Centessa Pharmaceuticals plc (NASDAQ: CNTA) has reported its financial results and business highlights for the first quarter ending March 31, 2025. The company's cash, cash equivalents, and investments totaled $424.9 million as of March 31, 2025, which is expected to fund operations into mid-2027.
In terms of expenses, research and development (R&D) expenses were $33.4 million for the first quarter of 2025, compared to $22.7 million for the same period in 2024. General and administrative (G&A) expenses were $12.3 million for the first quarter of 2025, down from $13.4 million for the first quarter of 2024. The net loss attributable to ordinary shareholders (net loss) was $26.1 million for the first quarter of 2025, a decrease from $38.0 million for the first quarter of 2024.
Centessa Pharmaceuticals is making progress across its orexin receptor 2 (OX2R) agonist pipeline. The phase 2a crystal-1 study for Orx750, a potential treatment for narcolepsy type 1 (NT1), narcolepsy type 2 (NT2), and idiopathic hypersomnia (IH), is on track with data expected across all three indications this year.
Furthermore, the company is advancing its pipeline of potential first-in-class follow-up OX2R agonists for the treatment of neurological, neurodegenerative, and neuropsychiatric disorders. Orx142 is on track to initiate first-in-human studies, with clinical data in acutely sleep-deprived healthy volunteers planned for this year.
The market has reacted to these announcements by moving the company's shares -5.25% to a price of $12.46. Check out the company's full 8-K submission here.
