Exscientia plc (Nasdaq: EXAI)
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. Exscientia will host a
conference call Thursday, March 21 at 12:30 p.m. GMT / 8:30 a.m.
EDT.
“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. David Hallett, interim Chief
Executive Officer and Chief Scientific Officer of Exscientia. “In
2024 we will continue to advance our pipeline programmes through
clinical development. This includes GTAEXS617 (‘617), our CDK7
inhibitor currently in a Phase 1/2 clinical trial; LSD1, for which
we anticipate initiating a Phase 1 patient study this year; and
MALT1, which continues to progress through IND-enabling studies. In
addition, we look forward to advancing our partnered programmes
through potential milestones, while simultaneously inking new
partnerships and expanding our technological capabilities to
further cement our leadership in AI-powered drug design and
development.”
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
- 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 by Bristol 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
- In December 2023, the Company announced the addition of an
existing Exscientia programme to its Sanofi collaboration
- Preliminary data show these compounds have good potency and
selectivity towards the target and differentiated molecular
properties
- 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 agreement
- Exscientia is also eligible to receive tiered royalties on
sales of products that may be developed from this programme
- 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 in September 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
- 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 in April 2023
- DSP-2342 is the third compound designed by Exscientia that
Sumitomo Pharma has advanced into the clinic
Platform
- 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 in March 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
- 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
Exscientia will host a conference call on Thursday, March 21 at
12:30 p.m. GMT / 8:30 a.m. EDT. A webcast of the live call can be
accessed by visiting the “Investors and Media” section of the
Company’s website at investors.exscientia.ai. Alternatively, the
live conference call can be accessed by dialling +1 (888) 596 4144
(U.S.), +44 800 358 0970 (U.K.), +1 (646) 968 2525 (International)
and entering the conference ID: 8333895. A replay will be available
for 90 days under “Events and Presentations” in the “Investors and
Media” section of the Exscientia website.
Fourth Quarter and Full Year 2023 Financial Results
For the convenience of the reader, the Company has translated
pound sterling amounts to U.S. dollars at the rate of £1.000 to
$1.2743, which was the noon buying rate of the Federal Reserve Bank
of New York on December 29, 2023.
Revenue: Revenue for the three and twelve months ended
December 31, 2023 was $3.1 million and $25.6 million respectively,
compared to $8.7 million and $34.7 million for the three and twelve
months ended December 31, 2022. The decrease in revenue quarter on
quarter and year on year is primarily the result of multiple new
programmes starting with partners in the second half of 2023 with
revenue recognition constrained by the early nature of these
programmes, as well as pipeline prioritisation activities.
Research and development expenses: R&D expenses for
the three and twelve months ended December 31, 2023 were $37.5
million and $163.7 million respectively, as compared to $45.4
million and $164.2 million for the same period ended December 31,
2022. The current quarter over quarter decrease in research and
development expenses was primarily due to pipeline prioritisation
activities and cost efficiency savings, including achieving faster
cycle times and lower outsourcing costs.
General and administrative expenses: G&A expenses for
the three and twelve months ended December 31, 2023, were $14.8
million, or 24.7% of total operating expenses, and $57.8 million,
or 22.5% of total operating expenses respectively. For the three
and twelve months ended December 31, 2022, G&A expenses
increased by $4.3 million and $8.8 million compared to the three
and twelve months ended December 31, 2022, primarily associated
with increased personnel expenses.
Cash inflows: For the full year 2023, Exscientia received
$27.4 million in cash inflows from its collaborations as compared
to $117.8 million during the full year 2022, when the upfront
payment for the Sanofi collaboration was received.
Net operating cash flow and cash balance: For the full
year ending December 31, 2023, net operating cash outflows were
$149.9 million, in comparison to $77.1 million for the full year
2022. Cash, cash equivalents and short term bank deposits as of
December 31, 2023 were $462.6 million, as compared to $644.6
million as of December 31, 2022 using the December 29, 2023
constant currency rate.
Based on our current operating plans, the Company believes that
its existing cash, cash equivalents and short-term bank deposits
and anticipated milestones will be sufficient to fund its
operations and capital expenditure requirements well into 2026.
SELECTED CONSOLIDATED STATEMENT OF OPERATIONS, CONSTANT
CURRENCY CONVERSION (unaudited) ($ millions, except per share
data, at the rate of £1.000 to $1.2743)
Three months ended December
31,
Twelve months ended December
31,
2023
2022
2023
2022
Revenue
3.1
8.7
25.6
34.7
Cost of sales
(7.6)
(12.2)
(34.9)
(42.4)
Research and development expenses
(37.5)
(45.4)
(163.7)
(164.2)
General and administrative expenses
(14.8)
(10.5)
(57.8)
(49.0)
Operating expenses
(59.9)
(68.1)
(256.4)
(255.6)
Foreign exchange gains/(losses)
(4.0)
(8.0)
(2.0)
28.4
Other income
1.4
2.0
8.5
7.3
Operating loss
(59.4)
(65.4)
(224.3)
(185.2)
Finance income/(expense)
5.2
3.7
19.9
6.9
Share of loss on joint ventures
(0.6)
(0.0)
(2.1)
(0.9)
Loss before taxation
(54.8)
(61.7)
(206.5)
(179.2)
Income tax benefit
2.4
11.9
20.5
27.9
Loss for the period
(52.4)
(49.8)
(186.0)
(151.3)
Net loss per share
(0.42)
(0.41)
(1.50)
(1.24)
Weighted average shares outstanding
(basic and diluted)
125,243,445
122,912,943
124,197,000
122,119,635
SELECTED CONSOLIDATED BALANCE SHEET, CONSTANT CURRENCY
CONVERSION (unaudited) ($ millions, except per share data, at
the rate of £1.000 to $1.2743)
December 31, 2023
December 31, 2022
Cash, cash equivalents & short-term
bank deposits
462.6
644.6
Total assets
650.8
827.8
Total equity
453.3
610.2
Total liabilities
197.5
217.6
Total equity and liabilities
650.8
827.8
SELECTED CONSOLIDATED STATEMENT OF CASH FLOWS, CONSTANT
CURRENCY CONVERSION (unaudited) ($ millions, except per share
data, at the rate of £1.000 to $1.2743)
Twelve months ended December
31,
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 Exscientia
Exscientia is an AI-driven precision medicine company committed
to discovering, designing, and developing the best possible drugs
in the fastest and most effective manner. Exscientia developed the
first-ever functional precision oncology platform to successfully
guide treatment selection and improve patient outcomes in a
prospective interventional clinical study, as well as to progress
AI-designed small molecules into the clinical setting. Our internal
pipeline is focused on leveraging our precision medicine platform
in oncology, while our partnered pipeline broadens our approach to
other therapeutic areas. By pioneering a new approach to medicine
creation, we believe the best ideas of science can rapidly become
the best medicines for patients.
For more information visit us on www.exscientia.ai or follow us
on LinkedIn @ex-scientia and X @exscientiaAI.
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 December 31,
2023, and in other filings that Exscientia makes with the SEC from
time to time (which are available at https://www.sec.gov/), the
events and circumstances discussed in such forward-looking
statements may not occur, and Exscientia’s actual results could
differ materially and adversely from those anticipated or implied
thereby. Although Exscientia’s forward-looking statements reflect
the good faith judgement of its management, these statements are
based only on facts and factors currently known by the Company. As
a result, you are cautioned not to rely on these forward-looking
statements. Exscientia undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240321480832/en/
Investor Relations: Sara Sherman / Chinedu Okeke
investors@exscientia.ai Media: Oliver Stohlmann
media@exscientia.ai
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