Centessa Pharmaceuticals Reports Financial Results for the Third Quarter of 2024 and Provides Business Update

Core Insights - Centessa Pharmaceuticals announced additional interim data from the ongoing Phase 1 clinical study of ORX750, indicating its best-in-class potential for treating narcolepsy type 1 (NT1), narcolepsy type 2 (NT2), and idiopathic hypersomnia (IH) [1][2] - The company has initiated a Phase 2a clinical study of ORX750, with data expected in 2025, aiming for first-in-class potential in NT2 and IH [1][2] - Centessa has decided to discontinue the clinical development of SerpinPC, reallocating approximately $200 million in savings towards expanding its OX2R agonist franchise [1][11][12] OX2R Agonist Program - The Phase 1 clinical trial of ORX750 has shown significant increases in wakefulness in acutely sleep-deprived healthy volunteers, with a clear dose-dependent response [3][4] - The interim data revealed that treatment with ORX750 resulted in statistically significant increases in sleep latency compared to placebo, with the 3.5 mg dose achieving a mean sleep latency of 34 minutes [3][5] - A favorable safety profile was observed, with all treatment-emergent adverse events being mild and transient, and no significant changes in hepatic or renal parameters [5][6] Phase 2a Clinical Study - The Phase 2a study is designed as a randomized, double-blind, placebo-controlled, cross-over study to evaluate the safety, tolerability, and pharmacokinetics of ORX750 in patients with NT1, NT2, and IH [9][10] - Initial dosing for NT1 will be 1.0 mg, while NT2 and IH will start at 2.0 mg, with a total treatment duration of 6 weeks [9][10] - The study aims to generate data across all three indications in 2025, potentially enabling ORX750 to be first-in-class in NT2 and IH [10] Financial Overview - As of September 30, 2024, Centessa reported cash, cash equivalents, and short-term investments totaling $518.4 million, expected to fund operations into mid-2027 [15] - Research and development expenses for Q3 2024 were $33.9 million, an increase from $28.2 million in Q3 2023 [15] - The net loss attributable to ordinary shareholders for Q3 2024 was $42.6 million, compared to $38.6 million for the same period in 2023 [15]