Full Press Release Details
Century Therapeutics Reports Second Quarter 2022 Financial
Results and Provides Business Updates
- Following the recent submission
of the IND application for CNTY-101 and pending FDA clearance, the Phase 1 ELiPSE-1 trial in relapsed/refractory lymphoma is on track
to commence in the second half of 2022 -
- Ended second quarter 2022
with cash, cash equivalents, and investments of $429.4; Expected cash runway into 2025 -
PHILADELPHIA, August 11, 2022 -- 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 second quarter ended June 30, 2022.
"We are excited about our recent IND submission for
our lead candidate, CNTY-101, and pending FDA clearance, are looking forward to initiating the Phase 1 ELiPSE-1 trial in relapsed/refractory
lymphoma," said Lalo Flores, Chief Executive Officer, Century Therapeutics. "We continue to make steady progress in building
a best-in-class allogeneic cell therapy platform and achieved a key milestone this quarter in establishing the iNK 3.0 Common Progenitor,
which we believe will accelerate new candidate selection. Additionally, we look forward to providing updates on our gamma delta iT platform
and other program advancements in the coming months."
Subsequent Events and Upcoming Milestones
Second Quarter 2022 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, financial resources, and estimated expenses, our clinical
development plans and timelines, and the development of our U.S. manufacturing facility 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 ability to obtain FDA acceptance
for our 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, Inc |
| Condensed Balance Sheets |
| (unaudited, in thousands) |
| June 30, | December 31, | |||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 112,787 | $ | 56,445 | ||||
| Short-term investments | 265,971 | 166,434 | ||||||
| Prepaid expenses and other current assets | 5,035 | 5,275 | ||||||
| Total current assets | 383,793 | 228,154 | ||||||
| Property and equipment, net | 69,971 | 57,967 | ||||||
| Operating lease right-of-use assets, net | 24,728 | 11,854 | ||||||
| Long-term investments | 50,607 | 135,914 | ||||||
| Other long-term assets | 3,485 | 3,486 | ||||||
| Total assets | $ | 532,584 | $ | 437,375 | ||||
| Liabilities, convertible preferred stock, and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,048 | $ | 7,596 | ||||
| Accrued expenses and other liabilities | 9,697 | 8,059 | ||||||
| Deferred revenue, current | 7,824 | - | ||||||
| Total current liabilities | 21,569 | 15,655 | ||||||
| Operating lease liability, noncurrent | 30,433 | 14,559 | ||||||
| Long-term debt, net | 8,501 | 8,903 | ||||||
| Other long-term liabilities | 1,220 | 2,020 | ||||||
| Deferred revenue | 112,909 | - | ||||||
| Total liabilities | 174,632 | 41,137 | ||||||
| Stockholders' equity | ||||||||
| Common stock | 6 | 5 | ||||||
| Additional paid-in capital | 818,047 | 785,049 | ||||||
| Accumulated deficit | (456,667 | ) | (388,166 | ) | ||||
| Accumulated other comprehensive loss | (3,434 | ) | (650 | ) | ||||
| Total stockholders' equity | 357,952 | 396,238 | ||||||
| Total liabilities and stockholders' equity | $ | 532,584 | $ | 437,375 |
Century Therapeutics, Inc
Condensed consolidated statements
(unaudited, in thousands,
except share and per share amounts)
| Three months ended | Six months ended | |||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Collaboration Revenue | $ | 1,396 | $ | - | $ | 2,454 | $ | - | ||||||||
| Operating Expenses | ||||||||||||||||
| Research and development | $ | 24,494 | $ | 18,933 | $ | 45,690 | $ | 34,307 | ||||||||
| General and administrative | 8,253 | 4,088 | 15,551 | 6,776 | ||||||||||||
| In-process research and development | - | - | 10,000 | - | ||||||||||||
| Total operating expenses | $ | 32,747 | $ | 23,021 | $ | 71,241 | $ | 41,083 | ||||||||
| Loss from operations | (31,351 | ) | (23,021 | ) | (68,787 | ) | (41,083 | ) | ||||||||
| Interest expense | (330 | ) | (318 | ) | (644 | ) | (632 | ) | ||||||||
| Other income, net | 711 | 66 | 964 | 94 | ||||||||||||
| Loss before provision for income taxes | $ | (30,970 | ) | $ | (23,273 | ) | $ | (68,467 | ) | $ | (41,621 | ) | ||||
| Provision for income taxes | (18 | ) | - | (34 | ) | - | ||||||||||
| Net Loss | $ | (30,988 | ) | $ | (23,273 | ) | $ | (68,501 | ) | $ | (41,621 | ) | ||||
| Unrealized (loss) gain on investments | (780 | ) | 32 | (2,766 | ) | 5 | ||||||||||
| Foreign currency translation adjustment | (12 | ) | (9 | ) | (18 | ) | (5 | ) | ||||||||
| Comprehensive loss | (31,780 | ) | (23,250 | ) | (71,285 | ) | (41,621 | ) | ||||||||
| Net loss per common share - Basic and Diluted | (0.54 | ) | (1.93 | ) | (1.19 | ) | (4.26 | ) | ||||||||
| Weighted average common shares outstanding | 57,685,006 | 12,044,610 | 57,370,022 | 9,775,840 |