RUNSTUDIO/DigitalVision via Getty Images Exscientia ( NASDAQ: EXAI ) said it would let go of 20%-25% of its staff by the end of the year, particularly in target identification, precision medicine, experimentation, engineering, and infrastructure. Shares are down ~10% in Tuesday morning trading. The company expects to incur severance and termination costs of $7.
4M-$9.6M that will be recorded this quarter but paid through the remainder of 2024. Along with other measures, Exscientia (EXAI) expects annualized savings of at least $40M beginning in 2025.
The company added it now projects its cash runway will extend into 2027. More on Exscientia Exscientia plc (EXAI) Q4 2023 Earnings Call Transcript Exscientia: A Strategic Hold In The AI-Driven Drug Discovery Sector (Rating Downgrade) Exscientia FY 2023 Earnings Preview Anagenex expands leadership team with appointment of Adrian Schreyer as CTO Seeking Alpha’s Quant Rating on Exscientia.
