ARIX BIOSCIENCE PLC Investing in life changing science
Annual report and accounts 2022
Arix Bioscience plc is a global venture capital company focused on investing in breakthrough biotechnology companies to deliver superior risk-adjusted returns to shareholders.
Our Purpose
To generate superior returns for our investors and to make a tangible difference to patients' lives, by investing in a focused portfolio of innovative biotechnology companies addressing areas of high unmet need in healthcare
Our Goal
Delivery of double digit NAV growth through a diversified portfolio of biotechnology investments
Our Values and Expectations
Our values and expectations are at the heart of everything we do and form an important part of our culture.
- Integrity
- Respect
- Transparency
- Collaboration
- Discipline
- Accountability
Contents
Strategic Report | 19 | Core Portfolio | 48 | Report of the Audit and Risk | |
1 | Highlights | 23 | Public Opportunities Portfolio | Committee | |
2 | At a Glance | 24 | Financial Review | 52 | Directors' Remuneration Report |
4 | Investment Proposition | 27 | Risk Management | 69 | Directors' Report |
5 | Chairman's Statement | 32 | Our Stakeholders | ||
8 | Chief Executive Officer's Review | 34 | Sustainability | Financial Statements | |
11 | Market Insight | Corporate Governance | 73 | Independent Auditors' Report | |
12 | Our Investment Strategy | 80 | Financial Statements | ||
13 | Business Model | 36 | Corporate Governance Report | ||
14 | Our Strategic Objectives | 42 | Board of Directors | Other information | |
15 | Key Performance Indicators | 44 | Report of the Nomination | 108 Shareholder Information | |
16 | Portfolio Review | Committee | 109 Glossary | ||
18 | Broad and Rich Clinical Pipeline | ||||
Highlights
Performance snapshot
Net Asset Value (NAV)NAV per shareGross Portfolio net revaluation*
£226m | 175p | (£19m) |
2021: £255m | 2021: 198p | 2021: (£54m) |
Strategic report
Corporate governance
Business highlights
Capital raised by portfolio | ||
Realised capital | Capital pool | companies in 2022 |
£21m | £123m | $134m |
2021: £39m | 2021: £134m | 2021: $776m |
Operational highlights
- Agreement to acquire Twelve Bio by Ensoma in an all share transaction with concurrent financing which was completed in February 2023
- Reverse merger of Disc Medicine onto Nasdaq completed in December 2022, 15 months after first Arix investment
- Cost run rate below 2% of Net Asset Value
*Year on year net movement includes investments, FX, and impairment.
Financial statements
Other information
ANNUAL REPORT 2022 ARIX BIOSCIENCE PLC | 1 |
At a glance
Who we are:
Arix Bioscience plc is a global venture capital company focused on investing in breakthrough biotechnology companies.
We collaborate with experienced entrepreneurs and provide the capital, expertise and global networks to help accelerate the science they have developed into important new treatments for patients. As a listed company, we are able to bring this exciting growth phase of our industry to a broader range of investors.
We are here for two key reasons. To generate superior returns for our investors and to make a tangible difference to patients' lives.
Investment strategy providing resilience through market cycles
We focus on innovation and partner with highly experienced entrepreneurs to create companies that can significantly improve patients' lives.
Diverse portfolio
Geographic split | Therapeutic split | Development stage split |
11.11% | 11% | 33% |
22.22% | ||
USA | ||
Europe | ||
UK | ||
66.76% | 44% | 11% |
Genetic | 43% |
diseases | |
Immunology | Clinical |
Oncology | Preclinical |
Rare | |
diseases | 57% |
2 | ARIX BIOSCIENCE PLC ANNUAL REPORT 2022 |
At a glance continued
NAV per share | Capital Pool | |
175p 2021: 198p | £123m 2021: £134m | |
Rolling 36 month goals | ||
Double Digit NAV per share | 2 x successful exits | 2 x IPOs |
Growth | ||
-9% annualised in 2020-2022 | ON TARGET | ON TARGET |
BELOW TARGET | ||
(11% 2019-2021) |
Maintain cost base within 2% of NAV
ON TARGET
Read more in the Chairman's statement on page 5.
Strong clinical trials pipeline
Collectively our portfolio companies were running 11 clinical trials at 31 December 2022, with a further 9 in preclinical development.
Clinical trials
11 (2021: 22)
Read more on our Pipeline on page 18.
*NAV Per Share = NAV / Total Number of Issued Shares less those held in treasury.
Strategic report
Corporate governance
Financial statements
Other information
ANNUAL REPORT 2022 ARIX BIOSCIENCE PLC | 3 |
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Disclaimer
Arix Bioscience plc published this content on 25 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2023 12:50:04 UTC.
