The company's financial position is increasingly vulnerable, with cash reserves declining from $395.0 million in 2024Q3 to just $62.4 million by 2026Q1.
| Total Current Assets | 348.68M | 367.88M | 536.41M | 315.09M | 437.75M | 628.77M | 11.16M |
| Cash & Short-Term Investments | 276.59M | 294.58M | 482.18M | 256.55M | 393.64M | 595.08M | 7.23M |
| Cash Only | 62.43M | 61.3M | 383.22M | 128.03M | 393.64M | 595.08M | 7.23M |
| Short-Term Investments | 214.16M | 233.28M | 98.96M | 128.52M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 45.3M | 39.15M | 26.72M | 16.81M | 0 |
| Days Sales Outstanding | - | - | - | 2.09K | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 72.09M | 73.3M | 1.78M | 1.62M | 3.27M | 993K | 3.93M |
| Total Non-Current Assets | 293.08M | 319.62M | 40.39M | 45.15M | 6.56M | 861K | 552K |
| Property, Plant & Equipment | 10.52M | 10.85M | 11.76M | 12.95M | 1.17M | 162K | 0 |
| Fixed Asset Turnover | 0.00x | 1.38x | - | 0.53x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 795.9M | 282.55M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.28M | 1.44M | 2.05M | 2.55M | 1.88M | 699K | 552K |
| Total Assets | 641.76M | 687.5M | 576.8M | 360.25M | 444.31M | 629.63M | 11.72M |
| Asset Turnover | 0.00x | 0.02x | - | 0.02x | - | - | - |
| Asset Growth % | 37.69% | 19.19% | 60.11% | -18.92% | -29.43% | 5273.69% | - |
| Total Current Liabilities | 36.57M | 42.94M | 58M | 39.38M | 38.34M | 24.64M | 8.62M |
| Accounts Payable | 10.66M | 7.58M | 7.14M | 11.81M | 13.84M | 8.06M | 1.03M |
| Days Payables Outstanding | 12.47K | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 5.63M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 25.92M | 35.35M | 10.18M | 839K | 7.95M | 4.97M | 922K |
| Current Ratio | 9.53x | 8.57x | 9.25x | 8.00x | 11.42x | 25.52x | 1.30x |
| Quick Ratio | 9.53x | 8.57x | 9.25x | 8.00x | 11.42x | 25.52x | 1.30x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 117.84M | 117.7M | 117.25M | 84.62M | 69.8M | 113.44M | 0 |
| Long-Term Debt | 7.37M | 7.57M | 108.94M | 75.7M | 69.8M | 75.7M | 0 |
| Capital Lease Obligations | 15.7M | 0 | 8.29M | 8.89M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 110.47M | 110.12M | 29K | 29K | 0 | 37.74M | 0 |
| Total Liabilities | 154.41M | 160.63M | 175.25M | 124M | 108.14M | 138.08M | 8.62M |
| Total Debt | 7.37M | 7.57M | 117.23M | 84.59M | 69.8M | 75.7M | 5.63M |
| Net Debt | -55.06M | -53.73M | -266M | -43.44M | -323.84M | -519.38M | -1.6M |
| Debt / Equity | 0.02x | 0.01x | 0.29x | 0.36x | 0.21x | 0.15x | 1.82x |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.21x | - | - | - | - | - | - |
| Interest Coverage | -23.48x | -18.12x | -22.08x | -16.78x | -28.81x | -54.67x | -27.21x |
| Total Equity | 487.35M | 526.86M | 401.55M | 236.24M | 336.17M | 491.55M | 3.1M |
| Equity Growth % | 38% | 31.21% | 69.97% | -29.72% | -31.61% | 15766.82% | - |
| Book Value per Share | 3.17 | 3.88 | 3.51 | 2.46 | 3.60 | 5.46 | 0.04 |
| Total Shareholders' Equity | 487.35M | 526.86M | 401.55M | 236.24M | 336.17M | 491.55M | 3.1M |
| Common Stock | 419K | 405K | 359K | 273K | 265K | 252K | 25.55M |
| Retained Earnings | -1.27B | -1.19B | -988.7M | -752.95M | -601.86M | -385.65M | -23.84M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.41M | 2.71M | 4.21M | 1.49M | -1.5M | 688K | 572K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall
According to recent financial filings, Centessa’s cash and equivalents have plummeted to $61.3 million as of 2025Q4, a significant decline from the $395.0 million reported in 2024Q3, which suggests that the company’s current cash runway is insufficient to support its ongoing Phase III clinical development programs.
The sharp contraction in liquid assets relative to the company's high quarterly burn rate indicates a precarious liquidity position that warrants close investor monitoring. While the current ratio remains elevated, this metric is largely a function of the timing of clinical trial liabilities rather than a reflection of true operational flexibility.
Based on reported quarterly data, total assets have declined from a peak of $687.5 million in 2025Q4 to $641.8 million in 2026Q1, signaling a consistent erosion of the capital base as the firm continues to fund its research-heavy pipeline without the support of recurring commercial revenue streams.
The downward trend in total assets, coupled with a persistent accumulation of deficit in retained earnings, suggests that the company is consuming its equity base to sustain operations. This trajectory implies that the firm is increasingly reliant on external capital markets to maintain its current research and development velocity.
As reported in financial statements, the company’s equity position has faced significant pressure, with retained earnings deepening to -$1.3 billion as of 2026Q1, reflecting the cumulative impact of sustained operating losses inherent in the firm's current clinical-stage business model and heavy reliance on stock-based compensation.
The persistent negative retained earnings highlight the structural challenge of funding long-term R&D without commercial product sales. Investors should consider that the equity base is being eroded by operational deficits, which may necessitate further dilutive financing to maintain the company's research and development capabilities.
Based on the provided balance sheet, the absence of goodwill and minimal PPE, valued at $10.5 million in 2026Q1, suggests that the company’s value is almost entirely tied to intangible clinical assets, which are inherently volatile and subject to sudden impairment if clinical trial results fail to meet expectations.
The lack of tangible assets provides little downside protection for shareholders, as the company's valuation is entirely dependent on the success of its pipeline. This asset-light structure, while typical for biotech, leaves the balance sheet highly sensitive to regulatory and clinical outcomes that could render the current asset base worthless.
Quick answers to the most common questions about buying CNTA stock.
As of 2025, Centessa Pharmaceuticals plc (CNTA) had total assets of $687.5M including $367.9M in current assets.
Centessa Pharmaceuticals plc (CNTA) carries total debt of $7.6M, offset by $294.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Centessa Pharmaceuticals plc (CNTA) has total shareholders' equity (book value) of $526.9M ($3.88 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Centessa Pharmaceuticals plc (CNTA) reported a current ratio of 8.57x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.