IP Group CEO on 2025 highlights, NAV uplift, Pfizer royalties & capital allocation

The interesting thing from an IP Group shareholder's point of view is that we license the fundamental IP behind that anti-obesity program to Pfizer. So that means that our shareholders stand to benefit from significant potential future royalty income.

Thank you Stephen, yes, we're out with results today, and I'm very pleased to report that we have delivered on what I said was our top priority for 2025 and delivering positive NAV per share growth. So we're very pleased to deliver on that key objective for the year. And as you mentioned, a large part of that has been driven by the really interesting transaction during the year where Pfizer acquired a business called Metsera for $10 billion of consideration. And the interesting thing from an IP Group shareholder's point of view is that we license the fundamental IP behind that anti-obesity program to Pfizer. So that means that our shareholders stand to benefit from significant potential future royalty income. We benefit from financial exposure to the lead program, which is now in phase three alongside several other programs. At the year end, we have fair valued that exposure and that has led to the recognition of an asset totaling about 130 million pounds, or about £0.14 per share. So that has been the single biggest positive transaction for the group this year.

Yeah, there's been a number of encouraging developments this year. There have been one or two, as there always are, setbacks. Earlier this year we mentioned Pulmocide, which had unfortunately a failure in phase three. But I'm pleased to report that we had many more positives. So you mentioned the successful IPO of Hinge Health on the New York Stock Exchange. That occurred in May. And over the course of 2025 and into early 2026, we have realized in cash our entire position. So about 18 million or so of proceeds during full year 2025 and a further 17 million during 2026. And that has resulted in a multiple of about 50 times our original investment. So a very successful financial outcome for IP Group shareholders, and a fantastic business which continues to grow. Also during the year, we announced the sale of a business called Monolith to Nasdaq listed CoreWeave. That resulted in a few million pounds of consideration being received during full year 2025, with a further 18 to 20 to be received during 2026. So two really good exits during the year. It's also worth pointing out that we had a number of large company fundraisings. I would particularly highlight a therapeutics business called Artios. They completed a $100 million plus series D financing that was led by two very well known life science investors, RA Capital and SV Health. And also, just in the last month or so, Oxa, which is our autonomous vehicles business and which is an Oxford spinout, raised a 100 million pound series D as well. And that was led by National Wealth Fund with participation from M Ventures, which is Nvidia's venture capital arm. So there's been some great exits and also some great evidence of headline shareholders coming in to fund the next generation of winners.