Free cash flow remains deeply negative, evidenced by a $72.2 million cash outflow in 2026Q1 as the company funds its clinical development programs.
| Cash from Operations | -208.79M | -193.82M | -142.06M | -160.34M | -200.55M | -136.14M | -10.63M |
| Operating CF Margin % | - | -1292.11% | - | -2339.73% | - | - | - |
| Operating CF Growth % | -184.51% | -36.44% | 11.4% | 20.05% | -47.31% | -1180.73% | - |
| Net Income | -250.64M | -197.53M | -235.76M | -151.09M | -216.21M | -381.85M | -10.66M |
| Depreciation & Amortization | 943K | 921K | 942K | 810K | 131K | 33.99K | 0 |
| Stock-Based Compensation | 33.64M | 30.96M | 33.55M | 29.39M | 24.96M | 0 | 336K |
| Deferred Taxes | 2.34M | 2.51M | 2.65M | -26.63M | -2.86M | 0 | 0 |
| Other Non-Cash Items | 23.37M | 20.56M | 34.46M | 6.03M | -3.75M | 251.06M | 186K |
| Working Capital Changes | -18.46M | -51.24M | 22.1M | -18.86M | -2.83M | -5.38M | -489K |
| Change in Receivables | 3.59M | 2.91M | -6.6M | 0 | -11.71M | -6.72M | -1.46M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 5.41M | 2.96M | -4.58M | -2.73M | 6.35M | 0 | -49K |
| Cash from Investing | -153.44M | -418.53M | 31.27M | -127M | -931K | 63.25M | 0 |
| Capital Expenditures | -371K | -371K | -34K | -169K | -1.14M | -185.98K | 0 |
| CapEx % of Revenue | - | 2.47% | - | 2.47% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 63.43M | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -75.09M | 0 | 0 | 0 | 206K | 0 | 0 |
| Cash from Financing | 318.91M | 291.53M | 364.75M | 21.12M | 457K | 660.07M | 1.36M |
| Debt Issued (Net) | 0 | 0 | -762K | 0 | 0 | 73.64M | 1.36M |
| Equity Issued (Net) | 49.01M | 0 | 359.61M | 20.81M | 0 | 586.43M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -12K | 0 |
| Other Financing | 269.89M | 291.53M | 5.91M | 310K | 457K | 0 | 1K |
| Net Change in Cash | -42.07M | -321.27M | 255.19M | -265.61M | -201.44M | 590.08M | -9.34M |
| Free Cash Flow | -209.17M | -194.19M | -142.09M | -160.51M | -201.68M | -136.33M | -10.63M |
| FCF Margin % | - | -1294.59% | - | -2342.2% | - | - | - |
| FCF Growth % | -29.08% | -36.67% | 11.48% | 20.41% | -47.94% | -1182.48% | - |
| FCF per Share | -1.36 | -1.43 | -1.24 | -1.67 | -2.16 | -1.51 | -0.15 |
| FCF Conversion (FCF/Net Income) | 0.83x | 0.98x | 0.60x | 1.06x | 0.93x | 0.36x | 1.00x |
| Interest Paid | 5.24M | 0 | 10.09M | 9.91M | 7.28M | 0 | 0 |
| Taxes Paid | 1.1M | 0 | 82K | 2.94M | 1.3M | 0 | 0 |
Clinical trial funding shortfall
According to recent financial statements, Centessa’s OCF/NI ratio has fluctuated significantly, reaching a high of 2.19 in 2025Q1, which suggests that reported net losses are frequently decoupled from actual cash outflows due to the heavy reliance on non-cash stock-based compensation and R&D accounting adjustments.
The volatility in the conversion ratio indicates that net income is a poor proxy for the company's actual cash requirements. Investors should monitor the persistent gap between accounting losses and cash burn, as the latter is the primary determinant of the company's survival in the absence of commercial revenue.
As reported in quarterly filings, Centessa’s free cash flow remains consistently negative, with the most recent quarter showing a $72.2 million outflow, confirming that the company is currently in a state of sustained cash consumption to fund its clinical development pipeline without any offsetting commercial inflows.
The lack of a positive FCF trajectory underscores the company's total dependence on external financing. This trend appears unlikely to reverse until at least one lead asset achieves regulatory approval and subsequent market penetration, which remains a high-risk proposition.
Based on the provided cash flow data, working capital changes have been highly erratic, swinging from a $38.5 million outflow in 2025Q1 to an $18.6 million inflow in 2025Q2, which suggests that timing differences in clinical trial payments and vendor settlements are creating significant quarterly cash flow noise.
This instability in working capital management may indicate a lack of predictable cash outflows, complicating the company's ability to forecast its precise runway. Analysts should view these fluctuations as a reflection of the decentralized subsidiary structure, where individual asset-level spending can cause lumpy cash movements.
As disclosed in recent financial reports, Centessa consistently utilizes stock-based compensation exceeding $7 million per quarter, a non-cash expense that effectively masks the true magnitude of the company's cash-based operating losses and dilutes the equity base to preserve limited cash reserves for clinical trial execution.
While SBC is a standard tool for talent retention in biotechnology, its consistent scale relative to the company's cash burn warrants close scrutiny. Investors should adjust for these non-cash charges to understand the true economic cost of the company's R&D-heavy operating model.
Quick answers to the most common questions about buying CNTA stock.
Centessa Pharmaceuticals plc (CNTA) generated $-193.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Centessa Pharmaceuticals plc (CNTA) reported negative free cash flow of $194.2M in 2025, indicating capital requirements exceeded cash from operations.
Centessa Pharmaceuticals plc (CNTA) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.