Exscientia plc(EXAI) - 2023 Q4 - Annual Report

Financial Performance - Revenue for Q4 2023 was $3.1 million, down from $8.7 million in Q4 2022, and full-year revenue was $25.6 million compared to $34.7 million in 2022, reflecting a decrease of 64.3% and 26.2% respectively[10] - Research and development expenses for Q4 2023 were $37.5 million, a decrease from $45.4 million in Q4 2022, while full-year R&D expenses were $163.7 million compared to $164.2 million in 2022, indicating a reduction of 15.5% in the quarter[11] - General and administrative expenses for Q4 2023 were $14.8 million, representing 24.7% of total operating expenses, compared to $10.5 million in Q4 2022[12] - Net operating cash outflows for the full year 2023 were $149.9 million, compared to $77.1 million in 2022, indicating a significant increase in cash burn[14] - Cash, cash equivalents, and short-term bank deposits as of December 31, 2023, were $462.6 million, down from $644.6 million at the end of 2022[17] Research and Development Initiatives - The company expects to transition from the dose escalation to dose expansion phase of the ELUCIDATE trial for the CDK7 inhibitor '617 in the second half of 2024[6] - The company launched EXCYTE-2, a multi-centre observational study in January 2024, to evaluate its precision medicine platform in acute myeloid leukaemia patients[12] - Exscientia's collaboration with Merck KGaA is ongoing, focusing on designing novel small molecule drug candidates across oncology and immunology[6] - The company is focused on the initiation, timing, and progress of preclinical and clinical trials for its product candidates[21] Financial Outlook - Exscientia received a $4 million upfront payment in Q1 2024 for a programme added to its collaboration with Sanofi, with potential additional milestone payments of up to $41 million[6] - The company believes its existing cash and anticipated milestones will be sufficient to fund operations and capital expenditures well into 2026[15] - Exscientia anticipates sufficient cash, cash equivalents, and short-term bank deposits to fund operations into 2026[21] Risks and Uncertainties - Exscientia's forward-looking statements are subject to risks and uncertainties that could materially affect actual results[21]