v3.25.2
Share-based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation Share-based Compensation
Centessa Pharmaceuticals plc Stock Option and Incentive Plan
Remaining shares available for future grants as of June 30, 2025 under the 2021 Stock Option and Incentive Plan (the “2021 Plan”) were 11,665,913.
Share-based Compensation Expense
The Company recorded share-based compensation expense in the following expense categories in the unaudited interim consolidated statements of operations and comprehensive loss (amounts in thousands):
Three Months Ended
June 30, 2025		Three Months Ended
June 30, 2024		Six Months Ended
June 30, 2025		Six Months Ended
June 30, 2024
Research and development$4,115 $4,006 $8,272 $7,731 
General and administrative3,834 4,605 7,560 9,034 
$7,949 $8,611 $15,832 $16,765 
Share-based compensation expense by award type was as follows included within the unaudited interim consolidated statements of operations and comprehensive loss: (amounts in thousands):
Three Months Ended
June 30, 2025		Three Months Ended
June 30, 2024		Six Months Ended
June 30, 2025		Six Months Ended
June 30, 2024
Stock options
$6,889 $5,775 $13,022 $11,207 
Restricted share awards and units
1,060 2,836 2,810 5,558 
$7,949 $8,611 $15,832 $16,765 
Stock Options
The following table summarizes stock option activity for the six months ended June 30, 2025:
Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Term
Aggregate
Intrinsic Value
(in millions)
Balance at January 1, 2025
17,434,119 $7.77 7.4 years
Granted4,917,140 $16.00 
Exercised(592,326)$5.95 
Forfeited(647,096)$11.39 
Balance at June 30, 2025
21,111,837 $9.63 7.5 years$92.6 
Exercisable at June 30, 2025
12,436,207 $7.75 6.4 years$71.3 
Vested and expected to vest at June 30, 2025
21,111,837 $9.63 7.5 years$92.6 
The weighted-average grant date fair value of options granted was $11.36 per share for the six months ended June 30, 2025. As of June 30, 2025, the total unrecognized compensation expense related to unvested stock option awards was $69.2 million, which the Company expects to recognize over a weighted-average period of 3.2 years.
Based on the trading price of $13.14 per ADS, which is the closing price as of June 30, 2025, the aggregate intrinsic value of outstanding options as of June 30, 2025 was $92.6 million.
The fair value of each option was estimated on the date of grant under the Black-Scholes option pricing model using the weighted average assumptions in the table below:
Six Months Ended
June 30, 2025		Six Months Ended
June 30, 2024
Expected term6.0 years5.9 years
Expected stock price volatility79.2 %76.2 %
Risk-free interest rate4.3 %3.9 %
Expected dividend yield0 %0 %
Restricted Share Awards and Units
The following table summarizes ordinary share activity related to the restricted stock programs for the six months ended June 30, 2025:
Restricted Stock AwardsRestricted Stock Units
Number of SharesWeighted-Average Grant Date Fair Value Per ShareNumber of SharesWeighted-Average Grant Date Fair Value Per Share
Unvested at January 1, 2025
86,864 $20.00 1,510,077 $6.14 
Granted— $— 108,610 $16.90 
Vested(86,864)$20.00 (408,454)$5.78 
Forfeited— $— (106,850)$6.36 
Unvested at June 30, 2025
— $— 1,103,383 $7.31 
Unrecognized compensation expense
 at June 30, 2025 (in thousands)
$— $6,932 
Expected weighted average recognition period0.0 years2.7 years
Employee Share Purchase Plan
As of June 30, 2025, no shares have been purchased or issued under the 2021 Employee Share Purchase Plan (the “ESPP”) and remaining shares reserved for the ESPP were 2,708,515.