Centessa Pharmaceuticals(CNTA) - 2025 Q3 - Quarterly Results

Financial Performance - Cash, cash equivalents, and investments totaled $349.0 million as of September 30, 2025, expected to fund operations into mid-2027[15] - Net loss for Q3 2025 was $54.9 million, compared to a net loss of $42.6 million in Q3 2024, indicating a 29% increase in losses year-over-year[15] - For the three months ended September 30, 2025, Centessa Pharmaceuticals reported a net loss of $54,891,000, compared to a net loss of $42,566,000 for the same period in 2024, representing a 29% increase in losses year-over-year[24] - Total assets decreased to $448,300,000 as of September 30, 2025, down from $576,798,000 at the end of 2024, reflecting a 22% decline[26] - Cash and cash equivalents significantly dropped to $50,811,000 from $383,221,000, marking an 87% decrease[26] - The company reported total liabilities of $146,726,000 as of September 30, 2025, down from $175,253,000 at the end of 2024, a reduction of 16%[26] - Interest and investment income for the nine months ended September 30, 2025, was $16,035,000, compared to $9,171,000 in the same period of 2024, showing a 75% increase[24] - The weighted average ordinary shares outstanding increased to 134,163,492 for the three months ended September 30, 2025, compared to 116,253,902 for the same period in 2024, a rise of 15%[24] Research and Development - Research & Development (R&D) expenses were $41.6 million for Q3 2025, up from $33.9 million in Q3 2024, representing a 22% increase[15] - Research and development expenses for the nine months ended September 30, 2025, were $117,747,000, up from $89,370,000 in the same period of 2024, indicating a 32% increase[24] - ORX750 achieved a >20 minute change from baseline in mean sleep latency on the Maintenance of Wakefulness Test (MWT) at Week 2 in the 1.5 mg cohort (p-value = 0.0026)[6] - In the 1.5 mg cohort for NT2, ORX750 showed a mean Epworth Sleepiness Scale (ESS) total score of 5.1 compared to 18.7 with placebo at Week 2 (p-value = 0.0001)[6] - ORX750 demonstrated an 87% relative reduction in Weekly Cataplexy Rate (WCR) in the 1.5 mg cohort compared to placebo (p-value = 0.0025)[6] - ORX142 Phase 1 study included 89 healthy volunteers, showing statistically significant and dose-dependent improvements in mean sleep latency on the MWT[9] - The registrational program for ORX750 is expected to be initiated in Q1 2026[10] - ORX489 is advancing through IND-enabling studies, with clinical studies expected to begin in Q1 2026, subject to IND clearance[15] - The company has ongoing clinical trials for product candidates ORX750, ORX142, and ORX489, with expectations for future results being subject to various risks and uncertainties[20] Funding and Risks - Centessa Pharmaceuticals has a financing facility with Oxford Finance to support its planned clinical trials and other expenses, indicating a focus on securing adequate funding[20] - The company is facing various risks including regulatory, economic, and competitive challenges that could impact its clinical development and commercialization efforts[20] Administrative Expenses - General & Administrative (G&A) expenses were $12.2 million for Q3 2025, slightly down from $12.5 million in Q3 2024[15]