Sparks

BenevolentAI has reported its H124 results. Operating loss was £32.3m, a 30% reduction from the H123 figure of £45.9m, due to the impact of reduced restructuring costs and prioritising R&D activities. Reported revenue was £2.8m, down 46% from £5.3m in H123, mainly driven by the scaling down of target identification efforts with its AstraZeneca collaboration. Management noted that the newer Merck collaboration is now generating revenues to begin offsetting this, with additional revenue expected in H224 through to 2026. It also noted that the AstraZeneca collaboration generated approximately £32m in total, and that the company remains eligible for certain commercial milestones, as well as tiered royalties on net sales. BenevolentAI finished the period with £38.1m in cash, cash equivalents and short-term deposits, providing operational headroom into late Q325.

In terms of its proprietary programmes, BEN-8744 (for ulcerative colitis) delivered positive Phase Ia results in Q124 and out-licensing/partnership discussions are ongoing, BEN-28010 (for glioblastoma/solid tumours) has completed regulatory toxicology studies and is ready for out-licensing/partnering and BEN-34712 (for amyotrophic lateral sclerosis) is due to be IND-ready in H224.