Centessa Pharmaceuticals (CNTA) reported a Q1 net loss Wednesday of $0.20 per diluted share, narrower than a loss of $0.38 a year earlier.

Analysts polled by FactSet expected a loss of $0.33.

License and other revenue for the quarter ended March 31 was $15 million.

The company did not report any revenue a year earlier.

As of March 31, the company said it had $424.9 million in cash, cash equivalents and investments, expected to fund operations into mid-2027.

The company's shares were down 3.3% in recent Wednesday premarket activity.