Centessa Pharmaceuticals PLC (NASDAQ: CNTA) is a clinical-stage biopharmaceutical company focused on developing small-molecule drug candidates, with its primary effort concentrated on an orexin receptor program. The company generates no commercial revenue as of the 10-K filed March 31, 2026. It is pre-revenue and funds operations through external financing, having consumed $193.8 million in cash from operating activities in FY2025. R&D spending totaled $172.2 million in FY2025, up from $150.2 million in FY2024, with the largest single expenditure being cleminorexton clinical trial costs at $78.5 million in FY2025. The company also maintains a LockBody technology platform, which incurred $12.0 million in expenses in FY2025. Centessa is incorporated under English law and files with the SEC as a foreign private issuer equivalent, subject to U.S. and European data protection and regulatory frameworks. Commercial revenues, if any, are not expected for at least the next couple of years per the filing.

Revenue model

Centessa has no product revenue as of the 10-K filed March 31, 2026. The company is funded through equity financing, having generated $291.5 million in cash from financing activities in FY2025. Any future revenue is expected to come from product sales following regulatory approval, or potentially from licensing arrangements tied to its technology platforms.

Products and services

Lead program: cleminorexton, an orexin receptor 2 (OX2R) agonist in clinical development. Additional orexin program assets incurred $51.0 million in R&D expenses in FY2025. LockBody technology platform, a proprietary antibody platform, incurred $12.0 million in expenses in FY2025. Discontinued programs incurred $3.7 million in FY2025, down from $90.3 million in FY2024.

Customers and end markets

No commercial customers as of the 10-K filed March 31, 2026. Target end market is patients with disorders addressable through orexin receptor modulation. No customer concentration data is applicable at this stage.

Value-chain role

Drug developer operating at the research and clinical-stage portion of the pharmaceutical value chain. Centessa does not manufacture commercial products and has not established commercial sales capabilities as of the filing date. It relies on third-party manufacturers for clinical supply and expects to contract for commercial production if approvals are obtained.

Geographic exposure

Incorporated and headquartered in the United Kingdom under English law. Conducts clinical operations subject to EU GDPR, UK GDPR, and U.S. HIPAA frameworks, indicating trial activity across the United States and European Economic Area. No geographic revenue breakdown is applicable given pre-revenue status.

Source: SEC 10-K, filed 2026-03-31

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