Full Press Release Details
Century Therapeutics Reports Full Year 2024
Financial Results and Provides Business Update
PHILADELPHIA, March 19, 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 full year 2024.
"Today we announced a pipeline re-prioritization to
streamline resources on advancing candidates that are potentially transformational or best-in-class in diseases with high unmet
need. We ended the year with a strong cash position, which we will leverage to achieve meaningful milestones and drive value for all
stakeholders as we take the company forward in a new direction," said Brent Pfeiffenberger, Pharm.D., Chief Executive Officer
of Century Therapeutics. "We have made the strategic decision to discontinue the Phase 1 ELiPSE-1 trial early, and we thank
the patients, providers and caregivers for their support
and participation. We believe CNTY-101 is well-positioned
to potentially impact the standard of care meaningfully in B-cell-mediated autoimmune diseases. We
are implementing key initiatives to drive toward delivering data in 2025 from the
CALiPSO-1 Phase 1 trial, including new site activations and enhanced patient enrollment efforts in both the U.S. and EU, and
with further insights from the CARAMEL Phase 1 investigator-initiated clinical trial which is expected to initiate in
Fourth Quarter 2024 and Recent Highlights
Clinical Pipeline for CNTY-101
Preclinical Pipeline
"We look forward to our planned webinar next month where we will
dive deeper into the programs we are taking forward. We believe these exciting programs unlock an opportunity to replace current therapies
and expand application of cell therapy to areas with serious medical need, starting with what we believe to be our unique ab
CD4+/CD8+ CAR-T cells combined with our most advanced Allo-Evasion 5.0 technology ," said Chad Cowan, Ph.D., Chief Scientific
Officer of Century Therapeutics. "In the case of CNTY-308 and CNTY-341 in B-cell-mediated diseases, we are aiming for comparable
or better performance to approved autologous CAR-T therapies. With our combined expertise in protein engineering, cell differentiation,
and manufacturing, we aim to launch allogeneic cell therapies at antibody-like scale and cost. For our solid tumor and non-immune cell
programs, this brings the potential to expand access to cell therapies much more broadly."
Full Year 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 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 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 disease
care. For more information on Century Therapeutics, please visit 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 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 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
For More Information:
Century Therapeutics
Chief Financial Officer
Century Therapeutics,
Condensed Balance Sheets
(unaudited, in thousands)
| December 31, | December 31, | |||||||
| Assets | 2024 | 2023 | ||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 58,441 | $ | 47,324 | ||||
| Short-term investments | 130,851 | 125,414 | ||||||
| Prepaid expenses and other current assets | 4,759 | 4,256 | ||||||
| Total current assets | 194,051 | 176,994 | ||||||
| Property and equipment, net | 62,141 | 71,705 | ||||||
| Operating lease right-of-use assets, net | 28,706 | 20,376 | ||||||
| Long-term investments | 30,818 | 89,096 | ||||||
| Goodwill | - | - | ||||||
| Intangible assets | 34,200 | - | ||||||
| Other long-term assets | 3,300 | 2,520 | ||||||
| Total assets | $ | 353,216 | $ | 360,691 | ||||
| Liabilities, convertible preferred stock, and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,075 | $ | 2,741 | ||||
| Accrued expenses and other liabilities | 17,543 | 10,733 | ||||||
| Long-term debt, current | - | - | ||||||
| Deferred revenue, current | 109,164 | 4,372 | ||||||
| Total current liabilities | 129,782 | 17,846 | ||||||
| Operating lease liability, noncurrent | 48,960 | 46,658 | ||||||
| Long-term debt, net | - | - | ||||||
| Other long-term liabilities | - | 56 | ||||||
| Deferred revenue | - | 111,381 | ||||||
| Contingent consideration liability | 8,738 | - | ||||||
| Deferred tax liability | 4,374 | - | ||||||
| Total liabilities | 191,854 | 175,941 | ||||||
| Stockholders' equity | ||||||||
| Common stock | 9 | 6 | ||||||
| Additional paid-in capital | 943,366 | 840,407 | ||||||
| Accumulated deficit | (782,337 | ) | (655,771 | ) | ||||
| Accumulated other comprehensive loss | 324 | 108 | ||||||
| Total stockholders' equity | 161,362 | 184,750 | ||||||
| Total liabilities and stockholders' equity | $ | 353,216 | $ | 360,691 |
| Century Therapeutics, Inc | ||||||||
| Condensed consolidated statements of operations | ||||||||
| (unaudited, in thousands, except share and per share amounts) | ||||||||
| Year Ended | Year Ended | |||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Collaboration Revenue | $ | 6,589 | $ | 2,235 | ||||
| Operating Expenses | ||||||||
| Research and development | 107,244 | 92,710 | ||||||
| General and administrative | 33,155 | 34,706 | ||||||
| In-process research and development | - | 5,000 | ||||||
| Impairment on long-lived assets | - | 16,365 | ||||||
| Impairment of goodwill | 4,327 | - | ||||||
| Total operating expenses | 144,726 | 148,781 | ||||||
| Loss from operations | (138,137 | ) | (146,546 | ) | ||||
| Interest expense | - | (540 | ) | |||||
| Interest income | 13,007 | 12,677 | ||||||
| Other income, net | 354 | (383 | ) | |||||
| Loss before provision for income taxes | (124,776 | ) | (134,792 | ) | ||||
| Provision for income taxes | (1,790 | ) | (1,881 | ) | ||||
| Net Loss | $ | (126,566 | ) | $ | (136,673 | ) | ||
| Unrealized gain (loss) on investments | 153 | 2,602 | ||||||
| Foreign currency translation adjustment gain (loss) | 63 | (32 | ) | |||||
| Comprehensive loss | $ | (126,350 | ) | $ | (134,103 | ) | ||
| Net loss per common share - Basic and Diluted | (1.61 | ) | (2.30 | ) | ||||
| Weighted average common shares outstanding | 78,648,958 | 59,314,389 |