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 UK-based AI drug discovery company Exscientia has reported a net loss per share of USD 0.38 for Q4 2022, missing analyst expectations by 18.8%. The net loss for the quarter worsened 95% YoY to USD 47.2 million, which contributed to the net loss of USD 143.4 million (up 141% YoY) reported for the full financial year.
 
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 The company recorded revenue of USD 32.9 million (down 0.3 YoY%). Operating expenses for the quarter increased significantly by 78.4% YoY to USD 43 million due to an increase in R&amp;D expenses (up 90.3% YoY) as a result of the growth of the company&rsquo;s internal and co-owned portfolio, in addition to increased headcount and other costs associated with the company&rsquo;s technology investments. General and administrative (G&amp;A) expenses accounted for 15.4% of total operating expenses. For the full year 2022, G&amp;A expenses increased 49.2% YoY to USD 46.4 million primarily due to an increase in personnel costs.
 
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 Cash, cash equivalents, and short-term bank deposits as of December 31, 2022 were USD 610.9 million compared to USD 678.9 million as of December 31, 2021.&nbsp;
 
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 Exscientia also highlighted a few operational milestones for the quarter:&nbsp;
 
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 In November 2022, the company initiated IGNITE, a Phase 1/2 study of its A2A product candidate, with the first patient expected to be enrolled in 1H 2023.&nbsp;
 
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 The company plans to enroll the first patient in a Phase 1/2 trial for its CDK7 inhibitor, GTAEXS617 in 1H 2023.&nbsp;
 
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 The company opened a 50,000 square foot laboratory in Vienna, Austria to advance its primary patient sample precision medicine and translational research platforms.&nbsp;
 
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 In 2022, the company expanded its next-generation sequencing (NGS), multi-omics platform, patient tissue collaborations, and precision medicine capabilities.
 
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 <a href="https://www.businesswire.com/news/home/20230323005252/en/Exscientia-Business-and-Financial-Update-for-the-Full-Year-2022">
 Company press release
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