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BenevolentAI société anonyme
BenevolentAI société anonyme (BAI) investor relations material
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BenevolentAI société anonyme H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2024 earnings summary19 Sep, 2024
Executive summary
Strengthened leadership and board with new Chair, Deputy Chair, CEO, CTO, and business development focus, driving innovation and execution.
Positive topline Phase I data for lead asset BEN-8744 in ulcerative colitis/inflammatory bowel disease, with full data to be presented at a major conference.
Expanded and productive collaborations with AstraZeneca and Merck KGaA, with new targets, milestones, and validation of the AI platform.
Business development pipeline for collaborations and out-licensing has grown, though deal timing remains uncertain.
Cash runway extended to late Q3 2025, supporting ongoing R&D and business development activities.
Financial highlights
Operating loss reduced by 30% to £32.3m in H1 2024 from £45.9m in H1 2023, reflecting restructuring and R&D prioritization.
Revenue decreased 46% to £2.8m, mainly due to transition between AstraZeneca and Merck collaborations.
R&D spend reduced by 45% to £19.9m, focusing on proprietary pipeline and platform innovation.
Cash and equivalents at £38.1m as of 30 June 2024, with runway extended to late Q3 2025, including £12.1m R&D tax credits received post-period.
Basic and diluted EPS improved to (20.3p); normalised EPS (18.4p).
Outlook and guidance
Additional Merck collaboration revenue expected in H2 2024 through 2026 as milestones are achieved.
Ongoing active licensing and collaboration discussions, with a focus on value inflection points for pipeline assets.
Cash runway extends to late Q3 2025, excluding unsigned revenue; further cost-saving actions available if needed.
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Frequently asked questions
BenevolentAI société anonyme is active in the pharmaceutical industry, specializing in AI-enabled drug discovery. The company's core mission revolves around integrating artificial intelligence (AI) with advanced scientific research to innovate and develop new medications for complex diseases. It leverages its proprietary Benevolent Platform, an AI-driven drug discovery engine that utilizes a vast biomedical data landscape to offer a comprehensive representation of human biology across various diseases. This platform aids both in-house scientists and biopharmaceutical partners in accelerating scientific breakthroughs by harnessing the full potential of data and AI for the next generation of medical advancements. The company is headquartered in Luxembourg and its shares are listed on the Euronext Amsterdam stock exchange.
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