Centessa Pharmaceuticals Reports Strong Financials

Centessa Pharmaceuticals plc (NASDAQ: CNTA) recently reported its business highlights and financial results for the fourth quarter and full-year ended December 31, 2023. The company's cash, cash equivalents, and short-term investments stood at $256.5 million as of December 31, 2023, with an additional $9.7 million in net proceeds through ATM sales in January 2024. This is expected to fund operations into 2026 without utilizing the remaining available tranches under the Oberland credit facility.

In terms of expenses, Centessa Pharmaceuticals reported research and development expenses of $29.7 million for the fourth quarter ended December 31, 2023, compared to $27.8 million for the same period in 2022. For the full year 2023, research and development expenses amounted to $124.4 million, a decrease from $155.1 million in 2022. General and administrative expenses were $12.3 million for the fourth quarter ended December 31, 2023, down from $13.8 million in the same period in 2022. For the full year 2023, general and administrative expenses were $53.7 million, compared to $55.2 million in 2022.

The net loss attributable to ordinary shareholders was $36.8 million for the fourth quarter ended December 31, 2023, a decrease from $43.2 million in the same period in 2022. The full-year net loss for 2023 was $151.1 million, down from $216.2 million in 2022.

In terms of operational highlights, Centessa Pharmaceuticals is making progress in its hemophilia program, with ongoing registrational Present-2 and Present-3 studies of SerpinPC for the treatment of hemophilia B. The company presented data from an additional 52-weeks of continuous treatment from the third year of the ongoing phase 2a study of SerpinPC, demonstrating sustained long-term efficacy results and a 96% reduction in the median all-bleed annualized bleeding rate (ABR) from the prospective baseline.

Furthermore, Centessa Pharmaceuticals is advancing its orexin agonist program, with clinical proof-of-concept data for ORX750 in sleep-deprived healthy volunteers planned for 2024. The company also continues to evaluate its proprietary LockBody technology platform in a first-in-human clinical study of LB101 for the treatment of solid tumors.

As a result of these announcements, the company's shares have moved 1.8% on the market, and are now trading at a price of $11.3. Check out the company's full 8-K submission here.

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