Interim Results for the Six Months Ended 30 June 2023

Interim Results for the Six Months Ended 30 June 2023

LONDON, 27 September 2023: Arix Bioscience plc (“Arix” or the “Company”) (LSE: ARIX), a transatlantic venture capital company focused on investing in breakthrough biotechnology companies, announces its interim results for the six months ended 30 June 2023.

Financial Highlights

·       Net Asset Value increased by £13 million to £239 million (31 December 2022: £226 million); 185p per share (31 December 2022: 175p per share)

·       Value of listed portfolio: £68 million (31 December 2022: £45 million)

·       Value of unlisted portfolio: £66.2 million (31 December 2022: £54.8 million)

·       Gross Portfolio Value: £134.4 million (31 December 2022: £99.7 million)

·       Cash position at period end: £101.0 million (31 December 2022: £122.8 million)

Operational and Strategic Highlights

·       Continued momentum in the Public Opportunities Portfolio (“POP”), investing £16.4 million and increasing in value to £22.1 million (31 Dec 2022: 13.5m), reflecting an unrealised gain of £3.5 million

·       Agile capital deployment: conserving cash in volatile market conditions whilst supporting existing portfolio companies and investing in new companies

Portfolio Highlights

·       Arix added Ensoma to its core portfolio with a $9 million investment in an $85 million financing co-led by the Company

o   The financing saw Ensoma acquire Arix portfolio company TwelveBio in an all-share transaction

o   Ensoma subsequently closed a $50 million Series B extension, bringing the total round to $135 million

·       Disc Medicine announced a $62.5 million financing led by Bain Capital in February 2023

·       Disc Medicine raised a further $157.8 million in a public offering following the positive Phase 2 data release of its BEACON trial

·       Harpoon completed a $25 million private placement of redeemable preferred stock and warrants to purchase common stock to certain institutional investors, which included Arix

·       Enliven entered the public markets via a reverse merger with Imara Inc, creating the combined Enliven Therapeutics

·       As of mid-September 2023, the Public Opportunities Portfolio has outperformed Arix’s benchmark XBI index since its inception by 26%, returning 8.8%, including realised gains and losses, against a drop in the XBI of 17.3% in the same period

Post Period-end

·       In light of the unfavourable prevailing market conditions and following engagement with shareholders, a strategic review was commenced in July.

Robert Lyne, CEO of Arix, commented:

“Following the announcement of the strategic review in July 2023, the Board has been exploring a range of strategic options for the Company. Currently, a number of options remain under active consideration and the Board is focused on evaluating these in conjunction with its advisers. The Board expects to have concluded this process soon and will provide a further update to shareholders as soon as possible.”

Analyst Briefing: 9:00am BST Today, Wednesday 27 September 2023

Management will host a virtual briefing for Analysts at 9:00am BST today. Analysts wishing to join should register their interest by contacting Powerscourt on arix@powerscourt-group.com or on +44 (0) 20 7290 1050.

Investor Presentation: 1:00pm BST Today, Wednesday 27 September 2023

Management will be hosting a live presentation and Q&A session via the online platform, Investor Meet Company, at 1:00pm BST today.

The presentation is open to analysts and all existing and potential shareholders. Questions can be submitted pre-event via the Investor Meet Company dashboard or at any time during the live presentation via the "Ask a Question" function.

Investors can sign up to Investor Meet Company for free via: https://www.investormeetcompany.com/arix-bioscience-plc/register-investor

Investors who already follow Arix on the Investor Meet Company platform will automatically receive an invitation to the event.