Core Insights - Centessa Pharmaceuticals reported significant progress in its OX2R agonist program, particularly with ORX750, which shows potential as a best-in-class treatment for narcolepsy type 1 (NT1), narcolepsy type 2 (NT2), and idiopathic hypersomnia (IH) [2][5][9] - The company plans to initiate a registrational program for ORX750 in Q1 2026, supported by promising Phase 2a data demonstrating statistically significant improvements in key efficacy measures [2][5][14] OX2R Agonist Program Updates - ORX750 achieved statistically significant, clinically meaningful, and dose-dependent results in the Maintenance of Wakefulness Test (MWT), Epworth Sleepiness Scale (ESS), and Weekly Cataplexy Rate (WCR) across initial cohorts [2][6][9] - The Phase 2a study included 55 participants, with ORX750 showing a favorable safety profile and transient mild to moderate treatment-emergent adverse events [4][9] - ORX142, another candidate in the program, demonstrated a highly differentiated profile in Phase 1 studies, with plans for patient studies to begin in Q1 2026 [2][10][14] Financial Performance - As of September 30, 2025, the company reported cash, cash equivalents, and investments totaling $349.0 million, expected to fund operations into mid-2027 [19] - Research and development expenses for Q3 2025 were $41.6 million, an increase from $33.9 million in Q3 2024, while general and administrative expenses were relatively stable at $12.2 million [19][23] - The net loss for Q3 2025 was $54.9 million, compared to a net loss of $42.6 million in the same period of the previous year [19][23]

Core Insights - Centessa Pharmaceuticals reported a productive first quarter in 2025, highlighting progress in its OX2R agonist pipeline, particularly ORX750 for treating narcolepsy and other sleep disorders [2][3] Financial Performance - The company reported a net loss of $26.1 million for Q1 2025, an improvement from a net loss of $38.0 million in Q1 2024 [10] - Research and Development (R&D) expenses increased to $33.4 million in Q1 2025 from $22.7 million in Q1 2024 [6][10] - General and Administrative (G&A) expenses decreased to $12.3 million in Q1 2025 from $13.4 million in Q1 2024 [10] - Cash, cash equivalents, and investments totaled $424.9 million as of March 31, 2025, expected to fund operations into mid-2027 [6] Pipeline Developments - ORX750 is currently in the Phase 2a CRYSTAL-1 study for NT1, NT2, and IH, with data expected in 2025 [5][6] - ORX142 is on track to initiate first-in-human studies for neurological disorders, with clinical data planned for this year [5][6] - ORX489 is advancing in IND-enabling studies for neuropsychiatric disorders [5] Recent Highlights - Data from the Phase 1 study of ORX750 were presented at the American Academy of Neurology Annual Meeting, showing sustained effects in sleep latency and sleepiness scores compared to placebo [3] - The company aims to execute its pipeline efficiently, with multiple data readouts anticipated this year [2][5]