BenevolentAI société anonyme (BAI) investor relations material

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.