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Dec 31, 2023
Centessa Q4 2023 Earnings Report
Centessa Pharmaceuticals reported its business highlights and financial results.
Key Takeaways
Centessa Pharmaceuticals reported a net loss of $36.8 million for the fourth quarter of 2023, with research and development expenses at $29.7 million and general and administrative expenses at $12.3 million. The company's cash, cash equivalents, and short-term investments totaled $256.5 million as of December 31, 2023, expected to fund operations into 2026.
Registrational PRESent-2 and PRESent-3 studies of SerpinPC for hemophilia B are ongoing, with PRESent-2 advancing toward an interim analysis planned in 2024.
Clinical proof-of-concept data for ORX750 in sleep-deprived healthy volunteers is planned in 2024.
The Phase 1/2a study of LB101 (PD-L1xCD47) for solid tumors is ongoing.
The company expects cash, cash equivalents and short-term investments will fund operations into 2026.
Forward Guidance
Centessa Pharmaceuticals is focused on advancing its key programs and expects to achieve several milestones in the near term.
Positive Outlook
- Advancing PRESent-2 study to Part 2 after dose confirmation in 2024.
- Sharing Part 1 data of PRESent-2 study at a medical conference in late 2024 or early 2025.
- Rapidly advancing ORX750 into clinical development after IND clearance.
- Sharing clinical proof-of-concept data for ORX750 in sleep-deprived healthy volunteers in 2024.
- Providing updates on preclinical programs, including follow-up orexin agonists and LB206, as they advance toward clinical studies.
Challenges Ahead
- The company faces risks related to the safety and tolerability profile of its product candidates.
- The company's ability to identify, screen and recruit a sufficient number of subjects in its clinical trials may impact timelines.
- IND-enabling activities for ORX750 and LB206 may face delays.
Historical Earnings Impact
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