Centessa Pharmaceuticals Q2 2024 Financial Results and Highlights

Centessa Pharmaceuticals plc recently disclosed their financial outcomes and key developments for the second quarter ending on June 30, 2024. The company, known for its innovative approach to developing transformational medicines, has been advancing in various clinical programs, especially focusing on orexin receptor 2 (OX2R) agonists for sleep-wake disorders and a hemophilia treatment.

Progress in Orexin Agonist Program:
Centessa initiated a Phase 1 clinical trial for ORX750, a promising OX2R agonist aimed at treating sleep-wake disorders such as narcolepsy type 1 (NT1), narcolepsy type 2 (NT2), and idiopathic hypersomnia (IH). The study focuses on evaluating the safety, tolerability, and pharmacokinetics of ORX750 through single-ascending doses (SAD) and multiple-ascending doses (MAD) in healthy adults. An efficacy assessment is being conducted using the Maintenance of Wakefulness Test (MWT) and the Karolinska Sleepiness Scale (KSS) in acutely sleep-deprived healthy individuals.

This trial is expected to yield crucial data by the second half of 2024, which would aid in dose selection for subsequent clinical studies involving NT1, NT2, and IH patients. Additionally, Centessa introduced ORX142 as a new development candidate. This orally administered, highly potent OX2R agonist is currently in the IND enabling phase and aims to expand its indications to include neurological, neurodegenerative, and psychiatric disorders characterized by excessive daytime sleepiness (EDS).

Hemophilia Program Advancements:
The company's ongoing registrational program for SerpinPC, intended for hemophilia B treatment, is progressing well. PRESent-2's Part 1 of the study is fully enrolled, and an interim analysis is planned for 2024. This analysis aims to confirm the dose for Part 2, which involves measuring the rate of treated bleeds for hemophilia B patients who previously received on-demand therapy. The results of Part 1 are expected to be presented at a medical conference in late 2024 or early 2025.

Financial Highlights:
For the second quarter of 2024, Centessa reported cash, cash equivalents, and short-term investments totaling $294.8 million. This financial position is expected to support the company's operations into mid-2026. Research and development expenses were $32.8 million, slightly down from $33.7 million in the same period in 2023. General and administrative expenses also saw a decrease, standing at $11.2 million compared to $13.3 million for the previous year. However, the net loss attributable to ordinary shareholders was $43.8 million, a rise from $24.9 million in the second quarter of 2023. The previous year's net loss had a tax benefit component that significantly affected the figures.

Company Outlook:
Centessa remains focused on advancing its clinical programs to bring transformational medicines to patients. The company's financial stability and ongoing clinical developments are poised to yield significant insights and potential therapeutic advancements in the near future. The orexin agonist program, particularly with ORX750 and ORX142, and the hemophilia program with SerpinPC, are central to Centessa's strategy to address unmet medical needs in these domains.

Overall, Centessa Pharmaceuticals continues to move forward with its robust pipeline, leveraging its innovative approach to developing new therapies aimed at significantly improving patient outcomes in various therapeutic areas.