Centessa (CNTA) a small cap UK biotech that has risen 55% YTD and nearly 100% over the past year clearing its AVWAP from the 2021 IPO.

CNTA is a clinical-stage pharmaceutical company developing a pipeline of high conviction programs in therapeutic areas of unmet need.  SerpinPC is its most advanced product candidate that is an investigational, potential first-in-class subcutaneously administered novel inhibitor of activated protein C (“APC”) for the treatment of hemophilia. ORX750 is an investigational, orally administered, selective OX2R agonist with a potential best-in-class profile for the treatment of narcolepsy and other sleep-wake disorders. Its first LockBody candidate is LB101, a conditionally tetravalent PD-L1xCD47 bi-specific monoclonal antibody for solid tumors.

CNTA has a market cap of $1.4B trading 4.75X Cash, funded through mid-2026, and estimates calling for $120M in Revenues for FY27. Clinical proof-of-concept data are on track for 2H24 for the ORX750 Phase 1 study in multiple SAD cohorts of acutely sleep-deprived healthy volunteers. MSCO sees ORX750 data driving a 20-30% positive move or negative 30-40% move.

The SerpinPC PRESent-2 Part 1 study is fully enrolled and all subjects have been dosed, while Part 2 is currently enrolling subjects into the prospective observation period. The Part 1 interim analysis is on track for this year with the company expecting to confirm a dose (likely to be every 2 weeks) and advance to Part 2 with the Part 1 data expected to be shared at a medical conference in late 2024 or early 2025. The company believes that SerpinPC will not require monitoring (unlike other drugs that have issues with thrombosis and D-dimer increases), which would allow for self-administration. The subcutaneous administration vs. existing hemophilia B treatments administered through intravenous infusion would be advantageous for greater patient convenience by lowering the need for intravenous factor transfusions and associated bleeding risks.