Centessa Pharmaceuticals plc Segments Disclosure
| Years Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Revenue | $ | 15,000 | $ | — | |||||||
Less: | |||||||||||
| cleminorexton¹ | (78,479) | (31,876) | |||||||||
| Other Orexin program expenses¹ | (50,969) | (9,567) | |||||||||
| LockBody technology platform expenses | (11,970) | (10,886) | |||||||||
Discontinued R&D program expenses | (3,698) | (90,261) | |||||||||
| Non-program specific expenses: | |||||||||||
| Personnel expenses¹ | (29,932) | (21,580) | |||||||||
| Research tax incentives | 22,669 | 30,942 | |||||||||
| Other internal R&D expenses | (4,260) | (2,149) | |||||||||
| General and administrative expenses² | (35,091) | (32,132) | |||||||||
Share-based compensation | (30,962) | (33,546) | |||||||||
Interest income | 20,527 | 14,016 | |||||||||
Interest expense | (11,459) | (10,090) | |||||||||
Loss on extinguishment of debt | — | (34,097) | |||||||||
Other segment items3 | 2,911 | (1,687) | |||||||||
Income tax (expense) benefit | (1,819) | (2,844) | |||||||||
Consolidated net loss | $ | (197,532) | $ | (235,757) | |||||||
| ¹ Beginning December 31, 2025, expenses related to the cleminorexton trial have been identified as significant segment expenses. The expenses for this trial have been recast for periods prior to December 31, 2025. These amounts were previously combined and disclosed under “OX2R program expenses” for the year ended December 31, 2024. | |||||||||||
| ² Excludes share-based compensation which is presented separately below | |||||||||||
3 Other segment items includes Other non-operating income (expense), net | |||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 24, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.