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CP

Centessa Pharmaceuticals plc (CNTA)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 materially outperformed consensus due to $15.0M of “license and other revenue,” driving EPS of ($0.20) vs S&P Global consensus of ($0.28); consensus revenue was $2.14M, implying a significant top-line beat on one-time license recognition* .
  • Operating loss narrowed to ($30.8)M from ($74.6)M in Q4 2024 as opex normalized post Q4 one-offs; net loss improved to ($26.1)M from ($111.3)M in Q4 2024 .
  • Cash, cash equivalents, and investments were $424.9M with runway reiterated into mid‑2027, supporting multiple 2025 data catalysts across the OX2R agonist pipeline .
  • Management reiterated 2025 data timing for ORX750 Phase 2a (NT1, NT2, IH) and first‑in‑human ORX142, citing continued execution across the OX2R franchise; commentary emphasized potential best‑in‑class profile for ORX750 .

What Went Well and What Went Wrong

What Went Well

  • One-time license revenue recognition of $15.0M supported a clear revenue and EPS beat vs consensus; management had entered a LockBody technology license with Genmab including a $15M upfront (license executed February 14, 2025) .
  • Cash runway into mid‑2027 maintained, providing funding clarity through multiple expected 2025 readouts .
  • Pipeline execution: ORX750 Phase 2a CRYSTAL‑1 “on track” with patient data expected in 2025 across NT1, NT2, IH; CEO: “This was a productive quarter… steady progress across our OX2R agonist pipeline.” .

What Went Wrong

  • R&D expense rose year over year to $33.4M (from $22.7M), reflecting higher investment behind the OX2R programs; while appropriate strategically, it elevates quarterly burn absent recurring revenue .
  • No explicit financial guidance (revenue/EPS/opex) was provided, limiting near-term modeling visibility; management instead reiterated operational milestones and runway .
  • Lack of an available Q1 2025 earnings call transcript prevents additional color on timelines, study recruitment, and regulatory path; this reduces qualitative signal for near-term sentiment drivers (no transcript found in our corpus).

Financial Results

Income Statement Snapshot vs Prior Quarters (USD, millions unless noted)

MetricQ3 2024Q4 2024Q1 2025
License and other revenuen/a$0.0 $15.0
R&D expense$33.9 $60.9 $33.4
G&A expense$12.5 $13.7 $12.3
Loss from operations($46.4) ($74.6) ($30.8)
Net loss($42.6) ($111.3) ($26.1)
EPS (basic/diluted)($0.37) ($0.84) ($0.20)

Notes: Q3 2024 press release did not explicitly present “License and other revenue,” and we therefore mark it as n/a .

Balance Sheet / Liquidity KPIs

KPIQ3 2024Q4 2024Q1 2025
Cash, cash equivalents & (short-term) investments$518.4 $482.2 $424.9
Long-term debt$75.7 $108.9 $109.3
Cash runway guidanceInto mid‑2027 Into mid‑2027 Into mid‑2027

All amounts USD millions unless noted.

Q1 2025 Results vs S&P Global Consensus

MetricActualConsensusSurprise
License and other revenue$15.0 $2.14M*Positive
EPS (basic/diluted)($0.20) ($0.28)*Positive

*Values retrieved from S&P Global.

Drivers: The top-line outperformance was driven by recognition of license revenue ($15M upfront from Genmab LockBody license), which was not embedded in consensus models .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayMulti-yearInto mid‑2027 (Q3/Q4 2024) Into mid‑2027 Maintained
ORX750 Phase 2a data (NT1/NT2/IH)2025Data expected in 2025 Data expected in 2025; study “on track” Maintained
ORX142 first-in-human data2025Clinical data in acutely sleep-deprived healthy volunteers in 2025 (subject to IND) First-in-human initiation on track; clinical data in 2025 Maintained
ORX489Pre-INDIND-enabling studies IND-enabling studies Maintained
Revenue/EPS/OpEx2025None provided None provided n/a

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was available in our corpus. The thematic evolution below is based on company press releases.

TopicPrevious Mentions (Q3 2024, Q4 2024)Current Period (Q1 2025)Trend
OX2R pipeline focus (ORX750/142/489)Initiated ORX750 Ph2a; expanded OX2R franchise; best‑in‑class narrative “Productive quarter… steady progress”; ORX750 Ph2a on track; multiple 2025 data readouts Maintained execution
ORX750 efficacy/safety profilePhase 1 interim dose‑responsive wakefulness; favorable safety; Phase 1 data to AAN Q2’25 AAN poster showed sustained MWT/KSS effects at 5.0 mg over 8 hours Additional supportive data
Operational milestones/timing2025 data across NT1/NT2/IH; ORX142 clinical data in 2025 (subject to IND) Reiterated 2025 timelines; ORX142 first‑in‑human planned with 2025 data Reiterated timelines
Capital allocationDiscontinued SerpinPC; ~$200M net savings reallocated to OX2R franchise Continued OX2R prioritization; Genmab LockBody license adds non-dilutive cash Reinforced focus
Liquidity/runwayCash + ST investments $518.4M; runway into mid‑2027 Cash/investments $424.9M; runway into mid‑2027 Runway maintained

Management Commentary

  • “This was a productive quarter for Centessa, marked by steady progress across our OX2R agonist pipeline… We are excited to be at the forefront of developing OX2R agonists starting with ORX750… on track with patient data expected across all three indications this year.” — Saurabh Saha, M.D., Ph.D., CEO .
  • “We are on track to initiate first-in-human studies of ORX142 with clinical data in acutely sleep-deprived healthy volunteers planned for this year. With multiple data readouts expected across our OX2R agonist pipeline, we believe this will be another transformative year for Centessa…” .

Q&A Highlights

  • No Q1 2025 earnings call transcript located in our corpus; therefore, Q&A themes and additional clarifications are not available for this quarter.

Estimates Context

  • Consensus captured only limited recurring revenue, and did not embed a $15M license upfront, resulting in a top-line and EPS beat in Q1 2025. Actual “license and other revenue” was $15.0M vs S&P Global revenue consensus of $2.14M*; EPS was ($0.20) vs ($0.28)* .
  • Estimate breadth remains thin (EPS: 2 estimates; revenue: 7 estimates), implying potential volatility as the OX2R program progresses and as business development events impact reported revenue*.

*Values retrieved from S&P Global.

Key Takeaways for Investors

  • Q1 beat driven by $15M license revenue tied to the Genmab LockBody agreement; this is non‑recurring and should be modeled as such absent further deals .
  • Opex normalized from Q4 one‑offs; operating loss improved to ($30.8)M with R&D at $33.4M and G&A at $12.3M, consistent with focused OX2R investment .
  • Balance sheet remains solid: $424.9M cash/investments and runway into mid‑2027, providing line of sight through multiple 2025 readouts .
  • 2025 catalysts intact: ORX750 Phase 2a data across NT1/NT2/IH and first‑in‑human ORX142 data, with supportive Phase 1 readouts for ORX750 presented at AAN .
  • Partnership validation: Genmab deal demonstrates external interest in Centessa’s LockBody platform, adding non‑dilutive capital and optionality for milestones/royalties .
  • Near-term trading setup: Expect sentiment to track study enrollment progress and clarity on timing for ORX750 Phase 2a data releases; absence of a call transcript limits incremental color this quarter.
  • Medium-term thesis: Best‑in‑class OX2R agonist profile for ORX750 with broad potential across sleep‑wake disorders remains the core value driver; continued execution on timelines and clean safety updates are key de‑risking events .

Sources:

  • Q1 2025 Form 8‑K and Exhibit 99.1 press release, including financial statements and management commentary .
  • Q4 2024 Form 8‑K and Exhibit 99.1 press release .
  • Q3 2024 Form 8‑K and Exhibit 99.1 press release .
  • Genmab license 8‑K (Item 1.01) detailing $15M upfront (Feb 14, 2025) .
  • Consensus estimates for Q1 2025 (EPS, revenue) — S&P Global*.

*Values retrieved from S&P Global.