Century Therapeutics Q2 2024 Financial Results and Business Updates

Century Therapeutics, Inc., a biotechnology firm specializing in induced pluripotent stem cell (iPSC)-derived therapies for cancer and autoimmune diseases, recently shared its financial performance and key developments for Q2 2024. The company has strategically expanded into autoimmune diseases, marking a significant milestone with the initiation of the Phase 1 CALiPSO-1 trial for Systemic Lupus Erythematosus (SLE) and Lupus Nephritis (LN).

CEO Brent Pfeiffenberger expressed pride in the company's rapid progress and emphasized the strategic importance of their expansion into autoimmune diseases. Century’s proprietary Allo-Evasion™ technology underpins their advanced iPSC-derived cell therapy platform, aiming to deliver controlled, durable, and tolerable treatments.

The CALiPSO-1 trial is an open-label, multi-center study designed to assess the safety, tolerability, pharmacokinetics, and clinical response of CNTY-101 in patients with moderate to severe SLE and LN, who have not responded to at least two standard immunosuppressive therapies. The first clinical site is already active, with additional locations opening across the U.S. Initial clinical data is anticipated by the end of 2024. This trial’s protocol was recently amended to include a cohort of LN patients, reflecting Century’s commitment to expanding regulatory filings for CNTY-101 in various autoimmune conditions.

In May 2024, Century presented promising data at the American Society of Gene and Cell Therapy (ASGCT) Annual Meeting. The presentations included preclinical data on CNTY-101, a CD19-targeting allogeneic iNK cell therapy with multiple precision gene edits, showcasing its potential in treating B-cell-driven autoimmune diseases including SLE. New data demonstrated the potential of using a synthetic ligand targeting CD300a to prevent natural killer (NK) cell-mediated rejection in allogeneic therapies, suggesting improved outcomes and broader treatment benefits.

In June, the company shared encouraging interim results from the Phase 1 ELiPSE-1 trial of CNTY-101 in patients with relapsed/refractory CD19-positive B-cell lymphomas at the American Society of Clinical Oncology (ASCO) Annual Meeting. Preliminary data from 12 patients indicated a manageable safety profile with no dose-limiting toxicities or graft-versus-host disease. The pharmacokinetics data showed that CNTY-101’s persistence increased with dose escalation. The trial has now completed dose escalation and is moving into the dose confirmation phase, with dose expansion expected in the latter half of 2024.

On the corporate front, Century completed a $60 million private placement of common stock in April 2024, involving new and existing investors. The same month, Century acquired Clade Therapeutics, enhancing its Allo-Evasion™ platform and adding three preclinical stage αβ iT programs to its pipeline.

Financially, Century ended Q2 2024 with cash, cash equivalents, and investments totaling $269.6 million, up from $261.8 million at the end of 2023. The net cash used in operations for the first half of the year was $57.6 million, compared to $48.5 million in the same period in 2023. The firm generated $0.8 million in collaboration revenue for Q2 2024, an increase from $0.1 million in Q2 2023. Research and development expenses rose to $27.2 million, primarily due to increased manufacturing activities for CNTY-101 and the Clade acquisition. General and administrative expenses were relatively unchanged at $8.3 million. Century reported a net loss of $31.2 million for Q2 2024, slightly better than the $33.3 million loss in Q2 2023.

Looking ahead, Century anticipates its GAAP operating expenses for the full year to range between $150 million and $160 million. The company expects its existing cash and investments to support operations into 2026, underscoring its robust financial health and strategic focus on advancing its iPSC-derived cell therapy platform and pipeline.