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Dec 31, 2024
Centessa Q4 2024 Earnings Report
Centessa reported no revenue and a widened net loss in Q4 2024, driven by a loss on debt extinguishment and increased R&D expenses.
Key Takeaways
In Q4 2024, Centessa reported no revenue and a net loss of $111.3 million, a significant increase from the $36.8 million loss in Q4 2023. The loss was driven by a $34.1 million non-recurring charge related to debt extinguishment and a $31.5 million charge related to the discontinued SerpinPC program. R&D expenses rose to $60.9 million and G&A expenses reached $13.7 million. Adjusted EPS excluding the debt extinguishment loss was -$0.58 + $0.26 = -$0.32.
No revenue was reported for Q4 2024, compared to $6.85 million in Q4 2023.
Net loss widened to $111.3 million, including a $34.1 million non-recurring debt extinguishment loss.
R&D expenses doubled year-over-year to $60.9 million.
Adjusted EPS was -$0.32, excluding a $0.26 per share debt extinguishment loss.
Forward Guidance
Centessa plans to advance its OX2R agonist programs, with key data from the ORX750 Phase 2a study expected in 2025. The company believes it is well-funded through mid-2027.
Positive Outlook
- Strong cash position with over $482M in liquidity
- Advancement of Phase 2a ORX750 study with 2025 data expected
- ORX142 and ORX489 progressing in IND-enabling studies
- Improved pharmacokinetic and safety data from ORX750 Phase 1 study
- Targeting multiple sleep-wake and neuropsychiatric indications
Challenges Ahead
- No revenue reported in Q4 2024
- High quarterly net loss of $111.3 million
- Significant R&D and G&A expenses
- Heavy reliance on ORX pipeline success
- SerpinPC program discontinuation led to large one-time charges
Historical Earnings Impact
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Avg. Return Before/After Earnings
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