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Centessa Pharmaceuticals plc (CNTA)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 was execution-focused: ORX142 initiated Phase 1 after June IND clearance; ORX750 adaptive Phase 2a CRYSTAL-1 remained on track with data across NT1, NT2, IH expected in 2025 .
  • Financially, no revenue in Q2; R&D and G&A rose to $42.7M and $11.9M, driving net loss to $50.3M (vs. $43.8M YoY) and EPS of $(0.38); cash, cash equivalents and investments were $404.1M, with runway maintained into mid‑2027 .
  • Versus consensus: EPS missed by ~$0.03 in Q2 (actual $(0.38) vs est. $(0.3467)), while revenue was in line at $0; Q1 had a material beat on revenue ($15.0M actual vs $2.14M est.) and EPS (actual $(0.20) vs est. $(0.28)*) .
  • Near‑term catalysts: Phase 2a ORX750 data across all three indications and Phase 1 ORX142 data in acutely sleep‑deprived healthy volunteers in 2025; management reiterated ambition for best‑in‑class OX2R profile and advancing toward registrational positioning .

What Went Well and What Went Wrong

What Went Well

  • ORX142 advanced: IND cleared (June 2025) and Phase 1 initiated; initial data in acutely sleep‑deprived healthy volunteers expected this year .
  • ORX750 progress with adaptive Phase 2a: “aimed at optimizing dosing and best positioning ORX750 for planned registrational studies” and “potential to be a best‑in‑class OX2R agonist” (CEO) .
  • Liquidity and runway: $404.1M cash, cash equivalents and investments; funding runway into mid‑2027 maintained .

What Went Wrong

  • Earnings missed: Q2 EPS $(0.38) vs consensus $(0.3467)*; net loss widened YoY to $(50.3)M from $(43.8)M .
  • Higher operating spend: R&D increased to $42.7M (from $32.8M YoY), driven by ORX750 clinical costs and ORX142 developmental milestones; G&A edged up to $11.9M .
  • No revenue in Q2: After recognizing $15.0M Genmab upfront in Q1, Q2 had no license or product revenue .

Financial Results

MetricQ4 2024Q1 2025Q2 2025
License and other revenue ($USD Millions)$0.0 $15.0 $0.0
R&D expenses ($USD Millions)$60.9 $33.4 $42.7
G&A expenses ($USD Millions)$13.7 $12.3 $11.9
Net loss ($USD Millions)$(111.3) $(26.1) $(50.3)
Net loss per share (EPS, $USD)$(0.84) $(0.20) $(0.38)
Cash and cash equivalents ($USD Millions)$383.2 $105.2 $44.2
Investments in marketable securities ($USD Millions)$99.0 $319.7 $359.9
Cash, cash equivalents & investments total ($USD Millions)$482.2 $424.9 $404.1

Segment structure: Centessa manages the business as a single operating segment .

KPIs (program spend and cost drivers – current quarter)

KPI (Q2 2025)Value
OX2R program expenses ($USD Millions)$32.7
LockBody program expenses ($USD Millions)$1.8
Discontinued program expenses ($USD Millions)$1.2
Personnel expenses in R&D ($USD Millions)$10.2
Research tax incentives (reduction to R&D, $USD Millions)$(4.5)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayMulti‑yearFund operations into mid‑2027 (Q1 2025) Fund operations into mid‑2027 (Q2 2025) Maintained
ORX750 data timing2025Phase 2a data across NT1, NT2, IH in 2025 (Q1) Phase 2a data across NT1, NT2, IH in 2025 (Q2) Maintained
ORX142 development2025“Subject to IND clearance, initiate FIH; share data in 2025” (Q1) IND cleared; Phase 1 initiated; share data in 2025 (Q2) Raised (execution milestone achieved)
ORX489 statusN/AIND‑enabling studies (Q1) IND‑enabling studies (Q2) Maintained

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript was available in our document catalog; themes are synthesized from Q4 2024 and Q1/Q2 2025 filings and press releases.

TopicPrevious Mentions (Q4 2024, Q1 2025)Current Period (Q2 2025)Trend
OX2R pipeline executionORX750 Phase 2a initiated; Phase 1 showed robust wakefulness; data expected 2025 ORX750 Phase 2a on track; adaptive design; data across NT1/NT2/IH in 2025 Accelerating, consistent timelines
ORX142 developmentIND‑enabling; plan to initiate FIH in 2025 IND cleared; Phase 1 initiated; data in 2025 Positive inflection
Liquidity/runway$482.2M cash+STI at YE’24; runway mid‑2027 $404.1M cash+investments; runway mid‑2027 Lower balance, runway maintained
R&D cost mixElevated OX2R spend; discontinued program charges in Q4 OX2R spend increased; developmental milestones (ORX142) Mix shifting to orexin
Regulatory/legalProgram termination (SerpinPC) and LockBody status IND cleared for ORX142; 10‑Q risk framework reiterated –Focused pipeline, standard risk set
UK R&D incentivesSME to merged scheme; incentives expected to decline Incentives reduced YoY in H1’25 Headwind to net R&D costs

Management Commentary

  • “We believe Centessa is well positioned with a novel potential best‑in‑class OX2R agonist pipeline aimed at redefining the standard of care… restoring normal wakefulness… and potentially addressing comorbidities such as excessive daytime sleepiness, impaired attention, cognitive deficits and fatigue” — Saurabh Saha, CEO .
  • “ORX750… progressing in an adaptive Phase 2a study… aimed at optimizing dosing and best positioning ORX750 for planned registrational studies… we look forward to sharing data… this year” — Saurabh Saha .
  • “We recently initiated clinical development of ORX142… with data in acutely sleep‑deprived healthy volunteers also expected this year… we believe Centessa is positioned to become a long‑term leader in the orexin space” — Saurabh Saha .

Q&A Highlights

No Q2 2025 earnings call transcript was available in the catalog; Q&A details were not accessible at the time of analysis [ListDocuments earnings-call-transcript returned none].

Estimates Context

MetricQ4 2024Q1 2025Q2 2025
EPS (consensus mean, $)$(0.355)*$(0.28)*$(0.34667)*
EPS (actual, $)$(0.5849) $(0.20) $(0.38)
Revenue (consensus mean, $USD)$0*$2.14286M*$0*
Revenue (actual, $USD)$0 $15.0M $0
EPS – # of estimates4*2*6*
Revenue – # of estimates5*7*8*

Values retrieved from S&P Global.*

Comparison notes:

  • Q2 2025 EPS missed consensus (actual $(0.38) vs $(0.34667)*) while revenue matched $0;
  • Q1 2025 delivered a material beat on revenue ($15.0M vs $2.14M est.) and EPS (actual $(0.20) vs $(0.28));
  • Q4 2024 EPS missed materially (actual $(0.5849) vs $(0.355)*), aligned with elevated R&D and non‑recurring charges .

Key Takeaways for Investors

  • OX2R pipeline momentum remains the equity story: ORX750 Phase 2a and ORX142 Phase 1 data are 2025 catalysts; management positioning emphasizes best‑in‑class potential and registrational readiness planning .
  • Operating spend reflects accelerated development: R&D rose to $42.7M in Q2, with OX2R program costs and milestone obligations (consistent with external confirmation of ORX142 milestones paid to Nxera) .
  • Liquidity and runway intact: $404.1M cash/investments and runway into mid‑2027 support clinical execution without near‑term financing pressure under current plans .
  • Estimate dynamics: Expect models to reflect no recurring revenue in Q2 and higher R&D; consensus likely to focus on binary clinical readouts and path to registrational studies; Q2 EPS slight miss vs street .
  • Risk budgeting: Single‑segment, clinical‑stage exposure with standard biotech risks (regulatory timing, enrollment, manufacturing, IP); UK R&D incentive changes reduce offsets to R&D expenses .
  • Capital structure: Long‑term debt carrying value ~$109.5M (Oxford facility), interest expense trending with higher average balances; manageable covenants but adds fixed cost sensitivity –.
  • Trading implications: Near‑term stock narrative tied to 2025 data flow (ORX750 Phase 2a, ORX142 Phase 1), consistency of cash runway, and clarity on registrational path; limited fundamental revenue drivers until out‑licensing or later commercialization .

Citations:
Press release and 8‑K Q2 2025 ;
10‑Q Q2 2025 (financials, MD&A, risks, liquidity) – – –;
Q1 2025 8‑K/press release –;
Q4 2024 8‑K/press release –;
Nxera press releases on Centessa milestone payments ;
Investor site PDFs corroborating Q2 2025 press release .