Centessa Pharmaceuticals Reports Q2 2025 Financial Results with Increased Net Loss

Centessa Pharmaceuticals plc reported its financial results for the second quarter of 2025, revealing a net loss of $50.3 million, compared to a loss of $43.8 million in the same period last year. For the six months ending June 30, 2025, the company recorded a net loss of $76.5 million, slightly improved from a loss of $81.9 million in the prior year. The increase in losses was attributed primarily to higher research and development expenses, which rose to $42.7 million for the quarter, up from $32.8 million in the previous year, driven by costs associated with the ongoing development of its OX2R agonist program, particularly ORX750 and ORX142.

In a significant operational development, Centessa entered into a license agreement with Genmab A/S in February 2025, which provided an upfront payment of $15 million. This agreement allows Genmab to utilize Centessa's proprietary LockBody technology platform for research on up to three undisclosed targets. The company anticipates potential future milestone payments of up to $15 million, along with royalties on global net sales of licensed products. This strategic partnership is expected to enhance Centessa's product pipeline and financial position.

As of June 30, 2025, Centessa reported total assets of $492.1 million, a decrease from $576.8 million at the end of 2024. The decline in assets was primarily due to a significant reduction in cash and cash equivalents, which fell to $44.2 million from $383.2 million at the end of the previous year. The company’s total liabilities also decreased to $147.2 million from $175.3 million, reflecting a reduction in accrued expenses and other current liabilities. The company’s accumulated deficit stood at $1.07 billion, indicating ongoing challenges in achieving profitability.

Centessa's workforce comprised 98 full-time equivalent employees as of August 1, 2025, reflecting the company's efforts to streamline operations following the consolidation of its U.S. and UK businesses. The company expects its existing cash and investments will be sufficient to fund operations into mid-2027, although it anticipates needing substantial additional funds to advance the development of its product candidates. The company continues to face risks associated with its reliance on third-party manufacturers and contract research organizations, which could impact its ability to conduct clinical trials and bring products to market.

Looking ahead, Centessa remains focused on advancing its clinical programs, particularly the OX2R agonist candidates, and plans to initiate additional clinical trials. However, the company acknowledges the inherent uncertainties in drug development and regulatory approval processes, which could affect its timelines and financial performance. The management emphasized the need for ongoing capital to support its research and development efforts, as well as the potential for future strategic partnerships to enhance its product offerings and market position.