BenevolentAI Unveils Strategic Plan to Position the Company for a New Era in AI

Regulatory News:

BenevolentAI (“BenevolentAI” or the “Company”) (Euronext Amsterdam: BAI), a leader that combines cutting-edge Artificial Intelligence (AI) and science to accelerate biopharma discovery and development, today announced a strategic review approved by its Board of Directors.

BenevolentAI is further evolving its differentiated technology platform and launching a new suite of products to capitalise on the vast potential of AI-driven technologies in the biopharma domain. Simultaneously, the Company is optimising its portfolio to focus on its most advanced and promising pipeline assets.

The new strategic plan:

• Maximises the impact of BenevolentAI’s innovative technology platform for commercial deployment through new revenue-generating products, collaborations and partnerships.
• Prioritises the Company’s most advanced and high-potential clinical and pre-clinical assets, progressing them to their value inflection points.
• Reduces spending and frees up £45 million of net cash to increase the Company’s financial flexibility, extending the cash runway to at least July 2025 (without accounting for any new revenue).
• Aligns organisational structure to the new strategic direction.

As part of the strategic plan, the Company will streamline and reorganise operations across two distinct business units – the Tech Business Unit and the Bio Business Unit – supported by Shared Business Operations. This will improve capital efficiency and enhance operational effectiveness.

Chief Executive Officer, Joanna Shields said, “Embarking on this process requires difficult decisions, particularly concerning our valued colleagues. Our new strategic direction ensures we maximise our portfolio and leverage the knowledge and expertise we have built up in recent years to meet this moment of opportunity for AI in biopharma.”

Tech Business Unit– well positioned to lead in AI for biopharma R&D

BenevolentAI is deploying a new suite of AI products, including a natural language biomedical querying system, enabling biopharma partners to accelerate new discoveries, harness the power of AI to unlock the value of their data, and gain a competitive edge. The Company will expand its commercialisation of this technology through collaborations and partnerships.

The adoption of generative AI and large language models offers unparalleled potential to accelerate scientific discovery. BenevolentAI is uniquely positioned to bring this transformative impact to biopharma R&D with its in-depth experience in drug discovery and knowledge of how to build, train and fine-tune these highly domain-specific models. The platform’s generative AI and query capabilities are further enhanced by BenevolentAI’s technology for drug discovery, including its leading target identification and assessment platform and proven expertise in multi-modal biomedical data integration.