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Jun 30
Centessa Q2 2025 Earnings Report
Reported a higher net loss in Q2 2025 amid increased R&D spending as orexin agonist programs advanced in clinical trials.
Key Takeaways
Centessa posted a Q2 2025 net loss of $50.3M, driven by increased R&D expenses as multiple orexin receptor 2 (OX2R) agonist trials progressed. Cash and investments remained strong at $404.1M, supporting operations into mid-2027.
Q2 2025 net loss widened to $50.3M, up from $43.8M in Q2 2024.
R&D expenses rose to $42.7M as clinical trials for ORX750 and ORX142 advanced.
Cash, cash equivalents, and investments totaled $404.1M at quarter-end.
Data readouts for ORX750 and ORX142 remain on track for 2025.
Centessa
Centessa
Forward Guidance
Centessa expects multiple clinical milestones in 2025, including key data from ORX750 and ORX142 trials, with funding secured into mid-2027.
Positive Outlook
- Phase 2a CRYSTAL-1 study for ORX750 ongoing with data expected this year
- ORX142 Phase 1 trial initiated, with 2025 data anticipated
- IND-enabling studies for ORX489 progressing
- Cash runway expected to support operations into mid-2027
- Poster presentation on adaptive study design accepted at World Sleep Congress 2025
Challenges Ahead
- Net loss widened year-over-year due to increased R&D spend
- No Q2 revenue recorded; licensing revenue occurred in prior quarter only
- G&A costs rose slightly YoY, impacting margin
- Comprehensive loss totaled $50.8M in Q2 2025
- Continued reliance on clinical milestones for investor confidence