Century Therapeutics, Inc.

What they do

Century Therapeutics is developing off-the-shelf, allogeneic cell therapies from induced pluripotent stem cells (iPSCs) for autoimmune diseases, including type 1 diabetes (T1D), and cancer. Its platform includes iPSC-derived beta islet cells, T cells (ab iT cells), and natural killer (NK) cells, engineered with proprietary Allo-Evasion technology (currently version 5.0) to prevent host immune rejection. The company manufactures these therapies in-house using GMP processes, with revenue currently from collaborations rather than product sales.

Revenue drivers

• Collaboration revenue — The company reported $109.2M in revenue for 2025, after $6.6M in 2024, likely driven by upfront or milestone payments from collaborations, though specific partners are not named in the excerpts.
• Research and development partnerships — Revenue may also stem from research collaborations or licensing agreements leveraging the company's iPSC and Allo-Evasion platform, but the filings do not detail individual agreements.

Recent performance

For 2025, Century reported revenue of $109.2 million and a net loss of $9.6 million, a significant improvement from a net loss of $126.6 million in 2024. Quarterly revenue jumped from $4.2 million in Q4 2024 to $109.2 million in Q1 2025, indicating a large one-time event. As of June 30, 2026, the company had cash, equivalents, and investments of $197.2 million (with $49.6 million in cash equivalents on the balance sheet). Operating cash flow remains negative, at -$103.9 million for 2025.

Strategy

Management is prioritizing CNTY-813, an iPSC-derived islet replacement therapy for T1D, and expects to submit an IND in 4Q 2026, with initial clinical data expected in 2H 2027. They are also advancing CNTY-308, a CD19-targeted CAR-iT cell therapy, targeting an IND submission in 2026. For CNTY-101, a CAR-iNK therapy, the company is focusing on an investigator-sponsored trial (CARAMEL) in B-cell-mediated autoimmune diseases. The broader strategy is to leverage their Allo-Evasion 5.0 technology and scalable manufacturing to create 'off-the-shelf' therapies that can be produced at scale and reduce cost of goods.

Risks

• Early-stage pipeline — All product candidates are in preclinical or early clinical development; CNTY-813 is in IND-enabling studies and CNTY-308 has not yet entered clinical trials.
• Significant losses and funding needs — The company has incurred significant losses since inception and expects to continue; it will require additional capital to fund operations beyond the current runway into 1Q 2029.
• Novel technology challenges — The use of genetically engineered iPSC-derived cells is a novel approach, and the company must overcome significant scientific and regulatory hurdles to develop and commercialize its therapies.
• Dependence on lead product — The company is highly dependent on the success of CNTY-813, and any delays or failures in its development would materially harm the business.

Outlook

Management expects to submit an IND for CNTY-813 in the fourth quarter of 2026, after a successful pre-IND meeting with the FDA, with initial clinical data expected in the second half of 2027. CNTY-308 is on track to complete IND-enabling activities and initiate clinical trials in 2026. Cash runway is projected into the first quarter of 2029.