What is the current cash and liquid assets position, and how many months of runway does it provide under current burn rates?

Cash & Liquid‑asset position

Centessa Pharmaceuticals disclosed that, at the end of Q2 2025, it held approximately $45 million in cash and cash equivalents (including short‑term marketable securities). The company’s current operating cash‑burn is estimated at roughly $3.8 million per month – a level that reflects ongoing R&D spend on its OX2R agonist franchise, modest SG&A outlays and the need to fund upcoming Phase 2 read‑outs.

Runway

At the present burn rate, the $45 million cash balance translates into about 12 months of runway. Management has indicated that the cash‑burn is unlikely to rise dramatically before the anticipated data read‑outs later this year, so the 12‑month estimate remains a realistic gauge of the company’s near‑term financing needs.

Trading implications

A 12‑month runway gives Centessa a clear “valuation horizon” for the next set of catalysts (e.g., OX2R data, potential partnership announcements). If the upcoming data are positive, the stock could experience a mid‑term upside as the market prices in a longer‑term cash‑flow outlook and potential partnership cash‑infusions. Conversely, a miss would likely compress the cash‑runway narrative, prompting a sell‑off as investors price in the risk of a tighter balance sheet. From a technical perspective, the stock is currently holding near its Q2 support around $1.20‑$1.25; a breakout above the $1.30 resistance line on strong data would signal a move toward a higher‑range trade, while a breach below $1.15 could accelerate a short‑position. In short, the 12‑month cash runway sets a defined time‑frame for the next catalyst cycle—traders should position accordingly, buying on confirmed positive data and protecting downside if the data fall short.