Full Press Release Details
Century Therapeutics Reports Third Quarter 2023
Financial Results and Provides Business Updates
- Brent Pfeiffenberger, Pharm.D., MBA, appointed
Chief Executive Officer of Century Therapeutics -
- Initial data from the ongoing Phase 1 ELiPSE-1
trial evaluating CNTY-101 in relapsed or refractory CD19 positive B-cell lymphomas to be presented at the American Society of Hematology
(ASH) Annual Meeting -
- Announced expanded license agreements with
FUJIFILM Cellular Dynamics (FCDI) for the development and commercialization of iPSC-derived cell therapies in autoimmune and inflammatory
- Ended third quarter 2023 with cash, cash equivalents,
and investments of $284.3 million; Cash runway into 2026 -
PHILADELPHIA, November 9, 2023 -- 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 third quarter ended September 30, 2023.
"The last several months have been marked
by immense progress for Century, and we are thrilled to welcome Brent to the team as our new leader at this exciting period in the Company's
history," said Joe Jimenez, Chairman of the Board of Directors of Century. Greg Russotti, Interim Chief Executive Officer, Century
Therapeutics added, "We continued to advance our Phase 1 ELiPSE-1 trial evaluating CNTY-101 in relapsed or refractory CD19 positive
B-cell lymphomas. Building on the exciting case study featured in our ASH abstract earlier this month, we look forward to sharing additional
data in December which we believe continue to support the potential for a multi-dosing strategy for CAR iNK enabled by Allo-Evasion ."
Dr. Russotti added, "Furthermore, we were
extremely excited to announce this morning that we have expanded our license agreements with our partners at FCDI. These expanded agreements
provide us new and continued access to technology that we believe will aid in our mission to bring curative cell therapy products to patients
in need, including patients with autoimmune and inflammatory diseases."
Business Highlights and Upcoming Milestones
Third Quarter 2023 Financial Results
| Cash Position: Cash, cash equivalents, and investments were $284.3 million as of September 30, 2023, as compared to $367.4 million as of December 31, 2022. Net cash used in operations was $61.8 million for the nine months ended September 30, 2022 compared to net cash provided by operations of $37.0 million for the nine months ended September 30, 2022 (which includes deferred revenue from the Bristol Myers Squibb (BMS) collaboration of $118.5 million). | ||
| Collaboration Revenue: Collaboration revenue generated through the Company's collaboration, option, and license agreement with BMS was $0.1 million for the three months ended September 30, 2023 compared to $2.2 million for the same period in 2022. Revenue recognized under the collaboration agreement fluctuates based on the amount and timing of expenses incurred under the agreement. |
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 and inflammatory diseases 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 with a broadening application to inflammatory
and 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 care for cancer and autoimmune and inflammatory diseases. For more information on
Century Therapeutics please visit www.centurytx.com.
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 effects 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)
| September 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 55,307 | $ | 84,265 | ||||
| Short-term investments | 114,198 | 231,233 | ||||||
| Prepaid expenses and other current assets | 4,198 | 4,223 | ||||||
| Total current assets | 173,703 | 319,721 | ||||||
| Property and equipment, net | 81,993 | 82,785 | ||||||
| Operating lease right-of-use assets, net | 24,551 | 28,945 | ||||||
| Long-term investments | 114,762 | 51,854 | ||||||
| Other long-term assets | 2,542 | 3,239 | ||||||
| Total assets | $ | 397,551 | $ | 486,544 | ||||
| Liabilities, convertible preferred stock, and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,927 | $ | 5,454 | ||||
| Accrued expenses and other liabilities | 10,637 | 10,707 | ||||||
| Long-term debt, current | - | 6,502 | ||||||
| Deferred revenue, current | 3,871 | 7,154 | ||||||
| Total current liabilities | 20,435 | 29,817 | ||||||
| Operating lease liability, noncurrent | 45,535 | 38,698 | ||||||
| Long-term debt, net | - | 3,739 | ||||||
| Other long-term liabilities | 201 | 718 | ||||||
| Deferred revenue | 112,150 | 110,834 | ||||||
| Total liabilities | 178,321 | 183,806 | ||||||
| Stockholders' equity | ||||||||
| Common stock | 6 | 6 | ||||||
| Additional paid-in capital | 836,901 | 824,292 | ||||||
| Accumulated deficit | (616,373 | ) | (519,098 | ) | ||||
| Accumulated other comprehensive loss | (1,304 | ) | (2,462 | ) | ||||
| Total stockholders' equity | 219,230 | 302,738 | ||||||
| Total liabilities and stockholders' equity | $ | 397,551 | $ | 486,544 |
Century Therapeutics, Inc
Condensed consolidated statements of operations
(unaudited, in thousands, except share and per share amounts)
| Three months Ended | Nine months Ended | |||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Collaboration Revenue | $ | 148 | $ | 2,224 | $ | 1,967 | $ | 4,678 | ||||||||
| Operating Expenses | ||||||||||||||||
| Research and development | $ | 22,788 | $ | 25,898 | $ | 70,414 | $ | 71,588 | ||||||||
| General and administrative | 8,986 | 8,064 | 26,117 | 23,615 | ||||||||||||
| In-process research and development | 4,000 | - | 4,000 | 10,000 | ||||||||||||
| Impairment on long-lived assets | - | - | 4,220 | - | ||||||||||||
| Total operating expenses | $ | 35,774 | $ | 33,962 | $ | 104,751 | $ | 105,203 | ||||||||
| Loss from operations | (35,626 | ) | (31,738 | ) | (102,784 | ) | (100,525 | ) | ||||||||
| Interest expense | - | (373 | ) | (540 | ) | (1,017 | ) | |||||||||
| Interest income | 3,486 | 1,411 | 9,167 | 2,370 | ||||||||||||
| Other income, net | 12 | (24 | ) | (368 | ) | (19 | ) | |||||||||
| Loss before provision for income taxes | $ | (32,128 | ) | $ | (30,724 | ) | $ | (94,525 | ) | $ | (99,191 | ) | ||||
| Provision for income taxes | (592 | ) | (25 | ) | (2,750 | ) | (59 | ) | ||||||||
| Net Loss | $ | (32,720 | ) | $ | (30,749 | ) | $ | (97,275 | ) | $ | (99,250 | ) | ||||
| Unrealized loss on investments | (95 | ) | (165 | ) | 1,157 | (2,931 | ) | |||||||||
| Foreign currency translation adjustment | (2 | ) | (5 | ) | (1 | ) | (23 | ) | ||||||||
| Comprehensive loss | (32,817 | ) | (30,919 | ) | (96,119 | ) | (102,204 | ) | ||||||||
| Net loss per common share - Basic and Diluted | (0.55 | ) | (0.53 | ) | (1.65 | ) | (1.72 | ) | ||||||||
| Weighted average common shares outstanding | 59,448,229 | 57,973,541 | 59,087,374 | 57,573,406 |