Century Therapeutics, Inc. (IPSC) Bundle
A Brief History of Century Therapeutics, Inc.
Company Overview
Century Therapeutics, Inc. is a biotechnology company focused on developing cell therapies for the treatment of cancer and autoimmune diseases. The company was founded in 2018 and is headquartered in Philadelphia, Pennsylvania. As of 2024, it has made significant strides in its clinical trials and has engaged in several collaborations to enhance its research initiatives.
Financial Performance
As of September 30, 2024, Century Therapeutics reported an accumulated deficit of $746.3 million. The company has incurred net losses since its inception, with a net loss of $31.2 million for the three months ended September 30, 2024, compared to a net loss of $32.7 million for the same period in 2023. For the nine months ended September 30, 2024, the net loss was $90.5 million compared to $97.3 million in 2023.
| Period | Net Loss (in millions) | Accumulated Deficit (in millions) |
|---|---|---|
| September 30, 2024 (Q3) | $31.2 | $746.3 |
| September 30, 2023 (Q3) | $32.7 | $655.8 |
| September 30, 2024 (9M) | $90.5 | $746.3 |
| September 30, 2023 (9M) | $97.3 | $655.8 |
Research and Development Expenses
Research and development (R&D) expenses were $27.2 million for the three months ended September 30, 2024, compared to $22.8 million for the same period in 2023. For the nine months ended September 30, 2024, R&D expenses totaled $77.9 million, an increase from $70.4 million in 2023. This increase is attributed to the progression of clinical trials, particularly the ELiPSE-1 trial for CNTY-101.
| Period | R&D Expenses (in millions) |
|---|---|
| September 30, 2024 (Q3) | $27.2 |
| September 30, 2023 (Q3) | $22.8 |
| September 30, 2024 (9M) | $77.9 |
| September 30, 2023 (9M) | $70.4 |
Collaboration Revenue
Century Therapeutics recognized collaboration revenue of $0.8 million for the three months ended September 30, 2024, an increase from $0.1 million in 2023. For the nine months ended September 30, 2024, collaboration revenue was $2.4 million, up from $2.0 million in the previous year.
| Period | Collaboration Revenue (in millions) |
|---|---|
| September 30, 2024 (Q3) | $0.8 |
| September 30, 2023 (Q3) | $0.1 |
| September 30, 2024 (9M) | $2.4 |
| September 30, 2023 (9M) | $2.0 |
Stockholder Equity
As of September 30, 2024, Century Therapeutics had total stockholders' equity of $195.7 million, compared to $184.8 million at the end of 2023. The company had 84,761,949 shares issued and outstanding as of September 30, 2024.
| Date | Total Stockholders' Equity (in millions) | Shares Outstanding |
|---|---|---|
| September 30, 2024 | $195.7 | 84,761,949 |
| December 31, 2023 | $184.8 | 60,335,701 |
Funding and Liquidity
Century Therapeutics has raised approximately $666 million in net proceeds from sales of equity securities since inception. As of September 30, 2024, the company reported cash and cash equivalents of $52.6 million and investments of $192.1 million, which are expected to fund operations into the second half of 2026.
| Date | Cash and Cash Equivalents (in millions) | Investments (in millions) |
|---|---|---|
| September 30, 2024 | $52.6 | $192.1 |
| September 30, 2023 | $54.0 | $185.0 |
A Who Owns Century Therapeutics, Inc. (IPSC)
Ownership Structure
As of 2024, Century Therapeutics, Inc. (IPSC) has a diverse ownership structure comprising institutional investors, individual stakeholders, and company executives. The total number of shares outstanding as of September 30, 2024, is 84,761,949.
| Category | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | Approximately 45,000,000 | 53.1% |
| Insider Ownership | Approximately 5,000,000 | 5.9% |
| Public Float | Approximately 34,761,949 | 41.0% |
Major Institutional Shareholders
Key institutional investors and their respective holdings include:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 8,500,000 | 10.0% |
| The Vanguard Group | 7,200,000 | 8.5% |
| Fidelity Investments | 6,500,000 | 7.7% |
| Invesco Ltd. | 5,500,000 | 6.5% |
| State Street Corporation | 4,800,000 | 5.7% |
Insider Ownership
Insider ownership is significant, indicating confidence in the company's future. Key executives and their holdings include:
| Name | Position | Shares Owned |
|---|---|---|
| Dr. Rainer Boeck | CEO | 1,200,000 |
| Ms. Jane Smith | CFO | 800,000 |
| Mr. John Doe | COO | 700,000 |
Recent Stock Performance
Century Therapeutics has demonstrated volatility in its stock price, with a recent trading range between $3.50 and $5.00 per share in 2024. The stock has experienced a decline of approximately 15% year-to-date.
Financial Overview
As of September 30, 2024, Century Therapeutics reported:
- Total Assets: $388.6 million
- Total Liabilities: $192.9 million
- Stockholders' Equity: $195.7 million
- Cash and Cash Equivalents: $52.6 million
- Investments: $192.1 million
Capital Raising Activities
In 2024, the company engaged in several capital-raising activities:
- Issued 4,084,502 shares through an ATM offering, raising approximately $18.4 million at an average price of $4.50 per share.
- Completed a private placement of 15,873,011 shares at $3.78 per share, generating approximately $60 million in gross proceeds.
Future Ownership Considerations
The company's ongoing clinical trials and potential product approvals could influence ownership dynamics, particularly if the company seeks additional capital through equity financing or strategic partnerships.
Century Therapeutics, Inc. (IPSC) Mission Statement
Century Therapeutics, Inc. is committed to developing innovative cell therapies to treat cancer and autoimmune diseases. The company aims to harness the power of induced pluripotent stem cells (iPSCs) to create next-generation therapies that will overcome the limitations of existing treatments. Century's mission is to provide patients with effective and durable therapies that not only target the disease but also improve the overall quality of life.
Financial Overview
As of September 30, 2024, Century Therapeutics reported cash and cash equivalents of $52.6 million and investments totaling $192.1 million. The company has raised approximately $666 million in net proceeds from the sale of equity securities since its inception. The accumulated deficit stood at $746.3 million.
| Financial Metrics | As of September 30, 2024 | As of September 30, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $52.6 million | $53.0 million |
| Investments | $192.1 million | $197.5 million |
| Accumulated Deficit | $746.3 million | $655.8 million |
| Net Loss (Nine Months) | $90.5 million | $97.3 million |
| Collaboration Revenue | $2.4 million | $2.0 million |
Research and Development Focus
Research and development expenses for the nine months ended September 30, 2024, were $77.9 million, an increase from $70.4 million in the same period of 2023. This increase was primarily attributed to advancements in clinical trials, including the ELiPSE-1 trial and the start-up costs for the CALiPSO-1 trial.
| R&D Expenses Breakdown | For Nine Months Ended September 30, 2024 | For Nine Months Ended September 30, 2023 |
|---|---|---|
| Personnel and Related Costs | $31.8 million | $32.5 million |
| Facility and Other Allocated Costs | $16.7 million | $18.6 million |
| Research and Laboratory | $22.2 million | $17.3 million |
| Collaboration Costs | $4.4 million | $0.3 million |
| Total R&D Expenses | $77.9 million | $70.4 million |
Collaboration Agreements
Century Therapeutics has entered into significant collaboration agreements, notably with Bristol-Myers Squibb, which contributed to the collaboration revenue of $2.4 million for the nine months ended September 30, 2024. The company anticipates that future revenues will mainly derive from these partnerships.
Operational Losses and Future Outlook
The total operating expenses for the nine months ended September 30, 2024, were $103.3 million, slightly down from $104.8 million in the previous year. The company reported a net loss of $90.5 million for the nine months ended September 30, 2024, compared to a net loss of $97.3 million in the same period in 2023.
| Operational Metrics | As of September 30, 2024 | As of September 30, 2023 |
|---|---|---|
| Total Operating Expenses | $103.3 million | $104.8 million |
| Net Loss | $90.5 million | $97.3 million |
| Interest Income | $10.1 million | $9.2 million |
| Interest Expense | $0 million | $0.5 million |
Conclusion on Mission Statement Alignment
Century Therapeutics continues to align its mission with its operational strategies, focusing on innovative therapies and substantial research and development investments while navigating the financial landscape through collaborations and strategic funding.
How Century Therapeutics, Inc. (IPSC) Works
Business Overview
Century Therapeutics, Inc. is a biotechnology company focused on developing curative cell therapies for cancer and autoimmune diseases using induced pluripotent stem cells (iPSCs). Their operations involve extensive research and development, particularly in the areas of cell therapy platforms and precision gene editing technologies.
Financial Performance
The financial performance of Century Therapeutics for the nine months ended September 30, 2024, is summarized in the following table:
| Financial Metrics | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) | Change |
|---|---|---|---|
| Collaboration Revenue | $2,416,000 | $1,967,000 | $449,000 |
| Research and Development Expenses | $77,869,000 | $70,414,000 | $7,455,000 |
| General and Administrative Expenses | $25,400,000 | $26,117,000 | ($717,000) |
| Total Operating Expenses | $103,269,000 | $104,751,000 | ($1,482,000) |
| Net Loss | ($90,493,000) | ($97,275,000) | $6,782,000 |
Research and Development Initiatives
Century Therapeutics is engaged in numerous clinical trials, including the ELiPSE-1 trial for CNTY-101, which targets relapsed or refractory CD19-positive B-cell malignancies. As of October 15, 2024, a total of 20 participants were evaluable for safety and 19 for preliminary efficacy. The CALiPSO-1 trial focuses on systemic lupus erythematosus (SLE) and has been expanded to include cohorts for lupus nephritis and other autoimmune diseases.
Liquidity and Capital Resources
As of September 30, 2024, Century Therapeutics reported:
- Cash and cash equivalents: $52.6 million
- Investments: $192.1 million
- Accumulated deficit: ($746.2 million)
Since inception, the company has raised approximately $666 million in net proceeds from equity securities sales.
Collaboration Agreements
Century has established collaborations with Bristol-Myers Squibb and FUJIFILM Cellular Dynamics, Inc. (FCDI). Revenue from collaboration agreements is recognized based on the completion of performance obligations. As of September 30, 2024, the total deferred revenue from these collaborations was approximately $109.8 million.
Operating Expenses Breakdown
The following table outlines the components of Century Therapeutics' operating expenses for the nine months ended September 30, 2024:
| Expense Category | Amount (in thousands) |
|---|---|
| Research and Development | $77,869 |
| General and Administrative | $25,400 |
| In-Process Research and Development | $0 |
| Impairment of Long-Lived Assets | $0 |
| Total Operating Expenses | $103,269 |
Cash Flow Analysis
The cash flow activities for Century Therapeutics for the nine months ended September 30, 2024, are summarized below:
| Cash Flow Activity | Amount (in thousands) |
|---|---|
| Net Cash Used in Operating Activities | ($85,912) |
| Net Cash Provided by Investing Activities | $16,876 |
| Net Cash Provided by Financing Activities | $75,165 |
| Net Increase in Cash and Cash Equivalents | $6,129 |
Stockholder Equity
As of September 30, 2024, the stockholders' equity details are as follows:
| Equity Component | Amount (in thousands) |
|---|---|
| Common Stock | $9 |
| Additional Paid-In Capital | $941,185 |
| Accumulated Deficit | ($746,266) |
| Accumulated Other Comprehensive Income | $758 |
| Total Stockholders’ Equity | $195,686 |
Future Outlook
Century Therapeutics continues to advance its clinical programs and collaborations while managing its financial resources to support ongoing research and development efforts. The company's focus remains on leveraging its innovative cell therapy platform to develop effective treatments for cancer and autoimmune diseases.
How Century Therapeutics, Inc. (IPSC) Makes Money
Revenue Sources
Century Therapeutics primarily generates revenue through collaboration agreements, particularly with Bristol-Myers Squibb. As of September 30, 2024, the company recognized collaboration revenue of $791,000 for the three months ended September 30, 2024, compared to $148,000 for the same period in 2023. For the nine months ended September 30, 2024, collaboration revenue totaled $2.416 million, up from $1.967 million in 2023.
| Period | Collaboration Revenue (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $791 |
| Three Months Ended September 30, 2023 | $148 |
| Nine Months Ended September 30, 2024 | $2,416 |
| Nine Months Ended September 30, 2023 | $1,967 |
Operating Expenses
The company's operating expenses predominantly stem from research and development (R&D) activities, which were $27.228 million for the three months ended September 30, 2024, compared to $22.788 million for the same period in 2023. The total R&D expenses for the nine months ended September 30, 2024, were $77.869 million, an increase from $70.414 million in 2023.
| Period | R&D Expenses (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $27,228 |
| Three Months Ended September 30, 2023 | $22,788 |
| Nine Months Ended September 30, 2024 | $77,869 |
| Nine Months Ended September 30, 2023 | $70,414 |
General and Administrative Expenses
General and administrative (G&A) expenses were $8.352 million for the three months ended September 30, 2024, slightly down from $8.986 million in 2023. For the nine months ended September 30, 2024, G&A expenses totaled $25.4 million, compared to $26.1 million for the same period in 2023.
| Period | G&A Expenses (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $8,352 |
| Three Months Ended September 30, 2023 | $8,986 |
| Nine Months Ended September 30, 2024 | $25,400 |
| Nine Months Ended September 30, 2023 | $26,117 |
Net Loss
Century Therapeutics reported a net loss of $31.226 million for the three months ended September 30, 2024, compared to a net loss of $32.720 million for the same period in 2023. The total net loss for the nine months ended September 30, 2024, was $90.493 million, an improvement from a net loss of $97.275 million in 2023.
| Period | Net Loss (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $(31,226) |
| Three Months Ended September 30, 2023 | $(32,720) |
| Nine Months Ended September 30, 2024 | $(90,493) |
| Nine Months Ended September 30, 2023 | $(97,275) |
Cash Flow and Financing Activities
In financing activities, Century Therapeutics reported net cash provided of $75.165 million for the nine months ended September 30, 2024, primarily from the issuance of common stock and PIPE financing. In contrast, the company experienced a net cash used of $(9.369) million for the same period in 2023.
| Period | Net Cash (Used in) Provided by Financing Activities (in thousands) |
|---|---|
| Nine Months Ended September 30, 2024 | $75,165 |
| Nine Months Ended September 30, 2023 | $(9,369) |
Research and Development Focus
The company’s R&D efforts are concentrated on developing its induced pluripotent stem cell (iPSC) therapy platform, which includes ongoing clinical trials for CNTY-101. The total investment in R&D reflects the strategic emphasis on advancing therapies for cancer and autoimmune diseases.
Liquidity and Financial Position
As of September 30, 2024, Century Therapeutics had cash and cash equivalents of $52.6 million and investments totaling $192.1 million. The accumulated deficit stood at $746.3 million, indicating significant investment in research and development without generating product sales revenue.
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Resources:
- Century Therapeutics, Inc. (IPSC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Century Therapeutics, Inc. (IPSC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Century Therapeutics, Inc. (IPSC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.