Full Press Release Details
Century Therapeutics Reports Fourth Quarter
and Year-end 2021 Financial Results and Provides Business Updates
IND submission for lead program CNTY-101 on
track for mid 2022; Phase 1 ELiPSE-1 trial of CNTY-101 in relapsed/refractory lymphoma expected to commence after IND submission
Entered into a strategic collaboration with
Bristol Myers Squibb to develop iPSC-derived allogeneic cell therapies
Ended 2021 with cash, cash equivalents, and
marketable securities of $358.8M; Cash runway into 2025, including proceeds received from Bristol Myers Squibb in connection with the
Collaboration Agreement
PHILADELPHIA, March 17, 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 fourth quarter and year ended December 31, 2021.
"Throughout 2021, we continued to make steady progress in developing
our comprehensive, next-generation iPSC-based cell therapy platform, executed on our powerful discovery engine, and we believe we are
positioned to transition to a clinical stage company in 2022. With this foundation in place, we are on track to advance multiple product
candidates to the clinic over the next three years," said Lalo Flores, Chief Executive Officer, Century Therapeutics. "Additionally,
we look forward to continuing our partnership in the years ahead with Bristol Myers Squibb, a global leader in oncology and hematology,
to further expand our pipeline of iPSC-derived cell therapy products for treating hematological and solid tumor malignancies. We are committed
to maximizing the potential utility of our platform technology and look forward to what we expect to be a very productive year ahead."
Fourth Quarter and Year-end 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 and financial resources, our clinical development plans, the development of our U.S.
manufacturing facility, 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 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 on our business and operations; 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 or otherwise.
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)
| December 31, | December 31, | |||||||
| 2021 | 2020 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash Equivalents | $ | 56,445 | $ | 27,211 | ||||
| Short-term investment | 166,434 | 48,542 | ||||||
| Prepaid expenses and other current assets | 5,275 | 3,044 | ||||||
| Total Current Assets | 228,154 | 78,797 | ||||||
| Property and equipment, net | 57,967 | 15,385 | ||||||
| Operating lease right-of-use, net | 11,854 | 9,392 | ||||||
| Long-term investments | 135,914 | 1,053 | ||||||
| Other long-term assets | 3,486 | 2,149 | ||||||
| Total assets | $ | 437,375 | $ | 106,776 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 7,596 | $ | 8,082 | ||||
| Accrued expenses and other liabilities | 8,059 | 4,030 | ||||||
| Total current liabilities | 15,655 | 12,112 | ||||||
| Operating lease liability, noncurrent | 14,559 | 11,679 | ||||||
| Long-term debt, net | 8,903 | 9,636 | ||||||
| Other long-term liabilities | 2,020 | - | ||||||
| Total liabilities | 41,137 | 33,427 | ||||||
| Non-cumulative convertible preferred stock | 179,761 | |||||||
| Stockholders' equity | ||||||||
| Common stock | 5 | 1 | ||||||
| Additional paid-in capital | 785,049 | 217,832 | ||||||
| Subscription receivable | - | (31,900 | ) | |||||
| Accumulated deficit | (388,166 | ) | (292,342 | ) | ||||
| Accumulated other comprehensive loss | (650 | ) | (3 | ) | ||||
| Total stockholders' equity | 396,238 | (106,412 | ) | |||||
| Total liabilities and stockholders' equity | $ | 437,375 | $ | 106,776 |
| Century Therapeutics, Inc |
| Condensed Consolidated Statements of Operations |
| (unaudited, in thousands, except share and per share amounts) |
| Year Ended | ||||||||
| December 31, | December 31, | |||||||
| 2021 | 2020 | |||||||
| Operating Expenses: | ||||||||
| Research and development | $ | 75,648 | $ | 39,681 | ||||
| General and administrative | 19,235 | 9,495 | ||||||
| Write off of in-process research and development asset | - | 4,722 | ||||||
| Total operating expenses | 94,883 | 53,898 | ||||||
| Loss from operations | (94,883 | ) | (53,898 | ) | ||||
| Interest expense | (1,275 | ) | (381 | ) | ||||
| Other income, net | 377 | 704 | ||||||
| Loss before provision for income taxes | (95,781 | ) | (53,575 | ) | ||||
| Provision for income taxes | 43 | - | ||||||
| Net loss | $ | (95,824 | ) | $ | (53,575 | ) | ||
| Unrealized (loss) on short-term investments | (615 | ) | 8 | |||||
| Foreign currency translation adjustment | (32 | ) | (8 | ) | ||||
| Comprehensive loss | $ | (96,471 | ) | $ | (53,575 | ) | ||
| Net loss per common share - Basic and Diluted | $ | (2.96 | ) | $ | (7.16 | ) | ||
| Weighted average common shares outstanding | 32,392,554 | 7,481,861 |