Centessa Pharmaceuticals is a clinical-stage biotech focused entirely on developing small molecule drugs that activate the orexin receptor 2 (OX2R), a brain receptor that regulates wakefulness, attention, cognition, and mood. Centessa's entire pipeline is built around this single biological pathway, targeting multiple neurological conditions. Centessa has no approved products and no product revenue. Its lead drug, cleminorexton, is in Phase 2a trials for three sleep-wake disorders: narcolepsy type 1 (NT1), narcolepsy type 2 (NT2), and idiopathic hypersomnia (IH). Early Phase 2a data showed statistically significant improvements in wakefulness and daytime sleepiness across all three indications. Centessa also has two additional OX2R agonists, ORX142 and ORX489, in Phase 1 trials. Centessa owns the LockBody conditionally-active antibody technology platform, which it licensed to Genmab in February 2025 for $15M upfront and up to ~$230M in milestones per product — a non-core, monetized asset. Centessa funds itself through equity raises and partnership deals, spending almost entirely on R&D, with manufacturing outsourced to CDMOs. In March 2026, Centessa agreed to be acquired by Eli Lilly for $38.00 per share in cash plus contingent value rights of up to $9.00 per share tied to clinical milestones, with the deal expected to close in Q3 2026.