Full Press Release Details
Century Therapeutics Reports First Quarter 2024
Financial Results and Provides Business Updates
- Announced plans to pursue additional autoimmune
disease regulatory filings for its iPSC derived NK cell therapy, CNTY-101, beyond systemic lupus erythematosus (SLE)
- Closed $60 million private placement led
by Bain Capital Life Sciences supporting accelerated expansion in autoimmune disease
- Acquired Clade Therapeutics bringing enhancement
of Allo-Evasion platform and three preclinical stage iT programs spanning across cancer and autoimmune diseases
- Additional clinical
data from Phase 1 ELiPSE-1 trial in relapsed/refractory (R/R) B-cell lymphoma to be presented at American Society for Clinical
Oncology (ASCO) Annual Meeting
- Ended 1Q24 with cash, cash equivalents, and
investments of $249.9 million; Cash runway into 2026 -
PHILADELPHIA, May 9, 2024 -- Century
Therapeutics, Inc. (NASDAQ: IPSC), an innovative biotechnology company developing induced pluripotent stem cell (iPSC)-derived
cell therapies in immuno-oncology and autoimmune diseases, today reported financial results and business highlights for the first quarter
ended March 31, 2024.
"We have made significant clinical,
operational and research-oriented progress so far this year, and I am incredibly excited by the momentum we've been able to achieve
in such a short period of time," said Brent Pfeiffenberger, Pharm.D., Chief Executive Officer of Century Therapeutics. "Looking
ahead, we will be sharing additional clinical data from the ELiPSE-1 trial of CNTY-101 in R/R NHL at the upcoming ASCO Annual Meeting
in June. In addition, we are on track to initiate the Phase 1 CALiPSO-1 trial of CNTY-101 in SLE in the first half of 2024, while also
continuing to progress the multiple planned regulatory filings for CNTY-101 in additional autoimmune disease indications later this year.
We believe Century's position as a leader in allogeneic, iPSC-derived cell therapy is fortified by the recent expansion of
our pipeline and platform capabilities through the acquisition of Clade Therapeutics, and we are looking forward to continued execution
across our robust portfolio of novel assets providing us with multiple near- and long-term potential value drivers."
Research and Development Highlights and Upcoming Milestones
CNTY-101 is a CD19 targeting allogeneic
iNK cell therapy with 6 precision gene edits powered by Century's Allo-Evasion technology, which enables repeat dosing
without the need for continued lymphodepletion. Century's core Allo-Evasion edits are designed to overcome the three major
pathways of host versus graft rejection: CD8+ T cells, CD4+ T cells and NK cells.
Platform Technology and Additional Pipeline Programs
First Quarter 2024 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 and autoimmune and inflammatory diseases that we believe will allow us
to overcome the limitations of first-generation cell therapies. Our genetically engineered, iPSC-derived cell product candidates are designed
to specifically target hematologic and solid tumor cancers, with a broadening application to autoimmune and inflammatory diseases. 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 and autoimmune and inflammatory disease care. For more information on Century Therapeutics please visit
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 clinical development plans and timelines, and our financial guidance 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; the ability of CNTY-101 to be administered as part of a multi-dose strategy and to enable responses without lymphodepletion;
uncertainties inherent in the results of preliminary data, preclinical studies and earlier-stage clinical trials, which may not be predictive
of final results or the results of later-stage clinical trials; the timing of and our ability to initiate and successfully enroll the
Phase 1 SLE trial; our ability to successfully integrate operations with Clade Therapeutics; our ability to obtain FDA clearance of our
future IND submissions and commence and complete 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 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 otherwise.
For More Information:
Investors and media: Julie Seidel/ Noor Pahlavi - century@argotpartners.com
Century Therapeutics, Inc
Condensed Balance Sheets
(unaudited, in thousands)
| March 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current Assets: | $ | $ | ||||||
| Cash and cash equivalents | 46,812 | 47,324 | ||||||
| Short-term investments | 145,204 | 125,414 | ||||||
| Prepaid expenses and other current assets | 7,797 | 4,256 | ||||||
| Total current assets | 199,813 | 176,994 | ||||||
| Property and equipment, net | 69,005 | 71,705 | ||||||
| Operating lease right-of-use assets, net | 19,314 | 20,376 | ||||||
| Long-term investments | 57,852 | 89,096 | ||||||
| Other long-term assets | 2,522 | 2,520 | ||||||
| Total assets | $ | 348,507 | $ | 360,691 | ||||
| Liabilities, convertible preferred stock, and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,432 | $ | 2,741 | ||||
| Accrued expenses and other liabilities | 8,023 | 10,733 | ||||||
| Long-term debt, current | - | - | ||||||
| Deferred revenue, current | 4,610 | 4,372 | ||||||
| Total current liabilities | 16,065 | 17,846 | ||||||
| Operating lease liability, noncurrent | 44,251 | 46,658 | ||||||
| Other long-term liabilities | 20 | 56 | ||||||
| Deferred revenue | 110,288 | 111,381 | ||||||
| Total liabilities | 170,624 | 175,941 | ||||||
| Stockholders' equity | ||||||||
| Common stock | 6 | 6 | ||||||
| Additional paid-in capital | 861,952 | 840,407 | ||||||
| Accumulated deficit | (683,833 | ) | (655,771 | ) | ||||
| Accumulated other comprehensive loss | (241 | ) | 108 | |||||
| Total stockholders' equity | 177,883 | 184,750 | ||||||
| Total liabilities and stockholders' equity | $ | 348,507 | $ | 360,691 |
Century Therapeutics, Inc
Condensed consolidated statements of operations
(unaudited, in thousands, except share and per share amounts)
| March 31, | March 31, | |||||||
| 2024 | 2023 | |||||||
| Collaboration Revenue | $ | 855 | $ | 1,720 | ||||
| Operating Expenses | ||||||||
| Research and development | 23,421 | 24,899 | ||||||
| General and administrative | 8,743 | 8,902 | ||||||
| Total operating expenses | 32,164 | 33,801 | ||||||
| Loss from operations | (31,309 | ) | (32,081 | ) | ||||
| Interest expense | - | (404 | ) | |||||
| Interest income | 3,237 | 2,623 | ||||||
| Other income, net | 11 | (194 | ) | |||||
| Loss before provision for income taxes | (28,061 | ) | (30,056 | ) | ||||
| Provision for income taxes | (1 | ) | (1,208 | ) | ||||
| Net Loss | $ | (28,062 | ) | $ | (31,264 | ) | ||
| Unrealized gain (loss) on investments | (351 | ) | 1,196 | |||||
| Foreign currency translation adjustment gain (loss) | 2 | (9 | ) | |||||
| Comprehensive loss | $ | (28,411 | ) | $ | (30,077 | ) | ||
| Net loss per common share - Basic and Diluted | (0.45 | ) | (0.53 | ) | ||||
| Weighted average common shares outstanding | 62,296,637 | 58,610,375 |