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Exscientia lays off up to 25% of workforce as part of cost-saving program
AI Drug Discovery
May 21, 2024
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AI Drug Discovery

AI Drug Discovery

May 21, 2024

Exscientia lays off up to 25% of workforce as part of cost-saving program

Management news

  • UK-based Exscientia AI drug discovery firm Exscientia has announced plans to lay off about 20% to 25% of its workforce across various departments as part of a cost-cutting initiative, citing the intention to reduce operating expenses.

  • Through the layoffs, the company expects to incur severance and termination costs between USD 7.4 and USD 9.6 million but will save USD ~40 million annually.

  • The company expects to conclude several multi-year investments this year, including projects related to its proprietary technology platform, leading to the restructuring decisions. Following the changes in October 2023, its ongoing pipeline programs will continue, prioritizing its CDK7 asset, GTAEXS617, and LSD1 inhibitor, EXS74539, and partnering or out-licensing several other programs.

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