Century Therapeutics Reports $126.6 Million Net Loss for 2024, Collaboration Revenue Increases

Century Therapeutics, Inc., a clinical-stage biotechnology company, reported a net loss of $126.6 million for the year ended December 31, 2024, compared to a net loss of $136.7 million in 2023. Collaboration revenue increased from $2.2 million in 2023 to $6.6 million in 2024, primarily due to the Bristol-Myers Squibb collaboration agreement. Research and development expenses increased by $14.5 million to $107.2 million in 2024, reflecting the progression of the ELiPSE-1 trial and the initiation of the CALiPSO-1 trial. General and administrative expenses decreased by $1.5 million to $33.2 million in 2024.

Significant changes during the fiscal year included the discontinuation of the ELiPSE-1 Phase 1 clinical trial of CNTY-101 for lymphoma in March 2025 due to data not meeting internal thresholds for transformational impact, despite encouraging tolerability and clinical activity in late-stage patients. The company also announced a re-prioritized pre-clinical pipeline in March 2025, focusing on three core programs built on its iT cell platform: CNTY-308 (CD19-targeted CAR-iT cell therapy), CNTY-341 (CD19/CD22 dual-targeted CAR-iT cell therapy), and a solid tumor CAR iT program. The Bristol-Myers Squibb collaboration agreement was terminated without cause, effective March 12, 2025.

As of March 1, 2025, Century Therapeutics employed 140 full-time and 10 part-time employees, with 131 engaged in research and development. The company's manufacturing strategy involves both its own 53,000 square foot facility in Branchburg, New Jersey, now operational and supplying CNTY-101 for the CALiPSO-1 trial, and a continued collaboration with FUJIFILM Cellular Dynamics Inc. (FCDI) for manufacturing certain product candidates. The company also holds various license agreements with FCDI and other entities, including a worldwide license for iPSC-derived therapies for autoimmune diseases.

Key operational developments include the ongoing Phase 1 CALiPSO-1 clinical trial of CNTY-101 in B-cell mediated autoimmune diseases (SLE, LN, IIM, DcSSc), with an investigator-initiated trial (CARAMEL) expected to begin in mid-2025. The company's pre-clinical pipeline prioritization resulted in the discontinuation of internal development for programs under the Bristol-Myers Squibb collaboration agreement. Century Therapeutics reported cash, cash equivalents, and investments totaling $210.1 million as of December 31, 2024, projecting sufficient funding through the fourth quarter of 2026 based on current plans. However, the company anticipates increased expenses and the need for additional financing in the future.

The company's 10-K filing includes extensive discussion of risk factors, including those related to its financial position, dependence on key product candidates, the novel nature of its technology, manufacturing complexities, competition, regulatory approvals, intellectual property, and market risks. The filing also details the company's significant contractual obligations and commitments, accounting policies, and governance structure. The company is currently not involved in any material legal proceedings.