Centessa agrees to $38/share Lilly buyout; R&D spend surges 79% on Orexin trials

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 14, 2025 · ~2 min read

Key Changes

• high

  Eli Lilly to acquire Centessa for $38.00 cash per share plus contingent value rights worth up to $9.00 per share tied to milestones. Deal expected to close Q3 2026 pending shareholder and court approval.

  MD&A: Lilly Acquisition verify on EDGAR →
• high

  R&D expenses jumped 79% year-over-year to $59.9M in Q1 2026, driven by $24.2M in higher Orexin program costs including cleminorexton long-term extension trial and ORX142/ORX489 development milestones.

  MD&A: R&D Expenses verify on EDGAR →
• high

  Cash runway extended to mid-2028 on $533.7M balance (up $108.8M year-over-year), reflecting $269.2M raised in 2025 equity offerings and improved capital efficiency despite higher burn rate.

  MD&A: Cash Runway verify on EDGAR →