Exscientia Business and Financial Update for the Full Year 2023
Recent advancements in the Company’s pipeline, collaborations and operations, as well as financial results for the fourth quarter and full year 2023, are summarised below.
“In 2023, we significantly expanded our technological capabilities with the opening of our automation facility, concentrated our internal research on high value oncology targets and steadily progressed multiple new and existing programmes with our large pharma partners,” said Dr.
Key Business Highlights
Pipeline
- Patient enrolment is continuing to progress for the dose escalation phase of ELUCIDATE, the adaptive Phase 1/2 trial studying ‘617, a potential best-in-class CDK7 inhibitor, for the treatment of advanced solid tumours. The Company expects to announce a transition from the dose escalation to dose expansion phase in the second half of 2024
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EXS74539 (‘539), a highly differentiated LSD1 inhibitor, is continuing through IND/CTA enabling studies, and the Company anticipates initiating a Phase 1 clinical trial in cancer patients in 2024. ‘539 was precision designed by
Exscientia to optimise the therapeutic window by combining reversible binding, brain penetration and a short half-life -
EXS4318 (‘4318), a PKC-theta inhibitor designed by
Exscientia and in-licensed byBristol Myers Squibb for immunology and inflammation indications, is continuing to advance in a Phase 1 study.Exscientia retains rights to receive milestone payments and potential royalties for ‘4318 - EXS73565 (‘565), the Company’s differentiated MALT1 inhibitor, precision designed with selectivity over UGT1A1, is also advancing through IND/CTA-enabling studies. The Company expects to provide further updates in 1H 2024
Collaborations & Partnerships
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In
December 2023 , the Company announced the addition of an existingExscientia programme to its Sanofi collaboration- Preliminary data show these compounds have good potency and selectivity towards the target and differentiated molecular properties
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The addition of this discovery stage programme, identified and initially advanced by
Exscientia , includes financial milestones over and above programmes initiated as part of the collaboration agreement Exscientia received a$4 million upfront payment in the first quarter of 2024 for this programme. In addition to the upfront payment, the Company is eligible to receive up to$41 million in preclinical milestone payments, as well as over$300 million in further milestone payments if the programme achieves all milestones under the agreementExscientia is also eligible to receive tiered royalties on sales of products that may be developed from this programme
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In
October 2023 ,Exscientia also announced the achievement of the first discovery stage milestone from a different programme within the Sanofi collaboration -
Exscientia’s collaboration with Merck KGaA, Darmstadt,
Germany , initially announced inSeptember 2023 , is ongoing, leveraging Exscientia’s precision design capabilities to design and discover novel small molecule drug candidates across oncology and immunology -
In
December 2023 ,Exscientia announced that it had received a$2.3 million grant from Open Philanthropy to drive research on the host-interferon response as a pathway to treating and preventing pandemic influenza-
Focus aligns with Exscientia’s ongoing commitment to pandemic preparedness, initiated with support from the
Bill & Melinda Gates Foundation in 2021
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Focus aligns with Exscientia’s ongoing commitment to pandemic preparedness, initiated with support from the
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DSP-2342, a dual 5-HT2A/5-HT7 antagonist designed by
Exscientia for Sumitomo Pharma for the treatment of psychiatric diseases, entered Phase I studies inApril 2023 -
DSP-2342 is the third compound designed by
Exscientia that Sumitomo Pharma has advanced into the clinic
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DSP-2342 is the third compound designed by
Platform
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Exscientia opened its novel automated discovery laboratory in mid-2023. This facility has the capability to integrate AI design methods with chemical synthesis and biological testing. This integration has the potential to bring significant further efficiencies to the drug design process and enhance the rate of learning of Exscientia’s generative design platform -
Exscientia continues to drive the development of its functional precision medicine platform with new studies and collaborations-
In
January 2024 ,Exscientia launched EXCYTE-2, a multi-centre observational study to evaluate the precision medicine platform in patients with acute myeloid leukaemia. This study has the potential to support the ongoing development of ‘539, Exscientia’s LSD1 inhibitor -
In
July 2023 ,Exscientia launched EXCYTE-1, a first-of-its-kind prospective observational study in ovarian cancer. This ongoing trial is the first trial evaluating the potential of Exscientia’s functional precision medicine platform in a solid tumour indication -
The collaboration with Charité – Universitätsmedizin
Berlin , announced inMarch 2023 , evaluating Exscientia’s precision medicine platform as a tool to predict response in haematological cancers is also ongoing. This collaboration highlights the scalability of the primary patient tissue platform as Charité will be able to utilise cloud-based AI to analyse samples imaged onsite
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In
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In the fourth quarter of 2023,
Exscientia deployed large language models (LLMs) internally for the use of target hypothesis generation. These LLMs, based on both public and proprietary datasets, have been integrated with the Company’s existing target identification infrastructure with the aim to further enhance the productivity of Exscientia’s discovery platform
Investor Call and Webcast Information
Fourth Quarter and Full Year 2023 Financial Results
For the convenience of the reader, the Company has translated pound sterling amounts to
Revenue: Revenue for the three and twelve months ended
Research and development expenses: R&D expenses for the three and twelve months ended
General and administrative expenses: G&A expenses for the three and twelve months ended
Cash inflows: For the full year 2023,
Net operating cash flow and cash balance: For the full year ending
Based on our current operating plans, the Company believes that its existing cash, cash equivalents and short-term bank deposits and anticipated milestones will be sufficient to fund its operations and capital expenditure requirements well into 2026.
SELECTED CONSOLIDATED STATEMENT OF OPERATIONS, CONSTANT CURRENCY CONVERSION (unaudited)
($ millions, except per share data, at the rate of £1.000 to
|
Three months ended
|
Twelve months ended
|
||||||
|
2023 |
2022 |
2023 |
2022 |
||||
Revenue |
3.1 |
8.7 |
25.6 |
34.7 |
||||
Cost of sales |
(7.6) |
(12.2) |
(34.9) |
(42.4) |
||||
Research and development expenses |
(37.5) |
(45.4) |
(163.7) |
(164.2) |
||||
General and administrative expenses |
(14.8) |
(10.5) |
(57.8) |
(49.0) |
||||
Operating expenses |
(59.9) |
(68.1) |
(256.4) |
(255.6) |
||||
Foreign exchange gains/(losses) |
(4.0) |
(8.0) |
(2.0) |
28.4 |
||||
Other income |
1.4 |
2.0 |
8.5 |
7.3 |
||||
Operating loss |
(59.4) |
(65.4) |
(224.3) |
(185.2) |
||||
Finance income/(expense) |
5.2 |
3.7 |
19.9 |
6.9 |
||||
Share of loss on joint ventures |
(0.6) |
(0.0) |
(2.1) |
(0.9) |
||||
Loss before taxation |
(54.8) |
(61.7) |
(206.5) |
(179.2) |
||||
Income tax benefit |
2.4 |
11.9 |
20.5 |
27.9 |
||||
Loss for the period |
(52.4) |
(49.8) |
(186.0) |
(151.3) |
||||
Net loss per share |
(0.42) |
(0.41) |
(1.50) |
(1.24) |
||||
Weighted average shares outstanding (basic and diluted) |
125,243,445 |
122,912,943 |
124,197,000 |
122,119,635 |
SELECTED CONSOLIDATED BALANCE SHEET, CONSTANT CURRENCY CONVERSION (unaudited)
($ millions, except per share data, at the rate of £1.000 to
|
|
|
||
Cash, cash equivalents & short-term bank deposits |
462.6 |
644.6 |
||
Total assets |
650.8 |
827.8 |
||
Total equity |
453.3 |
610.2 |
||
Total liabilities |
197.5 |
217.6 |
||
Total equity and liabilities |
650.8 |
827.8 |
SELECTED CONSOLIDATED STATEMENT OF CASH FLOWS, CONSTANT CURRENCY CONVERSION (unaudited)
($ millions, except per share data, at the rate of £1.000 to
|
Twelve months ended
|
|||
|
2023 |
2022 |
||
Net cash outflows from operating activities |
(149.9) |
(77.1) |
||
Net cash flows used in investing activities |
(27.4) |
(156.3) |
||
Net cash used in financing activities |
(4.3) |
(5.1) |
||
Net decrease in cash and cash equivalents |
(181.6) |
(238.5) |
||
Exchange (loss)/gain on cash and cash equivalents |
(3.3) |
37.7 |
||
Net decrease in cash, cash equivalents and short-term bank deposits* |
(181.9) |
(71.8) |
* Includes both increases in short term bank deposits and foreign exchange (losses)/gains on cash and cash equivalents |
About
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Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” "believes," “expects,” "intends," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements include statements with regard to Exscientia’s expectations regarding: the initiation, timing and progress of, and data collected during and reported from, preclinical and clinical trials of the Company’s and its partners’ product candidates and the Company’s precision medicine platform; the performance of Exscientia’s technology and its discovery platform; and the sufficiency of the Company’s existing cash, cash equivalents and short term bank deposits and anticipated milestones to fund its operations into 2026. Such statements are subject to a number of risks, uncertainties and assumptions, including those related to: the initiation, scope and progress of Exscientia’s and its partners’ planned and ongoing preclinical studies and clinical trials and ramifications for the cost thereof; clinical, scientific, regulatory and technical developments; the process of discovering, developing and commercialising product candidates that are safe and effective for use as human therapeutics and the endeavour of building a business around such product candidates; and the Company’s use of its existing cash, cash equivalents and short term bank deposits and achievement of milestones. In light of these risks and uncertainties, and other risks and uncertainties that are described in the Risk Factors section of Exscientia’s Annual Report on Form 20-F for the fiscal year ended
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