Title: Monthly Factsheet URL Source: https://documentscdn.financialexpress.net/Literature/DAC231319FFC62E03A4FC3ACB7CB998F/241734125.pdf Number of Pages: 4 Markdown Content: Monthly Factsheet + Commentary # 30 April 2026 # Identifying and developing next - # generation therapies that aim to # significantly improve the lives of # patients KEY STATISTICS # $838.1M Ordinary NAV PERFORMANCE CHARACTERISTICS MTD 1Y 3Y 5Y ITD 4 CAGR 5 NAV per ord share 7.0% 48.1% 53.4% 36.3% 149.0% 14.5% Share Price 9.4% 82.2% 79.2% 1.9% 106.7% 11.4% R2000 Biotech 1 3.7% 68.0% 71.5% -10.0% 62.0% 7.4% Nasdaq Biotech 2 0.4% 45.3% 48.2% 27.5% 83.7% 10.1% AIC Sector 3 -0.6% 11.4% 13.7% -1.7% 21.0% 3.0% # $2.59 NAV per ordinary share # $2.15 Share price # $1.2M Daily traded volume (3m avg ) # $695.8M Market cap # 17.0% Discount to NAV # 49 Number of positions >0.5% ⁶ RTW Biotech Opportunities Ltd (the “Company” or LSE: RTW) is an investment fund focused on identifying transformative assets across the life sciences sector. Our approach is driven by applying deep scientific and commercial expertise with a long -term investment horizon across the full (private and public) life cycle. The portfolio is managed by RTW Investments, LP, a leading healthcare -focused investment firm dedicated to solving the most challenging unmet patient needs with a track record of supporting companies developing life - changing therapies. > Re -indexed to 100 YTD NAV Share Price R2000 Biotech 1 Nasdaq Biotech 2 AIC Sector 3 2026 5.5% -0.5% 4.3% 2.9% -6.2% 2025 35.7% 54.8% 44.6% 32.4% 18.4% 2024 -4.6% -0.6% 2.5% -1.4% 1.0% 2023 23.5% 16.0% 10.6% 3.7% 5.6% 2022 -10.2% -32.0% -31.3% -10.9% -12.4% 2021 -12.8% -5.3% -26.9% -0.6% -2.3% 2020 53.9% 37.2% 52.8% 25.7% 5.1% 2019 22.4% 31.7% 23.4% 12.1% 15.8% HISTORICAL ANNUAL PER SHARE PERFORMANCE 1 Russell 2000 Biotechnology Index | 2 Nasdaq Biotechnology Index | 3 AIC Biotechnology & Healthcare Sector NAV TR ($) per sh are | 4 Admission to the London Stock Exchange, 30/10/2019 | 5 CAGR measured from 30/10/2019 | 6 Previous factsheets displayed only “Core” positions; goi ng forward, it will present all positions greater than 50bps exposure. RTW BIO PERFORMANCE IN CONTEXT # +7.0% MTD NAV per share return PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS NAV per ord share Share price Nasdaq Biotech Index Russell 2000 Biotech Index AIC Sector 3 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26 Top 10 Positions Description % NAV Public/ Private Clinical Stage ¹ Proximate Catalysts ¹ RTW co -incubated biopharma developing broad pipeline to treat obesity and related metabolic conditions. 7.5% Public “KLRA” Phase 3 China P3 data mid 2026 Developing therapies for bladder cancer. 6.1% Public “CGON” Phase 3 P3 topline data Q2 2026 RTW -incubated biotech company committed to bringing innovative therapies to underserved patients with cardiometabolic diseases. 5.5% Private Phase 3 CX11 P2 data Q3 2026 Developing antibody -based medicines to treat autoimmune diseases. 5.2% Public “ARGX” Commercial Vygart Earnings Restoring protein expression by harnessing the body’s potential with RNA medicine. 5.1% Public “STOK” Pivotal Possible faster filing path mid 2026 Biotech company developing innovative solutions to treat urothelial and specialty cancers. 4.9% Public “URGN” Commercial Zusduri earnings Developing medicines for people living with rare neurologic and metabolic conditions disorders. 4.5% Public “PTCT” Commercial Sephience earnings Developing biologics to target plaque psoriasis, psoriatic arthritis, and other dermatologic and inflammatory indications. 4.5% Public “ORKA” Phase 2 P2a data H2 2026 Developing therapies to address cellular abnormalities that drive tumour growth. 4.3% Public “CELC” Phase 3 P3 data Q2 2026 Leveraging the principle of synthetic lethality to develop medicines that take direct aim at specific tumours . 3.3% Public “TNGX” Phase 2 P1/2 data H1 2026 Sub -Portfolio Exposures² As of Month -End Public 86.7% Private 19.3% Royalties 2.0% Top Contributors ² YTD Kailera Therapeutics +4.8% Spyre Therapeutics +2.1% Oruka Therapeutics +1.8% Sub -Portfolio Attribution ² MTD YTD Public +9.0% +7.6% Private -0.2% -0.1% Royalties 0.0% +0.1% Top Detractors ² YTD PTC Therapeutics -1.8% Erasca -1.1% Insmed -0.9% Subsector Exposure (%) Therapeutics (Biotech) MedTech Geographic Exposure (%) US / Canada UK / Europe Rest of the world Market Capitalisation Exposure (%) > TPD*** > Metabolic > 29% > Inflammation & Immunology 22% > Cardiovascular > 17% > Rare Disease > 15% > Oncology > 5% > Pulmonary > Other > 2% > 3% > Preclinical 1% > Phase 1 9% > Phase 2 19% > Phase 3/Pivotal 39% > Commercial 32% Exposure by Modality Exposure by Disease Area Exposure by Development Stage > 1 Updated quarterly > 5% > 95% > 11% > 16% > 73% 41% 47% > 3 Exposures are calculated on positions greater than 0.5%, adjusted to sum to 100%, based on economic exposure. Except for d eve lopment stage and subsector, exposures > do not include royalty vehicles. EXPOSURES³ > ^ Includes gene and RNA therapies Large Cap >US$5bn Mid Cap US$1bn -5bn Small Cap Ophthalmology > 2% > Neurology > 5% % of NAV based on economic exposure > Small Molecule > ^Genetic Medicine > Antibody > Medtech > Cell Therapy > Targeted Protein Degradation > Radiotherapy > 52% > 26% > 11% > 5% > 3% > 1% > 1% > 2 Public exposure/attribution was previously broken down between “Core” and “Other” public; they are now consolidated. Contri but ors & detractors also reflect the full portfolio. > Sub -portfolio exposures reflect gross economic exposure as a percentage of NAV and could exceed 100%. Attribution is gross. > 12% > Other > 1% # APRIL 2026 COMPANY UPDATE 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 has repurchased 9.5 million shares (equivalent to $15 .3 million), over the twelve months to 30 April 2026 . The discount to NAV at which RTW Bio’s Ordinary Shares trade has closed from 32 .5% to 17 .0 % over the same period . SECTOR UPDATE Capital markets and M&A activity accelerated sharply in the year to end -April, even as sector outflows reached c. $2 billion 2026 YTD . Follow -on issuance totalled $17 billion across 92 deals, versus $5 billion across 35 deals in the same period last year . IPO volumes tripled, with 10 offerings raising $3.3 billion compared to five raising $1 billion through the same point in 2025 . Q1 M&A totalled $40 billion across 11 transactions, up from $26 billion across 12 deals in Q1 2025 , reflecting both higher deal values and continued strategic appetite from large -cap pharma . Notably, Metis Techbio , a Chinese AI -driven drug discovery company, completed the most covered Hong Kong IPO of the year . Earnings season was broadly positive, with the strongest results coming from commercial -stage companies with momentum behind their launches, including several in RTW Bio's portfolio . A recurring theme on pharma earnings calls was AI's role in compressing development timelines, with management teams pointing to preclinical cycles running 50 % faster and overall development timelines potentially 30 % shorter within one to two years . Reports emerging after the end of April suggest FDA Commissioner Marty Makary's tenure may be drawing to a close . Having arrived with a pro -innovation agenda that was broadly welcomed by the sector, his time at the agency has been marked by a widening gap between ambition and execution . The sector's focus remains firmly on ensuring the administration's stated commitment to regulatory flexibility and pro -innovation policy translates into practice . ASCO takes place in Chicago this May, bringing together more late -stage oncology data from biotech companies than any recent edition . Much of this reflects a structural shift in where innovation is happening . The Inflation Reduction Act's differential pricing timelines for small molecules versus biologics redirected capital toward ADCs, bispecifics , cell therapies and other advanced modalities, many of which were funded pre -2022 and are now reaching pivotal readouts simultaneously . The result is an unusually rich pipeline across historically difficult indications, including pancreatic cancer, second -line breast cancer and bladder cancer, where even modest efficacy gains can be practice -changing . Oncology is RTW Bio’s largest exposure to a single therapeutic area . You can read more about RTW’s views on this year’s conference – “Why This Moment in Oncology Matters ” – on RTW’s “Thought Leadership ” page . PORTFOLIO UPDATE – APRIL On 14 April, public biotech Galera Therapeutics announced a reverse merger with private portfolio company Obsidian Therapeutics, alongside a $350 million private placement in which RTW Bio also participated . The deal is expected to close in Q3 2026 , with the combined company trading on Nasdaq under the ticker "OBX" . As at 30 April 2026 , Obsidian represented 0.2% of RTW Bio's NAV . Kailera Therapeutics, RTW Bio's second largest private holding, went public on Nasdaq on 17 April 2026 , raising $625 million (subsequently upsized to $719 million) in the largest biotech IPO on record . Kailera’s shares closed up 62 .5% on debut, a 139 % step -up from RTW Bio's 31 March carrying value and 143 % from cost . As at 30 April 2026 , Kailera represented 7.5% of RTW Bio’s NAV . > Find more information at www.rtwbio.com biotechopportunities@rtwfunds.com Find more information at www.rtwbio.com biotechopportunities@rtwfunds.com Key RTW personnel for RTW Biotech Opportunities Ltd: Roderick Wong, MD , Portfolio Manager; Naveen Yalamanchi, MD , Portfolio Manager; Peter Fong, PhD , RTW President; Stephanie Sirota , Chief Business Officer; Woody Stileman , Managing Director, Business Development; Oliver Kenyon , Senior Director, Business & Corporate Development; Krisha McCune , Director, Investor Relations Board of Directors: William Simpson , Chair; Chair of the Sustainability Committee; Paul Le Page , Chair of the Audit Committee; William Scott , Chair of the Nomination and Remuneration Committee; Nicola Blackwood , Senior Independent Director; Stephanie Sirota , Non -Executive Director DISCLAIMERS This factsheet is not intended to offer or to promote the offer or transfer of the shares (the “shares”) of RTW Biotech Opportunities Ltd (the “Company”) in the United States or to any “U .S . Persons” (“US persons”) as defined in Regulation S under the Securities Act of 1933 (the “1933 Act”) . No part of this factsheet may be reproduced in any manner without the written permission of the Company . The possession or distribution of this factsheet in certain jurisdictions may be restricted by law and persons into whose possession this factsheet comes should inform themselves about and observe any applicable restrictions . This factsheet does not constitute or form a part of any offer to sell, or any solicitation of any offer to purchase or otherwise acquire, securities in any jurisdiction . The securities described in this factsheet may not be eligible for sale in certain jurisdictions or suitable for all types of investors . The Company has not been and will not be registered under the US Investment Company Act of 1940 (the “Investment Company Act”) and the Shares have not been and will not be registered under the Securities Act, or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, transferred or delivered, directly or indirectly, into or within the United States or to, or for the account or benefit of, any US Persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States and in a manner which would not require the Company to register under the Investment Company Act . There has been and will be no public offer of the Shares in the United States . Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision . This factsheet was prepared using the financial and other information available to the Company and RTW Investments, LP as at the date of this factsheet . The Shares are compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in EU Directive 2014 /65 /EU on markets and financial instruments, as amended (the “Target Market Assessment”) . The Shares are traded on the Main Market of the London Stock Exchange . A key information document in respect of the Shares has been prepared by RTW Investments, LP and is available to investors at www .rtwbio .com . This information in this document is believed to be accurate but has not been audited by any third party . This factsheet may describe past performance, which cannot be relied on as a guide to future performance . This factsheet may include statements regarding investment strategies, individual securities and economic and market conditions ; however, there can be no guarantee that such statements will prove to be correct . This factsheet may include expressions of opinions that are speculative in nature and should not be relied on as statements of fact . This factsheet may include forward -looking statements which are subject to known and unknown risks and uncertainties that may cause actual results and events to differ materially from those expressed in or implied by such forward -looking statements . In some cases, forward - looking statements can be identified by words like “will seek”, “will target”, “believe”, “expect”, “intend”, or similar expressions . You should not place undue reliance on forward -looking statements . Each of the Company and RTW Investments, LP disclaim any obligation to update or alter any forward - looking statements, whether as a result of new information, future events or otherwise . Neither the Company nor RTW Investments, LP accepts any liability for actions taken on the basis of the information provided in this factsheet . The information provided in this factsheet should not be considered a recommendation to buy, sell or hold any security . FUND INFORMATION Structure: Closed -End Investment Fund Domicile: Guernsey Listing: London Stock Exchange Launch date: 30 October 2019 SEDOL: BKTRRM2 ISIN: GG00BKTRRM22 Ticker: RTW Index inclusion: FTSE 250, FTSE All -Share Currency: USD Management fee: 1.25% Performance fee: 20% with 8.0% hurdle Ongoing Charges Ratio: 1.74% (AIC methodology) Morningstar Financial Year End: 31 December Interim end: 30 June Dividend policy: To be reinvested Investment Manager: RTW Investments, LP Corporate Brokers: Deutsche Numis & BofA Distribution & IR Partner: Cadarn Capital RTW Investments Woody Stileman Oliver Kenyon Krisha McCune Deutsche Numis Priyesh Parmar (Sales) BofA Edward Peel Cadarn Capital David Harris (Distribution) Lucy Clark (PR) +44 (0) 7717 417711 +44 (0) 2079 596362 +1 646 593 7998 +44 (0) 2072 601648 +44 (0) 2076 281000 +44 (0) 7368 883211 +44 (0) 7984 184461