Full Press Release Details
Century Therapeutics Reports First Quarter 2025
Financial Results and Provides Business Update
PHILADELPHIA, May 15, 2025 -- Century Therapeutics, Inc. ( Century',
NASDAQ: IPSC), an innovative biotechnology company developing induced pluripotent stem cell (iPSC)-derived cell therapies in autoimmune
disease and cancer, today reported financial results and business highlights for the first quarter ended March 31, 2025.
"We have made important progress focusing on pipeline programs
with transformational potential in high-value commercial markets. In a recently held company webinar and at ASGCT, we showcased developmental
progress with our preclinical pipeline, iPSC platform, and manufacturing capabilities, highlighting the potential for a pathway to developing
iPSC-derived cell therapies at antibody-like scale. We are on track to initiate IND-enabling studies for our lead preclinical program,
CNTY-308, in mid-2025," said Brent Pfeiffenberger, Pharm.D., Chief Executive Officer of Century Therapeutics. "For our clinical-stage
pipeline, patient dosing is now underway in the U.S. for the CALiPSO-1 trial and, with expansion into Europe, we remain on track to deliver
clinical data for CNTY-101 by the end of 2025. We look forward to building on this momentum and pursuing a disciplined approach across
our pipeline to bring investigational cell therapies closer to patients and generate value for all our stakeholders."
First Quarter 2025 and Recent Highlights
CNTY-101 in Autoimmune Disease
CNTY-308 and Other Preclinical Programs
First Quarter 2025 Financial Results
About Century Therapeutics
Century Therapeutics (NASDAQ: IPSC) is a clinical-stage biotechnology
company leveraging its expertise in cellular reprogramming, genetic engineering, and manufacturing to develop cell therapies with the
potential to provide meaningful advantages over existing cell therapies. Century's genetically engineered, iPSC-derived cell therapy
pipeline includes programs designed to address autoimmune diseases and cancers. Century believes its commitment to developing off-the-shelf
cell therapies will expand patient access and provide an opportunity to advance the course of autoimmune disease and cancer care. For
more information on Century Therapeutics, please visit www.centurytx.com and connect with us on LinkedIn.
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 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 progress CNTY-101 through clinical development; our ability to meet development milestones on anticipated timelines; uncertainties
inherent in the results of preliminary data, pre-clinical studies and earlier-stage clinical trials, which may not be predictive of final
results or the results of later-stage clinical trials; our ability to obtain clearance of our future IND or CTA 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, trade disputes and tariffs, 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:
Century Therapeutics
Chief Financial Officer
Century Therapeutics, Inc
Condensed Balance Sheets
(unaudited, in thousands)
| March 31, | December 31, | |||||||
| Assets | 2025 | 2024 | ||||||
| Current Assets: | $ | $ | ||||||
| Cash and cash equivalents | 51,865 | 58,441 | ||||||
| Short-term investments | 113,256 | 130,851 | ||||||
| Prepaid expenses and other current assets | 4,510 | 4,759 | ||||||
| Total current assets | 169,631 | 194,051 | ||||||
| Property and equipment, net | 59,532 | 62,141 | ||||||
| Operating lease right-of-use assets, net | 28,232 | 28,706 | ||||||
| Long-term investments | 20,713 | 30,818 | ||||||
| Intangible assets | 34,200 | 34,200 | ||||||
| Other long-term assets | 3,301 | 3,300 | ||||||
| Total assets | 315,609 | 353,216 | ||||||
| Liabilities, convertible preferred stock, and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,573 | $ | 3,075 | ||||
| Accrued expenses and other liabilities | 10,930 | 17,543 | ||||||
| Deferred revenue, current | - | 109,164 | ||||||
| Total current liabilities | 14,503 | 129,782 | ||||||
| Operating lease liability, noncurrent | 47,793 | 48,960 | ||||||
| Contingent consideration liability | 8,500 | 8,738 | ||||||
| Deferred tax liability | 4,374 | 4,374 | ||||||
| Total liabilities | 75,170 | 191,854 | ||||||
| Stockholders' equity | ||||||||
| Common stock | 9 | 9 | ||||||
| Additional paid-in capital | 945,902 | 943,366 | ||||||
| Accumulated deficit | (705,777 | ) | (782,337 | ) | ||||
| Accumulated other comprehensive loss | 305 | 324 | ||||||
| Total stockholders' equity | 240,439 | 161,362 | ||||||
| Total liabilities and stockholders' equity | $ | 315,609 | $ | 353,216 |
Century Therapeutics, Inc
Condensed consolidated statements of operations
(unaudited, in thousands, except share and per share amounts)
| Three Months Ended | Three Months Ended | |||||||
| March 31, 2025 | March 31, 2024 | |||||||
| Collaboration Revenue | $ | 109,164 | $ | 855 | ||||
| Operating Expenses | ||||||||
| Research and development | 26,580 | 23,421 | ||||||
| General and administrative | 8,408 | 8,743 | ||||||
| Total operating expenses | 34,988 | 32,164 | ||||||
| Income (loss) from operations | 74,176 | (31,309 | ) | |||||
| Interest income | 2,422 | 3,237 | ||||||
| Other income (expense), net | (38 | ) | 11 | |||||
| Income (loss) before provision for income taxes | 76,560 | (28,061 | ) | |||||
| Provision for income taxes | - | (1 | ) | |||||
| Net Income (loss) | $ | 76,560 | $ | (28,062 | ) | |||
| Unrealized loss on investments | (19 | ) | (351 | ) | ||||
| Foreign currency translation gain | - | 2 | ||||||
| Comprehensive income (loss) | $ | 76,541 | $ | (28,411 | ) | |||
| Net income (loss) per common share: Basic | 0.89 | (0.45 | ) | |||||
| Net income (loss) per common share: Diluted | 0.89 | (0.45 | ) | |||||
| Weighted average common shares outstanding: Basic | 86,021,188 | 62,296,637 | ||||||
| Weighted average common shares outstanding: Diluted | 86,098,619 | 62,296,637 |