RTW Biotech Opportunities Ltd (LON:RTW) has announced that its monthly factsheet and commentary as at 31 May 2026 is now available.
The Company’s unaudited net asset value attributable to its ordinary shares as at 31 May 2026 was US$2.61 per share, an increase of +0.6% from the previous month vs +2.3% for the Nasdaq Biotech Index and +6.1% for the Russell 2000 Biotech Index. The Company has delivered +14.4% annualised NAV per ordinary share performance since launch in October 2019.
Top 10 Positions
| Holding | Public / Private | % NAV |
| Kailera | Public “KLRA” | 6.9% |
| CG Oncology | Public “CGON” | 6.4% |
| UroGen | Public “URGN” | 5.8% |
| Celcuity | Public “CELC” | 5.6% |
| argenx | Public “ARGX” | 5.5% |
| Corxel | Private | 5.4% |
| PTC | Public “PTCT” | 5.1% |
| Stoke | Public “STOK” | 4.8% |
| Oruka | Public “ORKA” | 3.8% |
| Immatics | Public “IMTX” | 3.6% |
Top YTD Contributors and Detractors
| Holding | % NAV | Contribution |
| Kailera | 6.9% | +4.1% |
| Spyre | 3.2% | +2.1% |
| Tango | 3.6% | +1.3% |
| Insmed | 1.8% | (1.4%) |
| PTC | 5.1% | (1.1%) |
| Verastem | 1.0% | (0.9%) |
Note: % NAV as at period end reflects gross economic exposure as a percentage of NAV.
COMPANY UPDATE
RTW Bio’s Annual General Meeting was held at 2pm BST on 11 June 2026. We are pleased to announce that each of the resolutions was duly passed without amendment.
RTW Bio continued to make market purchases of its Ordinary Shares under the authority granted by shareholders at its Annual General Meeting in June 2025. RTW Bio repurchased 8.4 million shares (equivalent to $14.0 million), over the twelve months to 31 May 2026. The discount to NAV at which RTW Bio’s Ordinary Shares trade has closed from 32.5% to 15.6% over the same period.
SECTOR UPDATE
Biotech sector sentiment improved materially in the second half of May, driven by strong first-quarter earnings from commercial-stage companies, continued M&A activity and a slate of positive clinical readouts. Despite this, sector funds recorded outflows of approximately $2 billion year-to-date through May.
Following an exceptionally strong April, capital markets activity was moderate during the month, with one IPO and 18 follow-on transactions. M&A activity remained strong, with six transactions announced in May, four of which involved private companies, consistent with the continuing strategic appetite of large-cap pharma facing near-term patent expiries.
FDA Commissioner Marty Makary resigned from his role in May – a development broadly welcomed by biotech, given the widening disconnect between his stated pro-innovation agenda and the agency’s actions in practice. Kyle Diamantas, previously the agency’s top food official, assumes the role in an acting capacity. A permanent appointment will require congressional hearings, which could take some time. Regulatory continuity remains a topic the sector is watching.
Political scrutiny of US-China biotech ties intensified in May, with lawmakers pressing the Trump administration to restrict Chinese biotech partnerships. Large pharma deals involving Chinese assets nonetheless continued, with significant transactions announced by Pfizer and Bristol Myers Squibb. Our long-standing coverage of and presence in China positions us well to identify investments and drug candidates in an environment where the quality of Chinese biotech science is increasingly evident on the global stage.
ASCO 2026 in Chicago, a pre-eminent global oncology conference, featured an unusually strong slate of late-stage data. Portfolio companies presented results across several programmes: Celcuity presented Phase 3 results for gedatolisib in advanced breast cancer, more than doubling the time patients lived without disease progression compared to the current standard of care, and Immatics presented Phase 1 data for IMA203CD8 in heavily pre-treated ovarian cancer, achieving a 63% response rate including complete responses from a single infusion – a striking result given that this tumour type has historically resisted immunotherapy. You can read RTW’s reflections on this year’s conference on the RTW Thought Leadership page.
PORTFOLIO UPDATE – MAY
On 8 May, RTW Bio made an additional investment of $1.7 million in private portfolio company Windward Bio, as part of a $165 million crossover financing round. Windward is a clinical-stage biotechnology company focused on serious immunological diseases. Its lead programme, WIN378, is currently being evaluated in a Phase 2/3 asthma study, with initial readouts expected in the second half of 2026. If approved, it would be the first ultra long-acting treatment of its type available to patients. As at 31 May 2026, Windward represented 0.8% of RTW Bio’s NAV.
