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  "documentTitle": "2026 Capital Markets Day AM",
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  "notes": "The slide uses a timeline-like structure to show progression from Phase I/II to Launch, mapping specific company exits to these stages.",
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      "text": "EXITS GENERATED ~£1BN OF PROCEEDS AT AN AGGREGATE IRR OF 54% AND A 2.9X COST",
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      "text": "Reflects original Syncona Partners capital invested where applicable. All IRR and multiple on cost figures are calculated on a gross basis. 1. Includes sales of Nightstar, Blue Earth, Gyroscope, Neogene and upfront consideration of Clade, partial realisation of Autolus and proceeds from Achilles and Azeria. 2. Biologics License Application. All financial data at 31 December 2025.",
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