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Healthcare company investor Syncona said the value of its assets had fallen in the first quarter, amid declines in the share prices of Freeline Therapeutics and Achilles Therapeutics.
The company's net asset value per share in the three months through June fell 7.7% to 178.9p.
Its life science portfolio was valued at £622.4 million, down from £722.1 million at the end of March.
A decrease in the value of holdings in Freeline and Achilles of £110.9 million materially outweighed a £12.8 million valuation uplift from the appreciation of Autolus' share price.
Freeline is a gene therapy company and Achilles a T-cell therapy company.
'We are pleased with the continued positive clinical progress across our companies over the period with Anaveon dosing the first patient in its clinical programme and becoming Syncona's fifth clinical-stage business,' chief executive Martin Murphy said.
'Whilst we recognise that the share price performance of our listed holdings has brought volatility to our NAV, we remain focused on delivering value over the long-term.'
'Our portfolio is funded to deliver important clinical milestones, which are potential key value drivers for our business over the next 12-24 months.'
'Our companies are executing on their business and clinical plans and we have a high level of conviction in their fundamentals.'
'We also continue to seek a wide range of exciting new opportunities to found and invest in the next generation of globally leading life science businesses.'