RTW Biotech Opportunities Ltd (LON:RTW) has announced that its monthly factsheet and quarterly letter as at 31 July 2026 is now available
The Company’s unaudited net asset value attributable to its ordinary shares as at 31 July 2026 was US$2.82 per share, a decrease of -1.6% from the previous month vs -1.7% for the Nasdaq Biotech Index and -4.4% for the Russell 2000 Biotech Index. The Company has delivered +15.3% annualised NAV per ordinary share performance since launch in October 2019.
Top 10 Positions
| Holding | Public / Private | % NAV |
| CG Oncology | Public “CGON” | 7.4% |
| UroGen | Public “URGN” | 7.2% |
| Oruka | Public “ORKA” | 5.7% |
| argenx | Public “ARGX” | 5.3% |
| Corxel | Private | 5.0% |
| Kailera | Public “KLRA” | 4.6% |
| Tango | Public “TNGX” | 4.4% |
| Erasca | Public “ERAS” | 4.3% |
| Spyre | Public “SYRE” | 4.0% |
| Yarrow | Public “YARW” | 3.9% |
Top YTD Contributors and Detractors
| Holding | % NAV | Contribution |
| Oruka | 5.7% | +3.9% |
| Yarrow | 3.9% | +3.9% |
| UroGen | 7.2% | +3.4% |
| Ensoma | 0.2% | (1.6%) |
| Insmed | 1.5% | (1.6%) |
| Celcuity | 3.1% | (1.2%) |
Note: % NAV as at period end reflects gross economic exposure as a percentage of NAV.
COMPANY UPDATE
Over the last twelve months, the discount to NAV at which RTW Bio’s Ordinary Shares trade has closed from 28.9% to 12.3%.
RTW Bio continued to make market purchases of its Ordinary Shares under the authority granted by shareholders at its Annual General Meeting in June 2026. RTW Bio repurchased 7.7 million shares (equivalent to $14.7 million), over the twelve months to 31 July 2026.
SECTOR UPDATE
Biotech gave back some of its June gains in July. The XBI fell 7.1% and the Russell 2000 Biotech Index declined 4.4%, though both remain positive year-to-date.
M&A continued at pace. Vertex agreed to acquire Crinetic for $10 billion, the third deal of $10 billion or above this year, bringing year-to-date transaction value to approximately $105 billion. Capital markets held up, with two IPOs and 14 follow-on transactions completing during the month. Every biotech IPO priced since late February remained above offer price at month-end.
The FDA’s new leadership reinstated advisory committee panels as a standard part of the review process for contested applications, with two panels held in July. Permanent appointments to lead CDER and CBER, alongside a new commissioner, are expected, though timing remains unclear. The sector has responded well to the direction of travel under the current interim leadership.
US-China biotech policy remained in focus. The administration is actively considering whether to include biotech in the COINS Act, the legislation restricting US investment in Chinese technology. RTW’s position on this is set out on the RTW Thought Leadership page.
PORTFOLIO UPDATE – JULY
On 29 July, RTW Bio announced the completion of the merger between private portfolio company Yarrow Bioscience and VYNE Therapeutics. The combined company began trading on Nasdaq under the ticker “YARW” on 28 July, following concurrent private financings of approximately $200 million led by RTW Investments. Yarrow is RTW’s seventh new company creation, developing YB-101 for Graves’ disease and thyroid eye disease. RTW Bio saw a 3.7x MOIC and 192% uplift to carrying value on the first day of trading, equivalent to $20.4 million or 2.0% of the 30 June NAV. As at 31 July 2026, Yarrow represented 3.9% of RTW Bio’s NAV.
