Century Therapeutics Reports Second Quarter 2023 Financial Results and Provides Business Updates
09 Agosto 2023 - 1:30PM
Century Therapeutics, Inc. (NASDAQ: IPSC), an innovative
clinical-stage biotechnology company developing induced pluripotent
stem cell (iPSC)-derived cell therapies in immuno-oncology, today
reported financial results and business highlights for the second
quarter ended June 30, 2023.
“Here at Century we have continued to focus on the further
advancement of our pipeline, specifically our ELiPSE-1 Phase 1
trial evaluating CNTY-101 in relapsed or refractory CD19 positive
B-cell lymphomas, for which we expect to report initial data from
Schedule A by year end,” said Greg Russotti, Ph.D., Interim Chief
Executive Officer, Century Therapeutics. “We remain confident in
our differentiated scientific approach and are looking forward to
spending the second half of this year working towards solidifying
our position as an innovative leader in the cell therapy
space.”
Business Highlights & Upcoming
Milestones
- The first-in-human Phase 1 ELiPSE-1
trial evaluating CNTY-101 in relapsed or refractory CD19 positive
B-cell lymphomas is ongoing. The Company remains on track to report
preliminary data from Schedule A of the trial, including
pharmacokinetics, pharmacodynamics, and safety, by year end.
- At the American Society for Clinical
Oncology (ASCO) Annual Meeting in June 2023, the Company presented
a Trials in Progress poster related to its Phase 1 ELiPSE-1 trial.
A copy of the poster, titled, “The ELiPSE-1 Study: A Phase 1
Multicenter Open-Label Study of CNTY-101 in Subjects with Relapsed
or Refractory CD19-Positive B Cell Malignancies”, is available on
the Posters section of Century’s website at
https://www.centurytx.com/science/.
Second Quarter 2023 Financial Results
- Cash
Position: Cash, cash equivalents, and marketable
securities were $301.0 million as of June 30, 2023, as compared to
$367.4 million as of December 31, 2022. Net cash used in operations
was $48.5 million for the six months ended June 30, 2023, compared
to net cash provided by operations of $61.2 million for the six
months ended June 30, 2022 (which includes deferred revenue from
the Bristol Myers Squibb (BMS) collaboration of $120.7
million).
- Collaboration
Revenue: Collaboration revenue generated through the
Company’s collaboration, option and license agreement with BMS was
$0.1 million for the three months ended June 30, 2023, compared to
$1.4 million for the same period in 2022.
- Research and Development
(R&D) expenses: R&D expenses were $22.7 million
for the three months ended June 30, 2023, compared to $24.5 million
for the same period in 2022. The decrease in R&D expenses was
primarily due to the reduction in force in January of 2023.
- General and Administrative
(G&A) expenses: G&A expenses were $8.2 million for
the three months ended June 30, 2023, compared to $8.3 million for
the same period in 2022. The decrease in G&A expenses was
primarily due to a reduction in headcount.
- Impairment of long lived
assets: A one-time impairment charge of $4.2 million was
recorded in connection with the strategic decision to consolidate
two of the Company’s existing leased facilities in
Philadelphia.
- Net loss: Net loss
was $33.3 million for the three months ended June 30, 2023,
compared to $31.0 million for the three months ended June 30,
2022.
Financial Guidance
- The Company expects full year
generally accepted accounting principles (GAAP) operating expenses
to be between $135 million and $145 million, including non-cash
stock-based compensation expense of $12 million to $17
million.
- The Company estimates its cash, cash
equivalents, and investments will support operations into
2026.
About Century Therapeutics
Century Therapeutics (NASDAQ: IPSC) is
harnessing the power of adult stem cells to develop curative cell
therapy products for cancer that we believe will allow us to
overcome the limitations of first-generation cell therapies. Our
genetically engineered, iPSC-derived iNK and iT cell product
candidates are designed to specifically target hematologic and
solid tumor cancers. We are leveraging our expertise in cellular
reprogramming, genetic engineering, and manufacturing to develop
therapies with the potential to overcome many of the challenges
inherent to cell therapy and provide a significant advantage over
existing cell therapy technologies. We believe our commitment to
developing off-the-shelf cell therapies will expand patient access
and provide an unparalleled opportunity to advance the course of
cancer care. For more information on Century Therapeutics please
visit www.centurytx.com.
Century Therapeutics Forward-Looking
Statement
This press release contains forward-looking
statements within the meaning of, and made pursuant to the safe
harbor provisions of, The Private Securities Litigation Reform Act
of 1995. All statements contained in this press release, other than
statements of historical facts or statements that relate to present
facts or current conditions, including but not limited to,
statements regarding our clinical development plans and timelines,
are forward-looking statements. These statements involve known and
unknown risks, uncertainties and other important factors that may
cause our actual results, performance, or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. In some cases, you can identify forward-looking
statements by terms such as “may,” “might,” “will,” “should,”
“expect,” “plan,” “aim,” “seek,” “anticipate,” “could,” “intend,”
“target,” “project,” “contemplate,” “believe,” “estimate,”
“predict,” “forecast,” “potential” or “continue” or the negative of
these terms or other similar expressions. The forward-looking
statements in this press release are only predictions. We have
based these forward-looking statements largely on our current
expectations and projections about future events and financial
trends that we believe may affect our business, financial
condition, and results of operations. These forward-looking
statements speak only as of the date of this press release and are
subject to a number of risks, uncertainties and assumptions, some
of which cannot be predicted or quantified and some of which are
beyond our control, including, among others: our ability to
successfully advance our current and future product candidates
through development activities, preclinical studies, and clinical
trials; our dependence on the success of our lead product
candidate, CNTY-101,our ability to obtain FDA acceptance for our
future IND submissions and commence clinical trials on expected
timelines, or at all; our reliance on the maintenance of certain
key collaborative relationships for the manufacturing and
development of our product candidates; the timing, scope and
likelihood of regulatory filings and approvals, including final
regulatory approval of our product candidates; the impact of the
COVID-19 pandemic, geopolitical issues, banking instability and
inflation on our business and operations, supply chain and labor
force; the performance of third parties in connection with the
development of our product candidates, including third parties
conducting our clinical trials as well as third-party suppliers and
manufacturers; our ability to successfully commercialize our
product candidates and develop sales and marketing capabilities, if
our product candidates are approved; our ability to recruit and
maintain key members of management and our ability to maintain and
successfully enforce adequate intellectual property protection.
These and other risks and uncertainties are described more fully in
the “Risk Factors” section of our most recent filings with the
Securities and Exchange Commission and available at www.sec.gov.
You should not rely on these forward-looking statements as
predictions of future events. The events and circumstances
reflected in our forward-looking statements may not be achieved or
occur, and actual results could differ materially from those
projected in the forward-looking statements. Moreover, we operate
in a dynamic industry and economy. New risk factors and
uncertainties may emerge from time to time, and it is not possible
for management to predict all risk factors and uncertainties that
we may face. Except as required by applicable law, we do not plan
to publicly update or revise any forward-looking statements
contained herein, whether as a result of any new information,
future events, changed circumstances or otherwise.
For More Information:
Investors and Media: Melissa Forst/Maghan Meyers –
century@argotpartners.com
Century
Therapeutics, Inc. |
Condensed
Balance Sheets |
(unaudited,
in thousands) |
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
December
31, |
Assets |
|
2023 |
|
|
|
2022 |
|
Current
Assets: |
$ |
|
|
|
$ |
|
|
Cash and cash equivalents |
|
64,439 |
|
|
|
84,265 |
|
Short-term investments |
|
91,958 |
|
|
|
231,233 |
|
Prepaid expenses and other current assets |
|
4,883 |
|
|
|
4,223 |
|
Total
current assets |
|
161,280 |
|
|
|
319,721 |
|
Property and
equipment, net |
|
83,771 |
|
|
|
82,785 |
|
Operating
lease right-of-use assets, net |
|
24,993 |
|
|
|
28,945 |
|
Long-term
investments |
|
144,581 |
|
|
|
51,854 |
|
Other
long-term assets |
|
2,534 |
|
|
|
3,239 |
|
Total assets |
$ |
417,159 |
|
|
$ |
486,544 |
|
|
|
|
|
|
|
|
|
Liabilities, convertible preferred stock, and stockholders'
equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
3,625 |
|
|
$ |
5,454 |
|
Accrued expenses and other liabilities |
|
8,600 |
|
|
|
10,707 |
|
Long-term debt, current |
|
- |
|
|
|
6,502 |
|
Deferred revenue, current |
|
6,936 |
|
|
|
7,154 |
|
Total
current liabilities |
|
19,161 |
|
|
|
29,817 |
|
Operating
lease liability, noncurrent |
|
40,833 |
|
|
|
38,698 |
|
Long-term
debt, net |
|
- |
|
|
|
3,739 |
|
Other
long-term liabilities |
|
361 |
|
|
|
718 |
|
Deferred
revenue |
|
109,233 |
|
|
|
110,834 |
|
Total
liabilities |
|
169,588 |
|
|
|
183,806 |
|
Stockholders' equity |
|
|
|
|
|
|
|
Common
stock |
|
6 |
|
|
|
6 |
|
Additional
paid-in capital |
|
832,425 |
|
|
|
824,292 |
|
Accumulated
deficit |
|
(583,653 |
) |
|
|
(519,098 |
) |
Accumulated
other comprehensive loss |
|
(1,207 |
) |
|
|
(2,462 |
) |
Total
stockholders' equity |
|
247,571 |
|
|
|
302,738 |
|
Total liabilities and stockholders' equity |
$ |
417,159 |
|
|
$ |
486,544 |
|
Century
Therapeutics, Inc. |
Condensed
consolidated statements of operations |
(unaudited,
in thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months Ended |
|
Six months Ended |
|
|
June 30, |
|
|
|
June 30, |
|
|
|
June 30, |
|
|
|
June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Collaboration Revenue |
$ |
99 |
|
|
$ |
1,396 |
|
|
$ |
1,819 |
|
|
$ |
2,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
$ |
22,727 |
|
|
$ |
24,494 |
|
|
$ |
47,626 |
|
|
$ |
45,690 |
|
General and administrative |
|
8,229 |
|
|
|
8,253 |
|
|
|
17,131 |
|
|
|
15,551 |
|
In-process research and development |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,000 |
|
Impairment on long-lived assets |
|
4,220 |
|
|
|
- |
|
|
|
4,220 |
|
|
|
- |
|
Total operating expenses |
$ |
35,176 |
|
|
$ |
32,747 |
|
|
$ |
68,977 |
|
|
$ |
71,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
from operations |
|
(35,077 |
) |
|
|
(31,351 |
) |
|
|
(67,158 |
) |
|
|
(68,787 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
(136 |
) |
|
|
(330 |
) |
|
|
(540 |
) |
|
|
(644 |
) |
Interest
income |
|
3,058 |
|
|
|
706 |
|
|
|
5,681 |
|
|
|
960 |
|
Other
income, net |
|
(186 |
) |
|
|
5 |
|
|
|
(380 |
) |
|
|
4 |
|
Loss before
provision for income taxes |
$ |
(32,341 |
) |
|
$ |
(30,970 |
) |
|
$ |
(62,397 |
) |
|
$ |
(68,467 |
) |
Provision for income taxes |
|
(950 |
) |
|
|
(18 |
) |
|
|
(2,158 |
) |
|
|
(34 |
) |
Net
Loss |
$ |
(33,291 |
) |
|
$ |
(30,988 |
) |
|
$ |
(64,555 |
) |
|
$ |
(68,501 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on investments |
|
59 |
|
|
|
(780 |
) |
|
|
1,255 |
|
|
|
(2,766 |
) |
Foreign currency translation adjustment |
|
9 |
|
|
|
(12 |
) |
|
|
- |
|
|
|
(18 |
) |
Comprehensive loss |
|
(33,223 |
) |
|
|
(31,780 |
) |
|
|
(63,300 |
) |
|
|
(71,285 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
common share - Basic and Diluted |
|
(0.56 |
) |
|
|
(0.54 |
) |
|
|
(1.10 |
) |
|
|
(1.19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
59,251,363 |
|
|
|
57,685,006 |
|
|
|
58,904,726 |
|
|
|
57,370,022 |
|
Grafico Azioni Century Therapeutics (NASDAQ:IPSC)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Century Therapeutics (NASDAQ:IPSC)
Storico
Da Set 2023 a Set 2024