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Centessa Pharmaceuticals plc (CNTA+1.89%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details financial statements for the quarter, showing a net loss of $42.6 million, compared to a net loss of $38.6 million in the same quarter the previous year. This increase in net loss is attributed to higher research and development expenses.
Research and development expenses increased to $33.9 million from $28.2 million in the same quarter of the previous year, primarily due to higher development costs related to the OX2R agonist program.
General and administrative expenses were $12.5 million, up slightly from $12.0 million in the previous year, with the increase largely due to higher personnel expenses.
Interest income for the quarter was $3.3 million, up from $2.9 million in the previous year, reflecting interest earned from cash and cash equivalents as well as short-term marketable securities.
Interest expense was $2.6 million, compared to $2.5 million in the previous year, related to the Note Purchase Agreement with Oberland Capital.
Other income, net for the quarter was a gain of $3.7 million, primarily due to foreign currency transaction gains and a gain related to remeasuring the Note Purchase Agreement at fair value.
The company had cash, cash equivalents, and short-term investments of $518.4 million as of September 30, 2024, which is expected to fund operations into mid-2027.
Centessa announced the discontinuation of the global clinical development program for SerpinPC, a novel inhibitor of activated protein C, to prioritize capital towards the development of the OX2R agonist franchise.
The company continues to focus on advancing its pipeline, which includes the OX2R agonist program, with ongoing clinical trials for ORX750 and plans for ORX142 and ORX489.
Centessa acknowledges its dependence on positive operating results and potential financing to meet future obligations and continue its research and development activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Centessa Pharmaceuticals plc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.