Monthly Valuation Update and Factsheet

LEI: 549300Q7EXQQH6KF7Z84

12 December 2025

RTW Biotech Opportunities Ltd

Monthly Valuation Update and Factsheet

RTW Biotech Opportunities Ltd (the "Company") announces that its monthly factsheet and commentary as at 30 November 2025 is now available at https://www.rtwfunds.com/rtw-biotech-opportunities-ltd/factsheets-letters/.

The Company's unaudited net asset value attributable to its ordinary shares as at 30 November 2025 was US$2.56 per share, an increase of +8.1% from the previous month vs +8.4% for the Nasdaq Biotech Index and +12.1% for the Russell 2000 Biotech Index. The Company has delivered +15.5% annualised NAV per ordinary share performance since launch in October 2019.

Top 10 Positions

Top YTD Contributors and Detractors

Note: % NAV as at period end based on economic exposure.

Sector Update

In November, biotech equities continued to deliver the strong run of gains seen since April. The Russell 2000 Biotech Index rose 12.1%, the Nasdaq Biotech Index added 8.4%, and the AIC Biotechnology & Healthcare Sector added 7.2%. Year-to-date, the sector is up 19.5%, and the Company's NAV performance has outperformed this, returning 41.6%. On an annualised basis since the Company's IPO, the NAV has compounded at 15.5% per annum, materially ahead of the benchmarks.

Policy developments remain a source of alpha. Drug pricing uncertainty has largely resolved, with Medicare negotiations resulting in modest discount increases and a compromise enabling coverage for obesity treatments. Broader healthcare cost trends show drug spending declining as a share of total costs, while hospital and service expenses rise sharply, creating a non-drug affordability challenge. Leadership instability at the FDA is now the main policy risk, with recent departures raising concerns in Washington and increasing the likelihood of decisive action.

We continue to see favourable conditions for the sector. Investor sentiment is improving, valuations remain compelling, and policy risks are receding. M&A activity is strong and likely to accelerate as patent cliffs approach, supported by healthy balance sheets and strategic urgency. Innovation is maturing, commercialisation is progressing, and declining interest rates provide a favourable backdrop. After four years of relative underperformance, the recovery is still in its early stages, and we see significant opportunity ahead. The recent run of performance has been supported by positive fund flows, with healthcare and biotech mutual funds and ETFs recording approximately 2% net inflows late in the month, although year-to-date outflows remain at 8%, indicating early signs of renewed investor interest.

Portfolio Update

Performance was broad-based across disease areas, with the largest contributions from rare diseases, metabolic disorders, and oncology. Three of the top five contributors were commercial-stage companies, including PTC, UroGen and Madrigal. Among development-stage names, Cogent reported a near doubling of progression-free survival in its Phase 3 trial for gastrointestinal stromal tumours, which is expected to redefine the second-line standard of care. uniQure was a notable detractor after the FDA reversed earlier guidance on Huntington's disease, ruling that Phase 1/2 data cannot support approval.

On 7 November, private portfolio company Evommune, Inc. announced its IPO on the New York Stock Exchange. Evommune's IPO raised $150 million by offering 9.4 million shares at $16 per share. This valuation represents a 22% step-up from the Company's prior holding value and a 102% step-up from the cost at the time of acquisition through the Arix transaction. On 28 November, the stock closed at $20.71, up +29.4% from the IPO price. Evommune represented 0.9% of the Company's NAV as at 31 October 2025 and 1.4% of NAV as at 30 November 2025.

About RTW Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW) is an investment fund focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors. Driven by a long-term approach to support innovative businesses, RTW Biotech Opportunities Ltd invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives. RTW Biotech Opportunities Ltd is managed by RTW Investments, LP, a leading healthcare-focused entrepreneurial investment firm with deep scientific expertise and a strong track record of supporting companies developing life-changing therapies.

Visit the website at www.rtwfunds.com/rtw-biotech-opportunities-ltd for more information.

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The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events, and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements, as well as those included in any related materials, are subject to risks, uncertainties and assumptions about the Company and/or its underlying investments, including, among other things, the development of the applicable entity's business, trends in its operating industry, expected use of financing proceeds and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.

The information contained in this announcement is given at the date of its publication (unless otherwise marked). No reliance may be placed for any purpose whatsoever on the information or opinions contained in this announcement or on its completeness, accuracy or fairness.

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