Exscientia (Nasdaq: EXAI) released its Q1 2024 business update. The company reported positive early Phase 1 results for its BMS-partnered EXS4318 (PKC-theta inhibitor) program. Initial Phase I data for GTAEXS617 (CDK7 inhibitor) and EXS74539 (LSD1 inhibitor) are expected in 2H24. Exscientia's AI-driven automation lab aims to streamline drug design processes, targeting $40M in annual savings by 2025. The company plans to reduce headcount by 20-25% by year-end, expecting savings despite incurring $7.4M-$9.6M in severance costs. Financially, Q1 revenue was $6.7M, down from $7.3M YoY, while R&D expenses dropped to $29.8M from $42.2M. Exscientia projects its cash reserves will fund operations into 2027. The company will host a conference call on May 21 to discuss these updates.
Exscientia (Nasdaq: EXAI) will announce its first quarter 2024 financial results on May 21, 2024, before U.S. market opening.
The company will host a conference call and webcast at 1:30 p.m. BST / 8:30 a.m. EDT to discuss business updates and review the financial outcomes.
Investors can access the webcast through the 'Investors and Media' section on Exscientia's website or dial in using provided phone numbers and conference ID.
A replay will be available for 90 days in the 'Events and Presentations' part of the site.
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