EXAI Exscientia PLC

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These unaudited condensed consolidated financial statements reflect the financial performance and position of Exscientia plc (the ‘Company’) and its subsidiaries (collectively the ‘Group’ or ‘Exscientia’) for the three and nine months ended September 30, 2024 and 2023.

    

Exscientia plc is a public company incorporated in England and Wales and during the nine months ended September 30, 2024 had the following wholly owned subsidiaries: Exscientia (UK) Holdings Limited, Exscientia AI Limited (“Exscientia AI”), Exscientia Inc., Exscientia Ventures I, Inc., Exscientia Ventures II, Inc., Exscientia KK, Kinetic Discovery Limited and Exscientia GmbH as well as two 50% owned joint ventures: RE Ventures I, LLC (“RE Ventures”) and RE Ventures II, LLC. Exscientia KK was liquidated on April 4, 2024.

The principal activity of the Group is that of the application of artificial intelligence (“AI”) and machine learning (“ML”) to the discovery and design of novel therapeutic compounds. Exscientia’s technology platform combines the best of human and computational capabilities to accelerate the process of designing novel, safe and efficacious compounds for clinical testing in humans.

a)Basis of preparation

These unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023 have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board. The accounting policies and methods of computation applied in the preparation of the unaudited condensed consolidated financial statements are consistent with those applied in the Group’s annual financial statements for the year ended December 31, 2023 except for the estimation of income tax (see note 8).

The financial statements do not include all of the information required for annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended December 31, 2023.

The financial statements have been prepared on the historical cost basis, with the exception of certain financial instruments which are measured at fair value.

The financial statements and footnotes have been presented in pounds sterling. This is the functional currency of the Company, being the currency of the primary economic environment in which the Company operates, and the presentational currency of the Group. All values are rounded to the nearest thousand pound (“£’000”) except where otherwise indicated.

These unaudited condensed consolidated financial statements were prepared at the request of the Group’s Board of Directors (the “Board”) to meet regulatory and contractual commitments and were approved by the Board on November 6, 2024 and signed on its behalf by David Hallett, Ph.D., Interim Chief Executive Officer of the Company.

b)Basis of consolidation

These unaudited condensed consolidated Group financial statements consolidate the financial statements of Exscientia plc and all its subsidiary undertakings made up to September 30, 2024.

c)Going concern

Management has undertaken a detailed cash flow forecast to assess the Group’s ability to continue as a going concern. Management's base case scenario has a cash out date of early 2027 and a severe but plausible downside scenario forecasting sufficient liquidity well into 2026. As such on a standalone basis the Board has a reasonable expectation that the Group has adequate resources to continue operating for the foreseeable future.

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2.Accounting policies (continued)

c)Going concern (continued)

On August 8, 2024, the Company entered into a transaction agreement with Recursion Pharmaceuticals, Inc., a Delaware corporation (“Recursion”), whereby, subject to conditions, Recursion will acquire the Company’s entire issued and to be issued share capital (the “Business Combination”). The Board’s expectation is that the proposed Business Combination will provide the combined Group with the resources, internal pipeline and portfolio of pharmaceutical partnerships to achieve continued success over the coming years. Based on discussions between Recursion and the Group up to November 8, 2024, the Group has concluded that there is no substantial doubt about its ability to continue as a going concern within one year of the issuance of these financial statements, and as such the Group has prepared these financial statements under the going concern assumption.

d)Application of new and revised International Financial Reporting Standards (IFRSs)    

There have been no new or revised accounting standards that have had a material impact on the unaudited condensed consolidated financial statements relative to those applied within the consolidated financial statements of the Group for the year ended December 31, 2023. Any new accounting standards implemented were assessed and determined to be either not applicable or did not have a material impact on the interim financial statements.

e)Material accounting policies

The preparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions. These judgements, estimates and assumptions affect the reported assets and liabilities as well as income and expenses in the financial period.

The estimates are based on information available when the consolidated financial statements are prepared, historical experience and various other factors which are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources.

The significant estimates and judgements made by management in applying the Group’s accounting policies are the same as those applied in the consolidated financial statements for the year ended December 31, 2023 with the exception of changes to the Group’s estimates in relation to UK research and development tax credits.

Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising that are beyond the Group’s control. Hence, estimates may vary from the actual values.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or the period of revision and future periods if this revision affects both current and future periods.

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3.Critical accounting estimates and judgements (continued)

UK research and development tax credits- R&D intensity

The Company has historically received income in the form of cash tax credits relating to the U.K. Research and Development Tax Credit Scheme that is applicable to small and medium sized companies (“SMEs”) (the “SME TCS”), recognised within income tax benefit. Research and development costs which are not eligible for reimbursement under the SME TCS, such as expenditure incurred on research projects for which the group receives income, may be reimbursed under the U.K. R&D expenditure credit (“RDEC”) scheme. Amounts receivable under the RDEC scheme are presented within other income, with a notional tax charge deducted from income tax benefit at the prevailing rate of income tax.

Under the U.K. Research and Development Tax Credit Scheme the Company is able to surrender some of its losses for a cash rebate of up to 18.6% of expenditures related to eligible research and development projects. Qualifying expenditures largely consist of employment costs for relevant staff, external workers provided by CROs, and software and consumables used in research and development projects. A higher rate of cash rebate, of up to 26.97% of qualifying research and development expenditure, could be available if the Group were to qualify as an “R&D intensive” SME for relevant periods (broadly, a loss making SME whose qualifying R&D expenditure represents 40% (or, from April 1, 2024, 30%) or more of its total expenditure for that accounting period.

During the three months ended March 31, 2024 it was estimated that the Group would not meet the requirements to be eligible for this higher rate in relation to either of its 2023 and 2024 claims due to the definition in the legislation of the relevant R&D expenditure (which has been restricted to exclude expenditure eligible under the RDEC scheme), and as such the Group’s income tax benefit for those periods was calculated at the lower, 18.6%, rate.

Based on updated guidance from His Majesty’s Revenue and Customs that claims including RDEC qualifying expenditure within the relevant R&D expenditure utilised within the eligibility calculations would be permitted, the Group now expects to qualify as R&D intensive for the year to December 31, 2023, and has recognised an additional income tax benefit of £3,961,000 during the nine months ended September 30, 2024 in relation to its 2023 claim.

UK research and development tax credits - availability of the U.K. Research and Development Tax Credit Scheme

As disclosed in note 2(c), the Company entered into a transaction agreement with Recursion on August 8, 2024, whereby, subject to conditions, Recursion will acquire the Company’s entire issued and to be issued share capital. In accordance with the terms of the SME TCS, the Company will no longer qualify for the scheme during the accounting period in which the proposed Business Combination completes, with expenditures that would previously have been eligible for inclusion in the SME TCS instead being eligible for inclusion in the RDEC scheme.

It is the Company’s current best estimate that the proposed Business Combination will complete by December 31, 2024, and as such that the Group will not be eligible to receive cash tax credits under the SME TCS in relation to research and development expenses incurred within calendar year 2024. Accordingly, amounts included within other income and income tax benefit during the three and nine months ended September 30, 2024 have been calculated on the basis of a claim being submitted for calendar year 2024 under the RDEC scheme only. Were the Business Combination to complete after December 31, 2024, the Company would expect to be eligible to make a claim under the SME TCS for qualifying expenditures incurred during calendar year 2024.

The rules of the UK’s R&D tax regimes are complex, and if a tax authority were to challenge or seek to disallow our claims (in whole or in part), for example by asserting that we do not (or the relevant expenditure does not) meet the technical conditions to be granted tax credits (or cash rebates), then such challenge or disallowance, if successful, could have a material impact on our cash-flow and financial performance.

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Revenue recognised during the three and nine months ended September 30, 2024 and 2023 relates to collaboration agreements with with Bristol Myers Squibb Company (“BMY”), Sanofi S.A. (“Sanofi”), Merck KGaA, Darmstadt, Germany (“Merck KGaA, Darmstadt, Germany”), Millennium Pharmaceuticals Inc. (“Millennium”) (an indirect wholly owned subsidiary of Takeda Pharmaceutical Company Limited), as well as legacy contracts operated by the Group’s Austrian subsidiary. The proportion of revenue by customer in each period is as follows:

			Three months ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
			%						%						%						%
BMY			2						86						18						78
Sanofi			72						14						55						21
Merck KGaA, Darmstadt, Germany			26						—						21						—
Others			—						—						6						1
			100						100						100						100

			Three months ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
			£’000						£’000						£’000						£’000
Service fees			—						—						—						104
Licensing fees - recognised over time			4,930						8,882						14,639						17,545
Total Revenue			4,930						8,882						14,639						17,649

Revenue is recognised upon the satisfaction of performance obligations, which occurs when control of the goods or services transfers to the customer. For obligations discharged over time, the Group recognises revenue equal to recoverable costs incurred for new collaborations from their inception until such time as the collaboration is sufficiently progressed such that the Group can reliably estimate the level of profit that will be achieved from delivery of the related performance obligations. Where collaborations include significant variable consideration which is constrained at the inception of the arrangement this can lead to gross losses being recognised during the early stages of a contract.

All revenues during the three and nine months ended September 30, 2024 and 2023 relate to obligations discharged over time, and input methods are utilised in order to estimate the extent to which the performance obligations have been satisfied at the end of the reporting period based upon costs incurred, which can be internal or third party in nature.

Included within revenues during the three months ended September 30, 2023 are amounts totalling £6,859,000 relating to non-refundable upfront payments on projects under the Group’s ongoing collaboration with BMS which have been recognised as revenue during the quarter as it has been mutually determined not to proceed with further development of these projects and prioritise others within the collaboration.

On September 11, and September 30, 2024 respectively, the Group received confirmation of the achievement of the second and third research milestones in the Group’s collaboration with Sanofi, in relation to which it invoiced a total of £11,422,000 ($15,000,000), with the cash expected to be received during the fourth quarter of 2024. Until achievement, these milestones were treated as constrained variable consideration relating to the drug design work undertaken in relation to the associated projects, and as such they have been added to the transaction price for the related partially satisfied performance obligation from the current quarter, with revenue recognised as the performance obligation is satisfied.

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4.Revenue (continued)

Included within revenues during the nine months ended September 30, 2024 is an amount of £1.0 million relating to an up-front payment received from Millennium in October 2020 following completion of the related collaboration contract term on March 31, 2024, at which time all related performance obligations were deemed to be fully satisfied.

The Group has assessed its significant collaboration arrangements with commercial partners and determined that no provision for future operating losses is required as at September 30, 2024, after taking into account expected future cash inflows and remaining contract liability amounts for each collaboration relative to the remaining unavoidable costs of meeting the respective contracts’ obligations in each instance.

			Three months ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
			£’000						£’000						£’000						£’000
Grant income			180						218						379						1,211
R&D expenditure credits			2,397						898						9,414						4,343
			2,577						1,116						9,793						5,554

Operating loss for the three and nine months ended September 30, 2024 and 2023 has been arrived at after charging/(crediting):

			Three months ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
			£’000						£’000						£’000						£’000
Depreciation of property, plant and equipment			2,752						2,329						7,741						5,018
Depreciation of right-of-use assets			1,021						874						2,937						2,648
Amortisation of intangible assets			1,126						1,173						3,426						3,499
Research and development expenses			27,234						32,608						75,906						99,013
Foreign exchange losses/(gains)			2,221						(3,272)						1,294						(1,628)
Share-based payment charge			5,041						6,357						3,961						20,150
(Reversal of)/impairment of right-of-use assets			(567)						—						1,052						—
Impairment of plant and equipment			33						—						1,991						—
Professional fees associated with the Company's proposed business combination			16,298						—						16,298						—

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			Three months ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
			£’000						£’000						£’000						£’000
Bank interest income			3,363						4,436						11,067						12,213
			3,363						4,436						11,067						12,213

The Group’s income tax credit is recognised at an amount determined by multiplying the loss before taxation for the interim reporting period by the Group’s best estimate of the weighted average annual income taxation rate expected for the full financial year, adjusted for the tax effect of certain items recognised in full in the interim period. As such, the effective tax rate in the interim financial statements may differ from the Group’s estimate of the effective tax rate for the annual financial statements.

The Group’s consolidated effective tax rate in respect of continuing operations for the three and nine months ended September 30, 2024 was 0.09% and 2.50% (2023: 7.05% and 11.96%). The effective tax rate is impacted by the level of eligible research and development activity undertaken by the Company, as well as the changes in scheme eligibility described in note 3.

			Three months ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
Basic and diluted loss for the period (£'000)			(52,133)						(31,214)						(109,378)						(104,828)
Basic and diluted weighted average number of shares			129,178,562						124,511,492						127,260,159						123,844,172
Basic and diluted loss per share (£)			(0.40)						(0.25)						(0.86)						(0.85)

Basic loss per share (“Loss per Share”) is calculated in accordance with IAS 33 based on earnings attributable to the Company’s shareholders and the weighted average number of shares outstanding during the period.

The Company issues performance options, share options, restricted share units (“RSUs”) and performance share units (“PSUs”) to employees, upon the vesting or exercise of which ordinary shares are issued. Inclusion of these awards would have an anti-dilutive effect on the loss per share due to the loss incurred during the period, therefore basic and diluted loss per share are the same.

On July 17, 2024, a subsidiary of the Company, Exscientia AI, and GT Apeiron Therapeutics Inc. (“Apeiron”) announced that they had entered into an Asset Purchase Agreement, IP Assignment Agreement, Subscription Agreement and Share Surrender Agreement, pursuant to which Exscientia AI acquired the full rights to the intellectual property in GTAEX617 and took full operational control of the CDK7 inhibitor programme (the “IP Rights”) for the purpose of continuing Exscientia AI’s own independent research, development and commercialisation efforts. Concurrent to the transaction, Exscientia AI and Apeiron terminated the Collaboration Agreement, dated July 1, 2021, by and between Exscientia AI and Apeiron.

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10.    Goodwill and other intangible assets (continued)

As consideration for the IP Rights, Exscientia AI made an upfront payment to Apeiron in the amount of £7,691,000 and forgave Apeiron of all outstanding debt, totalling £4,951,000. The Company also issued Apeiron £7,579,000 of the Company’s equity in the form of 1,807,078 restricted American Depositary Shares, each representing one ordinary share, nominal value £0.0005 per share, incurring fees of £69,000 in relation to the issuance. In addition, Exscientia AI surrendered 9,173,021 ordinary shares with a par value of $0.00001 each and 1,549,942 Series Pre-A preferred shares, with a par value of $0.00001 each and a total fair value at the disposal date of £2,145,000, that Exscientia AI held in Apeiron Therapeutics, Inc. with no consideration being due from Apeiron to Exscientia AI or the Company.

These amounts were capitalised as acquired intellectual property during the three months ended September 30, 2024, with a total transaction price at the acquisition date of £22,436,000. No amortisation charge has been recognised in relation to the IP during the period from its acquisition to September 30, 2024 as the asset has yet to be commercialised.

Pursuant to the Asset Purchase Agreement, Exscientia AI will pay Apeiron a single digit royalty, net of any applicable withholding taxes, if Exscientia AI or a third party commercialises GTAEX617. Exscientia AI will take on all development costs and shall also pay Apeiron a single digit percentage of any outlicensing income received by Exscientia AI or its affiliates if Exscientia AI enters into an outlicensing agreement with a third party.

During the nine months ended September 30, 2024 the Group acquired assets at a cost of £164,000 relating to computer software. There were no asset disposals in the period. The amortisation charge for the period of £3,426,000 consisted of £57,000 relating to computer equipment, £11,000 relating to patents and £3,358,000 relating to acquired intellectual property. The residual movement in the net book value of goodwill and intangible assets relates to the foreign currency translation of assets relating to the Group’s Austrian business.

During the nine months ended September 30, 2024, the Group acquired assets at a cost of £2,185,000, of which £126,000 were additions to leasehold improvements, £55,000 were additions to computer equipment and £1,896,000 were additions to plant and equipment, primarily laboratory equipment. The depreciation charge for the period was £7,741,000.

During the nine months ended September 30, 2024, £425,000 was transferred from assets under construction to leasehold improvements which constituted costs relating to the fit-out of premises leased by the Group. An additional £3,468,000 was transferred from assets under construction to plant and equipment for assets now installed, primarily at our premises in Milton Park.

Disposals of property, plant and equipment with a total cost and net book value of £1,108,000 and £164,000 respectively were made during the nine months ended September 30, 2024.

On May 21, 2024, the Company announced cost saving and efficiency measures targeting some areas of target identification, precision medicine, experimentation, engineering and infrastructure. Following these measures, the Company performed an impairment review to identify property, plant and equipment which, as at both the date of review and September 30, 2024, have a carrying value in excess of their recoverable amounts. As a result of this review the Company recognised an impairment charge of £788,000 in relation to plant and equipment and £1,203,000 in relation to leasehold improvements during the nine months ended September 30, 2024.

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During the nine months ended September 30, 2024, the Group made £1,549,000 in capital contributions to its joint venture with RallyBio, RE Ventures (nine months to September 30, 2023: £1,206,000). The Group’s share of the loss incurred by the joint venture during the three and nine months ended September 30, 2024 totalled £488,000 and £1,412,000 respectively (September 30, 2023: £535,000 and £1,149,000).

There were no transactions with the Group’s other joint venture with RallyBio, RE Ventures II, LLC, during the nine months ended September 30, 2024 (nine months to September 30, 2023: £nil).

The Group’s interests in joint operations are disclosed in the consolidated financial statements for the year ended December 31, 2023. See note 10 for details in relation to the termination of the Group’s collaboration with Apeiron on July 17, 2024.

All right-of-use assets relate to leased premises. As at January 1, 2024 the Group had right-of-use assets relating to ten pre-existing lease agreements pertaining to four properties in the United Kingdom, three in the United States of America and one in Austria.

On June 26, 2024 the Group reached agreement with the landlord of its headquarters in Oxford, United Kingdom in relation to updated lease rentals following completion of contractually required rent reviews as per the terms of the underlying lease agreements for that premises. Based on the revised lease rentals, the related ROU assets and lease liabilities were revised upwards by £2,540,000 from that date.

In December 2022, the Group entered into a lease arrangement in relation to premises in Miami, Florida, United States. The lease term commenced on February 26, 2024, being the date at which the landlord made the premises available to the Group, resulting in the recognition of a right of use asset of £2,125,000. The lease expires on June 1, 2034. In the fourth quarter of 2023, as a result of the Group's cost containment measures, the decision was taken not to occupy these premises, and instead to lease smaller premises nearby. At that point it was estimated that the present value of the unavoidable costs of meeting the Group’s obligations under the contract exceed the expected benefits to be received from subletting the space by £807,000, and a provision for that amount recorded in the fourth quarter of 2023, with such provision recognised as an impairment of the right-of-use (“ROU”) asset upon its capitalisation in February 2024.

The lease in question was sublet to a third party from September 9, 2024, with such sublease being deemed to constitute a finance lease. As such the ROU asset relating to the head-lease was disposed of, with the reversal of the previous impairment recognised and the recognition of a finance lease receivable of £1,793,000, being an amount equal to the net investment in the lease at that point. The sublease term expires on June 1, 2034.

The undiscounted finance lease payments receivable in relation to this sublease as at September 30, 2024 are as follows:

			30 September 2024
			£'000
Within one year			79
One to five years			1,309
More than 5 years			906
Unearned finance income			(501)
Net finance lease receivable			1,793

On August 12, 2024 the Group disposed of one of its leased properties in Oxford, United Kingdom. A payment of £700,000 was made upon the return of the lease, representing settlement of all outstanding obligations in relation to the premises. The disposal resulted in the de-recognition of a ROU asset with a cost of £1,513,000 and net book value of £322,000 at the date of disposal.

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13.    Leases (continued)

The Group entered into two seven-year lease arrangements in relation to laboratory and office space in Vienna, Austria on September 3, 2021. Annually from January, 1 each year lease payments are indexed based on the consumer price index rate as published by STATISTIK AUSTRIA at September of the preceding year, being 10.6% in September 2022 and 6.0% in September 2023 respectively. The impact of this change in index rate is reflected when the adjustment to the lease payments takes effect in accordance with IFRS 16 paragraph 42(b), with the change in lease rentals from January 2024 resulting in reductions of £442,000 and £532,000 to the lease liabilities and related ROU assets for the laboratory and office space respectively at that date.

As part of the impairment review described in note 11 above, the Company has recognised an impairment charge of £911,000 in relation to these premises during the nine months ended September 30, 2024.

The undiscounted lease liability contractual maturities as at September 30, 2024 and December 31, 2023 are as follows:

			September 30, 2024						31 December 2023
			£'000						£'000
Within one year			4,167						3,399
One to five years			14,609						14,707
More than 5 years			2,857						4,003
			21,633						22,109

Current other receivables and contract assets

			September 30, 2024						December 31, 2023
			£’000						£’000
VAT recoverable			2,390						3,356
Prepayments			5,462						5,961
Accrued bank interest			391						412
Other receivables			1,287						5,622
			9,530						15,351

Non-current other receivables

			September 30, 2024						December 31, 2023
			£’000						£’000
Other receivables			639						663
			639						663

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This note provides an update on the judgements and estimates made by the Group in determining the fair values of financial instruments since the last annual financial report.

Nature of financial instruments recognised and measured at fair value

Apeiron shares

During the nine months ended September 30, 2024 the Group’s only financial instrument measured at fair value consisted of 9,173,021 ordinary shares with a par value of $0.00001 each and 1,549,942 Series Pre-A preferred shares, with a par value of $0.00001 each, that the Group held in Apeiron, which were acquired in March 2021 and in relation to which the Group took the election provided within IFRS 9 to recognise fair value gains and losses within Other Comprehensive Income. These shares were disposed of on July 17, 2024 as part of the transaction described in note 10, with a corresponding release of the associated fair value reserve to retained earnings/(accumulated losses).

Fair value measurements using significant unobservable inputs (level 3)- equity investments at FVOCI

			Unlisted equity securities
			£’000
Opening balance as at January 1, 2024			2,145
Disposal during the period			(2,145)
Closing balance as at September 30, 2024			—

The Group did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as at September 30, 2024. There have been no transfers between levels 2 and 3 and changes in valuation techniques during the period.

Other financial instruments

On January 19, 2024 the Group invested £150,000,000 into a six-month short term deposit with an F1-rated financial institution. This short term deposit accrued interest at a rate of 5.1% and has been classified as a financial asset at amortised cost. The deposit was redeemed inclusive of accrued interest on July 19, 2024.

On July 19, 2024 the Group invested £125,000,000 into a six-month deposit with an F1-rated financial institution. This short term deposit accrued interest at a rate of 5.1% and has been classified as a financial asset at amortised cost. On the same date the Group invested a further £28,837,000 into a three-month deposit with the same financial institution, also at a rate of 5.1%. This deposit has been classified as a cash equivalent. The latter deposit was redeemed inclusive of accrued interest on October 18, 2024.

The Group measures expected credit losses over cash and cash equivalents as a function of individual counterparty credit ratings and associated 12 month default rates. Expected credit losses over cash and cash equivalents and third-party financial derivatives are deemed to be immaterial and no such loss has been experienced during the three and nine months ended September 30, 2024.

The Group also has a number of other financial instruments which are not measured at fair value in the balance sheet consisting of trade receivables, trade and other payables and other loans. For these instruments, the fair values are not materially different to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature.

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			September 30, 2024						December 31, 2023
			£						£
Issued and fully paid share capital
130,769,846 (2023: 125,702,396) Ordinary shares of £0.0005 each			65,385						62,851
			65,385						62,851

Shares authorised and issued (number)

			December 31, 2023			Shares issued in relation to the acquisition of IP			Exercise of share-based payment awards			September 30, 2024
Ordinary shares			125,702,396			1,807,078			3,260,372			130,769,846
			125,702,396			1,807,078			3,260,372			130,769,846

A total of 1,807,078 shares were issued as part of the transaction described in note 10.

A total of 3,260,372 shares were issued upon the exercise of share-based payment awards during the nine months ended September 30, 2024; see note 21 for further details.

Rights of share classes

Holders of ordinary shares are entitled to one vote per share at a show of hands meeting of the Company and one vote per share on a resolution on a poll taken at a meeting and on a written resolution.

			Within one year									More than one year
			September, 30						December 31,			September, 30						December 31,
			2024						2023			2024						2023
			£’000						£’000			£’000						£’000
Contract liabilities
Revenue generating collaborations			18,542						25,036			68,742						65,466
Total contract liabilities			18,542						25,036			68,742						65,466
Other advances
Grants			1,590						1,970			—						—
Total other advances			1,590						1,970			—						—
Total contract liabilities and other advances			20,132						27,006			68,742						65,466

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17.    Contract liabilities and other advances (continued)

A reconciliation of the movement in contract liabilities and other advances for the nine months ended September 30, 2024 is as follows:

			January 01, 2024			Additions			Recognised in the income statement			Foreign exchange			September 30, 2024
			£’000			£’000			£’000			£’000			£’000
Grants			1,971			—			(379)			(2)			1,590
Revenue generating collaborations			90,501			11,422			(14,639)			—			87,284
Total contract liabilities and other advances			92,472			11,422			(15,018)			(2)			88,874

The Group expects to recognise its contract liabilities relating to revenue generating collaborations over the terms of the related collaborations, the longest of which extends to December 2027. As at December 31, 2023 the Group expected to recognise its contract liabilities relating to revenue generating collaborations over the period to December 2027.

The ageing presented above reflects the Group's best estimate of when contract liability and other advance amounts will be utilised based upon when the underlying costs to be incurred in the delivery of the related projects are expected to be incurred.

Additions to revenue generating collaborations relate to amounts totalling £11,422,000 ($15,000,000) invoiced to Sanofi during the three months ended September 30, 2024 in relation to the achievement of two research milestones as detailed in note 4.

A reconciliation of the movement in contract liabilities and other advances for the year ended December 31, 2023 is as follows:

			January 01, 2023			Additions			Recognised in the income statement			Transferred to other creditors			Foreign exchange			December 31, 2023
			£’000			£’000			£’000			£’000			£’000			£’000
Grants			959			2,141			(1,127)			—			(2)			1,971
Revenue generating collaborations			87,884			22,655			(20,038)			—			—			90,501
Joint operations			9,139			—			(2,033)			(7,106)			—			—
Total contract liabilities and other advances			97,982			24,796			(23,198)			(7,106)			(2)			92,472

At September 30, 2024, a provision of £1,372,000 existed in respect of the Group’s obligation to restore alterations made on leased space within three of the Group’s leasehold properties. The required work for the spaces is expected to be completed between 2026 and 2031.

As at December 31, 2023, the Group held an onerous contract provision of £807,000 relating to one of the Group’s leased properties in Miami, Florida. The amount had been recorded as a provision because the lease term on the property had yet to commence as of December 31, 2023, and as such no right of use asset had been recorded as at that date. The lease term commenced on February 26, 2024, and as such the onerous contract provision was de-recognised at that date, and an impairment of the right of use asset recorded in its place (see note 13).

---

Current other payables

			September 30, 2024						December 31, 2023
			£’000						£’000
Accruals			28,233						16,238
Other payables			1,946						2,087
Other taxation and social security			4,869						5,897
Corporation tax			115						111
			35,163						24,333

Following the Group’s IPO on October 5, 2021 the Group has no related parties other than joint ventures in accordance with the IAS 24 definition who are not key management personnel of the Group (whose remuneration is disclosed annually), and as such there are no disclosable related party transactions during either the nine months ended September 30, 2024 or 2023.

See note 12 for details of the Group’s transactions with joint ventures during the nine months ended September 30, 2024 and 2023.

From April 2022, the Company has issued all share options, performance share options, RSUs and PSUs to employees and non-employee members of the Board of Directors under the 2021 Equity Incentive Plan (“EIP”). All awards prior to that date were issued under the following legacy plans:

–Enterprise Management Incentive (“EMI”) Scheme

–Company Share Ownership Plan (“CSOP”)

–Unapproved Share Ownership Plan (“USOP”)

Total share-based remuneration expenses relating to share options, performance share options, RSUs, PSUs and the equity securities issued upon the acquisition of a subsidiary undertaking amounted to £3,961,000 during the nine months ended September 30, 2024 (nine months ended September 30, 2023: £20,150,000). Total share-based remuneration expenses for the three months ended September 30, 2024 amounted to £5,041,000 (three months ended September 30, 2023: £6,357,000).

Included within share-based payment expenses for the nine months ended September 30, 2024 are amounts totalling £5,935,000 that were released to profit and loss as a result of the forfeiture of unvested options held by our previous CEO on their exit from the Group in February 2024. Transfer of a further £3,289,000 from the share based payment reserve to accumulated losses was made in relation to awards that had vested prior to the forfeiture date.

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21.    Share based payments (continued)

The following table represents the share-based payment expense by award type for the three and nine months ended September 30, 2024 and 2023:

			Three months ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
			£’000						£’000						£’000						£’000
Share options			3,511						3,853						5,057						12,439
Performance share options			311						838						(3,409)						2,149
PSUs			197						192						431						521
RSUs			963						1,067						1,598						3,522
Clawback shares			59						407						284						1,519
			5,041						6,357						3,961						20,150

Share Options

Share options are granted to employees and non-executive directors of the Group. These options typically vest in tranches over four years, with the only vesting condition relating to continued employment by the Group.

Information with respect to share options for the nine months ending September 30, 2024 is as follows:

			Number of share options			Weighted average exercise price
Options held as at January 1, 2024			9,457,972			£	0.08
Granted			4,645,877			£	0.00
Exercised			(3,001,603)			£	0.02
Forfeited			(2,259,675)			£	0.05
Options held as at September 30, 2024			8,842,571			£	0.11
Exercisable as at September 30, 2024			2,821,671			£	0.20

A Black-Scholes model has been used to calculate the fair value of the share options as at the grant date, with the following weighted average values for the nine months ended September 30, 2024:

Exercise price			£	0.0005
Expected life			5.9 years
Expected volatility			88.6		%
Risk-free rate			3.67		%
Expected dividend rate			—
Fair value			£	3.77

The fair value of the underlying ordinary shares is equal to the closing share price at the grant date converted at the prevailing exchange rate at that date. The risk-free rate is determined by reference to the rate of interest obtainable from U.S. government bonds over a period commensurate with the expect term of the options. Expected volatility has been set with reference to the Group's own share price volatility over the period from the Company’s IPO to the award grant date and peer group analysis. The expected life of the options has been set equal to the mid-point between the vesting date and the expiry date of the award in question.

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21.    Share based payments (continued)

During the three months ended September 30, 2024, a total of 2,119,000 share options were issued to employees, including executive officers of the company, for which the total vesting period is two years, with fifty-percent of the awards vesting on the anniversary of the grant date and the remainder one year later. Should the Business Combination take place within this two-year vesting period, seventy-five percent of these awards will vest in full upon completion of the transaction, with the remaining awards vesting one year later.

Performance Share Options

Performance share units are granted to certain executive officers of the Group on an annual basis, and contain market based performance conditions relating to total shareholder return as well as a continued employment vesting requirement. These awards vest in tranches over three years. Information with respect to performance share options for the nine months ending September 30, 2024 is as follows:

			Number of share options			Weighted average exercise price
Options held as at January 1, 2024			1,949,690			£	0.00
Granted			726,233			£	0.00
Exercised			—			£	0.00
Forfeited			(1,525,129)			£	0.00
Options held as at September 30, 2024			1,150,794			£	—
Exercisable as at September 30, 2024			—			£	—

A Monte Carlo model has been used to calculate the fair value of the performance options as at the grant date, with the following weighted average values for the nine months ended September 30, 2024:

Exercise price			£	0.0005
Expected life			3.0 years
Expected volatility			87.6		%
Risk-free rate			4.78		%
Expected dividend rate			—
Fair value			£	3.28

The fair value of the underlying ordinary shares is equal to closing share price at the grant date converted at the prevailing exchange rate at that date. The risk-free rate is determined by reference to the rate of interest obtainable from U.S. government bonds over a period commensurate with the expect term of the options.

Expected volatility has been derived as the weighted average volatility of comparator companies who have been listed for a period commensurate with the expected term prior to the grant date, and the expected life of the options has been set equal to the mid-point between the vesting date and the expiry date of the award in question.

---

21.    Share based payments (continued)

Performance Share Units

Performance share options are granted to certain executive officers of the group on an annual basis, and contain market based performance conditions relating to total shareholder return as well as a continued employment vesting requirement. These awards vest in tranches over three years. Information with respect to performance share units for the nine months ending September 30, 2024 is as follows:

			Number of PSUs
PSUs held as at January 1, 2024			488,833
Granted			427,539
PSUs held as at September 30, 2024			916,372

A Monte Carlo model has been used to calculate the fair value of the performance share units as at the grant date, with the same model inputs as detailed for the performance share options above.

Restricted Share Units

The Group operates a RSU scheme, whereby certain employees and directors receive RSUs held over ordinary shares in the Company. These units are non-transferable and subject to forfeiture for periods prescribed by the Company. These awards are valued at the market value of the underlying shares at the date of grant and are subsequently amortised over the periods during which the restrictions lapse, typically four years. The awards expire on the cessation of the participant’s employment with the Group. Information with respect to restricted share units for the nine months ending September 30, 2024 is as follows:

			Number of RSUs
RSUs held as at January 1, 2024			1,019,186
Granted			1,048,914
Released			(382,283)
Forfeited			(230,032)
RSUs held as at September 30, 2024			1,455,785

The weighted average grant date fair value per unit of the RSUs granted in the three and nine months to September 30, 2024 was £3.79. The weighted average remaining contractual life of the outstanding awards as at September 30, 2024 was 8.6 years.

During the three months ended September 30, 2024, a total of 344,500 RSUs were issued to employees, including executive officers of the Company, for which the total vesting period is two years, with fifty-percent of the awards vesting on the anniversary of the grant date and the remainder one year later. Should the Business Combination take place within this two-year vesting period, seventy-five percent of these awards will vest in full upon completion of the transaction, with the remaining awards vesting one year later.

During the nine months ended September 30, 2024, 152,176 awards were released via a net settlement arrangement, with 76,773 shares issued and £307,000 paid by the Company in order to settle related employee tax obligations.

---

The Group has capital expenditure contracted for but not recognised as liabilities as at September 30, 2024. The expenditure is as follows:

			September 30, 2024
			£’000
Plant and equipment			24
Leasehold improvements			2
			26

Gates Foundation private placement commitment

Concurrent with the Company’s IPO on October 5, 2021, the Company completed a private placement to the Gates Foundation as detailed in note 21 of the consolidated financial statements of the Group for the year ended December 31, 2023. Under the terms of the Company’s agreement with the Gates Foundation, the Group is committed to spending $70,000,000 over a four-year period to the research, discovery, and development of small molecule anti-infective therapeutics for future pandemic preparedness, with a specific focus on developing therapeutics that can be applied against multiple species of coronaviridae, influenza, and paramyxoviridae (the “Pandemic Preparedness Program”).

The Group had incurred £11,903,000 relating to the Pandemic Preparedness Program as at September 30, 2024 (December 31, 2023: £9,697,000), with a total outstanding commitment of £39,583,000 (December 31, 2023: £41,789,000).

In the event that the Group is in breach of certain terms within the agreement, the Gates Foundation has the right to sell, or require the Company to buy-back any shareholdings in the Company held by the Foundation at the higher of the public offering price and the market value of the shares at the date of default. Should such a breach occur or should the Company enter bankruptcy the Gates Foundation also has the exclusive right to utilise an exclusive global license granted as part of the agreement in relation to any IP generated by the Group pertaining to the Pandemic Preparedness Program for the benefit of people in certain developing countries. The default conditions are within the control of the Group and the license in question cannot be utilised unless such a default occurs or the Group enters bankruptcy. As such no fair value has been assigned to this license.

FFG Guarantee

Prior to its acquisition by the Group, the Company’s subsidiary, Exscientia GmbH (which was formally known as Allcyte GmbH), received grant funding totalling €2,485,000 and a €353,000 loan from the Austrian Research Promotion Agency (“FFG”) between July 2018 and December 2021, with the loan due for repayment on September 30, 2026. The provision of this funding was contingent upon certain conditions, inclusive of the continuation of research and development activities at Allcyte’s Vienna site, with the period over which the associated conditions are applicable extending to late 2025 for a portion of the funding.

Prior to the second quarter of 2024 the likelihood of any repayment in relation to these amounts had been considered to be remote. In the current period the Group has re-assessed the probability of some repayment being required as a result of changes to business activities following the Group’s recent re-organisation, and deemed that while it is still unlikely that any repayment will be required, the likelihood is now deemed to be more than remote and as such is disclosing this amount as a contingent liability as at September 30, 2024.

---

22.    Commitments and contingent liabilities (continued)

Business Combination transaction costs

The Company has committed to pay professional advisory fees relating to the proposed Business Combination totalling £21.3 million, of which £16.3 million has been recognised within general and administrative expenses during the three months ended September 30, 2024 and £13.0 million is accrued as at September 30, 2024. Included within the period-end accrual is £10.9 million relating to an estimated cash payment due on completion of the proposed Business Combination which will be payable based upon the value of the Company’s market capitalisation as at the completion date should the transaction be consummated.

Following completion of the Business Combination the Company’s shares will be de-listed from NASDAQ and its ADS program terminated, the latter of which may incur termination costs that have yet to be agreed between the Company and its Depository.

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v3.24.3

Cover	9 Months Ended
	Sep. 30, 2024
Cover [Abstract]
Document Type	6-K
Entity File Number	001-40850
Entity Registrant Name	Exscientia plc
Entity Address, Address Line One	The Schrödinger Building
Entity Address, Address Line Two	Oxford Science Park
Entity Address, City or Town	Oxford
Entity Address, Postal Zip Code	OX4 4GE
Entity Address, Country	GB
Entity Central Index Key	0001865408
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

v3.24.3

Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive (Loss)/Income - GBP (£) £ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Profit or loss [abstract]
Revenue	£ 4,930	£ 8,882	£ 14,639	£ 17,649
Cost of sales	(7,530)	(6,742)	(22,696)	(21,468)
Gross (loss)/profit	(2,600)	2,140	(8,057)	(3,819)
Research and development expenses	(27,234)	(32,608)	(75,906)	(99,013)
General and administrative expenses	(25,298)	(11,141)	(45,529)	(33,689)
Foreign exchange (losses)/gains	(2,221)	3,272	(1,294)	1,628
Other income	2,577	1,116	9,793	5,554
Operating loss	(54,776)	(37,221)	(120,993)	(129,339)
Finance income	3,363	4,436	11,067	12,213
Finance expenses	(277)	(263)	(839)	(799)
Share of loss of joint venture	(488)	(535)	(1,412)	(1,149)
Loss before taxation	(52,178)	(33,583)	(112,177)	(119,074)
Income tax benefit	45	2,369	2,799	14,246
Loss for the period	(52,133)	(31,214)	(109,378)	(104,828)
Items that may be reclassified to profit or loss
Foreign currency (loss)/gain on translation of foreign operations	(1,056)	546	(2,220)	(1,135)
Total other comprehensive (loss)/income for the period, net of tax	(1,056)	546	(2,220)	(1,135)
Total comprehensive loss for the period	£ (53,189)	£ (30,668)	£ (111,598)	£ (105,963)
Basic loss per share (GBP per share)	£ (0.40)	£ (0.25)	£ (0.86)	£ (0.85)
Diluted loss per share (GBP per share)	£ (0.40)	£ (0.25)	£ (0.86)	£ (0.85)

v3.24.3

Unaudited Condensed Consolidated Statement of Financial Position - GBP (£) £ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Non-current assets
Goodwill	£ 5,951	£ 6,186
Other intangible assets, net	46,680	28,459
Property, plant and equipment, net	40,993	48,954
Investment in joint venture	321	173
Right-of-use assets, net	15,049	18,513
Finance lease receivable	1,714	0
Other receivables	639	663
Investments in equity instruments	0	2,145
Deferred tax asset, net	907	690
Total non-current assets	112,254	105,783
Current assets
Trade receivables	11,314	3,372
Finance lease receivable	79	0
Other receivables	9,530	15,351
Current tax assets	34,159	23,166
Short term bank deposits	126,287	103,586
Cash and cash equivalents	117,789	259,463
Total current assets	299,158	404,938
Total assets	411,412	510,721
Capital and reserves
Share capital	65	63
Share premium	372,272	364,639
Capital redemption reserve	3	3
Foreign exchange reserve	(1,728)	492
Share-based payment reserve	33,291	46,984
Fair value reserve	0	(199)
Merger reserve	54,213	54,213
Accumulated losses	(202,697)	(110,469)
Total equity attributable to owners of the parent	255,419	355,726
Non-current liabilities
Loans	294	306
Lease liabilities	15,104	16,221
Deferred tax liability, net	4,540	5,774
Contract liabilities and other advances	68,742	65,466
Provisions	1,372	2,157
Total non-current liabilities	90,052	89,924
Current liabilities
Trade payables	7,475	11,336
Lease liabilities	3,171	2,396
Contract liabilities and other advances	20,132	27,006
Other payables	35,163	24,333
Total current liabilities	65,941	65,071
Total liabilities	155,993	154,995
Total equity and liabilities	£ 411,412	£ 510,721

v3.24.3

Unaudited Condensed Consolidated Statement of Changes in Equity - GBP (£) £ in Thousands		Total	Share capital	Share premium	Capital redemption reserve	Foreign exchange reserve	Share-based payment reserve	Fair value reserve	Merger reserve	Retained earnings/ (accumulated losses)
Beginning of period at Dec. 31, 2022		£ 478,878	£ 61	£ 364,603	£ 3	£ 1,824	£ 35,267	£ (199)	£ 54,213	£ 23,106
Loss for the period		(104,828)								(104,828)
Foreign exchange gain (loss) on translation of subsidiaries		(1,135)				(1,135)
Total comprehensive loss for the period		(105,963)				(1,135)				(104,828)
Share-based payment charge		20,150					20,150
Exercise of share-based payment awards		(93)	1	26			(9,328)			9,208
End of period at Sep. 30, 2023		392,972	62	364,629	3	689	46,089	(199)	54,213	(72,514)
Beginning of period at Jun. 30, 2023		417,272	62	364,618	3	143	44,864	(199)	54,213	(46,432)
Loss for the period		(31,214)								(31,214)
Foreign exchange gain (loss) on translation of subsidiaries		546				546
Total comprehensive loss for the period		(30,668)				546				(31,214)
Share-based payment charge		6,357					6,357
Exercise of share-based payment awards		11		11			(5,132)			5,132
End of period at Sep. 30, 2023		392,972	62	364,629	3	689	46,089	(199)	54,213	(72,514)
Beginning of period at Dec. 31, 2023		355,726	63	364,639	3	492	46,984	(199)	54,213	(110,469)
Loss for the period		(109,378)								(109,378)
Re-classification of fair value reserve on disposal of investment		0						199		(199)
Foreign exchange gain (loss) on translation of subsidiaries		(2,220)				(2,220)
Total comprehensive loss for the period		(111,598)				(2,220)		199		(109,577)
Share-based payment charge		3,961					3,961
Issue of shares in relation to IP purchase		7,579	1	7,578
Exercise of share-based payment awards	[1]	(249)	1	55			(17,654)			17,349
End of period at Sep. 30, 2024		255,419	65	372,272	3	(1,728)	33,291	0	54,213	(202,697)
Beginning of period at Jun. 30, 2024		296,035	64	364,658	3	(672)	35,975	(199)	54,213	(158,007)
Loss for the period		(52,133)								(52,133)
Re-classification of fair value reserve on disposal of investment		0						199		(199)
Foreign exchange gain (loss) on translation of subsidiaries		(1,056)				(1,056)
Total comprehensive loss for the period		(53,189)				(1,056)		199		(52,332)
Share-based payment charge		5,041					5,041
Issue of shares in relation to IP purchase		7,579	1	7,578
Exercise of share-based payment awards		(47)		36			(7,725)			7,642
End of period at Sep. 30, 2024		£ 255,419	£ 65	£ 372,272	£ 3	£ (1,728)	£ 33,291	£ 0	£ 54,213	£ (202,697)
[1] includes amounts transferred from the share-based payment reserve to accumulated losses relating to vested share options that were forfeited during the period, see note 21.

v3.24.3

Unaudited Condensed Consolidated Statement of Cash Flows - GBP (£) £ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Loss before tax	£ (112,177)	£ (119,074)
Adjustments to reconcile loss before tax to net cash flows from operating activities:
Depreciation of right-of-use assets	2,937	2,648
Depreciation of property, plant and equipment	7,741	5,018
Amortisation of intangible assets	3,426	3,499
Impairment of right-of-use assets	1,052	0
Impairment of plant and equipment	1,991	0
Loss on disposal of plant and equipment	164	0
Loss recognised from joint venture	1,412	1,149
Finance income	(11,067)	(12,213)
Finance expenses	839	799
R&D expenditure tax credits	(9,414)	(4,343)
Share-based payment charge	3,961	20,150
Foreign exchange loss/(gain)	1,423	(1,363)
Changes in working capital:
Increase in trade receivables	(7,943)	(19,503)
Decrease/(increase) in other receivables and contract assets	875	(47)
Decrease in contract liabilities and other advances	(3,598)	(8,081)
Decrease in trade payables	(2,415)	(15,679)
Increase in other payables	11,917	12,553
Decrease in inventories	0	50
Interest received	5,367	6,857
Interest paid	(5)	(11)
R&D expenditure tax credits received	0	1,881
Income taxes received	0	7,015
Income taxes paid	(334)	(135)
Net cash flows used in operating activities	(103,848)	(118,830)
Cash flows from investing activities
Purchase of property, plant and equipment	(4,719)	(23,202)
Purchase of intangible assets	(7,925)	(189)
Additional investment in joint venture	(1,549)	(1,206)
Redemption of short term bank deposits	258,085	102,350
Cash invested in short term bank deposits	(275,000)	(250,860)
Net cash flows used in investing activities	(31,108)	(173,107)
Cash flows from financing activities
Proceeds from issue of share capital, net of transactions costs	56	27
Cash paid on net settlement of share based payments	(307)	(121)
Payments of obligations under lease liabilities	(3,963)	(2,428)
Net cash flows used in financing activities	(4,214)	(2,522)
Net decrease in cash and cash equivalents	(139,170)	(294,459)
Exchange loss on cash and cash equivalents	(2,504)	(835)
Cash and cash equivalents at the beginning of the year	259,463	404,577
Cash and cash equivalents at the end of the period	117,789	109,283
Supplemental non-cash investing information
Change in capital expenditures recorded within trade payables	(1,447)	4,747
Change in capital expenditures recorded within other payables	(1,088)	1,263
Issue of share capital relating to the purchase of intangible assets	7,579	0
Forgiveness of other receivable relating to the purchase of intangible assets	£ 4,951	£ 0

v3.24.3

General information	9 Months Ended
	Sep. 30, 2024
General Information About Financial Statements [Abstract]
General information	General information These unaudited condensed consolidated financial statements reflect the financial performance and position of Exscientia plc (the ‘Company’) and its subsidiaries (collectively the ‘Group’ or ‘Exscientia’) for the three and nine months ended September 30, 2024 and 2023.      Exscientia plc is a public company incorporated in England and Wales and during the nine months ended September 30, 2024 had the following wholly owned subsidiaries: Exscientia (UK) Holdings Limited, Exscientia AI Limited (“Exscientia AI”), Exscientia Inc., Exscientia Ventures I, Inc., Exscientia Ventures II, Inc., Exscientia KK, Kinetic Discovery Limited and Exscientia GmbH as well as two 50% owned joint ventures: RE Ventures I, LLC (“RE Ventures”) and RE Ventures II, LLC. Exscientia KK was liquidated on April 4, 2024. The principal activity of the Group is that of the application of artificial intelligence (“AI”) and machine learning (“ML”) to the discovery and design of novel therapeutic compounds. Exscientia’s technology platform combines the best of human and computational capabilities to accelerate the process of designing novel, safe and efficacious compounds for clinical testing in humans.

v3.24.3

Accounting policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Accounting policies	Accounting policies     a)Basis of preparation These unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023 have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board. The accounting policies and methods of computation applied in the preparation of the unaudited condensed consolidated financial statements are consistent with those applied in the Group’s annual financial statements for the year ended December 31, 2023 except for the estimation of income tax (see note 8). The financial statements do not include all of the information required for annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended December 31, 2023. The financial statements have been prepared on the historical cost basis, with the exception of certain financial instruments which are measured at fair value. The financial statements and footnotes have been presented in pounds sterling. This is the functional currency of the Company, being the currency of the primary economic environment in which the Company operates, and the presentational currency of the Group. All values are rounded to the nearest thousand pound (“£’000”) except where otherwise indicated. These unaudited condensed consolidated financial statements were prepared at the request of the Group’s Board of Directors (the “Board”) to meet regulatory and contractual commitments and were approved by the Board on November 6, 2024 and signed on its behalf by David Hallett, Ph.D., Interim Chief Executive Officer of the Company. b)Basis of consolidation These unaudited condensed consolidated Group financial statements consolidate the financial statements of Exscientia plc and all its subsidiary undertakings made up to September 30, 2024. c)Going concern Management has undertaken a detailed cash flow forecast to assess the Group’s ability to continue as a going concern. Management's base case scenario has a cash out date of early 2027 and a severe but plausible downside scenario forecasting sufficient liquidity well into 2026. As such on a standalone basis the Board has a reasonable expectation that the Group has adequate resources to continue operating for the foreseeable future. 2.Accounting policies (continued) c)Going concern (continued) On August 8, 2024, the Company entered into a transaction agreement with Recursion Pharmaceuticals, Inc., a Delaware corporation (“Recursion”), whereby, subject to conditions, Recursion will acquire the Company’s entire issued and to be issued share capital (the “Business Combination”). The Board’s expectation is that the proposed Business Combination will provide the combined Group with the resources, internal pipeline and portfolio of pharmaceutical partnerships to achieve continued success over the coming years. Based on discussions between Recursion and the Group up to November 8, 2024, the Group has concluded that there is no substantial doubt about its ability to continue as a going concern within one year of the issuance of these financial statements, and as such the Group has prepared these financial statements under the going concern assumption. d)Application of new and revised International Financial Reporting Standards (IFRSs)     There have been no new or revised accounting standards that have had a material impact on the unaudited condensed consolidated financial statements relative to those applied within the consolidated financial statements of the Group for the year ended December 31, 2023. Any new accounting standards implemented were assessed and determined to be either not applicable or did not have a material impact on the interim financial statements. e)Material accounting policies The significant accounting policies are disclosed in the consolidated financial statements of the Group for the year ended December 31, 2023. There have been no changes to existing accounting policies for the three and nine months ended September 30, 2024.

v3.24.3

Critical accounting estimates and judgements	9 Months Ended
	Sep. 30, 2024
Critical Accounting Estimates And Judgments [Abstract]
Critical accounting estimates and judgements	Critical accounting estimates and judgements The preparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions. These judgements, estimates and assumptions affect the reported assets and liabilities as well as income and expenses in the financial period. The estimates are based on information available when the consolidated financial statements are prepared, historical experience and various other factors which are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. The significant estimates and judgements made by management in applying the Group’s accounting policies are the same as those applied in the consolidated financial statements for the year ended December 31, 2023 with the exception of changes to the Group’s estimates in relation to UK research and development tax credits. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising that are beyond the Group’s control. Hence, estimates may vary from the actual values. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or the period of revision and future periods if this revision affects both current and future periods. 3.Critical accounting estimates and judgements (continued) UK research and development tax credits- R&D intensity The Company has historically received income in the form of cash tax credits relating to the U.K. Research and Development Tax Credit Scheme that is applicable to small and medium sized companies (“SMEs”) (the “SME TCS”), recognised within income tax benefit. Research and development costs which are not eligible for reimbursement under the SME TCS, such as expenditure incurred on research projects for which the group receives income, may be reimbursed under the U.K. R&D expenditure credit (“RDEC”) scheme. Amounts receivable under the RDEC scheme are presented within other income, with a notional tax charge deducted from income tax benefit at the prevailing rate of income tax. Under the U.K. Research and Development Tax Credit Scheme the Company is able to surrender some of its losses for a cash rebate of up to 18.6% of expenditures related to eligible research and development projects. Qualifying expenditures largely consist of employment costs for relevant staff, external workers provided by CROs, and software and consumables used in research and development projects. A higher rate of cash rebate, of up to 26.97% of qualifying research and development expenditure, could be available if the Group were to qualify as an “R&D intensive” SME for relevant periods (broadly, a loss making SME whose qualifying R&D expenditure represents 40% (or, from April 1, 2024, 30%) or more of its total expenditure for that accounting period. During the three months ended March 31, 2024 it was estimated that the Group would not meet the requirements to be eligible for this higher rate in relation to either of its 2023 and 2024 claims due to the definition in the legislation of the relevant R&D expenditure (which has been restricted to exclude expenditure eligible under the RDEC scheme), and as such the Group’s income tax benefit for those periods was calculated at the lower, 18.6%, rate. Based on updated guidance from His Majesty’s Revenue and Customs that claims including RDEC qualifying expenditure within the relevant R&D expenditure utilised within the eligibility calculations would be permitted, the Group now expects to qualify as R&D intensive for the year to December 31, 2023, and has recognised an additional income tax benefit of £3,961,000 during the nine months ended September 30, 2024 in relation to its 2023 claim. UK research and development tax credits - availability of the U.K. Research and Development Tax Credit Scheme As disclosed in note 2(c), the Company entered into a transaction agreement with Recursion on August 8, 2024, whereby, subject to conditions, Recursion will acquire the Company’s entire issued and to be issued share capital. In accordance with the terms of the SME TCS, the Company will no longer qualify for the scheme during the accounting period in which the proposed Business Combination completes, with expenditures that would previously have been eligible for inclusion in the SME TCS instead being eligible for inclusion in the RDEC scheme. It is the Company’s current best estimate that the proposed Business Combination will complete by December 31, 2024, and as such that the Group will not be eligible to receive cash tax credits under the SME TCS in relation to research and development expenses incurred within calendar year 2024. Accordingly, amounts included within other income and income tax benefit during the three and nine months ended September 30, 2024 have been calculated on the basis of a claim being submitted for calendar year 2024 under the RDEC scheme only. Were the Business Combination to complete after December 31, 2024, the Company would expect to be eligible to make a claim under the SME TCS for qualifying expenditures incurred during calendar year 2024. The rules of the UK’s R&D tax regimes are complex, and if a tax authority were to challenge or seek to disallow our claims (in whole or in part), for example by asserting that we do not (or the relevant expenditure does not) meet the technical conditions to be granted tax credits (or cash rebates), then such challenge or disallowance, if successful, could have a material impact on our cash-flow and financial performance.

v3.24.3

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue [abstract]
Revenue	Revenue Revenue recognised during the three and nine months ended September 30, 2024 and 2023 relates to collaboration agreements with with Bristol Myers Squibb Company (“BMY”), Sanofi S.A. (“Sanofi”), Merck KGaA, Darmstadt, Germany (“Merck KGaA, Darmstadt, Germany”), Millennium Pharmaceuticals Inc. (“Millennium”) (an indirect wholly owned subsidiary of Takeda Pharmaceutical Company Limited), as well as legacy contracts operated by the Group’s Austrian subsidiary. The proportion of revenue by customer in each period is as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 % % % % BMY 2  86  18  78  Sanofi 72  14  55  21  Merck KGaA, Darmstadt, Germany 26  —  21  —  Others —  —  6  1  100  100  100  100  Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Service fees —  —  —  104  Licensing fees - recognised over time 4,930  8,882  14,639  17,545  Total Revenue 4,930  8,882  14,639  17,649  Revenue is recognised upon the satisfaction of performance obligations, which occurs when control of the goods or services transfers to the customer. For obligations discharged over time, the Group recognises revenue equal to recoverable costs incurred for new collaborations from their inception until such time as the collaboration is sufficiently progressed such that the Group can reliably estimate the level of profit that will be achieved from delivery of the related performance obligations. Where collaborations include significant variable consideration which is constrained at the inception of the arrangement this can lead to gross losses being recognised during the early stages of a contract. All revenues during the three and nine months ended September 30, 2024 and 2023 relate to obligations discharged over time, and input methods are utilised in order to estimate the extent to which the performance obligations have been satisfied at the end of the reporting period based upon costs incurred, which can be internal or third party in nature. Included within revenues during the three months ended September 30, 2023 are amounts totalling £6,859,000 relating to non-refundable upfront payments on projects under the Group’s ongoing collaboration with BMS which have been recognised as revenue during the quarter as it has been mutually determined not to proceed with further development of these projects and prioritise others within the collaboration. On September 11, and September 30, 2024 respectively, the Group received confirmation of the achievement of the second and third research milestones in the Group’s collaboration with Sanofi, in relation to which it invoiced a total of £11,422,000 ($15,000,000), with the cash expected to be received during the fourth quarter of 2024. Until achievement, these milestones were treated as constrained variable consideration relating to the drug design work undertaken in relation to the associated projects, and as such they have been added to the transaction price for the related partially satisfied performance obligation from the current quarter, with revenue recognised as the performance obligation is satisfied. 4.Revenue (continued) Included within revenues during the nine months ended September 30, 2024 is an amount of £1.0 million relating to an up-front payment received from Millennium in October 2020 following completion of the related collaboration contract term on March 31, 2024, at which time all related performance obligations were deemed to be fully satisfied. The Group has assessed its significant collaboration arrangements with commercial partners and determined that no provision for future operating losses is required as at September 30, 2024, after taking into account expected future cash inflows and remaining contract liability amounts for each collaboration relative to the remaining unavoidable costs of meeting the respective contracts’ obligations in each instance.

v3.24.3

Other Income	9 Months Ended
	Sep. 30, 2024
Other Income [Abstract]
Other Income	Other Income Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Grant income 180  218  379  1,211  R&D expenditure credits 2,397  898  9,414  4,343  2,577  1,116  9,793  5,554  Grant income during the three and nine months ended September 30, 2024 relates to grants with Open Philanthropy Project LLC and the Austrian Wirtshaftsservice. The former provides reimbursement for certain personnel, consumables and overhead costs incurred through research and development activities, whilst the latter provided funding in respect of capital investments made in the period from August 2020 to the end of February 2022. As of September 30, 2024 and December 31, 2023 all amounts relating to grants awarded to the Group had been received.

v3.24.3

Operating Loss	9 Months Ended
	Sep. 30, 2024
Operating Loss [Abstract]
Operating Loss	Operating Loss Operating loss for the three and nine months ended September 30, 2024 and 2023 has been arrived at after charging/(crediting): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Depreciation of property, plant and equipment 2,752  2,329  7,741  5,018  Depreciation of right-of-use assets 1,021  874  2,937  2,648  Amortisation of intangible assets 1,126  1,173  3,426  3,499  Research and development expenses 27,234  32,608  75,906  99,013  Foreign exchange losses/(gains) 2,221  (3,272) 1,294  (1,628) Share-based payment charge 5,041  6,357  3,961  20,150  (Reversal of)/impairment of right-of-use assets (567) —  1,052  —  Impairment of plant and equipment 33  —  1,991  —  Professional fees associated with the Company's proposed business combination 16,298  —  16,298  —

v3.24.3

Finance Income	9 Months Ended
	Sep. 30, 2024
Finance Income [Abstract]
Finance Income	Finance Income Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Bank interest income 3,363  4,436  11,067  12,213  3,363  4,436  11,067  12,213

v3.24.3

Taxation	9 Months Ended
	Sep. 30, 2024
Income Taxes [Abstract]
Taxation	Taxation The Group’s income tax credit is recognised at an amount determined by multiplying the loss before taxation for the interim reporting period by the Group’s best estimate of the weighted average annual income taxation rate expected for the full financial year, adjusted for the tax effect of certain items recognised in full in the interim period. As such, the effective tax rate in the interim financial statements may differ from the Group’s estimate of the effective tax rate for the annual financial statements. The Group’s consolidated effective tax rate in respect of continuing operations for the three and nine months ended September 30, 2024 was 0.09% and 2.50% (2023: 7.05% and 11.96%). The effective tax rate is impacted by the level of eligible research and development activity undertaken by the Company, as well as the changes in scheme eligibility described in note 3.

v3.24.3

Loss per share	9 Months Ended
	Sep. 30, 2024
Earnings per share [abstract]
Loss per share	Loss per share Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Basic and diluted loss for the period (£'000) (52,133) (31,214) (109,378) (104,828) Basic and diluted weighted average number of shares 129,178,562  124,511,492  127,260,159  123,844,172  Basic and diluted loss per share (£) (0.40) (0.25) (0.86) (0.85) Basic loss per share (“Loss per Share”) is calculated in accordance with IAS 33 based on earnings attributable to the Company’s shareholders and the weighted average number of shares outstanding during the period. The Company issues performance options, share options, restricted share units (“RSUs”) and performance share units (“PSUs”) to employees, upon the vesting or exercise of which ordinary shares are issued. Inclusion of these awards would have an anti-dilutive effect on the loss per share due to the loss incurred during the period, therefore basic and diluted loss per share are the same.

v3.24.3

Goodwill and other intangible assets	9 Months Ended
	Sep. 30, 2024
Goodwill And Intangible Assets [Abstract]
Goodwill and other intangible assets	Goodwill and other intangible assets On July 17, 2024, a subsidiary of the Company, Exscientia AI, and GT Apeiron Therapeutics Inc. (“Apeiron”) announced that they had entered into an Asset Purchase Agreement, IP Assignment Agreement, Subscription Agreement and Share Surrender Agreement, pursuant to which Exscientia AI acquired the full rights to the intellectual property in GTAEX617 and took full operational control of the CDK7 inhibitor programme (the “IP Rights”) for the purpose of continuing Exscientia AI’s own independent research, development and commercialisation efforts. Concurrent to the transaction, Exscientia AI and Apeiron terminated the Collaboration Agreement, dated July 1, 2021, by and between Exscientia AI and Apeiron. 10.    Goodwill and other intangible assets (continued) As consideration for the IP Rights, Exscientia AI made an upfront payment to Apeiron in the amount of £7,691,000 and forgave Apeiron of all outstanding debt, totalling £4,951,000. The Company also issued Apeiron £7,579,000 of the Company’s equity in the form of 1,807,078 restricted American Depositary Shares, each representing one ordinary share, nominal value £0.0005 per share, incurring fees of £69,000 in relation to the issuance. In addition, Exscientia AI surrendered 9,173,021 ordinary shares with a par value of $0.00001 each and 1,549,942 Series Pre-A preferred shares, with a par value of $0.00001 each and a total fair value at the disposal date of £2,145,000, that Exscientia AI held in Apeiron Therapeutics, Inc. with no consideration being due from Apeiron to Exscientia AI or the Company. These amounts were capitalised as acquired intellectual property during the three months ended September 30, 2024, with a total transaction price at the acquisition date of £22,436,000. No amortisation charge has been recognised in relation to the IP during the period from its acquisition to September 30, 2024 as the asset has yet to be commercialised. Pursuant to the Asset Purchase Agreement, Exscientia AI will pay Apeiron a single digit royalty, net of any applicable withholding taxes, if Exscientia AI or a third party commercialises GTAEX617. Exscientia AI will take on all development costs and shall also pay Apeiron a single digit percentage of any outlicensing income received by Exscientia AI or its affiliates if Exscientia AI enters into an outlicensing agreement with a third party. During the nine months ended September 30, 2024 the Group acquired assets at a cost of £164,000 relating to computer software. There were no asset disposals in the period. The amortisation charge for the period of £3,426,000 consisted of £57,000 relating to computer equipment, £11,000 relating to patents and £3,358,000 relating to acquired intellectual property. The residual movement in the net book value of goodwill and intangible assets relates to the foreign currency translation of assets relating to the Group’s Austrian business. No impairment charge was recognised in the period.

v3.24.3

Property, plant and equipment	9 Months Ended
	Sep. 30, 2024
Property, plant and equipment [abstract]
Property, plant and equipment	Property, plant and equipment During the nine months ended September 30, 2024, the Group acquired assets at a cost of £2,185,000, of which £126,000 were additions to leasehold improvements, £55,000 were additions to computer equipment and £1,896,000 were additions to plant and equipment, primarily laboratory equipment. The depreciation charge for the period was £7,741,000. During the nine months ended September 30, 2024, £425,000 was transferred from assets under construction to leasehold improvements which constituted costs relating to the fit-out of premises leased by the Group. An additional £3,468,000 was transferred from assets under construction to plant and equipment for assets now installed, primarily at our premises in Milton Park. Disposals of property, plant and equipment with a total cost and net book value of £1,108,000 and £164,000 respectively were made during the nine months ended September 30, 2024. On May 21, 2024, the Company announced cost saving and efficiency measures targeting some areas of target identification, precision medicine, experimentation, engineering and infrastructure. Following these measures, the Company performed an impairment review to identify property, plant and equipment which, as at both the date of review and September 30, 2024, have a carrying value in excess of their recoverable amounts. As a result of this review the Company recognised an impairment charge of £788,000 in relation to plant and equipment and £1,203,000 in relation to leasehold improvements during the nine months ended September 30, 2024.

v3.24.3

Investments in joint ventures and joint operations	9 Months Ended
	Sep. 30, 2024
Interests In Other Entities [Abstract]
Investments in joint ventures and joint operations	Investments in joint ventures and joint operations During the nine months ended September 30, 2024, the Group made £1,549,000 in capital contributions to its joint venture with RallyBio, RE Ventures (nine months to September 30, 2023: £1,206,000). The Group’s share of the loss incurred by the joint venture during the three and nine months ended September 30, 2024 totalled £488,000 and £1,412,000 respectively (September 30, 2023: £535,000 and £1,149,000). There were no transactions with the Group’s other joint venture with RallyBio, RE Ventures II, LLC, during the nine months ended September 30, 2024 (nine months to September 30, 2023: £nil). The Group’s interests in joint operations are disclosed in the consolidated financial statements for the year ended December 31, 2023. See note 10 for details in relation to the termination of the Group’s collaboration with Apeiron on July 17, 2024.

v3.24.3

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases All right-of-use assets relate to leased premises. As at January 1, 2024 the Group had right-of-use assets relating to ten pre-existing lease agreements pertaining to four properties in the United Kingdom, three in the United States of America and one in Austria. On June 26, 2024 the Group reached agreement with the landlord of its headquarters in Oxford, United Kingdom in relation to updated lease rentals following completion of contractually required rent reviews as per the terms of the underlying lease agreements for that premises. Based on the revised lease rentals, the related ROU assets and lease liabilities were revised upwards by £2,540,000 from that date. In December 2022, the Group entered into a lease arrangement in relation to premises in Miami, Florida, United States. The lease term commenced on February 26, 2024, being the date at which the landlord made the premises available to the Group, resulting in the recognition of a right of use asset of £2,125,000. The lease expires on June 1, 2034. In the fourth quarter of 2023, as a result of the Group's cost containment measures, the decision was taken not to occupy these premises, and instead to lease smaller premises nearby. At that point it was estimated that the present value of the unavoidable costs of meeting the Group’s obligations under the contract exceed the expected benefits to be received from subletting the space by £807,000, and a provision for that amount recorded in the fourth quarter of 2023, with such provision recognised as an impairment of the right-of-use (“ROU”) asset upon its capitalisation in February 2024. The lease in question was sublet to a third party from September 9, 2024, with such sublease being deemed to constitute a finance lease. As such the ROU asset relating to the head-lease was disposed of, with the reversal of the previous impairment recognised and the recognition of a finance lease receivable of £1,793,000, being an amount equal to the net investment in the lease at that point. The sublease term expires on June 1, 2034. The undiscounted finance lease payments receivable in relation to this sublease as at September 30, 2024 are as follows: 30 September 2024 £'000 Within one year 79  One to five years 1,309  More than 5 years 906  Unearned finance income (501) Net finance lease receivable 1,793  On August 12, 2024 the Group disposed of one of its leased properties in Oxford, United Kingdom. A payment of £700,000 was made upon the return of the lease, representing settlement of all outstanding obligations in relation to the premises. The disposal resulted in the de-recognition of a ROU asset with a cost of £1,513,000 and net book value of £322,000 at the date of disposal. 13.    Leases (continued) The Group entered into two seven-year lease arrangements in relation to laboratory and office space in Vienna, Austria on September 3, 2021. Annually from January, 1 each year lease payments are indexed based on the consumer price index rate as published by STATISTIK AUSTRIA at September of the preceding year, being 10.6% in September 2022 and 6.0% in September 2023 respectively. The impact of this change in index rate is reflected when the adjustment to the lease payments takes effect in accordance with IFRS 16 paragraph 42(b), with the change in lease rentals from January 2024 resulting in reductions of £442,000 and £532,000 to the lease liabilities and related ROU assets for the laboratory and office space respectively at that date. As part of the impairment review described in note 11 above, the Company has recognised an impairment charge of £911,000 in relation to these premises during the nine months ended September 30, 2024. The undiscounted lease liability contractual maturities as at September 30, 2024 and December 31, 2023 are as follows: September 30, 2024 31 December 2023 £'000 £'000 Within one year 4,167  3,399  One to five years 14,609  14,707  More than 5 years 2,857  4,003  21,633  22,109

v3.24.3

Other receivables	9 Months Ended
	Sep. 30, 2024
Subclassifications of assets, liabilities and equities [abstract]
Other receivables	Other receivables Current other receivables and contract assets September 30, 2024 December 31, 2023 £’000 £’000 VAT recoverable 2,390  3,356  Prepayments 5,462  5,961  Accrued bank interest 391  412  Other receivables 1,287  5,622  9,530  15,351  Non-current other receivables September 30, 2024 December 31, 2023 £’000 £’000 Other receivables 639  663  639  663

v3.24.3

Fair value measurement of financial instruments	9 Months Ended
	Sep. 30, 2024
Fair Value Measurement Of Financial Instruments [Abstract]
Fair value measurement of financial instruments	Fair value measurement of financial instruments This note provides an update on the judgements and estimates made by the Group in determining the fair values of financial instruments since the last annual financial report. Nature of financial instruments recognised and measured at fair value Apeiron shares During the nine months ended September 30, 2024 the Group’s only financial instrument measured at fair value consisted of 9,173,021 ordinary shares with a par value of $0.00001 each and 1,549,942 Series Pre-A preferred shares, with a par value of $0.00001 each, that the Group held in Apeiron, which were acquired in March 2021 and in relation to which the Group took the election provided within IFRS 9 to recognise fair value gains and losses within Other Comprehensive Income. These shares were disposed of on July 17, 2024 as part of the transaction described in note 10, with a corresponding release of the associated fair value reserve to retained earnings/(accumulated losses). Fair value measurements using significant unobservable inputs (level 3)- equity investments at FVOCI Unlisted equity securities £’000 Opening balance as at January 1, 2024 2,145  Disposal during the period (2,145) Closing balance as at September 30, 2024 —  The Group did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as at September 30, 2024. There have been no transfers between levels 2 and 3 and changes in valuation techniques during the period. Other financial instruments On January 19, 2024 the Group invested £150,000,000 into a six-month short term deposit with an F1-rated financial institution. This short term deposit accrued interest at a rate of 5.1% and has been classified as a financial asset at amortised cost. The deposit was redeemed inclusive of accrued interest on July 19, 2024. On July 19, 2024 the Group invested £125,000,000 into a six-month deposit with an F1-rated financial institution. This short term deposit accrued interest at a rate of 5.1% and has been classified as a financial asset at amortised cost. On the same date the Group invested a further £28,837,000 into a three-month deposit with the same financial institution, also at a rate of 5.1%. This deposit has been classified as a cash equivalent. The latter deposit was redeemed inclusive of accrued interest on October 18, 2024. The Group measures expected credit losses over cash and cash equivalents as a function of individual counterparty credit ratings and associated 12 month default rates. Expected credit losses over cash and cash equivalents and third-party financial derivatives are deemed to be immaterial and no such loss has been experienced during the three and nine months ended September 30, 2024. The Group also has a number of other financial instruments which are not measured at fair value in the balance sheet consisting of trade receivables, trade and other payables and other loans. For these instruments, the fair values are not materially different to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature.

v3.24.3

Share capital	9 Months Ended
	Sep. 30, 2024
Share Capital, Reserves And Other Equity Interest [Abstract]
Share capital	Share capital September 30, 2024 December 31, 2023 £ £ Issued and fully paid share capital 130,769,846 (2023: 125,702,396) Ordinary shares of £0.0005 each 65,385 62,851 65,385 62,851 Shares authorised and issued (number) December 31, 2023 Shares issued in relation to the acquisition of IP Exercise of share-based payment awards September 30, 2024 Ordinary shares 125,702,396  1,807,078  3,260,372  130,769,846  125,702,396  1,807,078  3,260,372  130,769,846  A total of 1,807,078 shares were issued as part of the transaction described in note 10. A total of 3,260,372 shares were issued upon the exercise of share-based payment awards during the nine months ended September 30, 2024; see note 21 for further details. Rights of share classes Holders of ordinary shares are entitled to one vote per share at a show of hands meeting of the Company and one vote per share on a resolution on a poll taken at a meeting and on a written resolution.

v3.24.3

Contract liabilities and other advances	9 Months Ended
	Sep. 30, 2024
Contract liabilities [abstract]
Contract liabilities and other advances	Contract liabilities and other advances Within one year More than one year September, 30 December 31, September, 30 December 31, 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Contract liabilities Revenue generating collaborations 18,542  25,036  68,742  65,466  Total contract liabilities 18,542  25,036  68,742  65,466  Other advances Grants 1,590  1,970  —  —  Total other advances 1,590  1,970  —  —  Total contract liabilities and other advances 20,132  27,006  68,742  65,466  17.    Contract liabilities and other advances (continued) A reconciliation of the movement in contract liabilities and other advances for the nine months ended September 30, 2024 is as follows: January 01, 2024 Additions Recognised in the income statement Foreign exchange September 30, 2024 £’000 £’000 £’000 £’000 £’000 Grants 1,971  —  (379) (2) 1,590  Revenue generating collaborations 90,501  11,422  (14,639) —  87,284  Total contract liabilities and other advances 92,472  11,422  (15,018) (2) 88,874  The Group expects to recognise its contract liabilities relating to revenue generating collaborations over the terms of the related collaborations, the longest of which extends to December 2027. As at December 31, 2023 the Group expected to recognise its contract liabilities relating to revenue generating collaborations over the period to December 2027. The ageing presented above reflects the Group's best estimate of when contract liability and other advance amounts will be utilised based upon when the underlying costs to be incurred in the delivery of the related projects are expected to be incurred. Additions to revenue generating collaborations relate to amounts totalling £11,422,000 ($15,000,000) invoiced to Sanofi during the three months ended September 30, 2024 in relation to the achievement of two research milestones as detailed in note 4. A reconciliation of the movement in contract liabilities and other advances for the year ended December 31, 2023 is as follows: January 01, 2023 Additions Recognised in the income statement Transferred to other creditors Foreign exchange December 31, 2023 £’000 £’000 £’000 £’000 £’000 £’000 Grants 959  2,141  (1,127) —  (2) 1,971  Revenue generating collaborations 87,884  22,655  (20,038) —  —  90,501  Joint operations 9,139  —  (2,033) (7,106) —  —  Total contract liabilities and other advances 97,982  24,796  (23,198) (7,106) (2) 92,472

v3.24.3

Provisions	9 Months Ended
	Sep. 30, 2024
Provisions [abstract]
Provisions	Provisions At September 30, 2024, a provision of £1,372,000 existed in respect of the Group’s obligation to restore alterations made on leased space within three of the Group’s leasehold properties. The required work for the spaces is expected to be completed between 2026 and 2031. As at December 31, 2023, the Group held an onerous contract provision of £807,000 relating to one of the Group’s leased properties in Miami, Florida. The amount had been recorded as a provision because the lease term on the property had yet to commence as of December 31, 2023, and as such no right of use asset had been recorded as at that date. The lease term commenced on February 26, 2024, and as such the onerous contract provision was de-recognised at that date, and an impairment of the right of use asset recorded in its place (see note 13).

v3.24.3

Other payables	9 Months Ended
	Sep. 30, 2024
Other Payables [Abstract]
Other payables	Other payables Current other payables September 30, 2024 December 31, 2023 £’000 £’000 Accruals 28,233  16,238  Other payables 1,946  2,087  Other taxation and social security 4,869  5,897  Corporation tax 115  111  35,163  24,333

v3.24.3

Related party transactions	9 Months Ended
	Sep. 30, 2024
Related party transactions [abstract]
Related party transactions	Related party transactions Following the Group’s IPO on October 5, 2021 the Group has no related parties other than joint ventures in accordance with the IAS 24 definition who are not key management personnel of the Group (whose remuneration is disclosed annually), and as such there are no disclosable related party transactions during either the nine months ended September 30, 2024 or 2023. See note 12 for details of the Group’s transactions with joint ventures during the nine months ended September 30, 2024 and 2023.

v3.24.3

Share based payments	9 Months Ended
	Sep. 30, 2024
Share-Based Payments [Abstract]
Share based payments	Share based payments From April 2022, the Company has issued all share options, performance share options, RSUs and PSUs to employees and non-employee members of the Board of Directors under the 2021 Equity Incentive Plan (“EIP”). All awards prior to that date were issued under the following legacy plans: –Enterprise Management Incentive (“EMI”) Scheme –Company Share Ownership Plan (“CSOP”) –Unapproved Share Ownership Plan (“USOP”) Total share-based remuneration expenses relating to share options, performance share options, RSUs, PSUs and the equity securities issued upon the acquisition of a subsidiary undertaking amounted to £3,961,000 during the nine months ended September 30, 2024 (nine months ended September 30, 2023: £20,150,000). Total share-based remuneration expenses for the three months ended September 30, 2024 amounted to £5,041,000 (three months ended September 30, 2023: £6,357,000). Included within share-based payment expenses for the nine months ended September 30, 2024 are amounts totalling £5,935,000 that were released to profit and loss as a result of the forfeiture of unvested options held by our previous CEO on their exit from the Group in February 2024. Transfer of a further £3,289,000 from the share based payment reserve to accumulated losses was made in relation to awards that had vested prior to the forfeiture date. 21.    Share based payments (continued) The following table represents the share-based payment expense by award type for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Share options 3,511  3,853  5,057  12,439  Performance share options 311  838  (3,409) 2,149  PSUs 197  192  431  521  RSUs 963  1,067  1,598  3,522  Clawback shares 59  407  284  1,519  5,041  6,357  3,961  20,150  Share Options Share options are granted to employees and non-executive directors of the Group. These options typically vest in tranches over four years, with the only vesting condition relating to continued employment by the Group. Information with respect to share options for the nine months ending September 30, 2024 is as follows: Number of share options Weighted average exercise price Options held as at January 1, 2024 9,457,972 £ 0.08  Granted 4,645,877  £ 0.00  Exercised (3,001,603) £ 0.02  Forfeited (2,259,675) £ 0.05  Options held as at September 30, 2024 8,842,571 £ 0.11  Exercisable as at September 30, 2024 2,821,671 £ 0.20  A Black-Scholes model has been used to calculate the fair value of the share options as at the grant date, with the following weighted average values for the nine months ended September 30, 2024: Exercise price £ 0.0005  Expected life 5.9 years Expected volatility 88.6  % Risk-free rate 3.67  % Expected dividend rate —  Fair value £ 3.77  The fair value of the underlying ordinary shares is equal to the closing share price at the grant date converted at the prevailing exchange rate at that date. The risk-free rate is determined by reference to the rate of interest obtainable from U.S. government bonds over a period commensurate with the expect term of the options. Expected volatility has been set with reference to the Group's own share price volatility over the period from the Company’s IPO to the award grant date and peer group analysis. The expected life of the options has been set equal to the mid-point between the vesting date and the expiry date of the award in question. 21.    Share based payments (continued) During the three months ended September 30, 2024, a total of 2,119,000 share options were issued to employees, including executive officers of the company, for which the total vesting period is two years, with fifty-percent of the awards vesting on the anniversary of the grant date and the remainder one year later. Should the Business Combination take place within this two-year vesting period, seventy-five percent of these awards will vest in full upon completion of the transaction, with the remaining awards vesting one year later. Performance Share Options Performance share units are granted to certain executive officers of the Group on an annual basis, and contain market based performance conditions relating to total shareholder return as well as a continued employment vesting requirement. These awards vest in tranches over three years. Information with respect to performance share options for the nine months ending September 30, 2024 is as follows: Number of share options Weighted average exercise price Options held as at January 1, 2024 1,949,690  £ 0.00  Granted 726,233  £ 0.00  Exercised —  £ 0.00  Forfeited (1,525,129) £ 0.00  Options held as at September 30, 2024 1,150,794 £ —  Exercisable as at September 30, 2024 —  £ —  A Monte Carlo model has been used to calculate the fair value of the performance options as at the grant date, with the following weighted average values for the nine months ended September 30, 2024: Exercise price £ 0.0005  Expected life 3.0 years Expected volatility 87.6  % Risk-free rate 4.78  % Expected dividend rate —  Fair value £ 3.28  The fair value of the underlying ordinary shares is equal to closing share price at the grant date converted at the prevailing exchange rate at that date. The risk-free rate is determined by reference to the rate of interest obtainable from U.S. government bonds over a period commensurate with the expect term of the options. Expected volatility has been derived as the weighted average volatility of comparator companies who have been listed for a period commensurate with the expected term prior to the grant date, and the expected life of the options has been set equal to the mid-point between the vesting date and the expiry date of the award in question. 21.    Share based payments (continued) Performance Share Units Performance share options are granted to certain executive officers of the group on an annual basis, and contain market based performance conditions relating to total shareholder return as well as a continued employment vesting requirement. These awards vest in tranches over three years. Information with respect to performance share units for the nine months ending September 30, 2024 is as follows: Number of PSUs PSUs held as at January 1, 2024 488,833  Granted 427,539  PSUs held as at September 30, 2024 916,372 A Monte Carlo model has been used to calculate the fair value of the performance share units as at the grant date, with the same model inputs as detailed for the performance share options above. Restricted Share Units The Group operates a RSU scheme, whereby certain employees and directors receive RSUs held over ordinary shares in the Company. These units are non-transferable and subject to forfeiture for periods prescribed by the Company. These awards are valued at the market value of the underlying shares at the date of grant and are subsequently amortised over the periods during which the restrictions lapse, typically four years. The awards expire on the cessation of the participant’s employment with the Group. Information with respect to restricted share units for the nine months ending September 30, 2024 is as follows: Number of RSUs RSUs held as at January 1, 2024 1,019,186 Granted 1,048,914 Released (382,283) Forfeited (230,032) RSUs held as at September 30, 2024 1,455,785 The weighted average grant date fair value per unit of the RSUs granted in the three and nine months to September 30, 2024 was £3.79. The weighted average remaining contractual life of the outstanding awards as at September 30, 2024 was 8.6 years. During the three months ended September 30, 2024, a total of 344,500 RSUs were issued to employees, including executive officers of the Company, for which the total vesting period is two years, with fifty-percent of the awards vesting on the anniversary of the grant date and the remainder one year later. Should the Business Combination take place within this two-year vesting period, seventy-five percent of these awards will vest in full upon completion of the transaction, with the remaining awards vesting one year later. During the nine months ended September 30, 2024, 152,176 awards were released via a net settlement arrangement, with 76,773 shares issued and £307,000 paid by the Company in order to settle related employee tax obligations. During the nine months ended September 30, 2023, 53,566 awards were released via a net settlement arrangement, with 27,098 shares issued and £121,000 paid by the Company in order to settle related employee tax obligations. All of these payments have been recognised within retained earnings.

v3.24.3

Commitments and contingent liabilities	9 Months Ended
	Sep. 30, 2024
Capital commitments [abstract]
Commitments and contingent liabilities	Commitments and contingent liabilities The Group has capital expenditure contracted for but not recognised as liabilities as at September 30, 2024. The expenditure is as follows: September 30, 2024 £’000 Plant and equipment 24  Leasehold improvements 2  26  Gates Foundation private placement commitment Concurrent with the Company’s IPO on October 5, 2021, the Company completed a private placement to the Gates Foundation as detailed in note 21 of the consolidated financial statements of the Group for the year ended December 31, 2023. Under the terms of the Company’s agreement with the Gates Foundation, the Group is committed to spending $70,000,000 over a four-year period to the research, discovery, and development of small molecule anti-infective therapeutics for future pandemic preparedness, with a specific focus on developing therapeutics that can be applied against multiple species of coronaviridae, influenza, and paramyxoviridae (the “Pandemic Preparedness Program”). The Group had incurred £11,903,000 relating to the Pandemic Preparedness Program as at September 30, 2024 (December 31, 2023: £9,697,000), with a total outstanding commitment of £39,583,000 (December 31, 2023: £41,789,000). In the event that the Group is in breach of certain terms within the agreement, the Gates Foundation has the right to sell, or require the Company to buy-back any shareholdings in the Company held by the Foundation at the higher of the public offering price and the market value of the shares at the date of default. Should such a breach occur or should the Company enter bankruptcy the Gates Foundation also has the exclusive right to utilise an exclusive global license granted as part of the agreement in relation to any IP generated by the Group pertaining to the Pandemic Preparedness Program for the benefit of people in certain developing countries. The default conditions are within the control of the Group and the license in question cannot be utilised unless such a default occurs or the Group enters bankruptcy. As such no fair value has been assigned to this license. FFG Guarantee Prior to its acquisition by the Group, the Company’s subsidiary, Exscientia GmbH (which was formally known as Allcyte GmbH), received grant funding totalling €2,485,000 and a €353,000 loan from the Austrian Research Promotion Agency (“FFG”) between July 2018 and December 2021, with the loan due for repayment on September 30, 2026. The provision of this funding was contingent upon certain conditions, inclusive of the continuation of research and development activities at Allcyte’s Vienna site, with the period over which the associated conditions are applicable extending to late 2025 for a portion of the funding. Prior to the second quarter of 2024 the likelihood of any repayment in relation to these amounts had been considered to be remote. In the current period the Group has re-assessed the probability of some repayment being required as a result of changes to business activities following the Group’s recent re-organisation, and deemed that while it is still unlikely that any repayment will be required, the likelihood is now deemed to be more than remote and as such is disclosing this amount as a contingent liability as at September 30, 2024. 22.    Commitments and contingent liabilities (continued) Business Combination transaction costs The Company has committed to pay professional advisory fees relating to the proposed Business Combination totalling £21.3 million, of which £16.3 million has been recognised within general and administrative expenses during the three months ended September 30, 2024 and £13.0 million is accrued as at September 30, 2024. Included within the period-end accrual is £10.9 million relating to an estimated cash payment due on completion of the proposed Business Combination which will be payable based upon the value of the Company’s market capitalisation as at the completion date should the transaction be consummated. Following completion of the Business Combination the Company’s shares will be de-listed from NASDAQ and its ADS program terminated, the latter of which may incur termination costs that have yet to be agreed between the Company and its Depository.

v3.24.3

Ultimate Parent and Controlling Party	9 Months Ended
	Sep. 30, 2024
Ultimate Parent And Controlling Party [Abstract]
Ultimate Parent and Controlling Party	Ultimate Parent and Controlling Party Exscientia plc is the ultimate parent company of the Group. There is no ultimate controlling party.

v3.24.3

Accounting policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of preparation	Basis of preparation These unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023 have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board. The accounting policies and methods of computation applied in the preparation of the unaudited condensed consolidated financial statements are consistent with those applied in the Group’s annual financial statements for the year ended December 31, 2023 except for the estimation of income tax (see note 8). The financial statements do not include all of the information required for annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended December 31, 2023. The financial statements have been prepared on the historical cost basis, with the exception of certain financial instruments which are measured at fair value. The financial statements and footnotes have been presented in pounds sterling. This is the functional currency of the Company, being the currency of the primary economic environment in which the Company operates, and the presentational currency of the Group. All values are rounded to the nearest thousand pound (“£’000”) except where otherwise indicated. These unaudited condensed consolidated financial statements were prepared at the request of the Group’s Board of Directors (the “Board”) to meet regulatory and contractual commitments and were approved by the Board on November 6, 2024 and signed on its behalf by David Hallett, Ph.D., Interim Chief Executive Officer of the Company.
Basis of consolidation	Basis of consolidationThese unaudited condensed consolidated Group financial statements consolidate the financial statements of Exscientia plc and all its subsidiary undertakings made up to September 30, 2024.
Going concern	Going concern Management has undertaken a detailed cash flow forecast to assess the Group’s ability to continue as a going concern. Management's base case scenario has a cash out date of early 2027 and a severe but plausible downside scenario forecasting sufficient liquidity well into 2026. As such on a standalone basis the Board has a reasonable expectation that the Group has adequate resources to continue operating for the foreseeable future. On August 8, 2024, the Company entered into a transaction agreement with Recursion Pharmaceuticals, Inc., a Delaware corporation (“Recursion”), whereby, subject to conditions, Recursion will acquire the Company’s entire issued and to be issued share capital (the “Business Combination”). The Board’s expectation is that the proposed Business Combination will provide the combined Group with the resources, internal pipeline and portfolio of pharmaceutical partnerships to achieve continued success over the coming years. Based on discussions between Recursion and the Group up to November 8, 2024, the Group has concluded that there is no substantial doubt about its ability to continue as a going concern within one year of the issuance of these financial statements, and as such the Group has prepared these financial statements under the going concern assumption.
Application of new and revised International Financial Reporting Standards (IFRSs) and Material accounting policies	Application of new and revised International Financial Reporting Standards (IFRSs)     There have been no new or revised accounting standards that have had a material impact on the unaudited condensed consolidated financial statements relative to those applied within the consolidated financial statements of the Group for the year ended December 31, 2023. Any new accounting standards implemented were assessed and determined to be either not applicable or did not have a material impact on the interim financial statements. Material accounting policiesThe significant accounting policies are disclosed in the consolidated financial statements of the Group for the year ended December 31, 2023. There have been no changes to existing accounting policies for the three and nine months ended September 30, 2024.

v3.24.3

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue [abstract]
Disclosure of major customers	The proportion of revenue by customer in each period is as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 % % % % BMY 2  86  18  78  Sanofi 72  14  55  21  Merck KGaA, Darmstadt, Germany 26  —  21  —  Others —  —  6  1  100  100  100  100
Disclosure of products and services	Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Service fees —  —  —  104  Licensing fees - recognised over time 4,930  8,882  14,639  17,545  Total Revenue 4,930  8,882  14,639  17,649

v3.24.3

Other Income (Tables)	9 Months Ended
	Sep. 30, 2024
Other Income [Abstract]
Schedule of other income	Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Grant income 180  218  379  1,211  R&D expenditure credits 2,397  898  9,414  4,343  2,577  1,116  9,793  5,554

v3.24.3

Operating Loss (Tables)	9 Months Ended
	Sep. 30, 2024
Operating Loss [Abstract]
Schedule of operating loss	Operating loss for the three and nine months ended September 30, 2024 and 2023 has been arrived at after charging/(crediting): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Depreciation of property, plant and equipment 2,752  2,329  7,741  5,018  Depreciation of right-of-use assets 1,021  874  2,937  2,648  Amortisation of intangible assets 1,126  1,173  3,426  3,499  Research and development expenses 27,234  32,608  75,906  99,013  Foreign exchange losses/(gains) 2,221  (3,272) 1,294  (1,628) Share-based payment charge 5,041  6,357  3,961  20,150  (Reversal of)/impairment of right-of-use assets (567) —  1,052  —  Impairment of plant and equipment 33  —  1,991  —  Professional fees associated with the Company's proposed business combination 16,298  —  16,298  —

v3.24.3

Finance Income (Tables)	9 Months Ended
	Sep. 30, 2024
Finance Income [Abstract]
Schedule of finance income	Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Bank interest income 3,363  4,436  11,067  12,213  3,363  4,436  11,067  12,213

v3.24.3

Loss per share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings per share [abstract]
Loss per share	Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Basic and diluted loss for the period (£'000) (52,133) (31,214) (109,378) (104,828) Basic and diluted weighted average number of shares 129,178,562  124,511,492  127,260,159  123,844,172  Basic and diluted loss per share (£) (0.40) (0.25) (0.86) (0.85)

v3.24.3

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Disclosure of maturity analysis of finance lease payments receivable	The undiscounted finance lease payments receivable in relation to this sublease as at September 30, 2024 are as follows: 30 September 2024 £'000 Within one year 79  One to five years 1,309  More than 5 years 906  Unearned finance income (501) Net finance lease receivable 1,793
Disclosure of maturity analysis of undiscounted operating lease payments	The undiscounted lease liability contractual maturities as at September 30, 2024 and December 31, 2023 are as follows: September 30, 2024 31 December 2023 £'000 £'000 Within one year 4,167  3,399  One to five years 14,609  14,707  More than 5 years 2,857  4,003  21,633  22,109

v3.24.3

Other receivables (Tables)	9 Months Ended
	Sep. 30, 2024
Subclassifications of assets, liabilities and equities [abstract]
Schedule of current other receivables	Current other receivables and contract assets September 30, 2024 December 31, 2023 £’000 £’000 VAT recoverable 2,390  3,356  Prepayments 5,462  5,961  Accrued bank interest 391  412  Other receivables 1,287  5,622  9,530  15,351
Schedule of non-current other receivables	Non-current other receivables September 30, 2024 December 31, 2023 £’000 £’000 Other receivables 639  663  639  663

v3.24.3

Fair value measurement of financial instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Measurement Of Financial Instruments [Abstract]
Schedule of significant unobservable inputs used in fair value measurement of assets	Fair value measurements using significant unobservable inputs (level 3)- equity investments at FVOCI Unlisted equity securities £’000 Opening balance as at January 1, 2024 2,145  Disposal during the period (2,145) Closing balance as at September 30, 2024 —

v3.24.3

Share capital (Tables)	9 Months Ended
	Sep. 30, 2024
Share Capital, Reserves And Other Equity Interest [Abstract]
Schedule of classes of share capital	September 30, 2024 December 31, 2023 £ £ Issued and fully paid share capital 130,769,846 (2023: 125,702,396) Ordinary shares of £0.0005 each 65,385 62,851 65,385 62,851 Shares authorised and issued (number) December 31, 2023 Shares issued in relation to the acquisition of IP Exercise of share-based payment awards September 30, 2024 Ordinary shares 125,702,396  1,807,078  3,260,372  130,769,846  125,702,396  1,807,078  3,260,372  130,769,846

v3.24.3

Contract liabilities and other advances (Tables)	9 Months Ended
	Sep. 30, 2024
Contract liabilities [abstract]
Schedule of contract liabilities	Within one year More than one year September, 30 December 31, September, 30 December 31, 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Contract liabilities Revenue generating collaborations 18,542  25,036  68,742  65,466  Total contract liabilities 18,542  25,036  68,742  65,466  Other advances Grants 1,590  1,970  —  —  Total other advances 1,590  1,970  —  —  Total contract liabilities and other advances 20,132  27,006  68,742  65,466
Schedule of movement in contract liabilities and other advances	A reconciliation of the movement in contract liabilities and other advances for the nine months ended September 30, 2024 is as follows: January 01, 2024 Additions Recognised in the income statement Foreign exchange September 30, 2024 £’000 £’000 £’000 £’000 £’000 Grants 1,971  —  (379) (2) 1,590  Revenue generating collaborations 90,501  11,422  (14,639) —  87,284  Total contract liabilities and other advances 92,472  11,422  (15,018) (2) 88,874  A reconciliation of the movement in contract liabilities and other advances for the year ended December 31, 2023 is as follows: January 01, 2023 Additions Recognised in the income statement Transferred to other creditors Foreign exchange December 31, 2023 £’000 £’000 £’000 £’000 £’000 £’000 Grants 959  2,141  (1,127) —  (2) 1,971  Revenue generating collaborations 87,884  22,655  (20,038) —  —  90,501  Joint operations 9,139  —  (2,033) (7,106) —  —  Total contract liabilities and other advances 97,982  24,796  (23,198) (7,106) (2) 92,472

v3.24.3

Other payables (Tables)	9 Months Ended
	Sep. 30, 2024
Other Payables [Abstract]
Schedule of other current payables	Current other payables September 30, 2024 December 31, 2023 £’000 £’000 Accruals 28,233  16,238  Other payables 1,946  2,087  Other taxation and social security 4,869  5,897  Corporation tax 115  111  35,163  24,333

v3.24.3

Share based payments (Tables)	9 Months Ended
	Sep. 30, 2024
Disclosure of terms and conditions of share-based payment arrangement [line items]
Disclosure of share-based expense by award type	The following table represents the share-based payment expense by award type for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 £’000 £’000 £’000 £’000 Share options 3,511  3,853  5,057  12,439  Performance share options 311  838  (3,409) 2,149  PSUs 197  192  431  521  RSUs 963  1,067  1,598  3,522  Clawback shares 59  407  284  1,519  5,041  6,357  3,961  20,150
Share options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Disclosure of number and weighted average exercise prices of share options	Information with respect to share options for the nine months ending September 30, 2024 is as follows: Number of share options Weighted average exercise price Options held as at January 1, 2024 9,457,972 £ 0.08  Granted 4,645,877  £ 0.00  Exercised (3,001,603) £ 0.02  Forfeited (2,259,675) £ 0.05  Options held as at September 30, 2024 8,842,571 £ 0.11  Exercisable as at September 30, 2024 2,821,671 £ 0.20
Disclosure of the fair value of the share options as at the grant date	A Black-Scholes model has been used to calculate the fair value of the share options as at the grant date, with the following weighted average values for the nine months ended September 30, 2024: Exercise price £ 0.0005  Expected life 5.9 years Expected volatility 88.6  % Risk-free rate 3.67  % Expected dividend rate —  Fair value £ 3.77
Performance share options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Disclosure of the fair value of the share options as at the grant date	A Monte Carlo model has been used to calculate the fair value of the performance options as at the grant date, with the following weighted average values for the nine months ended September 30, 2024: Exercise price £ 0.0005  Expected life 3.0 years Expected volatility 87.6  % Risk-free rate 4.78  % Expected dividend rate —  Fair value £ 3.28
Disclosure of number and weighted average exercise prices of other equity instruments	Information with respect to performance share options for the nine months ending September 30, 2024 is as follows: Number of share options Weighted average exercise price Options held as at January 1, 2024 1,949,690  £ 0.00  Granted 726,233  £ 0.00  Exercised —  £ 0.00  Forfeited (1,525,129) £ 0.00  Options held as at September 30, 2024 1,150,794 £ —  Exercisable as at September 30, 2024 —  £ —
PSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Disclosure of number and weighted average exercise prices of other equity instruments	Information with respect to performance share units for the nine months ending September 30, 2024 is as follows: Number of PSUs PSUs held as at January 1, 2024 488,833  Granted 427,539  PSUs held as at September 30, 2024 916,372
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Disclosure of number and weighted average exercise prices of other equity instruments	The awards expire on the cessation of the participant’s employment with the Group. Information with respect to restricted share units for the nine months ending September 30, 2024 is as follows: Number of RSUs RSUs held as at January 1, 2024 1,019,186 Granted 1,048,914 Released (382,283) Forfeited (230,032) RSUs held as at September 30, 2024 1,455,785

v3.24.3

Commitments and contingent liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Capital commitments [abstract]
Schedule of capital expenditure	The Group has capital expenditure contracted for but not recognised as liabilities as at September 30, 2024. The expenditure is as follows: September 30, 2024 £’000 Plant and equipment 24  Leasehold improvements 2  26

v3.24.3

General information (Details)	9 Months Ended
	Sep. 30, 2024 jointVenture
Disclosure of classes of share capital [line items]
Number of joint ventures	2
RE Ventures I, LLC
Disclosure of classes of share capital [line items]
Proportion of ownership interest in joint venture	50.00%
RE Ventures II, LLC
Disclosure of classes of share capital [line items]
Proportion of ownership interest in joint venture	50.00%

v3.24.3

Critical accounting estimates and judgements (Details) - GBP (£) £ in Thousands	9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024
Critical Accounting Estimates And Judgments [Abstract]
Rebate rate effect from change in tax rate, research and development tax credit, eligible projects		18.60%
Tax benefit relating to tax rate changes or imposition of new taxes	£ 3,961

v3.24.3

Revenue - Revenue by customer (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percentage of entity's revenue	100.00%	100.00%	100.00%	100.00%
BMY
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percentage of entity's revenue	2.00%	86.00%	18.00%	78.00%
Sanofi
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percentage of entity's revenue	72.00%	14.00%	55.00%	21.00%
Merck KGaA, Darmstadt, Germany
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percentage of entity's revenue	26.00%	0.00%	21.00%	0.00%
Others
Disclosure of disaggregation of revenue from contracts with customers [line items]
Percentage of entity's revenue	0.00%	0.00%	6.00%	1.00%

v3.24.3

Revenue - Product or service (Details) - GBP (£) £ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	£ 4,930	£ 8,882	£ 14,639	£ 17,649
Service fees
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	0	0	0	104
Licensing fees - recognised over time
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	£ 4,930	£ 8,882	£ 14,639	£ 17,545

v3.24.3

Revenue - Additional information (Details) £ in Thousands, $ in Millions	3 Months Ended				9 Months Ended
	Dec. 31, 2024 GBP (£)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2023 GBP (£)	Sep. 30, 2024 GBP (£)	Sep. 30, 2023 GBP (£)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue			£ 4,930	£ 8,882	£ 14,639	£ 17,649
BMS
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from strategic research collaboration, up-front cash payment				£ 6,859
Sanofi
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from strategic research collaboration, milestone payments	£ 11,422	$ 15
Millennium
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue					£ 1,000

v3.24.3

Other Income (Details) - GBP (£) £ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income [Abstract]
Grant income	£ 180	£ 218	£ 379	£ 1,211
R&D expenditure credits	2,397	898	9,414	4,343
Other income	£ 2,577	£ 1,116	£ 9,793	£ 5,554

v3.24.3

Operating Loss (Details) - GBP (£) £ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Loss [Abstract]
Depreciation of property, plant and equipment	£ 2,752	£ 2,329	£ 7,741	£ 5,018
Depreciation of right-of-use assets	1,021	874	2,937	2,648
Amortisation of intangible assets	1,126	1,173	3,426	3,499
Research and development expenses	27,234	32,608	75,906	99,013
Foreign exchange losses/(gains)	2,221	(3,272)	1,294	(1,628)
Share-based payment charge	5,041	6,357	3,961	20,150
(Reversal of)/impairment of right-of-use assets	(567)	0	1,052	0
Impairment of plant and equipment	33	0	1,991	0
Professional fees associated with the Company's proposed business combination	£ 16,298	£ 0	£ 16,298	£ 0

v3.24.3

Finance Income (Details) - GBP (£) £ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finance Income [Abstract]
Bank interest income	£ 3,363	£ 4,436	£ 11,067	£ 12,213
Finance income	£ 3,363	£ 4,436	£ 11,067	£ 12,213

v3.24.3

Taxation (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes [Abstract]
Normal applicable rate of tax	0.09%	7.05%	2.50%	11.96%

v3.24.3

Loss per share (Details) - GBP (£) £ / shares in Units, £ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings per share [abstract]
Basic loss for the period	£ (52,133)	£ (31,214)	£ (109,378)	£ (104,828)
Diluted loss for the period	£ (52,133)	£ (31,214)	£ (109,378)	£ (104,828)
Basic weighted average number of shares (in shares)	129,178,562	124,511,492	127,260,159	123,844,172
Diluted weighted average number of shares (in shares)	129,178,562	124,511,492	127,260,159	123,844,172
Basic loss per share (GBP per share)	£ (0.40)	£ (0.25)	£ (0.86)	£ (0.85)
Diluted loss per share (GBP per share)	£ (0.40)	£ (0.25)	£ (0.86)	£ (0.85)

v3.24.3

Goodwill and other intangible assets (Details)		2 Months Ended	3 Months Ended		9 Months Ended
	Jul. 17, 2024 GBP (£) shares £ / shares	Sep. 30, 2024 GBP (£) £ / shares shares	Sep. 30, 2024 GBP (£) £ / shares shares	Sep. 30, 2023 GBP (£)	Sep. 30, 2024 GBP (£) £ / shares shares	Sep. 30, 2023 GBP (£)	Sep. 30, 2024 $ / shares	Jul. 17, 2024 $ / shares	Dec. 31, 2023 £ / shares shares
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Upfront payment related to ownership of intellectual property					£ 7,925,000	£ 189,000
Number of shares issued (in shares) | shares		130,769,846	130,769,846		130,769,846				125,702,396
Amortisation of intangible assets			£ 1,126,000	£ 1,173,000	£ 3,426,000	£ 3,499,000
Disposals					0
Impairment charge					0
Cost | Computer software
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Additions					164,000
Accumulated Depreciation
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortisation of intangible assets					3,426,000
Accumulated Depreciation | Acquired IP
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortisation of intangible assets					3,358,000
Accumulated Depreciation | Computer equipment
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortisation of intangible assets					57,000
Accumulated Depreciation | Patents
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Amortisation of intangible assets					£ 11,000
Ordinary shares
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Number of shares issued (in shares) | shares		130,769,846	130,769,846		130,769,846				125,702,396
Par value per share (GBP/USD per share) | £ / shares		£ 0.0005	£ 0.0005		£ 0.0005				£ 0.0005
Apeiron | Acquired IP
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Upfront payment related to ownership of intellectual property	£ 7,691,000
Borrowings forgiven to third party	4,951,000
Issued capital, equity	7,579,000
Shares surrendered, fair value amount	£ 2,145,000
Intangible assets acquired by way of asset purchase agreement, fair value		£ 22,436,000	£ 22,436,000		£ 22,436,000
Amortisation of intangible assets		£ 0
Apeiron | American depositary shares, restricted | Acquired IP
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Number of shares issued (in shares) | shares	1,807,078
Apeiron | American depositary shares, ordinary | Acquired IP
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Number of shares issued (in shares) | shares	1
Par value per share (GBP/USD per share) | £ / shares	£ 0.0005
Share issue related cost	£ 69,000
Apeiron | Ordinary shares
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Par value per share (GBP/USD per share) | $ / shares							$ 0.00001
Apeiron | Ordinary shares | Acquired IP
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Par value per share (GBP/USD per share) | $ / shares								$ 0.00001
Number of shares surrendered (in shares) | shares	9,173,021
Apeiron | Series Pre-A Preferred shares
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Par value per share (GBP/USD per share) | $ / shares							$ 0.00001
Apeiron | Series Pre-A Preferred shares | Acquired IP
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Par value per share (GBP/USD per share) | $ / shares								$ 0.00001
Number of shares surrendered (in shares) | shares	1,549,942

v3.24.3

Property, plant and equipment (Details) - GBP (£) £ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of property, plant and equipment	£ 2,752	£ 2,329	£ 7,741	£ 5,018
Disposals			164
Impairment of plant and equipment	£ 33	£ 0	1,991	£ 0
Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Impairment of plant and equipment			1,203
Plant and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Impairment of plant and equipment			788
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Additions			2,185
Disposals			1,108
Cost | Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Additions			126
Transfers from assets under construction			425
Cost | Computer equipment
Disclosure of detailed information about property, plant and equipment [line items]
Additions			55
Cost | Plant and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Additions			1,896
Transfers from assets under construction			3,468
Accumulated Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of property, plant and equipment			£ 7,741

v3.24.3

Investments in joint ventures and joint operations (Details) - GBP (£)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disclosure of joint ventures [line items]
Additional capital contributions			£ 1,549,000	£ 1,206,000
Loss for the period	£ (52,133,000)	£ (31,214,000)	(109,378,000)	(104,828,000)
RE Ventures I, LLC
Disclosure of joint ventures [line items]
Additional capital contributions			1,549,000	1,206,000
Loss for the period	£ 488,000	£ 535,000	1,412,000	1,149,000
RE Ventures II, LLC
Disclosure of joint ventures [line items]
Loss for the period			£ 0	£ 0

v3.24.3

Leases - Additional information (Details)			3 Months Ended		9 Months Ended
	Aug. 12, 2024 GBP (£) property	Sep. 03, 2021 leaseAgreement	Sep. 30, 2024 GBP (£)	Sep. 30, 2023 GBP (£)	Sep. 30, 2024 GBP (£)	Sep. 30, 2023 GBP (£)	Jun. 26, 2024 GBP (£)	Jan. 31, 2024 GBP (£)	Jan. 01, 2024 leaseAgreement property	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 GBP (£)	Sep. 30, 2022
Disclosure of maturity analysis of operating lease payments [line items]
Number of lease agreements | leaseAgreement									10
Right-of-use assets			£ 15,049,000		£ 15,049,000					£ 18,513,000
Finance lease receivables			1,793,000		1,793,000
Impairment of right-of-use assets			(567,000)	£ 0	1,052,000	£ 0
United Kingdom
Disclosure of maturity analysis of operating lease payments [line items]
Number of lease properties | property									4
Lease liabilities, upwards (reduction)							£ 2,540,000
Number of lease properties disposed of | property	1
Cash outflow for leases	£ 700,000
United Kingdom | At cost
Disclosure of maturity analysis of operating lease payments [line items]
Disposal of right-of-use asset	1,513,000
United Kingdom | At net book value
Disclosure of maturity analysis of operating lease payments [line items]
Disposal of right-of-use asset	£ 322,000
United States of America
Disclosure of maturity analysis of operating lease payments [line items]
Number of lease properties | property									3
Austria
Disclosure of maturity analysis of operating lease payments [line items]
Number of lease properties | property									1
Miami, Florida, United States Of America
Disclosure of maturity analysis of operating lease payments [line items]
Right-of-use assets										0	£ 2,125,000
Right-of-use assets, subleasing										£ 807,000
Finance lease receivables			£ 1,793,000		1,793,000
Vienna, Austria
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities, upwards (reduction)								£ (442,000)
Number of lease agreements not yet commenced | leaseAgreement		2
Lessee, operating lease, term of contract not yet commenced		7 years
Consumer price index rate				0.060		0.060						0.106
Right-of-use assets, reduction								£ 532,000
Oxford, United Kingdom, Miami, Florida United States and Vienna, Austria
Disclosure of maturity analysis of operating lease payments [line items]
Impairment of right-of-use assets					£ 911,000

v3.24.3

Leases - Undiscounted finance lease payments receivable (Details) £ in Thousands	Sep. 30, 2024 GBP (£)
Disclosure of maturity analysis of finance lease payments receivable [line items]
Unearned finance income	£ (501)
Net finance lease receivable	1,793
Within one year
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, gross	79
One to five years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, gross	1,309
More than 5 years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease receivables, gross	£ 906

v3.24.3

Leases - Liability maturity (Details) - GBP (£) £ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	£ 21,633	£ 22,109
Within one year
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	4,167	3,399
One to five years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	14,609	14,707
More than 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Lease liabilities	£ 2,857	£ 4,003

v3.24.3

Other receivables - Current other receivables and contract assets (Details) - GBP (£) £ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
VAT recoverable	£ 2,390	£ 3,356
Prepayments	5,462	5,961
Accrued bank interest	391	412
Other receivables	1,287	5,622
Other receivables	£ 9,530	£ 15,351

v3.24.3

Other receivables - Non-current other receivables (Details) - GBP (£) £ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Other receivables	£ 639	£ 663

v3.24.3

Fair value measurement of financial instruments - Additional information (Details)	Jul. 19, 2024 GBP (£)	Jan. 19, 2024 GBP (£)	Sep. 30, 2024 GBP (£) £ / shares shares	Sep. 30, 2024 $ / shares	Dec. 31, 2023 GBP (£) £ / shares
Disclosure of financial assets and liabilities [Line Items]
Short term bank deposits			£ 126,287,000		£ 103,586,000
Short-Term Deposit, Six Month A
Disclosure of financial assets and liabilities [Line Items]
Short term bank deposits		£ 150,000,000
Short-term bank deposits, term		6 months
Short-term bank deposits, interest rate		5.10%
Short-Term Deposit, Six Month B
Disclosure of financial assets and liabilities [Line Items]
Short term bank deposits	£ 125,000,000
Short-term bank deposits, term	6 months
Short-term bank deposits, interest rate	5.10%
Short-Term Deposit, Three Month
Disclosure of financial assets and liabilities [Line Items]
Short-term bank deposits, term	3 months
Short-term bank deposits, interest rate	5.10%
Short-term deposits, classified as cash equivalents	£ 28,837,000
Ordinary shares
Disclosure of financial assets and liabilities [Line Items]
Par value per share (USD per share) | £ / shares			£ 0.0005		£ 0.0005
Ordinary shares | Apeiron
Disclosure of financial assets and liabilities [Line Items]
Number of shares held (in shares) | shares			9,173,021
Par value per share (USD per share) | $ / shares				$ 0.00001
Series Pre-A Preferred shares | Apeiron
Disclosure of financial assets and liabilities [Line Items]
Number of shares held (in shares) | shares			1,549,942
Par value per share (USD per share) | $ / shares				$ 0.00001

v3.24.3

Fair value measurement of financial instruments - Significant unobservable Inputs (Details) - Level 3 - Unlisted equity securities £ in Thousands	9 Months Ended
	Sep. 30, 2024 GBP (£)
Disclosure of financial assets and liabilities [Line Items]
Opening balance as at January 1, 2024	£ 2,145
Disposal during the period	(2,145)
Closing balance as at September 30, 2024	£ 0

v3.24.3

Share capital - Shares issued (Details) - GBP (£) £ / shares in Units, £ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disclosure of classes of share capital [line items]
Share capital	£ 65,385	£ 62,851
Ordinary shares
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid (in shares)	130,769,846	125,702,396
Par value per share (GBP per share)	£ 0.0005	£ 0.0005
Share capital	£ 65,385	£ 62,851

v3.24.3

Share capital - Shares authorised and issued (Details)	9 Months Ended
	Sep. 30, 2024 shares
Disclosure of classes of share capital [line items]
Number of shares issued, beginning balance (in shares)	125,702,396
Exercise of share-based payment awards (in shares)	3,260,372
Number of shares issued, ending balance (in shares)	130,769,846
Shares issued in relation to the acquisition of IP (in shares)	1,807,078
Ordinary shares
Disclosure of classes of share capital [line items]
Number of shares issued, beginning balance (in shares)	125,702,396
Exercise of share-based payment awards (in shares)	3,260,372
Number of shares issued, ending balance (in shares)	130,769,846
Shares issued in relation to the acquisition of IP (in shares)	1,807,078

v3.24.3

Share capital - Additional information (Details)	9 Months Ended
	Sep. 30, 2024 shares vote
Disclosure of classes of share capital [line items]
Shares issued in relation to the acquisition of IP (in shares)	1,807,078
Exercise of share-based payment awards (in shares)	3,260,372
Ordinary shares
Disclosure of classes of share capital [line items]
Shares issued in relation to the acquisition of IP (in shares)	1,807,078
Exercise of share-based payment awards (in shares)	3,260,372
Voting rights, per share owned | vote	1

v3.24.3

Contract liabilities and other advances - Components (Details) - GBP (£) £ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Within one year	£ 20,132	£ 27,006
More than one year	68,742	65,466
Revenue generating collaborations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Within one year	18,542	25,036
More than one year	68,742	65,466
Contract liabilities
Disclosure of disaggregation of revenue from contracts with customers [line items]
Within one year	18,542	25,036
More than one year	68,742	65,466
Grants
Disclosure of disaggregation of revenue from contracts with customers [line items]
Within one year	1,590	1,970
More than one year	0	0
Other advances
Disclosure of disaggregation of revenue from contracts with customers [line items]
Within one year	1,590	1,970
More than one year	£ 0	£ 0

v3.24.3

Contract liabilities and other advances - Movement (Details) £ in Thousands, $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)	Dec. 31, 2023 GBP (£)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities and other advances, beginning of period			£ 92,472	£ 97,982
Additions			11,422	24,796
Recognised in the income statement			(15,018)	(23,198)
Transferred to other creditors				(7,106)
Foreign exchange			(2)	(2)
Contract liabilities and other advances, end of period	£ 88,874		88,874	92,472
Grants
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities and other advances, beginning of period			1,971	959
Additions			0	2,141
Recognised in the income statement			(379)	(1,127)
Transferred to other creditors				0
Foreign exchange			(2)	(2)
Contract liabilities and other advances, end of period	1,590		1,590	1,971
Revenue generating collaborations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities and other advances, beginning of period			90,501	87,884
Additions	11,422	$ 15	11,422	22,655
Recognised in the income statement			(14,639)	(20,038)
Transferred to other creditors				0
Foreign exchange			0	0
Contract liabilities and other advances, end of period	£ 87,284		87,284	90,501
Joint operations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities and other advances, beginning of period			£ 0	9,139
Additions				0
Recognised in the income statement				(2,033)
Transferred to other creditors				(7,106)
Foreign exchange				0
Contract liabilities and other advances, end of period				£ 0

v3.24.3

Contract liabilities and other advances - Additional information (Details) £ in Thousands, $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2024 GBP (£) milestone	Sep. 30, 2024 USD ($) milestone	Sep. 30, 2024 GBP (£) milestone	Dec. 31, 2023 GBP (£)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Additions | £			£ 11,422	£ 24,796
Number of milestones reached | milestone	2	2	2
Revenue generating collaborations
Disclosure of disaggregation of revenue from contracts with customers [line items]
Additions	£ 11,422	$ 15	£ 11,422	£ 22,655

v3.24.3

Provisions (Details)	Sep. 30, 2024 GBP (£) property	Dec. 31, 2023 GBP (£) property	Dec. 31, 2022 GBP (£)
Disclosure of other provisions [line items]
Provisions	£ 1,372,000	£ 2,157,000
Number of leasehold properties subject to restore alterations | property	3
Right-of-use assets	£ 15,049,000	18,513,000
Miami, Florida, United States Of America
Disclosure of other provisions [line items]
Provisions		£ 807,000
Number of lease properties with related provision, not yet commenced | property		1
Right-of-use assets		£ 0	£ 2,125,000

v3.24.3

Other payables (Details) - GBP (£) £ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Payables [Abstract]
Accruals	£ 28,233	£ 16,238
Other payables	1,946	2,087
Other taxation and social security	4,869	5,897
Corporation tax	115	111
Other payables	£ 35,163	£ 24,333

v3.24.3

Share based payments - Additional information (Details) - GBP (£) £ / shares in Units, £ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment expenses	£ 5,041	£ 6,357	£ 3,961	£ 20,150
Share-based payment reserve	£ (33,291)		£ (33,291)		£ (46,984)
Number of shares issued (in shares)	130,769,846		130,769,846		125,702,396
Cash paid on settlement of share based payments			£ 307	£ 121
Chief Executive Officer
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment expenses			5,935
Chief Executive Officer | Retained earnings/ (accumulated losses)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment reserve	£ 3,289		£ 3,289
Share options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting requirements for share-based payment arrangement, vesting period	2 years		4 years
Number of shares issued (in shares)	2,119,000		2,119,000
Share options | Regular vesting
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting requirements for share-based payment arrangement, vesting period	1 year
Vesting requirements for share-based payment arrangement, vesting percentage	50.00%		50.00%
Share options | Business combination took place
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting requirements for share-based payment arrangement, vesting period	1 year
Vesting requirements for share-based payment arrangement, vesting percentage	75.00%		75.00%
Performance share options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting requirements for share-based payment arrangement, vesting period			3 years
PSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting requirements for share-based payment arrangement, vesting period			3 years
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting requirements for share-based payment arrangement, vesting period	2 years		4 years
Number of shares issued (in shares)	344,500		344,500
Granted, weighted average exercise price of other equity instruments (GBP per share)	£ 3.79		£ 3.79
Weighted average remaining contractual life of outstanding other equity instruments			8 years 7 months 6 days
Released (in shares)			382,283
RSUs | Regular vesting
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting requirements for share-based payment arrangement, vesting period	1 year
Vesting requirements for share-based payment arrangement, vesting percentage	50.00%		50.00%
RSUs | Business combination took place
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting requirements for share-based payment arrangement, vesting period	1 year
Vesting requirements for share-based payment arrangement, vesting percentage	75.00%		75.00%
RSUs, net settlement arrangement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Released (in shares)			152,176	53,566
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares)			76,773	27,098
Cash paid on settlement of share based payments			£ 307	£ 121

v3.24.3

Share based payments - Share-based expense by award type (Details) - GBP (£) £ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment charge	£ 5,041	£ 6,357	£ 3,961	£ 20,150
Share options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment charge	3,511	3,853	5,057	12,439
Performance share options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment charge	311	838	(3,409)	2,149
PSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment charge	197	192	431	521
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment charge	963	1,067	1,598	3,522
Clawback shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payment charge	£ 59	£ 407	£ 284	£ 1,519

v3.24.3

Share based payments - Option activity (Details)	9 Months Ended
	Sep. 30, 2024 shares £ / shares
Share options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance (in shares) | shares	9,457,972
Granted (in shares) | shares	4,645,877
Exercised (in shares) | shares	(3,001,603)
Forfeited (in shares) | shares	(2,259,675)
Ending balance (in shares) | shares	8,842,571
Exercisable (in shares) | shares	2,821,671
Beginning balance, weighted average exercise price (GBP per share) | £ / shares	£ 0.08
Granted, weighted average exercise price (GBP per share) | £ / shares	0.00
Exercised, weighted average exercise price (GBP per share) | £ / shares	0.02
Forfeited, weighted average exercise price (GBP per share) | £ / shares	0.05
Ending balance, Weighted average exercise price (GBP per share) | £ / shares	0.11
Exercisable, weighted average exercise price (GBP per share) | £ / shares	£ 0.20
Performance share options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance (in shares) | shares	1,949,690
Granted (in shares) | shares	726,233
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	(1,525,129)
Ending balance (in shares) | shares	1,150,794
Exercisable (in shares) | shares	0
Beginning balance, weighted average exercise price (GBP per share) | £ / shares	£ 0.00
Granted, weighted average exercise price (GBP per share) | £ / shares	0.00
Exercised, weighted average exercise price (GBP per share) | £ / shares	0.00
Forfeited, weighted average exercise price (GBP per share) | £ / shares	0.00
Ending balance, Weighted average exercise price (GBP per share) | £ / shares	0
Exercisable, weighted average exercise price (GBP per share) | £ / shares	£ 0

v3.24.3

Share based payments - Fair value assumptions options (Details)	9 Months Ended
	Sep. 30, 2024 yr £ / shares
Share options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price (GBP per share)	£ 0.0005
Expected life | yr	5.9
Expected volatility	88.60%
Risk-free rate	3.67%
Expected dividend rate	0.00%
Fair value (GBP per share)	£ 3.77
Performance share options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price (GBP per share)	£ 0.0005
Expected life | yr	3.0
Expected volatility	87.60%
Risk-free rate	4.78%
Expected dividend rate	0.00%
Fair value (GBP per share)	£ 3.28

v3.24.3

Share based payments - RSU and PSU activity (Details)	9 Months Ended
	Sep. 30, 2024 shares
PSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance (in shares)	488,833
Granted (in shares)	427,539
Ending balance (in shares)	916,372
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance (in shares)	1,019,186
Granted (in shares)	1,048,914
Released (in shares)	(382,283)
Forfeited (in shares)	(230,032)
Ending balance (in shares)	1,455,785

v3.24.3

Commitments and contingent liabilities - Capital expenditure (Details) £ in Thousands	Sep. 30, 2024 GBP (£)
Disclosure of attribution of expenses by nature to their function [line items]
Commitments	£ 26
Plant and equipment
Disclosure of attribution of expenses by nature to their function [line items]
Commitments	24
Leasehold improvements
Disclosure of attribution of expenses by nature to their function [line items]
Commitments	£ 2

v3.24.3

Commitments and contingent liabilities - Additional information (Details) £ in Thousands			3 Months Ended		9 Months Ended
	Oct. 05, 2021 USD ($)	Aug. 17, 2021 GBP (£)	Sep. 30, 2024 GBP (£)	Sep. 30, 2023 GBP (£)	Sep. 30, 2024 GBP (£)	Sep. 30, 2023 GBP (£)	Dec. 31, 2023 GBP (£)
Disclosure of attribution of expenses by nature to their function [line items]
Commitments outstanding			£ 26		£ 26
Grant income			180	£ 218	379	£ 1,211
Professional fees expense, net			21,300
Professional fees associated with the Company's proposed business combination			16,298	£ 0	16,298	£ 0
Professional fees accrued			13,000		13,000
Estimated cash payment due from business combination			10,900		10,900
Exscientia GmbH
Disclosure of attribution of expenses by nature to their function [line items]
Grant income		£ 2,485
Borrowings		£ 353
Gates Foundation
Disclosure of attribution of expenses by nature to their function [line items]
Commitment | $	$ 70,000,000
Commitment, term	4 years
Commitment costs incurred			11,903		11,903		£ 9,697
Commitments outstanding			£ 39,583		£ 39,583		£ 41,789

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