1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
EXAI
Listed on
2021-10-01
Sector
Health Care
Subsector
Biotechnology
Offer Price
$22.00
first filed $20.00–$22.00Shares Offered
13.85M
118.31M
$2.6B
11.7%
Implied Upside vs Midpoint
Description
We are an artificial intelligence-driven pharmatech company committed to discovering, designing and developing the best possible drugs in the fastest and most effective manner. Our goal is to change the pharmaceutical industry’s underlying pharmacoeconomic model, what we call "Shifting the Curve", by improving the probability of success, time and cost involved with creating new medicines. Our pipeline demonstrates our ability to rapidly translate scientific concepts into precision-designed therapeutic candidates. We have built a complete end-to-end solution of artificial intelligence, or AI, and experimental technologies for target identification, drug candidate design, translational models and patient selection. Our platform has enabled us to design candidate drug molecules that have progressed into clinical trials as well as to provide patients with potentially more applicable drug therapies through AI guided assessment. Our patient-first AI process is comprised of the following four elements: • Precision Target: deep learning approaches to prioritise projects; • Precision Design: an extensive platform of AI technologies to design innovative drugs; • Precision Experiment: tech-enabled precision experimentation to derive better data; and • Precision Medicine: integrated analysis of patient data to ensure clinical relevance. Our AI-design capabilities include a wide range of deep-learning and machine-learning algorithms, generative methods, active learning and natural language processing. These methods are used to guide target selection, to design the precise molecular architecture of potential drug molecules and to analyse patient tissues to prioritise the molecules that are likely to provide the best response for an individual’s specific tumour. --- Exscientia AI Limited was incorporated under the laws of Scotland in July 2012, with company registration number SC428761 with the company name Ex Scientia Limited (changed to Exscientia Limited in December 2018) and changed its name to Exscientia AI Limited on August 18, 2021. Exscientia plc was incorporated under the laws of England and Wales in June 2021 with company registration number 13483814 and changed its name to Exscientia Limited on August 18, 2021. Exscientia Limited re-registered as a public limited company on September 22, 2021 and changed its name to Exscientia plc. Our global headquarters and registered office is at The Schrödinger Building, Oxford Science Park, Oxford OX4 4GE, United Kingdom, and the telephone number at that office is +44(0) 1382 202136. The principal office for our U.S. subsidiary is located at Office 316, 2125 Biscayne Blvd., Miami, Florida 33137, United States, and our telephone number at that office is +1 954 406 8602. Our website address is www.exscientia.ai. Our agent for service of process in the United States is Exscientia Inc.
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | >100x | >100x | ||
Revenue growth | 6.2% | -12.6% | ||
Gross margin | -47.1% | — | — | |
Operating margin | -240% | -1438% | ||
Net margin | -230% | -1406% | ||
Free cash flow margin | -246% | 19.3% | ||
Rule of 40 | -234% | -1965% | ||
Net cash / market cap | 3.1% | 7.2% | ||
Debt / equity | 0.00 | 0.00 | ||
Current ratio | 4.71 | 6.34 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
▲ Priced at $22.00, 5% above the midpoint of the first filed range ($20.00–$22.00, 2021-09-27).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2021-09-27 | F-1/A | $20.00–$22.00 | — | 13,095,238 | $275.0M |
| 2021-10-04 | 424B4 | — | $22.00 | 13,850,000 | $304.7M |
Exscientia plc income statement and balance sheet, FY Dec 2020 to FY Dec 2023, as reported in SEC filings (GBP).
| Metric | FY Dec 2020 | FY Dec 2021after listing | FY Dec 2022after listing | FY Dec 2023after listing |
|---|---|---|---|---|
| Revenue | GBP 9.7M | GBP 27.4M | GBP 27.2M | GBP 20.1M |
| Gross profit | (GBP 4.6M) | GBP 10.2M | (GBP 6.1M) | (GBP 7.3M) |
| Operating income | (GBP 23.2M) | (GBP 54.9M) | (GBP 145M) | (GBP 176M) |
| Net income | (GBP 22.3M) | (GBP 49.2M) | (GBP 119M) | (GBP 146M) |
| Revenue growth | — | 183% | −0.5% | −26.2% |
| Gross margin | −47.1% | 37.5% | −22.3% | −36.5% |
| Operating margin | −240% | −201% | −534% | −877% |
| Net margin | −230% | −180% | −436% | −727% |
| Metric | FY Dec 2020 | FY Dec 2021after listing | FY Dec 2022after listing | FY Dec 2023after listing |
|---|---|---|---|---|
| Total assets | GBP 77.7M | GBP 641M | GBP 650M | GBP 511M |
| Total liabilities | GBP 19.2M | GBP 73.9M | GBP 171M | GBP 155M |
| Total equity | GBP 58.5M | GBP 567M | GBP 479M | GBP 356M |
| Cash & equivalents | GBP 60.3M | GBP 560M | GBP 404M | GBP 258M |