Exscientia to lay off up to 25% of employees; shares down 10%

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.

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