Workflow
Centessa Pharmaceuticals(CNTA) - 2024 Q4 - Annual Results
CNTACentessa Pharmaceuticals(CNTA)2025-03-24 11:11

Financial Performance - Centessa Pharmaceuticals reported a net loss of 111.3millionforQ42024,comparedtoanetlossof111.3 million for Q4 2024, compared to a net loss of 36.8 million in Q4 2023, and a full-year net loss of 235.8millionfor2024,upfrom235.8 million for 2024, up from 151.1 million in 2023[9]. - Total revenue for the year ended December 31, 2024, was 6,853,000,comparedto6,853,000, compared to 6,853,000 for the year ended December 31, 2023, indicating no growth[16]. - The net loss for the year ended December 31, 2024, was 235,757,000,comparedtoanetlossof235,757,000, compared to a net loss of 151,085,000 for the year ended December 31, 2023, reflecting a 56.0% increase in losses[16]. - The loss from operations for the year ended December 31, 2024, was 201,055,000,comparedto201,055,000, compared to 171,283,000 in 2023, representing a 17.3% increase[16]. - Interest income for the year ended December 31, 2024, was 14,016,000,upfrom14,016,000, up from 10,476,000 in 2023, indicating a 33.0% increase[16]. Research and Development - Research and Development (R&D) expenses for Q4 2024 were 60.9million,anincreasefrom60.9 million, an increase from 29.7 million in Q4 2023, and full-year R&D expenses totaled 150.2millionfor2024,comparedto150.2 million for 2024, compared to 124.4 million in 2023[9]. - A one-time charge of 31.5 million related to the discontinuation of the SerpinPC program was included in R&D expenses for 2024[9]. - Research and development expenses increased to 150,244,000 for the year ended December 31, 2024, up from 124,405,000in2023,representinga20.7124,405,000 in 2023, representing a 20.7% increase[16]. - The Phase 2a CRYSTAL-1 study of ORX750 is ongoing, with data expected across all three indications (NT1, NT2, and IH) in 2025[9]. - ORX750 demonstrated significant improvement in wakefulness in a Phase 1 study, achieving mean sleep latencies of 38 minutes at the 5.0 mg dose compared to 15 minutes for placebo[6]. - The company plans to present data from the Phase 1 study of ORX750 at the American Academy of Neurology Annual Meeting on April 5, 2025[6]. - ORX142 is advancing through IND-enabling studies, with clinical data expected in 2025, while ORX489 is also in IND-enabling studies[9]. - The company is focused on developing a pipeline of OX2R agonists aimed at treating excessive daytime sleepiness and related symptoms in various disorders[3]. Financial Position - Cash, cash equivalents, and short-term investments amounted to 482.2 million as of December 31, 2024, expected to fund operations into mid-2027[9]. - Total assets increased to 576,798,000asofDecember31,2024,from576,798,000 as of December 31, 2024, from 360,246,000 as of December 31, 2023, marking a 60.2% growth[18]. - Cash and cash equivalents rose significantly to 383,221,000asofDecember31,2024,comparedto383,221,000 as of December 31, 2024, compared to 128,030,000 in 2023, indicating a 199.4% increase[18]. - Total liabilities increased to 175,253,000asofDecember31,2024,from175,253,000 as of December 31, 2024, from 124,002,000 in 2023, which is a 41.2% rise[18]. - Total shareholders' equity increased to 401,545,000asofDecember31,2024,from401,545,000 as of December 31, 2024, from 236,244,000 in 2023, reflecting a 69.9% growth[18]. - The weighted average ordinary shares outstanding increased to 132,050,271 for the quarter ended December 31, 2024, compared to 97,923,585 for the same quarter in 2023, reflecting a 34.8% increase[16]. General and Administrative Expenses - General and administrative expenses for Q4 2024 were 13.7million,comparedto13.7 million, compared to 12.3 million in Q4 2023, and full-year expenses were 50.8millionfor2024,downfrom50.8 million for 2024, down from 53.7 million in 2023[9].