PHILADELPHIA, PA — Century Therapeutics, Inc. (NASDAQ: IPSC) has announced its financial results for the second quarter ending June 30, 2024, along with key business updates.
CEO Brent Pfeiffenberger emphasized the company’s strategic expansion into autoimmune diseases. “Our strategic autoimmune expansion, as highlighted by the recent initiation of the CALiPSO-1 trial in Systemic Lupus Erythematosus and addition of a Lupus Nephritis-specific cohort, positions Century as a potential leader in allogeneic cell therapies for autoimmune diseases.”
Key Highlights
- Research & Development Progress: The Phase 1 CALiPSO-1 trial of CNTY-101 in Systemic Lupus Erythematosus (SLE) has begun, with initial clinical data expected by year-end. The trial includes a new cohort for Lupus Nephritis patients.
- Clinical Trial Data: Interim data from the Phase 1 ELiPSE-1 trial showed encouraging safety and efficacy results for CNTY-101 in B-cell lymphomas. No dose-limiting toxicities or graft-versus-host disease were observed.
- Corporate Developments: Century completed a $60 million private placement of common stock and acquired Clade Therapeutics, enhancing its Allo-Evasion™ platform and expanding its pipeline.
Financial Results
- Cash Position: As of June 30, 2024, Century had $269.6 million in cash, compared to $261.8 million at the end of 2023.
- Collaboration Revenue: The company generated $0.8 million in collaboration revenue for Q2 2024, up from $0.1 million in Q2 2023.
- R&D Expenses: R&D expenses increased to $27.2 million for Q2 2024 from $22.7 million in Q2 2023, primarily due to increased manufacturing activity and the acquisition of Clade Therapeutics.
- Net Loss: Century reported a net loss of $31.2 million for Q2 2024, compared to a net loss of $33.3 million for Q2 2023.
Financial Guidance
- Operating Expenses: Full-year GAAP operating expenses are expected to be between $150 million and $160 million.
- Cash Runway: The company estimates its cash and investments will support operations into 2026.
Buy, Sell, or Hold?
Century Therapeutics shows promise with its advancements in autoimmune and cancer therapies. However, the company’s ongoing high expenses and net losses suggest a Hold rating. Investors should monitor upcoming clinical data and further strategic developments.
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