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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.
Centessa
Centessa
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.
- Protecting and maintaining the company's intellectual property position poses a risk.
- The company's ability to obtain adequate financing to fund its planned clinical trials and other expenses is subject to risk.