Full Press Release Details
Century Therapeutics Reports First Quarter 2023
Financial Results and Provides Business Updates
- Preclinical data supporting selection
of CNTY-101 as lead product candidate presented at AACR Annual Meeting -
- Company remains on track to
report initial data from Schedule A of the ongoing Phase 1 ELiPSE-1 trial of CNTY-101 in relapsed/refractory CD19 positive B-cell lymphomas
- Ended first quarter 2023 with cash,
cash equivalents, and investments of $334.8 million; Cash runway expected into 2026 -
PHILADELPHIA, May 11, 2023 -- Century Therapeutics, Inc.
(NASDAQ: IPSC), an innovative clinical-stage 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, 2023.
"We are keenly focused on advancing our next generation iNK and
gamma delta iT platforms to deliver transformative allogeneic cell therapies to patients with unmet need," said Greg Russotti, Ph.D.,
interim Chief Executive Officer, Century Therapeutics. "For our lead candidate, CNTY-101, we remain on track to report initial
data from Schedule A of the ongoing Phase 1 ELiPSE-1 trial in patients with relapsed or refractory CD19 positive B-cell lymphomas by year
end. With a strong balance sheet expected to support operations into 2026 and a highly talented team, we believe we are well positioned
to successfully execute on our mission."
Business Highlights & Upcoming Milestones
First Quarter 2023 Financial Results
About Century Therapeutics
Century Therapeutics (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
Century Therapeutics Forward-Looking Statement
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 clinical development plans and
timelines, 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 press release 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 dependence on
the success of our lead product candidate, CNTY-101,our ability to obtain FDA acceptance for our future IND submissions and commence
clinical trials on expected timelines, or at all; 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, banking
instability 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 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; our ability to recruit and maintain key members of management 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 or
For More Information:
Investors and Media: Melissa Forst/Maghan Meyers - century@argotpartners.com
Century Therapeutics, Inc
Condensed Balance Sheets
(unaudited, in thousands)
| March 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 86,832 | $ | 84,265 | ||||
| Short-term investments | 164,637 | 231,233 | ||||||
| Prepaid expenses and other current assets | 4,465 | 4,223 | ||||||
| Total current assets | 255,934 | 319,721 | ||||||
| Property and equipment, net | 85,842 | 82,785 | ||||||
| Operating lease right-of-use assets, net | 28,207 | 28,945 | ||||||
| Long-term investments | 83,316 | 51,854 | ||||||
| Other long-term assets | 2,929 | 3,239 | ||||||
| Total assets | $ | 456,228 | $ | 486,544 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,475 | $ | 5,454 | ||||
| Accrued expenses and other liabilities | 7,412 | 10,707 | ||||||
| Long-term debt, current | 10,297 | 6,502 | ||||||
| Deferred revenue, current | 6,500 | 7,154 | ||||||
| Total current liabilities | 27,684 | 29,817 | ||||||
| Operating lease liability, noncurrent | 41,168 | 38,698 | ||||||
| Long-term debt, net | - | 3,739 | ||||||
| Other long-term liabilities | 433 | 718 | ||||||
| Deferred revenue | 109,768 | 110,834 | ||||||
| Total liabilities | 179,053 | 183,806 | ||||||
| Stockholders' equity | ||||||||
| Common stock | 6 | 6 | ||||||
| Additional paid-in capital | 828,806 | 824,292 | ||||||
| Accumulated deficit | (550,362 | ) | (519,098 | ) | ||||
| Accumulated other comprehensive loss | (1,275 | ) | (2,462 | ) | ||||
| Total stockholders' equity | 277,175 | 302,738 | ||||||
| Total liabilities and stockholders' equity | $ | 456,228 | $ | 486,544 |
Century Therapeutics, Inc
Condensed consolidated statements of operations
(unaudited, in thousands,
except share and per share amounts)
| Three Months Ended | ||||||||
| March 31, | March 31, | |||||||
| 2023 | 2022 | |||||||
| Collaboration Revenue | $ | 1,720 | $ | 1,058 | ||||
| Operating Expenses | ||||||||
| Research and development | $ | 24,899 | $ | 21,196 | ||||
| General and administrative | 8,902 | 7,298 | ||||||
| In-process research and development | - | 10,000 | ||||||
| Total operating expenses | $ | 33,801 | $ | 38,494 | ||||
| Loss from operations | (32,081 | ) | (37,436 | ) | ||||
| Interest expense | (404 | ) | (314 | ) | ||||
| Interest income | 2,623 | 253 | ||||||
| Other expense, net | (194 | ) | - | |||||
| Loss before provision for income taxes | $ | (30,056 | ) | $ | (37,497 | ) | ||
| Provision for income taxes | (1,208 | ) | (16 | ) | ||||
| Net Loss | $ | (31,264 | ) | $ | (37,513 | ) | ||
| Unrealized loss on investments | 1,196 | (1,986 | ) | |||||
| Foreign currency translation adjustment | (9 | ) | (6 | ) | ||||
| Comprehensive loss | (30,077 | ) | (39,505 | ) | ||||
| Net loss per common share - Basic and Diluted | (0.53 | ) | (0.66 | ) | ||||
| Weighted average common shares outstanding | 58,610,375 | 57,051,539 |