Centessa Pharmaceuticals plc (CNTA): Business Model Canvas [Dec-2025 Updated]

You're digging into Centessa Pharmaceuticals plc's engine room, trying to map out how this pre-commercial biotech actually works, and honestly, it's the classic high-stakes game you see across the sector. As someone who's spent two decades mapping these plays, I can tell you their model hinges almost entirely on advancing their lead asset, the OX2R agonist ORX750, while managing a significant burn rate-think $\mathbf{\$41.6 \text{ million}}$ in R&D costs for Q3 2025-funded by their $\mathbf{\$349.0 \text{ million}}$ cash position as of September 30, 2025. This isn't about product sales yet; it's about clinical milestones and investor confidence, so you need to see the full nine blocks of their strategy to grasp the near-term risk and the potential payoff for treating chronic sleep disorders. Dive into the canvas below for the precise breakdown.

Centessa Pharmaceuticals plc (CNTA) - Canvas Business Model: Key Partnerships

You're hiring before product-market fit, so structuring your external relationships for capital efficiency is defintely key. Centessa Pharmaceuticals plc focuses on a lean, asset-centric model, relying on external partners for non-core technology development and trial execution.

Licensing partners for non-core assets, like the Genmab LockBody technology deal.

Centessa Pharmaceuticals plc's subsidiary entered a License Agreement with Genmab A/S on February 14, 2025, granting Genmab an exclusive worldwide license to leverage the LockBody platform against up to three undisclosed targets. Genmab conducts all research and development activities under this arrangement.

This non-core asset monetization provided near-term non-dilutive cash. The company recognized $15,000 in license and other revenue for the six months ended June 30, 2025, directly related to this deal.

Contract Research Organizations (CROs) for managing global clinical trials.

Centessa Pharmaceuticals plc's development strategy relies on maintaining lean fixed costs by using strategic Contract Research Organization ("CRO") and Contract Development and Manufacturing Organization ("CDMO") partners and consultants. The company oversees the development strategy internally.

• Global CRO market estimated at $82 billion in 2024.
• Global CRO market expected to reach $139.42 billion by 2029.
• Top CROs in 2025 include IQVIA (estimated revenue $15 billion) and ICON plc (estimated revenue $6.5 billion).

Academic and research institutions for early-stage discovery and validation.

The company's asset-centric engine invests heavily in drug discovery and development efforts to build its pipeline of potential best or first-in-class product candidates. Specific financial details of current academic partnerships are not publicly itemized as of late 2025.

Specialized pharmaceutical companies for potential co-development or commercialization.

Centessa Pharmaceuticals plc maintains full worldwide development and commercialization rights to its programs but evaluates opportunities to collaborate with third parties to accelerate timelines or expand potential. The Genmab deal serves as the current primary example of out-licensing a platform technology for external development.

Finance: review Q4 2025 cash burn projections against the $349.0 million cash, cash equivalents, and investments balance as of September 30, 2025.

Centessa Pharmaceuticals plc (CNTA) - Canvas Business Model: Key Activities

You're looking at the core engine of Centessa Pharmaceuticals plc right now, which is heavily weighted toward advancing its OX2R agonist franchise. This is where the capital is going, and frankly, where the near-term value hinges.

Advancing the Orexin Receptor 2 (OX2R) agonist program (ORX750) into registrational studies

The primary focus here is translating the promising Phase 2a data into a design ready for pivotal trials. Centessa Pharmaceuticals plc is targeting the initiation of the registrational program for ORX750 in the first quarter of 2026. This is a critical transition point, moving from proof-of-concept to the studies required for market approval in Narcolepsy Type 1 (NT1), Type 2 (NT2), and Idiopathic Hypersomnia (IH).

Executing Phase 2a clinical trials for ORX750 in Narcolepsy Type 1/2 and Idiopathic Hypersomnia

The CRYSTAL-1 Phase 2a study is the current operational hub for ORX750. As of the September 23, 2025 data cut-off, 55 participants across NT1, NT2, and IH had completed dosing in the 2-week crossover cohorts. The activity here is generating the hard numbers that justify the next step. For example, in the NT1 1.5 mg cohort, they saw a mean change in the Maintenance of Wakefulness Test (MWT) gain of >20-minute, with a p-value of 0.0026. Also, the Weekly Cataplexy Rate (WCR) reduction hit 87%, which was significant at p=0.0025. The R&D expense reflects this intensity, hitting $41.6 million in the third quarter of 2025.

Here's a quick look at the key Phase 2a outcomes reported from the initial cohorts:

The safety profile was generally well-tolerated, though treatment-emergent adverse events (TEAEs) at or above 10% included pollakiuria at 51%, insomnia at 22%, dizziness at 13%, and headache at 11%. Honestly, you watch those TEAEs closely, especially the one discontinuation due to urinary urgency in the NT2 cohort.

Drug discovery and preclinical development for next-generation OX2R agonists (e.g., ORX142, ORX489)

Centessa Pharmaceuticals plc is actively de-risking the pipeline behind ORX750. This involves pushing the next candidates into human trials or further preclinical validation. ORX142, for instance, had its Phase 1 first-in-human study ongoing, dosing 89 healthy adult volunteers as of the October 3, 2025 cut-off, with patient studies planned to start in the first quarter of 2026. Meanwhile, ORX489, noted as their most potent OX2R agonist based on prior preclinical data, is advancing through IND-enabling studies, with clinical studies also targeted for the first quarter of 2026.

The pipeline advancement activities include:

• Advancing ORX142 into patient studies by Q1 2026.
• Keeping ORX489 in IND-enabling studies for neuropsychiatric disorders.
• Maintaining a cash position of $349.0 million as of September 30, 2025, which management projects funds operations into mid-2027.

Securing non-dilutive capital through strategic licensing and collaboration agreements

You can't fund this level of R&D without external capital events. Centessa Pharmaceuticals plc executed a key non-dilutive deal in early 2025. On February 14, 2025, a subsidiary entered a License Agreement with Genmab A/S, granting an exclusive worldwide license to leverage the proprietary LockBody platform against up to three undisclosed targets.

The financial structure of this deal provided immediate, non-dilutive support:

• Upfront payment received: $15 million.
• Option exercise fees potential: up to an additional $15 million.
• Total potential milestone payouts per product: approximately $230 million.
• Royalty structure: Tiered royalties in the mid-single digits on annual global net licensed product sales.

To be fair, the third quarter of 2025 reported $0 in license and other revenue, meaning the upfront payment was booked earlier, likely in Q1 2025, which helped shore up the balance sheet from $424.9 million in cash at March 31, 2025, down to $349.0 million by September 30, 2025.

Centessa Pharmaceuticals plc (CNTA) - Canvas Business Model: Key Resources

You're running a clinical-stage biotech, so your most critical assets aren't factories; they're the science and the money to fund the science. For Centessa Pharmaceuticals plc, the Key Resources are tightly focused on their novel drug platforms.

First, let's talk about the balance sheet. As of September 30, 2025, Centessa Pharmaceuticals plc held $349.0 million in cash, cash equivalents, and investments. That's a solid foundation. Honestly, the market reacted well to this, as the company projected this cash position would fund operations into mid-2027, and following a November 2025 financing, the pro forma runway was extended into mid-2028.

The core of the value is in the proprietary drug candidates, specifically the Orexin Receptor 2 (OX2R) agonist franchise. These are the assets driving near-term value inflection. You've got ORX750, which is the most advanced, and ORX142, which is moving into patient studies. The team is betting big on these molecules to redefine the standard of care for sleep-wake disorders and beyond.

Here's a look at the pipeline assets that represent this key resource:

Next up is the Intellectual Property (IP) that fences off this innovation. This isn't just about patents on molecules; it's about the platform technologies that enable future discoveries. Centessa Pharmaceuticals plc protects its OX2R agonist franchise, which is central to its current valuation narrative. Equally important is the proprietary LockBody technology platform. This platform is designed for immuno-oncology, aiming to selectively drive potent effector function activity to the tumor microenvironment while avoiding systemic toxicity. The LockBody design uses proprietary human IgG-derived hinges, which are naturally resistant to cleavage in serum, a key feature for stability.

The LockBody platform's design offers specific advantages that are protected IP:

• Avoid the 'sink effect' by minimizing unwanted binding in the periphery.
• Enable a potentially dramatic enhanced therapeutic index.
• Support high manufacturing yields and low immunogenicity.
• Utilize Locked Contingent Fabs that remain blocked outside the tumor microenvironment.

Finally, you can't run clinical trials without the people. The highly specialized scientific and clinical development teams are a crucial, non-tangible resource. These teams are responsible for executing the complex trials like the CRYSTAL-1 study for ORX750 and advancing ORX142 and ORX489 toward patient studies planned for Q1 2026. Their expertise in the orexin pathway and in managing multi-asset pipelines under a tight cash runway is invaluable.

Centessa Pharmaceuticals plc (CNTA) - Canvas Business Model: Value Propositions

Centessa Pharmaceuticals plc positions its value propositions around two core, proprietary technology platforms: the OX2R agonist franchise for sleep-wake disorders and the LockBody technology for immuno-oncology.

Potential best-in-class oral therapy (ORX750) for sleep-wake disorders.

ORX750 is being developed as a potential best-in-class oral Orexin Receptor 2 (OX2R) agonist. Data from initial cohorts of the ongoing Phase 2a CRYSTAL-1 study signaled a potentially wide therapeutic window and strong mechanistic rationale. Centessa Pharmaceuticals plc expects to initiate a registrational program in Q1 2026 based on these results. The company reported that in the 1.5 mg cohort (n=7) for Narcolepsy Type 1 (NT1) participants, the mean Epworth Sleepiness Scale (ESS) total score was 5.1 with ORX750 compared to 18.7 with placebo at Week 2 (p-value = 0.0001).

The efficacy data from the 1.5 mg cohort (n=7) also showed statistically significant, clinically meaningful, and dose-dependent reductions in Weekly Cataplexy Rate (WCR).

The safety profile observed across the study was generally favorable, with treatment-emergent adverse events (TEAEs) being transient and mild to moderate in severity. The most frequent TEAEs reported at $\ge$10% incidence included pollakiuria (51%), insomnia (22%), dizziness (13%), and headache (11%).

Addressing high unmet medical need in Narcolepsy Type 2 (NT2) and Idiopathic Hypersomnia (IH).

Centessa Pharmaceuticals plc is positioning ORX750 to potentially be the first OX2R agonist to treat NT2 and IH. The global Narcolepsy Therapeutics Market size is estimated at USD 4.12 billion in 2025. Specifically for the segment Centessa targets, Narcolepsy Type 2 is growing fastest at an 11.24% CAGR to 2030. The broader Hypersomnia Treatment Market is valued at USD 3.6 billion in 2025.

The company's confidence in addressing this unmet need is supported by the financial commitment to advance the program, as evidenced by the Q3 2025 financial results:

• R&D Expenses for Q3 2025: $41.6 million.
• Cash, cash equivalents, and investments as of September 30, 2025: $349.0 million.
• Anticipated cash runway extends into mid-2027.
• License and other revenue for Q3 2025: $0.

Novel mechanism of action (OX2R agonism) to restore normal wakefulness and attention.

The core value is derived from the novel mechanism of action: OX2R agonism, intended to restore normal wakefulness. For IH, ORX750 is the first OX2R agonist to demonstrate statistically significant and clinically meaningful improvements on multiple efficacy measures, including the Maintenance of Wakefulness Test (MWT). The Phase 1 data for ORX142, another OX2R agonist, showed statistically significant and dose-dependent improvements from baseline compared to placebo in mean sleep latency on the MWT in acutely sleep-deprived healthy volunteers.

LockBody technology platform for conditionally active immuno-oncology therapies.

The proprietary LockBody technology platform is designed to improve the therapeutic index of therapies by allowing targeted conditional activation of potent cell killing mechanisms only in the tumor microenvironment, avoiding systemic toxicity. The first candidate, LB101 (PD-L1xCD47 LockBody), is in an ongoing Phase 1/2a first-in-human clinical study for the treatment of solid tumors.

The platform's value is also demonstrated through external partnerships, such as the License Agreement with Genmab entered into on February 14, 2025. The financial structure of this deal includes:

• Upfront payment to Centessa Pharmaceuticals plc: $15 million.
• Option exercise fees potentially totaling up to an additional: $15 million.
• Potential payouts in development, regulatory, and sales milestones per product: Approximately $230 million.
• Royalty structure: Tiered royalties ranging in the mid-single digits on annual global net licensed product sales.

Centessa Pharmaceuticals plc (CNTA) - Canvas Business Model: Customer Relationships

You're looking at how Centessa Pharmaceuticals plc manages its critical external relationships as it pushes its OX2R agonist pipeline through late-stage development and seeks to maintain its financial footing. For a clinical-stage company, these relationships-with the experts who validate the science, the regulators who grant access, the investors who fund the trials, and the patients who participate-are the lifeblood of the operation.

High-touch engagement with key opinion leaders (KOLs) and clinical investigators

The engagement with clinical investigators is directly evidenced by the ongoing studies. The Phase 2a CRYSTAL-1 study for ORX750, targeting narcolepsy type 1 (NT1), narcolepsy type 2 (NT2), and idiopathic hypersomnia (IH), had a total of 55 participants with these conditions who completed dosing in the 2-week crossover cohorts as of the September 23, 2025 data cut-off date. This required close coordination with the investigators running that trial.

Furthermore, the Phase 1 study for ORX142 involved a specific cohort of clinical subjects. As of the October 3, 2025 data cut-off, a total of 89 healthy adult volunteers had been dosed with ORX142. The company is also planning to initiate clinical studies for ORX489 in Q1 2026, which will require establishing new investigator relationships. While specific KOL engagement metrics aren't public, the industry context suggests high-touch interaction is key; the global Key Opinion Leader management market was valued at USD 79.6 billion in 2025.

Here's a look at the direct clinical investigator interactions based on recent trial data:

Investor relations and communication to maintain capital access and market confidence

Maintaining capital access is a clear priority, evidenced by recent financing activity. Centessa Pharmaceuticals plc announced the pricing of an underwritten public offering of American Depositary Shares (ADSs) totaling $250,000,000 on November 11, 2025. This directly supports the capital needs for ongoing development.

Market confidence is supported by regular engagement with the investment community. Members of management were scheduled to participate in multiple investor conferences in late 2025 and early December 2025, including the Guggenheim 2nd Annual Healthcare Innovation Conference and the 37th Annual Piper Sandler Healthcare Conference. As of September 30, 2025, the company held $349.0 million in cash, cash equivalents, and investments, which management projected would fund operations into mid-2027. The stock, trading as CNTA on NASDAQ, had a reported price of $28.47 at one point in November 2025. Analyst sentiment showed an average one-year price target of $35.70/share as of November 17, 2025.

Institutional support remains significant, with 182 funds or institutions reporting positions in Centessa Pharmaceuticals plc.

Direct interaction with regulatory bodies (e.g., FDA) for clinical trial and approval processes

Direct interaction with the U.S. Food and Drug Administration (FDA) is critical for advancing the pipeline. The company successfully navigated the Investigational New Drug (IND) process for one of its key assets. Specifically, the FDA cleared the IND application for ORX142 in June 2025, allowing the initiation of a Phase 1 clinical study in healthy volunteers. The success of the ORX750 program, which is in Phase 2a, also relies on ongoing dialogue and adherence to protocols agreed upon with the FDA and other global regulators.

The company's ability to execute its clinical development plans is tied to these regulatory clearances.

• IND clearance for ORX142 received in June 2025.
• ORX750 Phase 2a study is ongoing, with data readouts expected in 2025.
• ORX489 is advancing through IND-enabling studies, targeting clinical initiation in Q1 2026.

Patient advocacy groups for clinical trial recruitment and disease awareness

Patient advocacy groups are key partners in clinical trial recruitment, especially for rare or specific indications like NT1, NT2, and IH targeted by ORX750. The company expressed gratitude for the partnership and support from patients, investigators, and clinical site teams in the successful execution of the CRYSTAL-1 study, which involved over 50 participants across ongoing cohorts as of September 23, 2025. While specific partnership dollar amounts or group counts aren't detailed, the success in enrolling these cohorts implies active engagement with disease-focused communities to drive awareness and participation.

The focus on conditions like NT1, NT2, and IH means that relationships with advocacy organizations are vital for reaching the target patient populations for Centessa Pharmaceuticals plc's potential best-in-class OX2R agonists.

Centessa Pharmaceuticals plc (CNTA) - Canvas Business Model: Channels

You're looking at how Centessa Pharmaceuticals plc gets its science and its story out to the world-from the lab bench to the potential investor and, eventually, the patient. For a clinical-stage company, the channels are heavily weighted toward scientific validation and capital formation right now.

Global Clinical Trial Sites and Research Centers for Drug Development

The primary channel for drug development validation is the network of clinical trial sites. Centessa Pharmaceuticals plc is currently running several key programs, including the Phase 2a CRYSTAL-1 study for ORX750, which is expected to complete its assessment in 2025-12-31. The company also has an ongoing Phase 1 first-in-human study for ORX142.

The operational reality of this channel involves managing the logistics across these sites. Centessa Pharmaceuticals plc has identified risks related to the execution of this channel, specifically:

• Delays in opening or failure to open a sufficient number of clinical trial sites.
• Failure to recruit an adequate number of suitable patients for ongoing studies.
• Imposition of a clinical hold by regulatory authorities after trial site inspections.

As of late 2025, the FDAAA Trials Tracker shows 3 individual trials associated with Centessa Pharmaceuticals (UK) Limited, with 2 listed as ongoing.

Scientific and Medical Conferences for Presenting Phase 2a Data

Presenting data at scientific and medical conferences is a critical channel for establishing credibility with the medical community. Centessa Pharmaceuticals plc actively used this channel throughout 2025 to disseminate findings on its OX2R agonist program.

Key scientific presentation channels in 2025 included:

• Poster Presentation at World Sleep 2025 in Singapore (September 8, 2025).
• Poster Presentations at SLEEP 2025 (June 11, 2025).
• Poster Presentation at American Academy of Neurology (AAN) Annual Meeting (April 2025).

Data readouts for ORX750 in NT1, NT2, and IH were expected in 2025.

Investor Roadshows and Corporate Presentations to Raise Capital

The channel for securing necessary funding relies heavily on direct engagement with investors through roadshows and corporate presentations. Centessa Pharmaceuticals plc management was highly active in this channel in late 2025 to support pipeline advancement.

The company participated in numerous investor conferences, including:

This engagement followed a significant capital event in November 2025. Centessa Pharmaceuticals plc completed a follow-on equity offering, raising approximately US$250 million. This was achieved through the sale of more than 11.6 million American Depositary Shares at US$21.50 per share.

Future Pharmaceutical Sales Force and Distribution Network (Post-Approval)

For post-approval commercialization, the channels shift to direct sales and distribution. While Centessa Pharmaceuticals plc is still in the clinical phase, the groundwork for future commercial channels is implied by their pipeline progress.

Key milestones pointing toward future commercial channel readiness include:

• Planning to initiate the registrational program for ORX750 in Q1 2026.
• Planning to initiate patient studies for ORX142 in Q1 2026.
• Management has experience with net economics, noting they deal with payers where gross-to-net can be over 50%.

Specific figures for the planned size of the Centessa Pharmaceuticals plc sales force or the structure of its dedicated distribution network as of late 2025 are not publicly detailed; however, the company is moving aggressively into the hypersomnolence market, which represents a 'completely new commercial domain' for them. Other industry leaders are adopting platforms like Salesforce Life Sciences Cloud to scale engagement across clinical, medical, and commercial data.

Finance: draft 13-week cash view by Friday.

Centessa Pharmaceuticals plc (CNTA) - Canvas Business Model: Customer Segments

You're looking at the core groups Centessa Pharmaceuticals plc targets with its pipeline, especially its orexin receptor 2 (OX2R) agonist franchise, which includes ORX750 for sleep-wake disorders.

Patients with chronic sleep-wake disorders: Narcolepsy Type 1, Narcolepsy Type 2, and Idiopathic Hypersomnia.

The addressable patient pool for Centessa Pharmaceuticals plc's lead candidate, ORX750, is substantial, focusing on conditions like Narcolepsy Type 1 (NT1), Narcolepsy Type 2 (NT2), and Idiopathic Hypersomnia (IH).

• Estimated U.S. population with narcolepsy: approximately 1 in every 2,000 people.
• Total estimated U.S. patients: around 200,000 Americans.
• Total estimated worldwide patients: approximately 3 million people.
• A 2018 German study estimated narcolepsy diagnostic prevalence at 17.88 per 100,000 persons.
• In a patient survey, nearly 48% were diagnosed with NT1.

Neurologists and sleep specialists who prescribe novel therapies.

These are the prescribers who will evaluate Centessa Pharmaceuticals plc's data, particularly from the Phase 2a CRYSTAL-1 study for ORX750 across NT1, NT2, and IH indications. Specialists are looking for potential best-in-class OX2R agonists that can restore normative wakefulness.

Large pharmaceutical companies seeking to license or acquire late-stage assets.

Potential acquirers assess the value of Centessa Pharmaceuticals plc's pipeline, which includes ORX750, ORX142, and the LockBody technology platform. The company's recent financing activity signals a push to advance these assets toward registrational studies.

• Market Capitalization (as of November 14, 2025): $4.08B.
• Stock Price (as of November 14, 2025): $27.61.
• Recent Capital Raise (November 2025): Approximately US$250 million in a follow-on equity offering.
• Cash Position (as of June 30, 2025): $404.1 million.
• Trailing 12-Month Revenue (as of September 30, 2025): $15M.

Institutional investors and venture capital firms funding high-risk, high-reward biotech.

This segment includes the existing base, such as General Atlantic, Vida Ventures, and Janus Henderson Investors from the initial Series A round of $250M in February 2021, and newer participants from the late 2025 equity raise. These investors are betting on the company's ability to execute on its pipeline while managing its current burn rate.

The company expects its cash position as of June 30, 2025, to fund operations into mid-2027.

Centessa Pharmaceuticals plc (CNTA) - Canvas Business Model: Cost Structure

You're looking at the core spending that fuels Centessa Pharmaceuticals plc's pipeline progression, which is heavily weighted toward discovery and development. Honestly, for a clinical-stage biotech, the cost structure is almost entirely dictated by the science.

Research & Development (R&D) expenses are definitely the primary cost driver, totaling $41.6 million in Q3 2025. That number is up from $33.9 million in the same quarter last year, showing the ramp-up in clinical activities, especially with the ORX750 Phase 2a study ongoing. This spending funds the clinical trials, lab work, and the people running those complex programs.

You're also dealing with high fixed costs associated with clinical trial execution and manufacturing scale-up. These aren't costs that drop just because you have a slow month; running a trial with 89 volunteers, like the ORX142 Phase 1 study, requires consistent, significant spending on site fees, monitoring, and supply chain setup. It's the nature of the beast in pharma development.

Here's a quick look at the key expense components from the latest reporting period:

General and Administrative (G&A) expenses were $12.2 million in Q3 2025. That reflects a lean corporate structure, especially when you compare it to the R&D spend. You see G&A staying relatively flat or even slightly decreasing year-over-year, which is a good sign of cost discipline at the corporate level.

The company anticipates future increases in G&A, which will likely include costs associated with maintaining compliance as a public company, plus fees for outside consultants, lawyers, and accountants. This ties into the need for significant capital expenditure on intellectual property maintenance and licensing fees, though specific IP maintenance dollar amounts aren't broken out separately from general operating costs.

The cost management strategy is clearly focused on extending the runway. As of September 30, 2025, Centessa Pharmaceuticals plc held $349.0 million in cash, cash equivalents, and investments. Management expects this cash position to fund operations into mid-2027 based on current operating plans.

Key cost considerations include:

• The R&D spend is directly tied to advancing the OX2R agonist pipeline.
• The YTD R&D expense of $117.7 million shows the cumulative investment pressure.
• The company reported an annual interest expense of $8.7 million YTD on its term loan.
• The net loss for Q3 2025 was $54.9 million.

Finance: draft 13-week cash view by Friday.

Centessa Pharmaceuticals plc (CNTA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Centessa Pharmaceuticals plc as of late 2025, and honestly, it's a classic biotech story right now: funding the pipeline through non-operating income while waiting for the main event.

Non-product revenue from upfront payments and milestones is the most concrete income stream recognized so far this year. For the six months ended June 30, 2025, Centessa Pharmaceuticals plc reported $15,000 thousand, or $15.0 million, in license and other revenue. This was the upfront payment recognized in Q1 2025 related to the license agreement for its proprietary LockBody platform with Genmab A/S, which was executed on February 14, 2025. This type of revenue is non-recurring and should be modeled as such unless another business development event occurs.

The potential for future non-product revenue is significant, tied directly to the success of partnered programs. The Genmab agreement is a prime example of this structure, which is common for a company at this stage. Here's a quick look at the potential value unlocked by that single deal:

• Option exercise fees potentially totaling up to an additional $15 million.
• Eligibility for potential payouts of approximately $230 million in development, regulatory, and sales milestones per product.
• Tiered royalties ranging in the mid-single digits on annual global net licensed product sales.

To be fair, the company is still entirely dependent on these financing and partnership events because Centessa Pharmaceuticals plc is a clinical-stage pharmaceutical company. This means there is zero revenue from product sales as of late 2025; the company remains pre-revenue from product sales and continues to report significant net losses and a large accumulated deficit.

Given the high cash burn associated with advancing its pipeline, the primary funding source is equity financing, which has recently been substantial to shore up the balance sheet. Centessa Pharmaceuticals plc completed a significant follow-on public offering in November 2025, raising approximately $250 million. This offering involved American Depositary Shares sold at $21.50 each. This capital injection boosted cash reserves to around $619 million, which management stated provides funding clarity into mid-2027 under current plans. This financing activity is critical to supporting the advancement of the ORX750 program into pivotal clinical trials.

Here's a summary mapping the key financial components that currently constitute Centessa Pharmaceuticals plc's cash inflow strategy:

What this estimate hides is that the $250 million raise, while necessary, also means current shareholders have experienced dilution. Finance: draft 13-week cash view by Friday.