Centessa Pharmaceuticals Q1 2024 Financial Results and Business Highlights

Centessa Pharmaceuticals plc, a clinical-stage pharmaceutical company listed on Nasdaq under the ticker CNTA, has announced its financial results and significant business milestones for the first quarter ending March 31, 2024. The company, headquartered in Boston and London, is committed to developing transformative medicines for patients with unmet medical needs.

Centessa's Chief Executive Officer, Dr. Saurabh Saha, highlighted the progress made in their clinical programs, particularly noting the initiation of a Phase 1 first-in-human clinical trial for ORX750, an orexin receptor 2 (OX2R) agonist designed to treat narcolepsy. The company anticipates sharing proof-of-concept data from this study involving acutely sleep-deprived healthy volunteers in the latter half of the year. Dr. Saha emphasized the potential of the ORX750 study to establish a foundation for treating narcolepsy types 1 and 2, as well as other sleep-wake disorders and broader neurological conditions.

The company’s hemophilia program is also advancing, particularly the PRESent registrational studies for SerpinPC, a novel inhibitor of activated protein C (APC). SerpinPC is being developed for the treatment of hemophilia B. An interim analysis of the PRESent-2 study is planned for later this year. Dr. Saha expressed confidence in the company’s ability to progress its advanced pipeline programs, which also include a treatment for solid tumors based on their LockBody® technology platform.

Notably, Centessa recently bolstered its financial position through a public offering of 12,390,254 American Depositary Shares (ADSs) at $9.25 per share, raising approximately $107.2 million. This additional capital extends the company’s cash runway, supporting their clinical development plans through multiple data readouts.

Key financial highlights for the first quarter of 2024 include:

- Cash, Cash Equivalents, and Short-term Investments: $230.2 million as of March 31, 2024.
- Research & Development Expenses: $22.7 million, a decrease from $32.8 million in the same period in 2023.
- General & Administrative Expenses: $13.4 million, down from $16.1 million in the first quarter of 2023.
- Net Loss Attributable to Ordinary Shareholders: $38.0 million, compared to $50.7 million in the previous year.

Program Milestones:

1. Hemophilia Program:
- The PRESent-2 and PRESent-3 studies for SerpinPC are ongoing. The PRESent-2 study focuses on moderately severe to severe hemophilia B without inhibitors and severe hemophilia A with or without inhibitors. An interim analysis of this study is expected in 2024.

2. Orexin Agonist Program:
- The Phase 1 first-in-human clinical study of ORX750 has commenced, with proof-of-concept data anticipated in the second half of 2024.

3. LockBody® Technology Platform:
- The Phase 1/2a clinical study of LB101, targeting PD-L1 and CD47 for the treatment of solid tumors, is currently in progress.

Centessa plans to provide updates on preclinical assets, including additional orexin agonists and LB206, a PD-L1xCD3 LockBody, as they advance toward clinical stages.

Centessa Pharmaceuticals aims to shift treatment paradigms with its innovative programs, potentially establishing new standards of care across various medical fields. Their strategic initiatives and solid financial foundation position them to advance their clinical development plans significantly in the coming years.