Centessa Pharmaceuticals (CNTA) Q4 2025 earnings summary

Executive summary

• Entered into a definitive agreement for acquisition by Eli Lilly for $38.00 per share plus up to $9.00 per share in contingent value rights, expected to close in Q3 2026, subject to customary approvals.

• Focused on developing orexin receptor 2 (OX2R) agonists for sleep-wake and neuropsychiatric disorders, with cleminorexton as the lead candidate in late-stage clinical development.

• Discontinued the SerpinPC program in 2024 to prioritize the orexin franchise.

Financial highlights

• Reported a net loss of $197.5 million for 2025, an improvement from a net loss of $235.8 million in 2024.

• Total revenue for 2025 was $15.0 million, primarily from a Genmab license agreement.

• Research and development expenses increased to $172.2 million in 2025 from $150.2 million in 2024, driven by higher clinical costs for cleminorexton and ORX142.

• General and administrative expenses were $50.5 million, flat year-over-year.

• Cash, cash equivalents, and investments totaled $577.1 million as of December 31, 2025.

Outlook and guidance

• Cash runway expected to fund operations into mid-2028 based on current plans.

• Anticipates continued significant R&D spending as clinical programs advance.

• Transaction with Eli Lilly, if completed, will result in shareholders receiving cash and contingent value rights tied to regulatory milestones.