Centessa Pharmaceuticals plc, a clinical-stage biotechnology company specializing in orexin-based neuroscience therapeutics, reported a net loss of $197.5 million for the year ended December 31, 2025, compared to a net loss of $235.8 million for the previous year. The company's operating expenses totaled $222.7 million, including research and development expenses of $172.2 million and general and administrative expenses of $50.5 million. License and other revenues totaled $15.0 million, related to a license agreement with Genmab.
Research and development expenses increased to $172.2 million in 2025 from $150.2 million in 2024, driven by higher development costs in the cleminorexton and other orexin programs, as well as increased personnel expenses. These increases were partially offset by lower costs related to discontinued programs. General and administrative expenses remained relatively stable at $50.5 million in 2025 compared to $50.8 million in 2024. Interest income increased to $20.5 million in 2025 from $14.0 million in 2024, while interest expense also increased slightly to $11.5 million from $10.1 million.
A significant strategic development was the March 31, 2026, announcement of a Transaction Agreement with Eli Lilly and Company, under which Lilly will acquire Centessa for $38.00 per share in cash, plus a contingent value right (CVR) 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 December 31, 2025, Centessa had 118 full-time employees, with 86 engaged in research and development and 32 in business development, finance, legal, and general management and administration.
Looking ahead, Centessa expects its cash, cash equivalents, and investments of $577.1 million as of December 31, 2025, to fund its planned operations into mid-2028. The company anticipates increased expenses related to ongoing and planned clinical trials, research and development activities, and potential commercialization efforts. The company's future performance is subject to various risks, including those related to clinical trial outcomes, regulatory approvals, intellectual property protection, and competition.
About Centessa Pharmaceuticals plc
Centessa Pharmaceuticals is a clinical-stage biotech focused on discovering and developing transformative medicines, including orexin receptor 2 (OX2R) agonists for sleep and neurodegenerative disorders, and innovative immuno-oncology therapies using its LockBody platform. It targets neurological, neuropsychiatric, and cancer indications, leveraging proprietary technology and strategic licensing. The company relies on third-party manufacturing, collaborates with partners, and navigates complex regulatory pathways to bring novel treatments to market.
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