Centessa Pharmaceuticals Reports $482.2 Million Cash Reserves

By Bobby Samwell • Monday, March 24 15:11 • Permanent Link

Centessa Pharmaceuticals plc (NASDAQ: CNTA) has reported its business highlights and financial results for the fourth quarter and full-year 2024.

In terms of financials, as of December 31, 2024, the company's cash, cash equivalents, and short-term investments totaled $482.2 million. This figure is noteworthy as it is a key indicator of the company's financial strength and ability to fund its operations.

Research and development (R&D) expenses for the fourth quarter ended December 31, 2024, were $60.9 million, representing a significant increase from $29.7 million for the same period in 2023. Similarly, R&D expenses for the full-year 2024 amounted to $150.2 million, compared to $124.4 million for the full-year 2023. This substantial rise in R&D expenses indicates the company's continued investment in research and development activities.

General and administrative expenses stood at $13.7 million for the fourth quarter ended December 31, 2024, slightly up from $12.3 million for the same period in 2023. However, for the full-year 2024, these expenses amounted to $50.8 million, a decrease from $53.7 million for the full-year 2023.

The net loss attributable to ordinary shareholders (net loss) was $111.3 million for the fourth quarter ended December 31, 2024, compared to $36.8 million for the fourth quarter ended December 31, 2023. For the full-year 2024, the net loss was $235.8 million, up from $151.1 million for the full-year 2023. This substantial increase in net loss reflects non-recurring items, including a $34.1 million loss on debt extinguishment and a charge of $31.5 million related to the discontinuation of the global clinical development program for SerpinPC.

Turning to the business highlights, Centessa Pharmaceuticals is advancing a broad potential best-in-class orexin receptor 2 (OX2R) agonist franchise. The company's most advanced OX2R agonist, ORX750, is progressing in the phase 2a Crystal-1 study for the treatment of narcolepsy type 1 (NT1), narcolepsy type 2 (NT2), and idiopathic hypersomnia (IH). The company expects to share phase 2a data across all three indications in 2025.

In January 2025, the company shared positive data from the phase 1 clinical study of ORX750, demonstrating its significant potential to restore normative wakefulness in acutely sleep-deprived healthy volunteers. The data showed a clear dose response, with a favorable safety and tolerability profile observed across all treatment-emergent adverse events.

Additionally, the company announced the initiation of the phase 2a Crystal-1 study of ORX750 in participants with NT1, NT2, and IH in November 2024, further emphasizing its commitment to advancing potential treatments for sleep-wake disorders.

With a strong financial position and promising advancements in its pipeline, Centessa Pharmaceuticals is poised to make significant strides in the clinical-stage pharmaceutical space. Following these announcements, the company's shares moved 5.5%, and are now trading at a price of $16.61. Check out the company's full 8-K submission here.

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