Centessa Pharmaceuticals Reports $79.2 Million Net Loss and $0 Revenue for Q1 2026

Centessa Pharmaceuticals plc reported its financial results for the three months ended March 31, 2026. The company's license and other revenue was $0, a decrease of $15 million compared to the three months ended March 31, 2025, when the company recorded revenue related to a $15 million upfront payment from Genmab A/S. The net loss for the quarter was $79.2 million, or $0.52 per ordinary share, compared to a net loss of $26.1 million, or $0.20 per ordinary share, for the same period in 2025.

Operating expenses for the first quarter of 2026 totaled $79.8 million, significantly higher than the $30.8 million reported for the same period in the previous year. Research and development expenses increased to $59.9 million from $33.4 million, driven by higher development costs in the Orexin program and increased personnel expenses. General and administrative expenses also rose to $19.9 million from $12.3 million, primarily due to increased personnel costs and advisory fees related to the proposed transaction with Eli Lilly and Company. Interest and investment income decreased by $2.8 million, while interest expense decreased by $0.2 million.

Key operational developments included the March 31, 2026, announcement of a definitive agreement for Eli Lilly and Company to acquire Centessa for $38.00 per share in cash, plus a contingent value right of up to $9.00 per share. The transaction is expected to close in the third quarter of 2026, pending shareholder and regulatory approvals. As of March 31, 2026, Centessa had cash, cash equivalents, and investments totaling $533.7 million. Net cash used in operating activities for the three months ended March 31, 2026, was $72.2 million, compared to $57.2 million for the same period in 2025.

Looking ahead, Centessa expects its existing cash, cash equivalents, and investments to fund its operating expenses and capital expenditure requirements for at least the next twelve months. However, the company acknowledges that substantial additional funding will be needed to advance the development of its product candidates. The company's future financial performance is contingent upon the successful development, regulatory approval, and commercialization of its current and future product candidates.