SLINGSHOT_THERAPEUTICS_HO

SLINGSHOT THERAPEUTICS HOLDINGS LTD

STATEMENT OF FINANCIAL POSITION

AS AT

31 MARCH 2026

- 1 -

2026

2025

Notes

Fixed assets

Investments

11,880,005

5,080,000

Current assets

Debtors

Cash at bank and in hand

37,800

506,448

37,816

506,462

Creditors: Amounts Falling Due Within One Year

(10,000)

(8,500)

Net current assets

27,816

497,962

Total assets less current liabilities

11,907,821

5,577,962

Net assets

11,907,821

5,577,962

Capital and reserves

Called up share capital

11,981

5,601

Share premium account

11,968,024

5,594,399

Income statement reserve

(72,184)

(22,038)

Shareholders' funds

11,907,821

5,577,962

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

On behalf of the board

K Butler

Director

Date

14/09/2026

Company registration number 15871470 (England and Wales)

SLINGSHOT THERAPEUTICS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

- 2 -

Accounting policies

General information

Slingshot Therapeutics Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 15871470. The registered office is Burnham House, Splash Lane, Wyton, Huntingdon, Cambridgeshire, PE28 2AF.

The financial statements are presented in pounds sterling, which is the company's functional and presentation currency. Amounts in the financial statements have been rounded to the nearest pound, unless otherwise stated.

The Company is a parent undertaking but has not prepared consolidated financial statements. The directors have taken advantage of the exemption available under section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, as the Company heads a small group.

The Company holds investments in subsidiary undertakings comprising both life science portfolio companies and an operational support subsidiary.

Investments in life science portfolio companies are managed and evaluated on a fair value basis as part of the Company's investment activities and are measured at fair value through profit or loss.

The investment in Slingshot Therapeutics Limited is not held as part of the Company's investment portfolio but is held to provide management and operational support services to the wider group. This investment is therefore measured at cost less impairment.

The Company is ultimately held within the Syncona group. The ultimate parent undertaking, Syncona Limited, prepares group financial statements under IFRS. However, as an investment entity, Syncona Limited does not consolidate its portfolio investments and instead measures them at fair value through profit or loss. As a result, the Company and its subsidiary undertakings are not consolidated within the Syncona group.

1.1

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The exception is that investments are held at fair value through profit or loss, which have been measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for the assets. As permitted under FRS102 S1A, the Company has chosen to adopt International Accounting Standard 39 “Financial Instruments: Recognition and Measurement” in respect of financial instruments.

1.2

Going concern

The Company is a holding company whose principal activity is to invest in and provide funding to its subsidiary undertakings. The Company has historically received funding from its parent undertaking to meet the cost of those investments. There are no obligations to make new investments without the support of its parent undertaking and any additional investments will only be made with such funding in place. The directors have a reasonable expectation that such support will continue for the foreseeable future as required.

The directors have considered cashflow forecasts for a period of 12 months from the date of the financial statements and accordingly have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.Based on this assessment, the directors are satisfied that the Company will have sufficient resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements, and accordingly have prepared the financial statements on a going concern basis.

SLINGSHOT THERAPEUTICS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Accounting policies

(Continued)

- 3 -

1.3

Significant judgements and estimations

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the Company's Financial Statements requires judgements, estimates and assumptions that affect the reported amounts of income, expenses, assets and liabilities at the reporting date.

However, uncertainties about these assumptions and estimates, in particular relating to the Company's life science investments, could result in outcomes that require a material adjustment to the carrying amount of the assets or liabilities affected in future periods.

Critical accounting judgements

In the process of applying the Company's accounting policies, the following judgements have been made,
which have the most significant effect on the amounts recognised in the Financial Statements:

Fair value of life science portfolio investments

The key judgement relates to the determination of fair value for the Company's investments in unlisted life science portfolio companies.

The Company's portfolio investments are early-stage biotechnology businesses, typically operating in the discovery or pre-clinical phase of development and without established revenue streams. As a result, observable market inputs are limited and judgement is required when determining the most appropriate valuation methodology.

Management considers whether cost, the price of recent investment ("PRI"), or another valuation technique is the most appropriate basis for determining fair value at each reporting date, taking into account the achievement of scientific, technical and commercial milestones together with any relevant external market evidence.

However there are also other methodologies that can be used to determine the fair value of investments in private companies including the use of the DCF methodology. It is possible that the use of an alternative valuation methodology would result in a different fair value than that recorded by the Group.

Key sources of estimation uncertainty

The principal source of estimation uncertainty relates to the valuation of investments in privately held life science companies measured at fair value through profit or loss.

As these investments are early-stage, unquoted and illiquid, observable market inputs are often limited. Fair value is therefore estimated using valuation techniques that incorporate significant management judgement, including consideration of the price of recent investment, achievement of scientific and commercial milestones and changes in the circumstances of the underlying companies.

In determining a suitable range to sensitise the fair value of the unlisted life science portfolio, Management note the progress towards and achievement of core milestones as well as underlying company indicators being a key source of estimation uncertainty. Such activities and resulting data emanating from the life science companies can be the key trigger for fair value changes and typically involve financing events which crystallise value at those points in time. Key technical milestones considered by Management and that typically trigger value enhancement (or deterioration if not achieved) include the generation of substantial clinical data.

1.4

Financial instruments

The company has applied sections 11 and 12 of FRS102 S1A. The company entered into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

SLINGSHOT THERAPEUTICS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Accounting policies

(Continued)

- 4 -

An equity instrument is defined as any contract that evidences a residual interest in an entity's assets after deducting all of its liabilities.

Financial assets and liabilities are recognised in the Company's Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, financial assets are recognised at fair value less transaction costs and financial liabilities are recognised at amortised cost.

Financial assets were classified into the following categories: financial assets at fair value through profit or loss, held-to-maturity investments, available for sale financial assets and loans and receivables. The classification depended on the nature and purpose of the financial assets and was determined at the time of initial recognition.

The Company classifies its financial assets as financial assets at fair value through profit or loss and loans and receivables. Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial liabilities.

Financial assets at fair value through profit or loss (“investments”)

Investments purchased are initially recorded at fair value, being the consideration given and excluding transaction or other dealing costs associated with the investment. Gains and losses on investments sold are recognised in the Statement of Comprehensive Income in the period in which they arise. The appropriate classification of the investments is determined at the time of the purchase and is re-evaluated on a regular basis.

Investments in subsidiaries

Investments in subsidiary undertakings that form part of the Company's life science investment portfolio are measured at fair value through profit or loss.

Investments in subsidiary undertakings that provide management, operational or administrative support services are measured at cost less impairment. The carrying value of such investments is reviewed for indicators of impairment at each reporting date.

Fair value of life science portfolio investments

The Company's life science portfolio investments comprise unlisted life science companies and are measured at fair value through profit or loss.

The fair value of investments in unlisted companies is determined in accordance with the International Private Equity and Venture Capital (IPEV) Valuation Guidelines. Valuation techniques include the use of recent arm's length transactions, in particular the price of recent investment (PRI), which is typically the primary input in determining fair value.

Cost at the transaction date is generally considered to be an appropriate starting point for fair value. Where there has been a recent investment by third parties, the price of that investment is used as the key input, although judgement may be required where the instrument differs from that held by the Company.

The appropriateness of using cost or PRI as the primary input is assessed at each reporting date with reference to the achievement of key milestones, changes in the financial or technical progress of the underlying investment, and external market conditions. Where there is objective evidence that the fair value has changed since the transaction date, alternative valuation techniques may be applied in accordance with the IPEV Guidelines.

SLINGSHOT THERAPEUTICS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Accounting policies

(Continued)

- 5 -

Given the early-stage nature of the Company's investments, discounted cash flow techniques and earnings-based methodologies are not typically considered appropriate. No investments were valued using discounted cash flow techniques as at 31 March 2026.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The carrying amounts, being cost, are shown in the Statement of Financial Position and approximate the fair values due to the short-term nature of these loans and receivables. The Company's loans and receivables consist of cash and cash equivalents only.

Impairment of financial assets

IAS 39 requires the Company to assess impairment on all financial assets held at amortised cost, and all trade receivables, if there is objective evidence as a result of one or more events that occurred after the initial recognition of the asset. Any amount of loss is measured as the difference between the assets carrying value and the present value of estimated future cash flows discounted at the financial asset's original effective interest rate.

Other financial liabilities

Other financial liabilities include all other financial liabilities. The Company's other financial liabilities include payables. The carrying amounts shown in the Statement of Financial Position approximate the fair values due to the short-term nature of these other financial liabilities.

Offsetting of financial instruments

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise assets and settle the liabilities simultaneously.

Derecognition of financial instruments

A financial asset is derecognised when: (a) the rights to receive cash flows from the financial asset have expired, (b) the Company retains the right to receive cash flows from the financial asset, but has assumed an obligation to pay them in full without material delay to a third party under a “pass through arrangement”; or (c) the Company has transferred substantially all the risks and rewards of the financial asset, or has neither transferred nor retained substantially all the risks and rewards of the financial asset, but has transferred control of the financial asset.

A financial liability is derecognised when the contractual obligation under the liability is discharged, cancelled or expired.

Cash and cash equivalents

Cash comprises cash at bank. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant changes in value.

Average number of employees

Average number of employees, including directors, during the year was: 0 (2025: 0)

SLINGSHOT THERAPEUTICS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

(Continued)

- 6 -

Investments

Subsidiaries

Total

Cost

At 1 April 2025

5,080,000

Additions

6,800,005

At 31 March 2026

11,880,005

Provision

At 1 April 2025

At 31 March 2026

Net Book Value

At 31 March 2026

11,880,005

At 1 April 2025

5,080,000

The Company is a parent undertaking but has not prepared consolidated financial statements, taking advantage of the exemption available under section 399 of the Companies Act 2006.

The Company's investments comprise both life science portfolio companies and an operational support subsidiary.

Investments in life science portfolio companies are managed and evaluated on a fair value basis and are measured at fair value through profit or loss. The investment in Slingshot Therapeutics Limited, which provides management and operational support services, is not held as part of the Company's investment portfolio and is carried at cost less impairment.

SLINGSHOT THERAPEUTICS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

- 7 -

4 Directly owned subsidiaries and associates

Group undertakings

Principal activity

Place

Class of

Percentage of

of business

shares held

31 March 2026

Apini Therapeutics Limited

Small molecules

Preference

57.6%

Slingshot Therapeutics Limited

Portfolio management

Ordinary

100%

ALTx Therapeutics Limited

Cancer research

Ordinary and

100%

preference

Debtors

Year ended

Period ended

31 March

2026

2025

Amounts falling due within one year:

VAT debtor

Creditors: amounts falling due within one year

Year ended

Period ended

31 March

2026

2025

Accruals

10,000

8,500

Share capital

Year ended

Period ended

Year ended

Period ended

31 March

2026

2025

2026

2025

Number

Allotted, called up and fully paid

Ordinary Shares of £0.001 each

11,981,005

5,601,000

11,981

5,601

The Company has one class of ordinary share. The ordinary shares have rights to receive dividends and to participate in distributions on a return of capital. The shares are non-redeemable.

Dividends

The Directors may from time to time authorise dividends or distributions to be paid to the members, the declaration of which as to the amount shall be final and conclusive. All dividends or distributions, if any, shall be apportioned and paid proportionately to the amounts paid or credited as paid on the shares.

There were no dividends or distributions incurred during the year ended 31 March 2026 (2025: £nil).

SLINGSHOT THERAPEUTICS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

- 8 -

Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:

Stephen Wyborn

Statutory Auditor:

Grant Thornton UK LLP

Date of audit report:

14 September 2026

Post balance sheet events

Subsequent to the reporting date, on 31 July 2026, the Company issued 4,000,000 ordinary shares for consideration of £4.0 million and used the proceeds to make a further investment in ALTx Therapeutics Limited, a subsidiary undertaking of the Company. This investment represents the second tranche of funding provided to ALTx Therapeutics Limited under its agreed financing arrangements.

Furthermore, on 4 August 2026, the Company issued a further 2,320,000 ordinary shares for consideration of £2.32 million and invested the proceeds in Apini Therapeutics Limited, a subsidiary undertaking of the Company. This investment represents the third tranche of funding provided to Apini Therapeutics Limited under its agreed financing arrangements.

As these transactions occurred after the reporting date, neither the share subscriptions nor the related investments have been recognised in the financial statements for the year ended 31 March 2026.

They represents a non-adjusting post balance sheet event in accordance with Section 32 of FRS 102.

The directors have taken this funding into account in their assessment of the Company's ability to continue as a going concern and are satisfied that sufficient funding will be available for a period of at least 12 months from the date of approval of these financial statements.

No further events have occurred since the reporting date that require disclosure or adjustment.

Related party transactions

The Company entered into investment transactions with subsidiaries.

During the year, the total amount invested in investments with control was £6,800,005 (2025: £3,400,000).

During the year, the total amount invested in investments with significant influence was £nil (2025: £2,100,000).

SLINGSHOT THERAPEUTICS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

- 9 -

Ultimate parent undertaking and controlling party

The company's immediate parent undertaking is Syncona Portfolio Limited. Syncona Portfolio Limited was incorporated in Guernsey. Copies of their accounts may be obtained from the secretary at Frances House, PO Box 273, Sir William Place, St. Peter Port, Guernsey, GY1 3RD. The ultimate parent company and ultimate controlling party is Syncona Limited who controls 100% of the shares of Slingshot Therapeutics Holdings Limited. Syncona Limited is registered as a closed-ended investment company incorporated in Guernsey.

The consolidated financial statements of Syncona Limited are available from the London Stock Exchange and on the website www.synconaltd.com.