12:15 PM EDT, 05/21/2024 (MT Newswires) -- Exscientia ( EXAI ) said Tuesday that it expects to complete a headcount reduction of 20% to 25% by the end of 2024.

The job cuts are part of cost efficiency measures that the company will initiate to streamline its operations, Exscientia ( EXAI ) said.

The company said the measures are expected to result in annualized savings of at least $40 million starting in 2025.

Exscientia ( EXAI ) shares were down 4.4% in recent trading.

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