BenevolentAI S.A.

Latest Results (08.02.2026):

BenevolentAI S.A. — Q4 2023 / year ended 31 December 2023: The company’s 2023 Annual Report shows a year of lower revenues but continued investment in R&D and platform development. Reported revenue was £7.3m (reported as “exc. SBP”), cash and short-term deposits of £56.5m at year‑end, reported R&D spend of £72.9m, a normalised operating loss of £72.7m and an operating cash outflow of £54.6m. The business completed a strategic review, signed a new multi‑year discovery collaboration with Merck KGaA (up to $594m in potential value), and progressed key pipeline programmes (notably BEN‑8744 into Phase Ia with topline readout expected Q1 2024).

Revenue

Reported revenue for the period was £7.3m (presented as “exc. SBP”), down versus the prior year (2022 comparatives shown in the Report: £10.6m). The report attributes the decline to reduced milestone/revenue contribution from the prior AstraZeneca collaboration.

Cash and liquidity

Cash, cash equivalents and short‑term deposits stood at £56.5m at 31 December 2023 (31 December 2022: £130.2m). The company states that restructuring and selective spend reductions extended runway to at least mid‑2025 before any unsigned revenue is assumed.

R&D and operating results

Reported R&D spend for 2023 was stated at £72.9m. The Report shows a normalised operating loss of £72.7m for 2023 (prior year comparatives are provided in the Report). Reported operating loss before changes to working capital was £77.6m (2022: £197.0m as shown in the Report).

Cash flow / cash burn

Operating cash outflow in 2023 was £54.6m (2022: £67.8m as shown in the Report). The company highlights cost and headcount reductions (around a 30% reduction during 2023) and other measures that materially lowered cash burn versus prior expectations.

Corporate deals and pipeline impact

Strategic developments reported include a multi‑year collaboration with Merck KGaA (up to $594m in potential payments plus tiered royalties) and confirmation there will be no further investment in BEN‑2293 after Phase IIa topline results. Internally, BEN‑8744 advanced into Phase Ia (topline expected Q1 2024), BEN‑28010 completed IND‑enabling studies, and BEN‑34712 progressed toward IND readiness.

Outlook / guidance points

The Report emphasises a 2024 focus on delivering AI‑driven drug discovery capabilities, securing at least one new collaboration, out‑licensing at least one proprietary asset, delivering BEN‑8744 topline data (Q1 2024) and completing the market assessment for its Knowledge Exploration Tools in early Q2 2024.