Centessa Pharmaceuticals(CNTA) - 2024 Q4 - Annual Results

Financial Performance - Centessa Pharmaceuticals reported a net loss of $111.3 million for Q4 2024, compared to a net loss of $36.8 million in Q4 2023, and a full-year net loss of $235.8 million for 2024, up from $151.1 million in 2023[9]. - Total revenue for the year ended December 31, 2024, was $6,853,000, 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, 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, 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, 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 $60.9 million, an increase from $29.7 million in Q4 2023, and full-year R&D expenses totaled $150.2 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 $124,405,000 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 $576,798,000 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 $383,221,000 as of December 31, 2024, compared to $128,030,000 in 2023, indicating a 199.4% increase[18]. - Total liabilities increased to $175,253,000 as of December 31, 2024, from $124,002,000 in 2023, which is a 41.2% rise[18]. - Total shareholders' equity increased to $401,545,000 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 $13.7 million, compared to $12.3 million in Q4 2023, and full-year expenses were $50.8 million for 2024, down from $53.7 million in 2023[9].