UPDATE (Oct 2026): In mid-2025, Syncona proposed a managed wind-down but a few months later shifted its plans to return £250m to shareholders instead, to be funded by sale proceeds from its more mature investments. It also said it would limit new investments while this process takes place, and revised its long-term incentive arrangements. In the year to March 2025, the NAV return was -9.5% followed by -0.2% in the year to March 2026. The first-quarter update to June 2026 reported a 0.0% three-month return, net assets of £1,038m including a capital pool of £171m, and NAV per share of 170.6p. At...