Full Press Release Details
Century Therapeutics Reports First Quarter 2022
Financial Results and Provides Business Updates
- Phase 1 ELiPSE-1 trial of CNTY-101 in relapsed/refractory
lymphoma expected to commence in the second half of 2022 following IND submission in mid 2022-
- Ended first quarter 2022 with cash, cash equivalents,
and investments of $466.4M; Cash runway into 2025 -
PHILADELPHIA, May 16, 2022 (GLOBE NEWSWIRE) -- Century
Therapeutics, Inc., (NASDAQ: IPSC), an innovative biotechnology company developing induced pluripotent stem cell (iPSC)-derived
cell therapies in immuno-oncology, today reported financial results and business highlights for the first quarter ended March 31,
"We are off to a strong start in 2022, which we expect will be
a transformational year for Century as we transition into a clinical-stage organization," said Lalo Flores, Chief Executive Officer,
Century Therapeutics. "Looking ahead, we remain on track to submit our first IND application for our lead program, CNTY-101, mid-year,
with the Phase 1 ELiPSE-1 trial for CNTY-101 in relapsed/refractory lymphoma expected to commence in the second half of 2022. We are continuing
to invest in our comprehensive, next-generation iPSC-based cell therapy platform, and believe we are well positioned to advance multiple
product candidates into the clinic over the next several years. We look forward to providing updates at scientific congresses this year
and our upcoming virtual R&D Day next month"
Business Highlights & Upcoming Milestones
First Quarter 2021 Financial Results
About Century Therapeutics
Century Therapeutics, Inc. (NASDAQ: IPSC) is harnessing the power
of adult stem cells to develop curative cell therapy products for cancer that we believe will allow us to overcome the limitations of
first-generation cell therapies. Our genetically engineered, iPSC-derived iNK and iT cell product candidates are designed to specifically
target hematologic and solid tumor cancers. We are leveraging our expertise in cellular reprogramming, genetic engineering, and manufacturing
to develop therapies with the potential to overcome many of the challenges inherent to cell therapy and provide a significant advantage
over existing cell therapy technologies. We believe our commitment to developing off-the-shelf cell therapies will expand
patient access and provide an unparalleled opportunity to advance the course of cancer care. For more information on Century Therapeutics
please visit https://www.centurytx.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of, and made pursuant to the safe harbor provisions of, The Private Securities Litigation Reform Act of 1995. All statements contained
in this press release, other than statements of historical facts or statements that relate to present facts or current conditions, including
but not limited to, statements regarding our cash, financial resources, and estimated expenses, our clinical development plans, and the
development of our U.S. manufacturing facility are forward-looking statements. These statements involve known and unknown risks, uncertainties
and other important factors that may cause our actual results, performance, or achievements to be materially different from any future
results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking
statements by terms such as "may," "might," "will," "should," "expect," "plan,"
"aim," "seek," "anticipate," "could," "intend," "target," "project,"
"contemplate," "believe," "estimate," "predict," "forecast," "potential"
or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this presentation
are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future
events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking
statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, some of
which cannot be predicted or quantified and some of which are beyond our control, including, among others: our ability to successfully
advance our current and future product candidates through development activities, preclinical studies, and clinical trials; our reliance
on the maintenance of certain key collaborative relationships for the manufacturing and development of our product candidates; the timing,
scope and likelihood of regulatory filings and approvals, including final regulatory approval of our product candidates; the impact of
the COVID-19 pandemic, geopolitical issues and inflation on our business and operations, supply chain and labor force; the performance
of third parties in connection with the development of our product candidates, including third parties conducting our future clinical
trials as well as third-party suppliers and manufacturers; our ability to successfully commercialize our product candidates and develop
sales and marketing capabilities, if our product candidates are approved; and our ability to maintain and successfully enforce adequate
intellectual property protection. These and other risks and uncertainties are described more fully in the "Risk Factors" section
of our most recent filings with the Securities and Exchange Commission and available at www.sec.gov. You should not rely on these forward-looking
statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved
or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in a
dynamic industry and economy. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to
predict all risk factors and uncertainties that we may face. Except as required by applicable law, we do not plan to publicly update or
revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances
For More Information:
Company: Elizabeth Krutoholow - investor.relations@centurytx.com
Investors: Melissa Forst/Maghan Meyers - century@argotpartners.com
Media: Joshua R. Mansbach - century@argotpartners.com
Century Therapeutics,
Condensed Balance Sheets
(unaudited, in thousands)
| March 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 126,039 | $ | 56,445 | ||||
| Short-term investments | 234,981 | 166,434 | ||||||
| Prepaid expenses and other current assets | 4,242 | 5,275 | ||||||
| Total current assets | 365,262 | 228,154 | ||||||
| Property and equipment, net | 64,681 | 57,967 | ||||||
| Operating lease right-of-use assets, net | 11,670 | 11,854 | ||||||
| Long-term investments | 105,360 | 135,914 | ||||||
| Other long-term assets | 3,335 | 3,486 | ||||||
| Total assets | $ | 550,308 | $ | 437,375 | ||||
| Liabilities, convertible preferred stock, and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 9,893 | $ | 7,596 | ||||
| Accrued expenses and other liabilities | 5,704 | 8,059 | ||||||
| Deferred revenue, current | 6,379 | - | ||||||
| Total current liabilities | 21,976 | 15,655 | ||||||
| Operating lease liability, noncurrent | 14,430 | 14,559 | ||||||
| Long-term debt, net | 10,018 | 8,903 | ||||||
| Other long-term liabilities | 1,470 | 2,020 | ||||||
| Deferred revenue | 115,750 | - | ||||||
| Total liabilities | 163,644 | 41,137 | ||||||
| Stockholders' equity | ||||||||
| Common stock | 6 | 5 | ||||||
| Additional paid-in capital | 814,979 | 785,049 | ||||||
| Accumulated deficit | (425,679 | ) | (388,166 | ) | ||||
| Accumulated other comprehensive loss | (2,642 | ) | (650 | ) | ||||
| Total stockholders' equity | 386,664 | 396,238 | ||||||
| Total liabilities and stockholders' equity | $ | 550,308 | $ | 437,375 |
Condensed consolidated statements of operations
(unaudited, in thousands, except share and per share amounts)
| Three months ended | ||||||||
| March 31, | March 31, | |||||||
| 2022 | 2021 | |||||||
| Collaboration Revenue | $ | 1,058 | $ | - | ||||
| Operating Expenses | ||||||||
| Research and development | $ | 21,196 | $ | 15,374 | ||||
| General and administrative | 7,298 | 2,688 | ||||||
| In-process research and development | 10,000 | - | ||||||
| Total operating expenses | $ | 38,494 | $ | 18,062 | ||||
| Loss from operations | (37,436 | ) | (18,062 | ) | ||||
| Interest expense | (314 | ) | (314 | ) | ||||
| Other income, net | 253 | 28 | ||||||
| Loss before provision for income taxes | $ | (37,497 | ) | $ | (18,348 | ) | ||
| Provision for income taxes | (16 | ) | - | |||||
| Net Loss | $ | (37,513 | ) | $ | (18,348 | ) | ||
| Unrealized loss on short-term investments | (1,986 | ) | (27 | ) | ||||
| Foreign currency translation adjustment | (6 | ) | 4 | |||||
| Comprehensive loss | (39,505 | ) | (18,371 | ) | ||||
| Net loss per common share - Basic and Diluted | (0.66 | ) | (2.39 | ) | ||||
| Weighted average common shares outstanding | 57,051,539 | 7,677,196 |