Centessa Pharmaceuticals Reports $15M Revenue and $26.1M Net Loss in Q1 2025

Centessa Pharmaceuticals plc reported its financial results for the first quarter of 2025, revealing a license and other revenue of $15 million, a significant increase from zero revenue in the same period last year. The company incurred operating expenses of $45.8 million, comprising $33.4 million in research and development and $12.3 million in general and administrative costs. This resulted in a net loss of $26.1 million, a decrease from the $38 million loss reported in the first quarter of 2024. The reduction in losses was attributed to the recognition of revenue from a licensing agreement with Genmab, which provided an upfront payment of $15 million for the use of Centessa's LockBody technology platform.

In terms of operational developments, Centessa's research and development expenses increased by 47.7% compared to the previous year, primarily driven by the advancement of its OX2R agonist program, which saw expenses rise to $20.1 million from $4.7 million. The company is currently focused on its lead candidate, ORX750, which is undergoing a Phase 2a clinical trial for narcolepsy. Additionally, Centessa has discontinued the clinical development of LB101, a bispecific monoclonal antibody, to prioritize resources towards its orexin receptor programs.

As of March 31, 2025, Centessa reported total assets of $527.8 million, down from $576.8 million at the end of 2024. The decrease was largely due to a reduction in cash and cash equivalents, which fell to $105.2 million from $383.2 million. The company’s accumulated deficit reached $1.01 billion, reflecting ongoing investments in research and development. Centessa's employee headcount stood at 86 full-time equivalents, a slight increase as the company continues to build its operational capabilities.

Looking ahead, Centessa anticipates that its existing cash and investments will be sufficient to fund operations into mid-2027. However, the company acknowledges the need for substantial additional funding to advance its product candidates through clinical trials and to support commercialization efforts. The ongoing geopolitical tensions and economic conditions may pose risks to its operations, particularly in terms of supply chain disruptions and increased costs. Centessa remains committed to its strategic focus on developing innovative therapies for neurological and neurodegenerative disorders, while navigating the complexities of the regulatory landscape and market dynamics.