Detailed financial statements for Centessa Pharmaceuticals plc (CNTA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Centessa Pharmaceuticals plc operates as a clinical-stage pharmaceutical enterprise focused on discovering, developing, and ultimately providing therapeutic solutions to patients. The company's most advanced product candidates include Lixivaptan, a small molecule inhibitor of the vasopressin V2 receptor, which is currently undergoing Phase III clinical evaluation for treating autosomal dominant polycystic kidney disease.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $40.50, CNTA has negative trailing earnings (P/E not meaningful) and an ROE of -60.37%. Market capitalisation stands at $6.3B.
Balance sheet quality for CNTA: current ratio of 8.6, net cash position of $287.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | $6.9M | 0 | $15.0M |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | $6.9M | 0 | $15.0M |
| Research & Development | $4.3M | $9.3M | $96.3M | $155.1M | $124.4M | $150.2M | $172.2M |
| Selling, General & Admin | $790000 | $1.1M | $43.0M | $55.2M | $53.7M | $50.8M | $50.5M |
| Operating Expenses | $5.1M | $10.4M | $374.9M | $212.3M | $178.1M | $201.1M | $222.7M |
| Operating Income | -$5.1M | -$10.4M | -$374.9M | -$212.3M | -$171.3M | -$201.1M | -$207.7M |
| EBITDA | -$5.0M | -$10.3M | -$139.3M | -$209.5M | -$165.4M | -$221.9M | -$183.3M |
| Interest Expense | $118000 | $378000 | $2.5M | $7.3M | $9.9M | $10.1M | $11.5M |
| Pre-tax Income | -$5.1M | -$10.7M | -$381.8M | -$217.0M | -$176.1M | -$232.9M | -$195.7M |
| Income Tax | 0 | 0 | $114000 | -$747000 | -$25.1M | $2.8M | $1.8M |
| Net Income | -$5.3M | -$10.7M | -$381.9M | -$216.2M | -$151.1M | -$235.8M | -$197.5M |
| EPS | $-0.05 | $-0.08 | $-4.24 | $-2.31 | $-1.57 | $-2.06 | $-1.46 |
| EPS (Diluted) | $-0.05 | $-0.08 | $-4.24 | $-2.31 | $-1.57 | $-2.06 | $-1.46 |
| Shares Outstanding (Diluted) | $106.5M | $70.9M | $90.0M | $93.4M | $96.2M | $114.5M | $135.7M |
Income Statement (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | -$238599 |
| Operating Income | -$54.7M | -$53.8M | -$68.5M | -$79.8M |
| EBITDA | -$46.5M | -$51.6M | -$87.1M | -$75.4M |
| Net Income | -$50.3M | -$54.9M | -$66.2M | -$79.2M |
| EPS | $-0.38 | $-0.41 | $-0.47 | $-0.52 |
| EPS (Diluted) | $-0.38 | $-0.41 | $-0.47 | $-0.52 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $7.2M | $595.1M | $393.6M | $128.0M | $383.2M | $61.3M |
| Short-term Investments | 0 | 0 | 0 | $128.5M | $99.0M | $233.3M |
| Receivables | 0 | $16.8M | $26.7M | $39.1M | $45.3M | $60.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $11.2M | $628.8M | $437.7M | $315.1M | $536.4M | $367.9M |
| Property, Plant & Equipment | 0 | $162000 | $1.2M | $13.0M | $11.8M | $10.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $11.7M | $629.6M | $444.3M | $360.2M | $576.8M | $687.5M |
| Accounts Payable | $1.0M | $8.1M | $13.8M | $11.8M | $7.1M | $7.6M |
| Short-term Debt | $5.6M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $8.6M | $24.6M | $38.3M | $39.4M | $58.0M | $42.9M |
| Long-term Debt | 0 | $75.7M | $69.8M | $75.7M | $108.9M | $7.6M |
| Total Liabilities | $8.6M | $138.1M | $108.1M | $124.0M | $175.3M | $160.6M |
| Retained Earnings | -$23.8M | -$385.7M | -$601.9M | -$752.9M | -$988.7M | -$1.19B |
| Total Equity | $3.1M | $491.6M | $336.2M | $236.2M | $401.5M | $526.9M |
| Total Debt | $5.6M | $75.7M | $69.8M | $84.6M | $117.2M | $7.6M |
| Net Debt | -$1.6M | -$519.4M | -$323.8M | -$172.0M | -$365.0M | -$287.0M |
| Working Capital | $2.5M | $604.1M | $399.4M | $275.7M | $478.4M | $324.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Cash & Equivalents | $44.2M | $50.8M | $61.3M | $62.4M |
| Total Assets | $492.1M | $448.3M | $687.5M | $641.8M |
| Total Liabilities | $147.2M | $146.7M | $160.6M | $154.4M |
| Total Equity | $344.9M | $301.6M | $526.9M | $487.3M |
| Total Debt | $118.1M | $118.3M | $7.6M | $7.4M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$5.1M | -$10.7M | -$381.9M | -$216.2M | -$151.1M | -$235.8M | -$197.5M |
| Depreciation & Amortization | $6000 | 0 | $33995 | $131000 | $810000 | $942000 | $921000 |
| Stock-based Compensation | $236000 | $336000 | 0 | $25.0M | $29.4M | $33.5M | $31.0M |
| Change in Working Capital | -$1.0M | -$489000 | -$5.4M | -$2.8M | -$18.9M | $22.1M | -$51.2M |
| Operating Cash Flow | -$5.8M | -$10.6M | -$136.1M | -$200.5M | -$160.3M | -$142.1M | -$193.8M |
| Capital Expenditure | 0 | 0 | -$185982 | -$1.1M | -$169000 | -$34000 | -$371000 |
| Acquisitions | 0 | 0 | $63.4M | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$11998 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.8M | -$10.6M | -$136.3M | -$201.7M | -$160.5M | -$142.1M | -$194.2M |
Cash Flow (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Operating Cash Flow | -$22.5M | -$58.3M | -$55.8M | -$72.2M |
| Capital Expenditure | -$126000 | -$234000 | -$10996 | 0 |
| Free Cash Flow | -$22.6M | -$58.5M | -$55.8M | -$72.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $7.9M | $7.2M | $7.9M | $10.6M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | -100.0% | |
| Net Income Growth (YoY) | | -101.8% | -3481.5% | +43.4% | +30.1% | -56.0% | +16.2% |
| EPS Growth (YoY) | | -56.7% | -5356.9% | +45.5% | +32.0% | -31.2% | +29.1% |
| Shares Change (YoY) | | -33.4% | +26.9% | +3.8% | +3.0% | +19.0% | +18.6% |
| FCF Growth (YoY) | | -82.5% | -1182.5% | -47.9% | +20.4% | +11.5% | -36.7% |
| Gross Margin | | | | | 100.0% | | 100.0% |
| Operating Margin | | | | | -2499.4% | | -1384.6% |
| EBITDA Margin | | | | | -2413.9% | | -1222.2% |
| Net Margin | | | | | -2204.7% | | -1316.9% |
| FCF Margin | | | | | -2342.2% | | -1294.6% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | 0.3% | 14.2% | -1.2% | -0.9% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.05 | $-0.15 | $-1.51 | $-2.16 | $-1.67 | $-1.24 | $-1.43 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $106.5M | $70.9M | $90.0M | $93.4M | $96.2M | $114.5M | $135.7M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -60.37% |
| Return on Invested Capital | -42.41% |
| Return on Assets | -39.05% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 9.53 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 9.85 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -438.51 | -279.92 | -2.66 | -1.34 | -5.07 | -8.13 | -17.13 |
| P/B | 0.00 | 497.70 | 2.06 | 0.86 | 3.24 | 4.78 | 6.44 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 111.71 | 0.00 | 226.28 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 100.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -2499.4% | 0.0% | -1384.6% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -2204.7% | 0.0% | -1316.9% |