Full Press Release Details
Century Therapeutics Reports Second Quarter
2023 Financial Results and Provides Business Updates
- Company remains on track to report initial
data from Schedule A of the ongoing Phase 1 ELiPSE-1 trial of CNTY-101 in relapsed/refractory CD19 positive B-cell lymphomas by year end
- Ended second quarter 2023 with cash,
cash equivalents, and investments of $301.0 million; Cash runway expected into 2026 -
PHILADELPHIA, August 9, 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 second quarter ended June 30, 2023.
"Here at Century we have continued to focus on the further advancement
of our pipeline, specifically our ELiPSE-1 Phase 1 trial evaluating CNTY-101 in relapsed or refractory CD19 positive B-cell lymphomas,
for which we expect to report initial data from Schedule A by year end," said Greg Russotti, Ph.D., Interim Chief Executive
Officer, Century Therapeutics. "We remain confident in our differentiated scientific approach and are looking forward to spending
the second half of this year working towards solidifying our position as an innovative leader in the cell therapy space."
Business Highlights & Upcoming Milestones
Second Quarter 2023 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 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
Century Therapeutics Forward-Looking Statement
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 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, 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:
Investors and Media: Melissa Forst/Maghan Meyers - century@argotpartners.com
Century Therapeutics, Inc
Condensed Balance Sheets
(unaudited, in thousands)
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 64,439 | $ | 84,265 | ||||
| Short-term investments | 91,958 | 231,233 | ||||||
| Prepaid expenses and other current assets | 4,883 | 4,223 | ||||||
| Total current assets | 161,280 | 319,721 | ||||||
| Property and equipment, net | 83,771 | 82,785 | ||||||
| Operating lease right-of-use assets, net | 24,993 | 28,945 | ||||||
| Long-term investments | 144,581 | 51,854 | ||||||
| Other long-term assets | 2,534 | 3,239 | ||||||
| Total assets | $ | 417,159 | $ | 486,544 | ||||
| Liabilities, convertible preferred stock, and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,625 | $ | 5,454 | ||||
| Accrued expenses and other liabilities | 8,600 | 10,707 | ||||||
| Long-term debt, current | - | 6,502 | ||||||
| Deferred revenue, current | 6,936 | 7,154 | ||||||
| Total current liabilities | 19,161 | 29,817 | ||||||
| Operating lease liability, noncurrent | 40,833 | 38,698 | ||||||
| Long-term debt, net | - | 3,739 | ||||||
| Other long-term liabilities | 361 | 718 | ||||||
| Deferred revenue | 109,233 | 110,834 | ||||||
| Total liabilities | 169,588 | 183,806 | ||||||
| Stockholders' equity | ||||||||
| Common stock | 6 | 6 | ||||||
| Additional paid-in capital | 832,425 | 824,292 | ||||||
| Accumulated deficit | (583,653 | ) | (519,098 | ) | ||||
| Accumulated other comprehensive loss | (1,207 | ) | (2,462 | ) | ||||
| Total stockholders' equity | 247,571 | 302,738 | ||||||
| Total liabilities and stockholders' equity | $ | 417,159 | $ | 486,544 |
Century Therapeutics, Inc
Condensed consolidated statements of operations
(unaudited, in thousands, except share and per share amounts)
| Three months Ended | Six months Ended | |||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Collaboration Revenue | $ | 99 | $ | 1,396 | $ | 1,819 | $ | 2,454 | ||||||||
| Operating Expenses | ||||||||||||||||
| Research and development | $ | 22,727 | $ | 24,494 | $ | 47,626 | $ | 45,690 | ||||||||
| General and administrative | 8,229 | 8,253 | 17,131 | 15,551 | ||||||||||||
| In-process research and development | - | - | - | 10,000 | ||||||||||||
| Impairment on long-lived assets | 4,220 | - | 4,220 | - | ||||||||||||
| Total operating expenses | $ | 35,176 | $ | 32,747 | $ | 68,977 | $ | 71,241 | ||||||||
| Loss from operations | (35,077 | ) | (31,351 | ) | (67,158 | ) | (68,787 | ) | ||||||||
| Interest expense | (136 | ) | (330 | ) | (540 | ) | (644 | ) | ||||||||
| Interest income | 3,058 | 706 | 5,681 | 960 | ||||||||||||
| Other income, net | (186 | ) | 5 | (380 | ) | 4 | ||||||||||
| Loss before provision for income taxes | $ | (32,341 | ) | $ | (30,970 | ) | $ | (62,397 | ) | $ | (68,467 | ) | ||||
| Provision for income taxes | (950 | ) | (18 | ) | (2,158 | ) | (34 | ) | ||||||||
| Net Loss | $ | (33,291 | ) | $ | (30,988 | ) | $ | (64,555 | ) | $ | (68,501 | ) | ||||
| Unrealized loss on investments | 59 | (780 | ) | 1,255 | (2,766 | ) | ||||||||||
| Foreign currency translation adjustment | 9 | (12 | ) | - | (18 | ) | ||||||||||
| Comprehensive loss | (33,223 | ) | (31,780 | ) | (63,300 | ) | (71,285 | ) | ||||||||
| Net loss per common share - Basic and Diluted | (0.56 | ) | (0.54 | ) | (1.10 | ) | (1.19 | ) | ||||||||
| Weighted average common shares outstanding | 59,251,363 | 57,685,006 | 58,904,726 | 57,370,022 |