Full Press Release Details
Century Therapeutics Reports Full Year 2022
Financial Results and Provides Business Updates
- Phase 1 ELiPSE-1 trial of CNTY-101 in relapsed/refractory
CD19 positive B-cell lymphomas underway -
- Ended 2022 with cash, cash equivalents, and
investments of $367.4 million; Cash runway expected into 2026 -
PHILADELPHIA, March 16, 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 full-year ended December 31,
"We are excited about the significant progress of our next generation
platforms for iNK and gamma delta iT product candidates, including the commencement of our Phase 1 ELiPSE-1 trial for CNTY-101. We are
well-positioned for a productive 2023 as we continue building on the foundational investments we've made in iPSC technology, genetic
editing, and manufacturing," said Lalo Flores, Chief Executive Officer, Century Therapeutics. "We have a strong balance sheet
and are realizing platform and operational efficiencies which we believe extend our cash runway into 2026 and allow us to deliver on our
key platform and program milestones."
Full Year 2022 Financial Results
About Century Therapeutics
Century Therapeutics, Inc. (NASDAQ: IPSC) is a clinical-stage biotechnology
company 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 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 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 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 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, | |||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 84,265 | $ | 56,445 | ||||
| Short-term investments | 231,233 | 166,434 | ||||||
| Prepaid expenses and other current assets | 4,223 | 5,275 | ||||||
| Total current assets | 319,721 | 228,154 | ||||||
| Property and equipment, net | 82,785 | 57,967 | ||||||
| Operating lease right-of-use assets, net | 28,945 | 11,854 | ||||||
| Long-term investments | 51,854 | 135,914 | ||||||
| Other long-term assets | 3,239 | 3,486 | ||||||
| Total assets | $ | 486,544 | $ | 437,375 | ||||
| Liabilities, convertible preferred stock, and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,454 | $ | 7,596 | ||||
| Accrued expenses and other liabilities | 10,707 | 7,020 | ||||||
| Long-term debt, current | 6,502 | 1,039 | ||||||
| Deferred revenue, current | 7,154 | - | ||||||
| Total current liabilities | 29,817 | 15,655 | ||||||
| Operating lease liability, noncurrent | 38,698 | 14,559 | ||||||
| Long-term debt, net | 3,739 | 8,903 | ||||||
| Other long-term liabilities | 718 | 2,020 | ||||||
| Deferred revenue | 110,834 | - | ||||||
| Total liabilities | 183,806 | 41,137 | ||||||
| Stockholders' equity | ||||||||
| Common stock | 6 | 5 | ||||||
| Additional paid-in capital | 824,292 | 785,049 | ||||||
| Accumulated deficit | (519,098 | ) | (388,166 | ) | ||||
| Accumulated other comprehensive loss | (2,462 | ) | (650 | ) | ||||
| Total stockholders' equity | 302,738 | 396,238 | ||||||
| Total liabilities and stockholders' equity | $ | 486,544 | $ | 437,375 |
Century Therapeutics,
Condensed consolidated
statements of operations
(unaudited, in thousands,
except share and per share amounts)
| Year Ended | ||||||||
| December 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| Collaboration Revenue | $ | 5,199 | $ | - | ||||
| Operating Expenses | ||||||||
| Research and development | $ | 97,173 | $ | 75,648 | ||||
| General and administrative | 31,857 | 19,235 | ||||||
| In-process research and development | 10,000 | - | ||||||
| Total operating expenses | $ | 139,030 | $ | 94,883 | ||||
| Loss from operations | (133,831 | ) | (94,883 | ) | ||||
| Interest expense | (1,430 | ) | (1,275 | ) | ||||
| Other income, net | 4,420 | 377 | ||||||
| Loss before provision for income taxes | $ | (130,841 | ) | $ | (95,781 | ) | ||
| Provision for income taxes | (91 | ) | (43 | ) | ||||
| Net Loss | $ | (130,932 | ) | $ | (95,824 | ) | ||
| Unrealized loss on investments | (1,786 | ) | (615 | ) | ||||
| Foreign currency translation adjustment | (26 | ) | (32 | ) | ||||
| Comprehensive loss | (132,744 | ) | (96,471 | ) | ||||
| Net loss per common share - Basic and Diluted | (2.27 | ) | (2.96 | ) | ||||
| Weighted average common shares outstanding | 57,755,842 | 32,392,554 |