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BenevolentAI société anonyme (BAI) investor relations material
BenevolentAI société anonyme H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Strengthened executive leadership and Board with key appointments in 2024, focusing on innovation and execution.
Achieved 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.
Advanced collaborations with AstraZeneca and Merck, expanding the pipeline and validating the AI platform.
Increased active business development and licensing discussions, though deal timing remains uncertain.
Cash runway extended to late Q3 2025, supporting ongoing R&D and business development.
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 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 to late Q3 2025.
Operating cash outflow before working capital changes reduced by 23% to £29.3m.
Outlook and guidance
Additional revenue expected from Merck collaboration milestones in H2 2024 through 2026.
Ongoing business development and out-licensing discussions, though deal completion in 2024 is challenging.
Lead asset BEN-8744 to present Phase I data at a leading medical conference; further development and partnering under evaluation.
Cash runway extends to late Q3 2025, with further cost-saving actions available if needed.
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