes
13,009,142
PWERM
Discount rate
6.3% \u2013 31.4%
Market step-up multiple 0.9x \u2013 1.2x
Market rate of returns
30%
Expected volatility
60%
587,896
Recent transaction price
n/a
n/a
53,881
Liquidation value
n/a
n/a
Common stocks
8,043,732
Discounted cash \ufb02ow
EBITDA multiples
2.5x \u2013 5.0x
and/or market approach
Revenue multiples
0.4x \u2013 1.7x
Market rate of returns
(30%)
376,774
PWERM
Market step-up multiple
0.9x \u2013 1.2x
Market rate of returns 30%
84,330
Liquidation value
n/a
n/a
Revenue interest financing
17,215
PWERM
Discount rate
32%
Total investments in securities
200,805,850
Derivative contracts
Contingent value rights
11,230,324
PWERM
Market step-up multiple
0.9x \u2013 1.2x
5,408,998
Recent transaction price
n/a
n/a
Warrants
20,372
PWERM
Expected volatility
33%
Total derivative contracts
16,659,694
Fair value at
31 December 2024
Valuation techniques
Significant 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
WACC 10% \u2013 20%
return method (\u201cPWERM\u201d) Revenue multiples 4.0x
Market step-up multiple 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
PWERM
Market step-up multiple
0.9x \u2013 1.2x
Market Rate of Returns 5% \u2013 5%
Revenue interest financing
174,613
Discounted cash \ufb02ow
WACC
28% \u2013 28%
and/or market approach
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
Expected volatility
and/or market approach 40%
and option pricing model
Total derivative contracts
2,523,045
The significant 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 classified 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 2025 were as follows:
Change in
Balance beginning Realised gains/ Unrealised gains/ Transfers into/ Ending balance
1 January 2025
(losses)
(a)
(losses)
(a)
Purchases
Sales
(from) Level 3
(b)
31 December 2025
Assets (at fair value)
Investments in securities
Common stocks
1,457,470
(2,961,941)
3,109,310
6,899,997
\u2013
\u2013
8,504,836
Convertible preferred stocks
164,325,035
\u2013
(41,550,650)
46,465,164
\u2013
9,393,331
178,632,880
Convertible notes
32,744,748
\u2013
(3,947,750)
22,349,305
\u2013
(37,495,384)
13,650,919
Revenue based financing
174,613
\u2013
(157,398)
\u2013
\u2013
\u2013
17,215
agreement
Total investments in securities
198,701,866
(2,961,941)
(42,546,488)
75,714,466
\u2013
(28,102,053)
200,805,850
Derivative contracts
Warrants
919,671
\u2013
(272,632)
\u2013
\u2013
(626,667)
20,372
Contingent value rights
1,603,374
3,891,387
3,590,347
320,283
(5,492,668)
12,726,599
16,639,322
Total derivative contracts
2,523,045
3,891,387
3,317,715
320,283
(5,492,668)
12,099,932
16,659,694
Changes in Level 3 assets and liabilities measured at fair value for the year ended 31 December 2024 were as follows:
Change in
Balance beginning Realised gains/ Unrealised gains/ Transfers into/ Ending balance
1 January 2024
(losses)
(a)
(losses)
(a)
Purchases
Sales
(from) Level 3
(b)
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 financing
\u2013
\u2013
13,882
160,731
\u2013
\u2013
174,613
agreement
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
(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 convertible preferred stock, convertible notes and warrants into common stock due to IPO or other realisation event.
Changes in Level 3 unrealised gains and losses during the year for assets still held at year end were as follows:
2025
2024
Common stocks
262,765
(8,477,436)
Convertible notes
(2,797,852)
(570,999)
Convertible preferred stocks
(38,696,386)
32,081,173
Revenue Based Financing Agreement
(157,398)
13,882
Contingent value rights
3,893,328
430,401
Warrants
121
221,386
Change in unrealised gains and losses during the year for assets still held at year end
(37,495,422)
23,698,407
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:
2025
2024
Realised gains
206,436,926
96,931,839
Realised losses
(83,243,543)
(60,671,005)
Net realised gain on securities, derivative contracts and securities sold short
123,193,383
36,260,834
2025
2024
Change in unrealised gains
344,201,287
190,826,387
Change in unrealised losses
(235,955,192)
(184,163,957)
Net change in unrealised gain/(loss) on securities, derivative contracts and securities sold short
108,246,095
6,662,430
As at 31 December 2025, the Group had commitments (subject to completion of certain parameters) to certain investments totalling US$58,477,506
(31 December 2024: US$22,390,694), of which the largest commitment was a US$28,866,620 commitment to Corxel (31 December 2024:
US$14,651,294 commitment to the 4010 Royalty Fund).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-203": { "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 2025, due from brokers totalled US$120,003,965 (31 December 2024: US$27,990,478). Included within due from brokers is
US$89,958,470 (31 December 2024: US$4,599,913) which can be used for investment. The Group pledged cash collateral to counterparties to
over-the-counter derivative contracts of US$30,045,495 (31 December 2024: US$23,390,565) 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, UBS AG, Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, Jefferies
& Co., J.P. Morgan Securities, LLC and TD Securities Inc. (formerly Cowen Financial Products LLC). The Group is subject to credit risk to the extent
any broker with which it conducts business is unable to fulfil contractual obligations on its behalf. The Group\u2019s management monitors the financial
condition of such brokers and does not anticipate any losses from these counterparties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-204": { "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 classified 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 effects 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 specified 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 benefits contingent upon the occurrence of specific future events, such as regulatory approvals, milestones
related to product development or commercialization, or the achievement of certain financial targets. Contingent value rights are subject to the
uncertainty of payout, as their value hinges on the occurrence of specific events. The Group considers the uncertainty when determining the fair value
of its investments in contingent value rights.
Forward contracts
The Group enters into forwards to hedge itself against foreign currency exchange rate risk for its foreign currency denominated assets and liabilities
due to adverse foreign currency \ufb02uctuations against the U.S. Dollar.
Forward currency transactions are contracts or agreements for delayed delivery of specific currencies in which the seller agrees to make delivery at a
specified future date of specified currencies. Risks associated with forward currency contracts are the inability of counterparties to meet the terms
of their respective contracts and movements in exchange rates.
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 2025:
2025
2024
Long exposure Short exposure Long exposure Short exposure
Primary underlying risk Notional amounts Notional amounts Notional amounts Notional amounts
Equity price
Equity swaps
109,919,733
44,785,146
60,394,443
30,266,515
Warrants
(a)
74,296,609
\u2013
92,282,619
\u2013
Contingent value rights
1,688,645
\u2013
2,070,315
\u2013
185,904,987
44,785,146
154,747,377
30,266,515
(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 2025 and 31 December 2024. The following table also identifies 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 2025 and 31 December 2024.
2025
Change in
Derivative Realised gain/ unrealised gain/
Primary underlying risk Derivative assets liabilities (loss) (loss)
Equity price
Warrants
55,736,317
\u2013
(3,169)
(10,761,288)
Equity swaps
74,416,410
2,601,035
11,297,068
59,088,315
Contingent value rights
16,639,322
\u2013
3,891,387
546,553
Foreign currency exchange rate
Forward contracts
\u2013
\u2013
585
\u2013
146,792,049
2,601,035
15,185,871
48,873,580
2024
Change in
Derivative Realised gain/ unrealised gain/
Primary underlying risk Derivative assets liabilities (loss) (loss)
Equity price
Equity swaps
88,047,316
\u2013
(19,829)
27,075,679
Warrants
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-205": { "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 2025 and 31 December 2024, 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 financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-206": { "value": "
6. Offsetting assets and liabilities
The Group is required to disclose the impact of offsetting assets and liabilities represented in the consolidated statement of assets and liabilities to
enable users of the consolidated financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for
recognised assets and liabilities. These recognised assets and liabilities are financial instruments and derivative instruments that are either subject to
an enforceable master netting arrangement or similar agreement or meet the following right of setoff criteria: the amounts owed by the Group to
another party are determinable, the Group has the right to offset the amounts owed with the amounts owed by the other party, the Group intends to
offset and the Group\u2019s right of setoff is enforceable by law.
As of 31 December 2025 and 31 December 2024, the Group held financial instruments and derivative instruments that were eligible for offset 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 offset assets and liabilities in the consolidated statement of assets and liabilities. The following
table presents the potential effect of netting arrangements for asset derivative contracts presented in the consolidated statement of assets and
liabilities:
Gross amounts not offset in the 31 December 2025
Gross amounts offset consolidated statement of assets and liabilities
in the consolidated
Gross amounts of statement of assets Gross amounts of Cash collateral Financial
Description recognised assets and liabilities recognised assets
received
(b)
instruments
(a)
Net amount
Equity swaps
TD Securities Inc. (f.k.a. Cowen)
52,486,609
\u2013
52,486,609
\u2013
(534,760)
51,951,849
Morgan Stanley & Co. LLC
12,485,503
\u2013
12,485,503
\u2013
(56,350)
12,429,153
Jefferies & Co.
7,595,750
\u2013
7,595,750
\u2013
(247,502)
7,348,248
Bank of America Merrill Lynch
1,848,548
\u2013
1,848,548
\u2013
(1,432,015)
416,533
74,416,410
\u2013
74,416,410
\u2013
(2,270,627)
72,145,783
Gross amounts not offset in the 31 December 2024
Gross amounts offset consolidated statement of assets and liabilities
in the consolidated
Gross amounts of statement of assets Gross amounts of Cash collateral Financial
Description recognised assets and liabilities recognised assets
received
(b)
instruments
(a)
Net amount
Equity swaps
Cowen Financial Products, LLC
11,004,397
\u2013
11,004,397
\u2013
(3,666,923)
7,337,474
Morgan Stanley & Co. LLC
5,639,240
\u2013
5,639,240
\u2013
(2,056,637)
3,582,603
Bank of America Merrill Lynch
3,411,345
\u2013
3,411,345
\u2013
(49)
3,411,296
Jefferies & Co.
471,500
\u2013
471,500
\u2013
(471,500)
\u2013
20,526,482
\u2013
20,526,482
\u2013
(6,195,109)
14,331,373
(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 offsetting accounting guidance but were not offset 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 offsetting accounting guidance. The collateral amounts may exceed the related net amounts of financial
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
financial assets and liabilities with that counterparty.
The following tables present the potential effect of netting arrangements for liability derivative contracts presented in the consolidated statement of
assets and liabilities as of 31 December 2025 and 31 December 2024:
Gross amounts not offset in the 31 December 2025
Gross amounts offset consolidated statement of assets and liabilities
Gross amounts of in the consolidated Gross amounts of
recognised statement of assets recognised Cash collateral Financial
Description liabilities and liabilities liabilities
pledged
(b)
instruments
(a)
Net amount
Equity swaps
Bank of America Merrill Lynch
1,432,015
\u2013
1,432,015
\u2013
(1,432,015)
\u2013
TD Securities Inc. (f.k.a. Cowen)
534,760
\u2013
534,760
\u2013
(534,760)
\u2013
Jefferies & Co.
247,502
\u2013
247,502
\u2013
(247,502)
\u2013
J.P. Morgan Securities, LLC
186,914
\u2013
186,914
\u2013
\u2013
186,914
Goldman Sachs
143,494
\u2013
143,494
\u2013
\u2013
143,494
Morgan Stanley & Co. LLC
56,350
\u2013
56,350
\u2013
(56,350)
\u2013
2,601,035
\u2013
2,601,035
\u2013
(2,270,627)
330,408
Gross amounts not offset in the 31 December 2024
Gross amounts offset consolidated statement of assets and liabilities
Gross amounts of in the consolidated Gross amounts of
recognised statement of assets recognised Cash collateral Financial
Description liabilities and liabilities liabilities
pledged
(b)
instruments
(a)
Net amount
Equity swaps
Cowen Financial Products, LLC
3,666,923
3,666,923
\u2013
(3,666,923)
\u2013
Jefferies & Co.
2,069,804
\u2013
2,069,804
(1,598,304)
(471,500)
\u2013
Morgan Stanley & Co. LLC
2,056,637
\u2013
2,056,637
\u2013
(2,056,637)
\u2013
J.P. Morgan Securities, LLC
6,009
\u2013
6,009
\u2013
\u2013
6,009
Bank of America Merrill Lynch
49
\u2013
49
\u2013
(49)
\u2013
7,799,422
\u2013
7,799,422
(1,598,304)
(6,195,109)
6,009
(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 offsetting accounting guidance but were not offset 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 offsetting accounting guidance. The collateral amounts may exceed the related net amounts of financial
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
financial assets and liabilities with that counterparty.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-213": { "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 significant negative impact on the operations and profitability 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 effect 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 affected 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 specific asset classes; and the financial 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 profits; 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 effect 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 effect on the Group\u2019s financial condition. Portfolio Companies may not successfully translate promising scientific 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 affect 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-207": { "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 significant negative impact on the operations and profitability 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 effect 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 affected 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 specific asset classes; and the financial 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 profits; 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 effect 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 effect on the Group\u2019s financial condition. Portfolio Companies may not successfully translate promising scientific 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 affect 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 would 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\u2019s 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 diversification 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 financial 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 financial institution with which it conducts business is unable to fulfil contractual obligations on its behalf. Management monitors the financial condition of such financial 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 effort 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 financial commitments as they fall due. The Group\u2019s unquoted investments may have limited or no secondary market liquidity so the Investment Manager maintains a sufficient 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 confidential 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 affect, 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 financially 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-214": { "value": "Concentration risk The Group may not make an investment or a series of investments in a Portfolio Company that would 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\u2019s 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 diversification 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 financial 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 financial institution with which it conducts business is unable to fulfil contractual obligations on its behalf. Management monitors the financial condition of such financial 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 effort to mitigate such risks, the Group will attempt to limit its transactions to counterparties which are established, well capitalised and creditworthy ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-215": { "value": "
Liquidity risk
Liquidity risk is the risk that the Group cannot meet its financial commitments as they fall due. The Group\u2019s unquoted investments may have limited or
no secondary market liquidity so the Investment Manager maintains a sufficient 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 confidential 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-216": { "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 affect, 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 financially
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-208": { "value": "9. Share capital During the year ended 31 December 2025 the Company share activity was as follows:
2025
2025
2024
2024
Number of Number of Number of Number of
Ordinary Shares Treasury Shares Ordinary Shares Treasury Shares
As at 1 January
335,713,649
10,253,791
210,635,347
1,753,791
Share issuance
\u2013
\u2013
133,578,302
\u2013
Share buyback
(9,340,000)
9,340,000
(8,500,000)
8,500,000
As at 31 December
326,373,649
19,593,791
335,713,649
10,253,791
During the year ended 31 December 2025, the Company bought back 9,340,000 (31 December 2024: 8,500,000) Ordinary Shares at an average price of US$1.35 (31 December 2024: US$1.33) for a total cost of US$12,613,508 (31 December 2024: US$11,340,306), including transaction costs of US$19,016 (31 December 2024: US$22,681). At the date of approval of these consolidated financial statements, all 19,593,791 of repurchased Ordinary Shares were held as treasury shares (31 December 2024: 10,253,791). During the year ended 31 December 2024, the Company issued 181,901,165 new shares to facilitate the acquisition of Arix Bioscience plc in an all share transaction for US$246,476,079 with associated issuance costs of US$6,473,897. Of the 181,901,165 new shares, 48,322,863, with a value of US$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. No new shares were issued during the year ended 31 December 2025. 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 financial 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 2025, there were no Performance Allocation Shares of the Company in issue (31 December 2024: nil) and one New Performance Allocation Share of the Subsidiary in issue (31 December 2024: 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 justified by the position of the Group. The Board may, in relation to any dividend or distribution, direct that the dividend or distribution shall be satisfied 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-209": { "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 \u201cManagement Fee\u201d). 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 2025 amounted to US$7,999,581 (year ended 31 December 2024: US$7,611,701) of
which US$nil (31 December 2024: US$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 financial 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 financial
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 2025
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 gain of US$10,421,052 in
2025 (31 December 2024: mark to market loss of US$1,259,780), which is included in Performance Allocation within the consolidated statement of
changes in net assets. There was an allocation of uncrystallized performance allocation from Ordinary Shareholders to the Performance Allocation
Share Class of US$28,199,813 related to the Group\u2019s performance in the period (31 December 2024: reversal of US$2,756,842).
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 effects on holders of Ordinary Shares.
RTW Venture Performance LLC, an affiliate of the Investment Manager is a member of the Performance Allocation Share Class and will therefore
receive a proportion of the Performance Allocation Amount. On 3 February 2026, the Board of RTW Biotech Opportunities Operating Ltd approved a
cash distribution of US$4,499,116 to the Performance Allocation Share Class for the year ended 31 December 2025 (year ended 31 December 2024:
US$nil), which was paid on 6 February 2026. At the year end, the Performance Allocation Share Class of the Subsidiary is re\ufb02ected within the
Non-Controlling Interest balance of US$64,343,389 (31 December 2024: US$25,722,524).
10. Related party transactions (continued)
Other related party transactions
The Investment Manager is also refunded any research costs incurred on behalf of the Group.
On 6 July 2023, the Group signed a capital commitment to 4010 Royalty Fund, a private fund created and managed by RTW Investments, LP. At 31
December 2025, US$21,057,168 of the Group\u2019s US$31,485,000 total capital commitment remained unfunded (31 December 2024: US$14,651,294 of
US$25,000,000). 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 Officer of the Investment Manager.
As at 31 December 2025, the number of Ordinary Shares held by each Director was as follows:
2025
2024
Number of Number of
Ordinary Shares Ordinary Shares
William Simpson
255,000
200,000
Paul Le Page
178,000
128,000
William Scott
400,000
400,000
Nicola Blackwood
23,373
\u2013
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, HSAC2 Holdings, LLC and Yarrow Biotechnology. As at 31 December 2025, he held 50,356,880 Ordinary Shares in the
Group (15.43% of the Ordinary Shares in issue) (31 December 2024: 49,643,313, 14.79% of the Ordinary Shares in issue).
The total Directors\u2019 fees expense for the year amounted to US$308,796 (31 December 2024: US$262,477) of which US$78,889 was outstanding at 31
December 2025 (31 December 2024: US$71,029) 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, unprofitable and/or have no established
operating history or earnings. These companies may also lack technical, marketing, financial and other resources or may be dependent upon the
success of one product or service or the effectiveness of RTW and its management team.
Employees of RTW and employees of certain RTW affiliates are expected to serve as executives, officers, 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 specific 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
affiliates may also receive compensation in the form of stock options or other securities from certain Incubated Companies in connection with their
delivery of specified products, research and consulting services. RTW believes this is an effective way to align incentives and motivate employees, while
reducing the financial burden on the newly Incubated Companies by minimizing the need to hire external employees.
During the year ended 31 December 2025, the Group entered into a purchase transaction with affiliated entities also managed by the Investment
Manager. A total purchase of US$6,900,000 was made at fair value with these related parties and was conducted on arm\u2019s length terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-210": { "value": "
11. Administrative services
Altum (Guernsey) 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 2025, Altum and MSFS charged administration fees of US$504,049 and US$304,469 respectively (31 December
2024: Altum charged US$388,732 and MSFS charged US$360,917), of which US$37,794 and US$96,185 (31 December 2024: Altum prepayment of
US$5,693, MSFS accrual of US$105,860) were outstanding at 31 December 2025, and were included within accrued expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-217": { "value": "12. Financial highlights Financial highlights for the year ended 31 December 2025 and 31 December 2024 are as follows:
2025
2024
Per Ordinary Share operating performance
Net Asset Value, beginning of year
$1.81
$1.90
Cost of issuance of Ordinary Shares
\u2013
(0.23)
Share buybacks
0.01
0.03
Income from investments
Net investment income/(loss)
0.04
(0.03)
Net realised and unrealised gain/(loss) on securities, derivatives and foreign currency transactions
0.71
0.13
Income/(loss) attributable to Non-Controlling Interest
(0.12)
0.01
Total from investment operations
0.63
0.11
Net Asset Value, end of year
$2.45
$1.81
Total return
Total return before Performance Allocation
40.51 %
(5.25) %
Performance Allocation (excluding mark to market)
(4.78) %
0.62 %
Total return after Performance Allocation
35.73 %
(4.63) %
Ratios to average net assets
Expenses
3.19 %
2.78 %
Performance Allocation (including mark to market)
5.92 %
(0.66) %
Expenses and Performance Allocation
9.11 %
2.12 %
Net investment income/(loss)
2.11 %
(1.44) %
NAV total return for the year
35.73 %
(4.63) %
Financial highlights are calculated for Ordinary Shares. An individual shareholder\u2019s financial highlights may vary based on the timing of capital share transactions. Net investment income/loss does not re\ufb02ect the effects of the Performance Allocation ", "dimensions": { "concept": "rtw:DisclosureOfFinancialHighlightsExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-211": { "value": "12. Financial highlights Financial highlights for the year ended 31 December 2025 and 31 December 2024 are as follows:
2025
2024
Per Ordinary Share operating performance
Net Asset Value, beginning of year
$1.81
$1.90
Cost of issuance of Ordinary Shares
\u2013
(0.23)
Share buybacks
0.01
0.03
Income from investments
Net investment income/(loss)
0.04
(0.03)
Net realised and unrealised gain/(loss) on securities, derivatives and foreign currency transactions
0.71
0.13
Income/(loss) attributable to Non-Controlling Interest
(0.12)
0.01
Total from investment operations
0.63
0.11
Net Asset Value, end of year
$2.45
$1.81
Total return
Total return before Performance Allocation
40.51 %
(5.25) %
Performance Allocation (excluding mark to market)
(4.78) %
0.62 %
Total return after Performance Allocation
35.73 %
(4.63) %
Ratios to average net assets
Expenses
3.19 %
2.78 %
Performance Allocation (including mark to market)
5.92 %
(0.66) %
Expenses and Performance Allocation
9.11 %
2.12 %
Net investment income/(loss)
2.11 %
(1.44) %
NAV total return for the year
35.73 %
(4.63) %
Financial highlights are calculated for Ordinary Shares. An individual shareholder\u2019s financial highlights may vary based on the timing of capital share transactions. Net investment income/loss does not re\ufb02ect the effects of the Performance Allocation .", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-212": { "value": "
13. Subsequent events
On 3 February 2026, the Board of RTW Biotech Opportunities Operating Ltd approved a cash distribution of US$4,499,116 to the Performance
Allocation Share Class for the year ended 31 December 2025 (year ended 31 December 2024: US$nil), which was paid on 6 February 2026.
From 1 January 2026 to 26 March 2026, the Company bought back 850,000 Ordinary Shares at an average price of US$1.99 for a total cost of
US$1,692,085, including transaction costs of US$2,534. At the point of signing these consolidated financial statements, all 850,000 of the Ordinary
Shares were held as treasury shares.
These consolidated financial statements were approved by the Board of Directors on 27 March 2026. Subsequent events have been evaluated through
this date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-193": { "value": "1st Floor, Royal Chambers St Julian\u2019s Avenue St Peter Port Guernsey GY1 3JX", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300Q7EXQQH6KF7Z84", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }