10-K · March 31, 2026
Centessa describes a focused "pipeline-in-a-pathway" strategy to lead orexin-based neuroscience with a franchise of OX2R agonists lead by cleminorexton (late-stage). The company announced a Transaction Agreement on…
Earnings analysis · 10-Q
CNTA earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Centessa Pharmaceuticals reported a challenging first quarter of 2026, with revenue dropping to $0 million from $15 million in Q1 2025, coupled with a significant increase in losses due to rising R&D expenditures. Total…
Read full summary
Centessa Pharmaceuticals reported a challenging first quarter of 2026, with revenue dropping to $0 million from $15 million in Q1 2025, coupled with a significant increase in losses due to rising R&D expenditures. Total operating expenses surged by 47.7% to $79.8 million, leading to a net loss of $79.2 million compared to a loss of $26.1 million in the prior year. Additionally, the company's cash reserves stood at $533.7 million, projected to sustain operations until mid-2028 despite ongoing substantial expenses.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.48
What stood out
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Revenue Drops to $0 Million
Centessa's revenue fell to $0 million in Q1 2026 from $15 million in Q1 2025, reflecting a major decline.
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Net Loss Widens to $79.2 Million
The net loss increased to $79.2 million in Q1 2026, compared to a loss of $26.1 million in the prior year.
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Increase in Operating Expenses
Operating expenses rose by 47.7% to $79.8 million primarily due to increased R&D costs.
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Cash Reserves at $533.7 Million
As of March 31, 2026, Centessa had cash reserves of $533.7 million, funding operations into mid-2028.
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R&D Expenses Spike by 79.31%
R&D expenses increased from $33.4 million in Q1 2025 to $59.9 million in Q1 2026, due to higher clinical costs.
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Interest Income Declines
Interest and investment income fell 31.7% to $5.1 million compared to $7.9 million in Q1 2025.
What to watch
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Increased Operating Losses
Operating loss rose to $79.8 million in Q1 2026 from $30.8 million in Q1 2025, reflecting escalating costs.
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Dependence on Third-Party Manufacturers
Reliance on third-party manufacturers exposes Centessa to risks of disruptions impacting product availability.
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Reputation Risks from Cyber Threats
Past security incidents raise concerns over potential future breaches affecting operations and proprietary information.
Management's outlook
Management reiterated the expectation that cash reserves will fund operations into mid-2028 with ongoing significant operational losses.
Earlier filings 4
10-Q · November 12, 2024
Centessa reported a Q3 net loss of $42,566 (three months ended September 30, 2024) or $(0.37) per share, with loss from operations of $46,405 versus $40,209 in the prior-year quarter (worsening by $6,196). Liquidity…
10-Q · May 13, 2024
Centessa reported a net loss of $38,046,000 (‑$0.38 per share) for the three months ended March 31, 2024, an improvement versus a $50,714,000 loss (‑$0.53 per share) in the prior year period. Cash and short-term…
10-K · March 28, 2024
Centessa is a clinical-stage biopharma focused on advancing a portfolio of high-conviction programs (SerpinPC for hemophilia, ORX750 OX2R agonist, LB101 LockBody) toward registrational studies and early clinical…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.