Centessa Pharmaceuticals Reports Financial Results and Business Highlights for the First Quarter of 2024

Core Insights - Centessa Pharmaceuticals reported a strong start to 2024, initiating a Phase 1 clinical trial for ORX750, an orexin receptor 2 agonist for narcolepsy, and plans to share proof-of-concept data later this year [2][5] - The company is advancing three key pipeline programs targeting significant unmet medical needs, including hemophilia B and sleep-wake disorders, supported by a strengthened balance sheet [2][5] - Financial results for Q1 2024 show a net loss of $38.0 million, a decrease from $50.7 million in Q1 2023, with reduced operating expenses [13][17] Recent Highlights - The FDA cleared the IND for ORX750, allowing the initiation of the first-in-human clinical trial [6] - Data from the ongoing Phase 2a study of SerpinPC for hemophilia B showed a 96% reduction in the median annualized bleeding rate [6][10] - The company completed a public offering, raising approximately $107.2 million to support clinical operations [6][13] Anticipated Upcoming Program Milestones - Hemophilia Program: Ongoing registrational studies for SerpinPC, with an interim analysis of the PRESent-2 study planned for 2024 [5][10] - Orexin Agonist Program: Clinical proof-of-concept data for ORX750 expected in the second half of 2024 [5][7] - LockBody Technology Platform: Ongoing Phase 1/2a study of LB101 for solid tumors [5][12] Financial Overview - Cash, cash equivalents, and short-term investments totaled $230.2 million as of March 31, 2024, expected to fund operations into mid-2026 [13][18] - Research and development expenses decreased to $22.7 million in Q1 2024 from $32.8 million in Q1 2023 [13][17] - General and administrative expenses also decreased to $13.4 million in Q1 2024 from $16.1 million in Q1 2023 [13][17]