Business Wire

Exscientia Business Update for Second Quarter and First Half 2022


Exscientia plc (Nasdaq: EXAI)

This press release features multimedia. View the full release here:

Recent developments in the Company’s pipeline, collaborations, and operations, as well as financial results for the second quarter and first half 2022, are summarised below. In addition, Exscientia will host a conference call Thursday, August 18 at 1:30 p.m. BST / 8:30 a.m. ET to provide an overview of the company’s pipeline and corporate strategy.

“In the first half of 2022, we delivered on major new and existing collaborations, advanced our pipeline programmes, and marked the 10-year anniversary of Exscientia’s founding. Over the past decade, we’ve pioneered an AI-driven approach to modernising drug discovery and development, and it was fitting that this quarter we also announced topline data from our EXS-21546 programme, one of the first AI-designed molecules to enter clinical trials,” said Andrew Hopkins, D.Phil., Exscientia's founder and Chief Executive Officer. “With over $730 million in cash, we believe we are in a strong position to deliver across our portfolio of drug projects for the long-term. Our strategy creates an agile interplay between our internal pipeline and partnered programmes, enabling us to move candidates between the two depending on the best fit for Exscientia and our partners, as well as how we can best impact the probability of success for patients.”

Recent Highlights

Progress across internal and partnered pipeline, leveraging the Company's precision medicine platform, as well as key components of Exscientia's technology and operations.

Internal pipeline

Wholly, majority and co-owned programmes focused on areas in which Exscientia believes it can improve the probability of success, including precision oncology

  • Following topline data in June, the Company remains on track to initiate a Phase 1b/2 study of EXS-21546 (majority owned with Evotec) in the second half of 2022
    • Phase 1b/2 study will be optimised with simulation-guided clinical trial design principles as well as leverage Exscientia's precision medicine platform to maximise potential impact to the most relevant patients
  • GTAEXS-617 (co-owned with GT Apeiron) CTA submission expected by year-end 2022
    • CTA and IND-enabling studies are ongoing, including translational work to support planned clinical trials expected to start in the first half of 2023

Partnered programmes

Utilising a scalable end-to-end platform to advance a broad pipeline, while also generating significant cash inflows to support advancements

  • First two targets identified in new Sanofi collaboration for oncology and inflammation & immunity, respectively
  • First precision medicine project initiated; focused on patient enrichment for a Sanofi biologic in oncology
  • Advancing Bristol Myers Squibb (BMS) collaboration with continued progress across both BMS1 and BMS2 collaborations
  • Following the achievement of recent successful drug discovery milestone, Exscientia and Bayer have mutually agreed to end collaboration; Exscientia will retain optionality to develop one of the two targets pursued under the collaboration
    • The Bayer agreement was the last Exscientia partnership based on AI-only design services, which included lower economics and reduced operational involvement in comparison with more recent partnerships
    • This update aligns with Company strategy to increasingly focus on programmes where Exscientia’s AI design, experimental biology and precision medicine platforms can be integrated

Recent clinical progress highlights ability of the Company’s advanced, AI-based platform to create novel molecules with high level of translatability to human biology

  • Announced topline data from EXS-21546 Phase 1a healthy volunteer study in June 2022
    • The study demonstrated that observed human pharmacokinetics for EXS-21546 were in line with what had been designed for and predicted in preclinical modelling, supporting a twice-daily (BID) dose for continuous A2A receptor inhibition over a dosing interval
    • EXS-21546 signalled inhibition of A2A receptor was sustained over the BID dosing period, demonstrating a level of lasting target engagement
    • EXS-21546 was well-tolerated with no CNS adverse events reported in the SAD portion at all doses (30mg, 90mg, 250mg, 400mg) and in the MAD portion at 150mg BID

Exscientia's approach allows for significant cash inflows to drive the business

  • $111.0 million cash flow from collaborations in second quarter 2022, including $100.0 million from Sanofi, ending the first half 2022 with $732.0 million in cash, cash equivalents and short-term bank deposits
    • Includes constant currency mark-to-market foreign exchange impact of negative 8%
    • During the quarter, Exscientia recognised realised foreign exchange gains net of forward contract settlements of $14.0 million. The Company holds its deposits in both GBP and USD intended to match expected cash needs while limiting the impact of exchange rate fluctuations
  • Second quarter 2022 net positive cash inflows from operations of $72.9 million

Expanded leadership team in critical growth areas

  • Eileen Jennings-Brown joined as Exscientia's Chief Information Officer, reporting to Garry Pairaudeau, Chief Technology Officer, and responsible for overseeing IT and DevOps. Ms. Jennings-Brown brings more than 25 years of experience across IT roles, including most recently heading technology for the Wellcome Trust.
  • Charlotte Deane, Ph.D., Chief Scientist of Biologics AI, who joined Exscientia in January 2022, was awarded an appointment to the Most Excellent Order of the British Empire (MBE) for leading the UK Research and Innovation's rapid response call for projects addressing issues arising from the pandemic.

Select peer-reviewed publications and scientific meeting presentations during the quarter

  • Coverage Score: A Model Agnostic Method to Efficiently Explore Chemical Space,” was published in the Journal of Chemical Information and Modeling in July 2022. This advancement in active learning allows more efficient exploration of chemical space, potentially leading to increased diversity of candidates, faster model improvement and shorter time to candidate identification
  • Surface Plasmon Resonance Screening to Identify Active and Selective Adenosine Receptor Binding Fragments,” a study which further validates Exscientia's innovative biosensor approach to screening wildtype GPCR targets to advance drug discovery, was published in the ACS Medicinal Chemistry Letters in June 2022
  • Three posters presented at the AACR Annual Meeting in April, highlighting Exscientia’s human tissue precision medicine platform, including potential benefits of Exscientia’s AI-driven design to overcome known issues such as potency, toxicity and selectivity and improve patient outcomes

Investor call and webcast information

Exscientia will host a conference call on Thursday, August 18 at 1:30 p.m. BST / 8:30 a.m. ET. A webcast of the live call can be accessed by visiting the “Investors and Media” section of the Company’s website at Alternatively, the live conference call can be accessed by dialling +1 (888) 330 3292 (U.S.), +44 203 433 3846 (U.K.), +1 (646) 960 0857 (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.

Second quarter and first half 2022 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 $1.2162, which was the noon buying rate of the Federal Reserve Bank of New York on June 30, 2022.

Revenue: Recognised revenue for the three and six months ended June 30, 2022, was $8.7 million and $17.2 million respectively, representing an increase of $8.3 million and $10.4 million compared to the three and six months ended June 30, 2021, primarily due to delivery on an increased number of projects across our second collaboration with BMS, revenues generated from the extension of the BMS agreement to leverage Exscientia's precision medicine platform, and recognition of remaining revenues following the termination of the Bayer agreement.

R&D and cost of drug discovery: Due to various collaboration structures, expenditure incurred in relation to research and development activities may be recognised within one of several financial statement captions. The tables below show how these expenses are separated across the accounting categories.

Three months ended June 30, 2022 ($ millions):



Share of JV 


Partnered Programmes 





Internal Pipeline and Technology Development 










Six months ended June 30, 2022 ($ millions):



Share of JV 


Partnered Programmes 





Internal Pipeline and Technology Development 










Research and development expenses: R&D expenses for the three and six months ended June 30, 2022, were $40.2 million and $68.8 million respectively, as compared to $9.9 million and $15.1 million for the same period ended June 30, 2021. The increase in research and development expenses was in part due to the growth of Exscientia's internal and co-owned portfolio, in addition to increased headcount and other costs associated with the Company's continued technology investments. Share-based compensation accounted for $9.1 million and $12.1 million for the quarter and half year ended June 30, 2022, as compared to $1.6 million and $1.9 million for the same period ended June 30, 2021.

General and administrative expenses: G&A expenses for the three and six months ended June 30, 2022, were $14.7 million and $24.2 million respectively, or 22.3% and 21.9% respectively of total operating expenses. For the three and six months ended June 30, 2022, G&A expenses increased by $5.6 million and $11.1 million compared to the three and six months ended June 30, 2021, primarily associated with an increase in personnel costs and additional costs incurred in relation to the operation of a listed company. Share-based compensation accounted for $3.3 million and $4.6 million for the quarter and half year ended June 30, 2022, as compared to $1.7 million and $2.0 million for the same periods ended June 30, 2021.

Cash inflows: For the second quarter 2022, Exscientia received $111.0 million in cash inflows from its collaborations as compared to $39.5 million during the second quarter 2021.

Cash, cash equivalents and bank deposits: Cash, cash equivalents and bank deposits as of June 30, 2022, were $732.0 million as compared to $683.7 million as of December 31, 2022. This includes a 12-month fixed term deposit of $121.7 million.


($ millions, except per share data, at the rate of £1.000 to $1.2162)

Three months ended 
June 30, 

Six months ended 
June 30, 










Cost of sales





Research and development expenses 





General and administrative expenses 





Operating expenses





Foreign exchange gains/(losses)





Loss on forward contracts



Other income





Operating loss





Finance income/(expense)




Share of loss on joint ventures





Gain on derivative financial instrument 




Loss before taxation





Income tax benefit





Loss for the period





Net loss per share






($ millions, except per share data, at the rate of £1.000 to $1.2162)

June 30, 2022 

December 31, 2021 

Cash, cash equivalents & short-term bank deposits 



Total assets



Total equity



Total liabilities



Total equity and liabilities




($ millions, except per share data, at the rate of £1.000 to $1.2162)

June 30, 2022 

June 30, 2021 

Net cash flows from operating activities



Net cash flows used in investing activities



Net cash flows from financing activities



Net (decrease)/increase in cash and cash equivalents



Net increase in cash, cash equivalents and short-term bank deposits 



About Exscientia

Exscientia is an AI-driven pharmatech 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.

Exscientia is headquartered in Oxford (England, U.K.), with offices in Vienna (Austria), Dundee (Scotland, U.K.), Boston (Mass., U.S.), Miami (Fla., U.S.), Cambridge (England, U.K.), and Osaka (Japan).

For more information visit us on or follow us on Twitter @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, including with respect to the progress of discovery and development of candidate molecules, and the timing and progress of, and data reported from, clinical trials of Exscientia’s product candidates, and Exscientia’s expectations regarding its projected revenue and cash runway. Any statement describing Exscientia’s goals, plans, expectations, financial or other projections, intentions or beliefs is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to a number of risks, uncertainties and assumptions, including those related to: the impact that the COVID-19 pandemic could have on the Company’s business, including the scope, progress and expansion of Exscientia’s product development efforts; the initiation, scope and progress of Exscientia’s and its partners’ planned and ongoing pre-clinical 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. In light of these risks and uncertainties, and other risks and uncertainties that are described in the Risk Factors section and other sections of Exscientia’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC) on March 23, 2022 (File No. 001-40850), and other filings that Exscientia makes with the SEC from time to time (which are available at, 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 judgment 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.

To view this piece of content from, please give your consent at the top of this page.

Contact information

Sara Sherman

Amanda Galgay

About Business Wire

Business Wire
Business Wire

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

New Study From Egon Zehnder and Kearney Debunks the Myth of a Workplace Generational Divide28.9.2022 16:00:00 CEST | Press release

Egon Zehnder, the world’s preeminent leadership advisory firm, in partnership with Kearney, a leading global management consulting firm, today released findings from a new survey with over 8,000 respondents from eight different countries dismissing the myth of a generation divide in the workplace and showing that despite what is often believed, Gen Z, Millennials, Gen X and Boomers are more alike than different when it comes to workplace matters. The survey, titled “Different Generations, Same Ideals: What Workers of All Ages Value in their Jobs,” analyzed the similarities and differences among generations and found that they share more commonalities, especially when it comes to personal well-being, work-life balance, and desired traits from leadership. The most notable difference between the generations is how each group defines and plans to achieve their career desires. Key Findings from the survey include: Personal well-being, stability, and work-life balance matter more than money

BYD Announces Pre-sale Prices of European Passenger Car Range28.9.2022 15:35:00 CEST | Press release

BYD announces the pre-sale prices of its new European passenger car range. The world’s leading manufacturer of new energy vehicles and power batteries immediately introduces three full-electric passenger vehicles which will be delivered to Norway, Sweden, Denmark, the Netherlands, Belgium, Luxembourg and Germany. Before the end of the year customers in France and the United Kingdom will also have access to BYD’s zero-emission vehicles. After that, more dealers will be appointed supporting BYD’s plans to cover all major markets in Europe. This press release features multimedia. View the full release here: BYD Europe Product Premiere 2022 The pre-sale price for the BYD ATTO 3 is € 38,000. The BYD HAN and TANG pre-sale prices are € 72,000. These pre-sale prices apply to Germany as a reference for Europe and may differ from country to country. The three full-electric BYD vehicles are technologically advanced and well-suited to the e

Monrol Will Establish a Legal Entity and Manufacturing Facility in Germany28.9.2022 15:27:00 CEST | Press release

Following an ongoing assessment of its entire operation, Eczacıbaşı-Monrol Nuclear Products Co. (Monrol) has decided to establish a legal entity and manufacturing facility in Germany. The new facility will focus on the manufacture of SPECT products and radiopharmaceutical products for radioligand therapy(*) such as Gallium-68 generator and n.c.a Lutetium-177. Developed by Monrol R&D teams, these products are widely used in the production of radiopharmaceuticals for cancer patients. The facility will also have a dedicated division for state-of-the art cGMP Contract Development and Manufacturing Organization (CDMO) services. Monrol plans to make the site a center of excellence for both radiopharmaceutical production and scientific and industry collaborative efforts to create innovations. The facility is expected to be up and running by 2026 at an estimated cost of around 30 million euros. (*) Targeted radioligand therapy is an innovative approach to cancer treatment that is considered to

Fore Biotherapeutics Announces Fast Track Designation Granted by FDA to FORE8394 for the Treatment of Cancers Harboring BRAF Class 1 and Class 2 Alterations28.9.2022 15:00:00 CEST | Press release

Fore Biotherapeutics (Fore Bio), a precision oncology company dedicated to developing innovative treatments that provide a better outcome for cancer patients, today announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track Designation (FTD) to FORE8934, its investigational, novel, small-molecule, orally available inhibitor for the treatment of patients with cancers harboring BRAF Class 1 (V600) and Class 2 (including fusions) alterations who have exhausted prior therapies. The FDA's Fast Track designation is designed to facilitate the development and expedite the review of drugs intended to treat serious conditions and fill an unmet medical need. A drug that receives Fast Track designation may become eligible for Accelerated Approval, Priority Review, or Rolling Review if relevant criteria are met. “The FDA's Fast Track Designation for FORE8394 underscores the urgent need faced by patients with advanced BRAF-muted cancers who have no other options,” said Stacie

Quectel Announces New SC680A LTE Smart Module to Drive Digital Transformation and Machine Vision AI Applications28.9.2022 15:00:00 CEST | Press release

Quectel Wireless Solutions, a global IoT solutions provider, today announces that it has released its new SC680A smart module which features broad connectivity options including LTE Cat 6, Wi-Fi 802.11ac and Bluetooth 5.0 with powerful system performance and rich multimedia functions. The SC680A smart module is targeted towards mid-tier IoT devices including POS and payment terminals, industrial handhelds for logistics and warehousing, in-vehicle infotainment and dashcam solutions as well as micro-mobility applications and small electric cars. This press release features multimedia. View the full release here: Quectel's new SC680A LTE smart module (Photo: Business Wire) “We are excited to introduce another highly integrated smart module which gives global customers more flexibility in their IoT device designs,” said Norbert Muhrer, President and CSO of Quectel. “It enables a variety of industrial and consumer IoT verticals with

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom