recording material declines in their holding values of £7 million and £5 million respectively. We continue to actively 
manage our listed holdings and reduce our positions where appropriate, whilst retaining, and in certain cases, building 
our positions, where we have conviction that we will see greater value in the future. Outside of the public portfolio, 
we took the decision to close down Quench Bio resulting in a write down of £7.5 million. This followed a review of 
initial preclinical work and is consistent with our disciplined approach to capital deployment and portfolio 
management. Despite these adjustments in our holding values during the period, we retain confidence in the portfolio 
and its ability to generate positive clinical progress which will translate into future growth in NAV. 
As part of our commitment to ensure that shareholders benefit from the growth in our NAV and the substantial cash which 
the business generated in 2020, we initiated a share buyback programme in March of this year. By 30 June 2021, we had 
deployed £8 million of the £25 million programme, purchasing 4,329,853 shares at a discount to NAV, thereby increasing 
the NAV per share by 7p. 
The first half of 2021 saw a period of shareholder engagement which resulted in significant changes to the composition 
of the Board. Naseem Amin, previously Executive Chairman, left the company and we welcomed the appointment of Peregrine 
Moncreiffe as an independent non-executive Chairman. I was also appointed to the Board at this time, alongside Maureen 
O'Connell and Isaac Kohlberg, with Trevor Jones stepping down at this year's Annual General Meeting. 
The newly reconstituted Board has worked quickly to review the composition of the investment team, following departures 
at the start of the year. This resulted in a number of changes being announced in June, including the return of Mark 
Chin as Managing Director. Mark led some of Arix's most successful investments to date and I am delighted that he has 
re-joined the team. With the support of the Board, Mark will be leading the investment team in managing and building 
our portfolio going forward. 
Portfolio Performance 
Despite the challenges faced with COVID-19, our companies have made strong clinical and operational progress during the 
first half of 2021, which is a testament to the strength of these businesses. 
Clinical Companies 
Harpoon Therapeutics (8% of NAV, 6.7% ownership stake) 
Harpoon (Nasdaq: HARP) is a clinical-stage immunotherapy company developing a novel class of T cell engagers that 
harness the power of the body's immune system to treat patients suffering from cancer and other diseases. 
In January 2021, Harpoon announced that its fourth T cell engager, HPN328, had entered a Phase 1/2 clinical trial as an 
investigational treatment of small cell lung cancer and other tumours associated with delta like ligand 3 (DLL3) 
expression. Additionally, Harpoon received Orphan Drug designation by the U.S. Food and Drug Administration for HPN217 
for the treatment of multiple myeloma and successfully completely a public offering, raising approximately $115 million 
in gross proceeds. 
In June 2021, Harpoon presented interim data from the ongoing dose-escalation portion of a Phase 1/2a trial for its 
lead programme, HPN424, in patients with metastatic castration-resistant prostate cancer. Interim data shows early 
clinical activity, with a manageable safety profile. Harpoon provided a further pipeline update on its four clinical 
stage programmes, noting that all four clinical programmes demonstrate half-life extension, target engagement and T 
cell activation. The company also notes that three TriTAC clinical programmes (HPN424, HPN536 and HPN328) have shown 
tumour size reductions or stable disease, and meaningful treatment duration. The company expects to announce further 
clinical data from these programmes in the second half of 2021. 
Artios Pharma (7 % of NAV, 8.8% ownership stake) 
Artios Pharma (Artios) is a leading independent DNA Damage Response company with a strong pipeline of novel cancer 
therapies in development with first-in-class potential. 
During the period, Artios continued to advance its world-leading DDR programmes, announcing the start of its first 
clinical trial of its small-molecule ATR inhibitor, ART0380, in patients with advanced or metastatic solid tumours. In 
April 2021, Artios entered into a collaboration with Novartis to identify DDR targets to use with Novartis' proprietary 
radioligand therapies with Artios receiving a $20 million up-front payment in addition to near term research funding to 
support the collaboration. Artios is eligible to receive up to $1.3 billion in discovery, development, regulatory and 
sales-based milestones in addition to royalty payments. This partnership follows Artios' strategic collaboration with 
Merck ($30 million upfront, up to $860 million each in milestones for up to eight targets) announced in December 2020. 
Post period end, the U.S. Food and Drug Administration (FDA) approved the company's Investigational New Drug (IND) 
application for its Pol theta inhibitor, ART4215, enabling a Phase 1 clinical trial to be initiated in H2 2021. 
Additionally, Artios completed an oversubscribed Series C financing of $153 million, following strong interest from 
leading global healthcare investors. Arix invested $8.7 million (£6.3 million) in the financing to retain its position 
as the largest shareholder in Artios, with an 8.8% ownership stake on a fully diluted basis. Our continued investment 
in Artios reflects the strength of both the management team and the company's unique platform of novel DDR therapies, 
which have the potential to make a real impact to cancer patients. 
Aura Biosciences (4% of NAV, 5.6% ownership stake) 
Aura Biosciences (Aura) is a clinical-stage biotechnology company leveraging a novel targeted oncology platform to 
develop a new standard of care across multiple cancer indications. Aura's proprietary platform enables targeting a 
broad range of solid tumours using Virus-Like Particles, or VLPs, that can be conjugated with drugs or loaded with 
nucleic acids to create Virus-Like Drug Conjugates, or VDCs. Aura's VDCs are largely agnostic to tumour type and can 
recognise a surface marker broadly expressed on many tumours. Aura is focusing its initial development of VDCs to treat 
tumours of high unmet need in ocular and urologic oncology. AU-011, Aura's first VDC candidate, is being developed for 
the first line treatment of primary choroidal melanoma, a rare disease with no drugs approved. Aura has completed a 
Phase 1b/2 trial using intravitreal administration that has demonstrated a statistically significant growth rate 
reduction in patients with prior active growth and high levels of tumour control with visual acuity preservation in a 
majority of patients using clinical endpoints agreed with FDA. This data supported advancement into a Phase 2 dose 
escalation study, where Aura is currently evaluating suprachoroidal, or SC, administration of AU-011.  Aura plans to 
present initial data from this study at the end of 2021.In March 2021, Aura completed an oversubscribed Series E 
financing, following strong interest from leading global investors. Arix invested a further £1.8 million in the 
financing to retain a 5.6% ownership stake in Aura. At 30 June, Arix's stake was valued at £11.7m, reflecting a 
valuation increase of £1.2m in the period. Following the financing, Arix no longer retains a seat on Aura's Board. 
Additionally, David Johnson, CEO of former Arix portfolio company VelosBio (acquired by Merck for $2.75bn), was 
appointed as Chairman during the period. 
LogicBio Therapeutics (3% of NAV, 9.3% ownership stake) 
LogicBio (Nasdaq: LOGC) is a clinical-stage genetic medicine company pioneering gene editing and gene delivery 
platforms to address rare and serious diseases from infancy through to adulthood. 
During the period, LogicBio announced that the first patient has been dosed with LB-001, the company's investigational 
single-administration gene editing therapy based on its proprietary GeneRide platform, in the SUNRISE Phase 1/2 
clinical trial in paediatric patients with methylmalonic acidemia. LogicBio remains on track to announce an update on 
enrollment, dose escalation and age de-escalation in late 2021 and interim data by year-end 2021. 
Additionally, the company announced that it has entered into a strategic collaboration with CANbridge Pharmaceuticals 
and a research partnership with Daiichi Sankyo. Under the terms of the agreement with CANbridge Pharmaceuticals, 
LogicBio is eligible to receive an upfront payment of $10 million in addition to up to $591 million in option payments 
and milestones payments, as well as up to double-digit royalties on net sales. 
Imara (2% of NAV, 5.7% ownership stake) 
Imara (Nasdaq: IMRA) is developing IMR-687 for the treatment of sickle cell disease (SCD) and beta-thalassemia. 
During the period, Imara presented data from the Phase 2a clinical trial and its open label extension trial of IMR-687 
in adults with SCD. Data indicate that that IMR-687 has a well-tolerated safety profile as a monotherapy and in 
combination with hydroxyurea in both studies, with a lower annualised rate of vaso-occlusive crises. The company 
expects to announce interim results from its ongoing Phase 2b clinical trials in SCD and beta-thalassemia in H2 2021. 
Imara also recently completed preclinical research of IMR-687 in heart failure with preserved ejection fraction, or 
HFpEF, and is formulating a clinical development plan for IMR-687 in this indication. 
Post period end, Imara completed a public offering raising $50 million in gross proceeds. Arix invested a further $8.0 
million (£5.8 million) in the offering to increase our holding to a stake of 9.0% in Imara. Mark Chin, Managing 
Director, continues his role as Board Director at Imara following the financing. 
Autolus Therapeutics (1% of NAV, 0.8% ownership stake)

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