BenevolentAI S.A.

Latest Results (27.12.2025):

BenevolentAI S.A. — Q4 2023 (annual results / Strategic Report FY 2023): the company reported FY 2023 financial highlights showing reduced revenues (reported £7.3m excluding SBP), a significantly lower cash position (£56.5m at 31 Dec 2023 vs £130.2m a year earlier), elevated R&D investment (normalised R&D £72.9m; reported R&D £54.6m), and continued operating losses (normalised operating loss £72.7m; reported operating loss before changes to working capital £77.6m). Operating cash outflow was £60.3m. Management completed a strategic review, reduced headcount and costs to extend the runway to at least mid‑2025 (before unsigned revenue), and announced material corporate and pipeline actions including a new Merck collaboration and ongoing clinical/readout timelines for lead assets.

Revenue and cash

Revenue disclosed: £7.3m (excluding SBP). Cash, cash equivalents and short‑term deposits were £56.5m at 31 Dec 2023 (31 Dec 2022: £130.2m). Management attributes revenue decline in part to reduced AstraZeneca revenues.

R&D and operating performance

Normalised R&D spend reported at £72.9m (2022 comparatives shown). Reported R&D spend was £54.6m (2022: £65.1m). Normalised operating loss was £72.7m (2022: £94.6m) and reported operating loss before changes to working capital was £77.6m (2022: £197.0m). Operating cash outflow was £60.3m (2022: £67.8m).

Cash management and runway

Following a strategic review and cost reductions (including ~30% headcount reduction during 2023), the company says cash burn was reduced by ~40% and the cash runway was extended to at least mid‑2025, excluding additional unsigned revenue such as potential out‑licensing or new collaboration receipts.

Pipeline and near‑term clinical milestones

Lead asset BEN‑8744 (oral PDE10 inhibitor for ulcerative colitis) entered a Phase Ia study in Aug 2023 with topline data expected Q1 2024. BEN‑28010 (oral, brain‑penetrant CHK1 inhibitor for GBM) completed IND‑enabling studies (IND‑ready). BEN‑34712 (oral RARɑβ agonist for ALS) progressed into IND‑enabling work with IND‑readiness expected in mid‑2024 / Q2 2024 per the report.

Strategic collaborations

In September 2023 the company signed a multi‑year strategic collaboration with Merck KGaA to identify and develop novel small‑molecule candidates (oncology, neurology, immunology) with deal value up to $594m (low double‑digit million upfront, milestone payments and tiered royalties). The company continues its multi‑year target identification collaboration with AstraZeneca.

Corporate and governance

Management changes and governance updates noted: Joanna Shields stepped down as CEO in Sep 2023; François Nader served as Acting CEO and remained Chair; post‑period the board appointed Dr. Joerg Moeller as CEO (Jan 2024). The company also strengthened its CFO and commercial leadership and added an Independent NED during the period.

Commercial / product expansion

The report highlights continued development of “Knowledge Exploration Tools” (customisable SaaS / BenAI products). Initial product development and user testing were substantially completed in 2023; a market assessment was underway with results expected early Q2 2024 to define go‑to‑market strategy.