Century Therapeutics Q1 2024 Financial Results and Business Updates

Century Therapeutics, Inc., a pioneering biotechnology company, specializing in induced pluripotent stem cell (iPSC)-derived cell therapies for cancer and autoimmune diseases, has disclosed its financial outcomes and key business developments for the first quarter ending March 31, 2024.

The company achieved significant strides in clinical, operational, and research areas during the quarter. CEO Brent Pfeiffenberger expressed enthusiasm about the progress made and outlined future plans, including the presentation of additional clinical data from the ELiPSE-1 trial of CNTY-101 in relapsed/refractory non-Hodgkin lymphoma (NHL) at the upcoming ASCO Annual Meeting. Moreover, the initiation of the Phase 1 CALiPSO-1 trial of CNTY-101 in systemic lupus erythematosus (SLE) is on track for the first half of 2024.

Century Therapeutics has been advancing its position as a leader in allogeneic, iPSC-derived cell therapy. This is bolstered by the acquisition of Clade Therapeutics, enhancing their Allo-Evasion™ platform and adding three preclinical stage αβ iT programs targeting cancer and autoimmune diseases. The acquisition brings in complementary technologies, advancing Century's capabilities and expanding its pipeline.

Key highlights for CNTY-101, a CD19 targeting allogeneic iNK cell therapy, include plans to broaden its clinical development into additional autoimmune diseases beyond SLE. The company's Allo-Evasion™ technology enables repeat dosing without the need for continuous lymphodepletion, addressing key pathways of host versus graft rejection. CNTY-101’s Phase 1 ELiPSE-1 trial showed promising early response signals in heavily pretreated NHL patients, including complete and partial responses. Additional data from this trial will be presented at the ASCO meeting.

In April 2024, Century showcased six poster presentations at the American Association for Cancer Research (AACR) Annual Meeting, highlighting new preclinical data and the company’s end-to-end cell therapy capabilities. These presentations underscored the potential of the Allo-Evasion™ platform to enable repeat dosing without rejection, enhancing the persistence and efficacy of the therapeutic cells.

Century also announced a $60 million private placement led by Bain Capital Life Sciences, supporting the accelerated expansion of their autoimmune disease programs. This funding is expected to enhance the company’s ability to advance its broadening pipeline.

Financially, Century ended the first quarter of 2024 with $249.9 million in cash, cash equivalents, and investments, providing a cash runway into 2026. The company posted a net loss of $28.1 million for the quarter, a slight improvement compared to the same period in the previous year. Research and Development (R&D) expenses slightly decreased to $23.4 million, attributed to a workforce reduction in early 2023, while General and Administrative (G&A) expenses remained stable at $8.7 million.

Century’s collaboration with Bristol-Myers Squibb generated $0.9 million in revenue for the quarter. The company projects full-year GAAP operating expenses to range between $150 million and $160 million, reflecting increased costs associated with the integration of Clade Therapeutics and the expanded clinical development of CNTY-101.

Century Therapeutics is committed to leveraging its expertise in cellular reprogramming, genetic engineering, and manufacturing to develop innovative cell therapies. Their efforts aim to overcome challenges inherent to current cell therapy modalities, enhancing patient access and advancing the treatment landscape for cancer and autoimmune diseases.