A Letter from our CEO

As we begin a new year, I want to take a moment to reflect on where VIC Technology Venture Development stands today and where we believe we are headed. The past year reinforced something we have long believed: building meaningful life science companies requires patience, adaptability, and a willingness to operate effectively even when external conditions are less than ideal.

Throughout 2025, our portfolio companies made steady and often substantial progress despite an environment that was anything but predictable. Changes in federal funding dynamics, pauses or delays in certain grant programs, and turnover within key government agencies created real headwinds—particularly for early-stage, science-driven ventures. Navigating these crosscurrents required focus and flexibility, and I am proud of how our team and portfolio leaders responded.

Across the VIC Tech portfolio, companies advanced through important technical, clinical, funding, and regulatory milestones. Several moved deeper into clinical-stage development, strengthened manufacturing and quality systems, secured meaningful regulatory designations, and expanded strategic relationships with industry partners. These advances were not isolated wins, but the result of sustained execution across platforms—spanning medical devices, diagnostics, advanced materials, and life science tools. Collectively, they reflect a portfolio that is maturing in both depth and breadth.

As a venture studio, our goal has always been to build durable value rather than chase short-term outcomes. That said, value creation ultimately needs an endpoint. While outcomes are never certain, based on the progress across several portfolio companies, we believe it is reasonable to expect that 2026 could include a meaningful liquidity event. We approach that possibility with appropriate optimism and discipline, recognizing both the opportunity and the uncertainty inherent in this stage of company building.

Looking forward, VIC Tech is not standing still. In addition to continuing to support our existing portfolio companies, we expect to form at least two new companies in 2026. These new ventures will further expand the VIC Tech ecosystem and reflect our continued emphasis on platform technologies, strong clinical and commercial rationale, and capital-efficient development paths. New company formation remains a core driver of long-term value for our shareholders and partners.

None of this progress would be possible without the people behind it. I am deeply grateful to our investors, university collaborators, strategic partners, and advisors for their continued engagement and trust. I am equally grateful to the VIC Tech team and the leadership of our portfolio companies, whose persistence and execution continue to turn complex science into real-world impact.

We will share a more detailed view of our progress and portfolio in the Annual Report later this month. For now, thank you for being part of the VIC Tech journey. We enter 2026 focused, encouraged, and committed to building lasting value together.