Centessa Pharmaceuticals plc reported a net loss of $235.7 million for the year ended December 31, 2024, compared to a net loss of $151.1 million in 2023. The increase in net loss was primarily driven by a $34.1 million loss on the extinguishment of debt related to a note purchase agreement with Oberland Capital, which was repaid using proceeds from a new loan facility with Oxford Finance. License and other revenue was nil in 2024, compared to $6.85 million in 2023, reflecting the non-recurring nature of the 2023 revenue from an out-license agreement with AnaptysBio. Research and development expenses increased to $150.2 million in 2024 from $124.4 million in 2023, largely due to increased spending on the SerpinPC program before its discontinuation and the initiation of the ORX750 Phase 1 clinical trial, partially offset by lower spending on the LB101 program and other discontinued programs.
Significant changes in 2024 included the discontinuation of the SerpinPC and LB101 clinical development programs. The SerpinPC program was discontinued due to a decision to prioritize the OX2R agonist program and the evolving market landscape for hemophilia B. The LB101 program was discontinued based on clinical data from a Phase 1/2a study. The company also initiated a Phase 2a study of ORX750 in patients with narcolepsy type 1, narcolepsy type 2, and idiopathic hypersomnia, and is advancing ORX142 into clinical development. A license agreement was signed with Genmab granting them access to Centessa's LockBody technology platform. The company also underwent a corporate consolidation of its UK businesses to improve operational efficiency.
Key operational developments included the initiation of the ORX750 Phase 1 and Phase 2a clinical trials, with Phase 1 data showing increased wakefulness in sleep-deprived volunteers and a favorable safety profile. Preclinical data for ORX142 was presented at the European Sleep Research Society Congress. As of March 1, 2025, Centessa employed 77 full-time employees, 36% of whom hold M.D. or Ph.D. degrees. The company's patent portfolio includes pending applications related to its orexin program and LockBody technology platform.
The company's financial position as of December 31, 2024, showed $482.2 million in cash and cash equivalents and short-term investments. The company expects this to fund operations into mid-2027. The company's outlook includes advancing its OX2R agonist program, initiating clinical development of ORX142, and progressing development of ORX489. The company also notes numerous risks and uncertainties associated with its business, including the inherent uncertainties of drug development, reliance on third-party manufacturers and CROs, and the competitive landscape of the pharmaceutical industry. The company also highlights the risks associated with its status as an emerging growth company and smaller reporting company, and the potential impact of healthcare reform measures.
About Centessa Pharmaceuticals plc
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