v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
On November 27, 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances segment disclosures and requires additional disclosures of segment expenses. This ASU is effective for annual periods in fiscal years beginning after December 15, 2023, and interim periods thereafter. The Company adopted ASU 2023-07 during the year ended December 31, 2024 on a retrospective basis.
Centessa Pharmaceuticals plc is a clinical-stage pharmaceutical company with a mission to discover, develop and ultimately deliver medicines that are transformational for patients. The Company’s ability to generate recurring product revenue and to become profitable will depend upon the ability to successfully develop, obtain regulatory approval and commercialize any current and future product candidates.
The Company manages the business as one segment. Its operating results are regularly reviewed by the Company’s Chief Executive Officer, who is the chief operating decision-maker (“CODM”), based on available financial information prepared on a consolidated basis. The CODM evaluates its performance based primarily on research and development efforts and the results of clinical trials. The CODM also utilizes the Company’s long-range plan as a strategic tool to allocate resources according to the Company’s strategic objectives. The consolidated net loss is used to monitor budget versus actual results in assessing segment performance and the allocation of resources. Assets provided to the CODM are consistent with those reported on the Consolidated Balance Sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and investments.
The following table presents reportable segment loss, including significant expenses regularly provided to the CODM, attributable to the Company’s reportable segment for the three months ended March 31, 2025 and March 31, 2024 (in thousands):
Three Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
License and other revenue$15,000 $— 
Less:
OX2R agonist program expenses
(20,093)(4,652)
LockBody program expenses
(3,418)(4,170)
Discontinued R&D program expenses(2,917)(11,942)
Other R&D expenses:
Personnel expenses¹(6,302)(5,599)
Research tax incentives4,259 7,860 
Other preclinical and clinical development expenses(815)(424)
General and administrative expenses¹(8,608)(9,009)
Share-based compensation(7,883)(8,154)
Interest income7,890 2,591 
Interest expense(2,877)(2,529)
Other segment items²1,026 (1,537)
Income tax expense
(1,397)(481)
Consolidated net loss$(26,135)$(38,046)
¹ Excludes share-based compensation
² Other segment items includes non-operating income (expenses), net