Century Therapeutics, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a strategic focus on developing allogeneic cell therapies for cancer and autoimmune diseases. The company experienced a notable increase in collaboration revenue, which reached $791,000 for Q3 2024, compared to $148,000 in Q3 2023. For the nine months ended September 30, 2024, collaboration revenue totaled $2.416 million, up from $1.967 million in the same period last year.
Despite the revenue growth, Century Therapeutics continued to incur significant losses. The net loss for Q3 2024 was $31.226 million, an improvement from a net loss of $32.720 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $90.493 million, compared to $97.275 million for the same period in 2023. The company’s operating expenses for Q3 2024 were $35.580 million, slightly down from $35.774 million in Q3 2023, while total operating expenses for the nine months ended September 30, 2024, were $103.269 million, a decrease from $104.751 million in the prior year.
Research and development expenses increased to $27.2 million in Q3 2024, up from $22.8 million in Q3 2023, driven by higher personnel-related costs and expenses associated with clinical trials. General and administrative expenses decreased to $8.4 million in Q3 2024 from $9.0 million in Q3 2023, primarily due to a gain recognized on contingent consideration liabilities.
As of September 30, 2024, Century Therapeutics reported cash and cash equivalents of $52.593 million, an increase from $47.324 million at the end of 2023. The company also held short-term investments totaling $145.519 million, up from $125.414 million at the end of the previous fiscal year. Total assets increased to $388.617 million from $360.691 million, while the accumulated deficit rose to $746.266 million from $655.771 million.
Strategically, Century Therapeutics completed the acquisition of Clade Therapeutics in April 2024, enhancing its technology and pipeline with three preclinical-stage programs. The company also implemented a restructuring plan that included a workforce reduction of approximately 25% to improve operational efficiencies. This restructuring resulted in cash-based expenses of $2.032 million during the nine months ended September 30, 2023, with no outstanding liabilities related to the reduction reported as of September 30, 2024.
Looking ahead, Century Therapeutics anticipates additional losses as it continues to invest in research and development, particularly for its CNTY-101 product candidate. The company recognizes the need for future financing to support ongoing operations and clinical trials.
About Century Therapeutics, Inc.
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