Century Therapeutics, Inc. reported its financial results for the third quarter of 2025, revealing a net loss of $34.4 million, compared to a loss of $31.2 million in the same period last year. The company did not generate any collaboration revenue during the quarter, a significant decline from $791,000 in the prior year, primarily due to the termination of its collaboration agreement with Bristol-Myers Squibb in March 2025. For the nine months ended September 30, 2025, Century recorded a net income of $9.6 million, driven by $109.2 million in collaboration revenue recognized in the first quarter following the agreement's termination.
Operating expenses for the third quarter totaled $36.1 million, slightly higher than the $35.6 million reported in the same quarter of 2024. Research and development expenses decreased to $22.5 million from $27.2 million year-over-year, attributed to reduced personnel costs following a significant workforce reduction of approximately 51% in July 2025. General and administrative expenses also fell to $6.8 million from $8.4 million, reflecting lower legal fees and stock-based compensation. The company recorded an impairment charge of $6.8 million related to long-lived assets during the quarter.
In terms of operational metrics, Century's total assets decreased to $244.7 million as of September 30, 2025, down from $353.2 million at the end of 2024. The company's cash and cash equivalents stood at $55.5 million, with short-term investments of $77.2 million. The reduction in total assets was primarily due to the decrease in cash and investments, as well as the impairment charge. The company anticipates that its existing cash and investments will be sufficient to fund operations into the fourth quarter of 2027, although it acknowledges the need for additional financing to support ongoing research and development activities.
Strategically, Century Therapeutics is focusing on advancing its iPSC cell therapy platforms and has announced plans to develop a beta islet program for Type 1 diabetes, with an expected IND submission in 2026. The company is also prioritizing clinical development activities for its CNTY-101 CAR-iNK cell therapy, which is currently in a Phase 1/2 trial. Century's management has indicated that they will continue to seek collaborations and partnerships to enhance their product pipeline and financial position.
Looking ahead, Century Therapeutics expects to incur additional losses as it continues to invest in its research and development efforts. The company is actively exploring options for raising additional capital to support its operations and product development initiatives. The management remains cautious about the future, emphasizing the inherent risks and uncertainties associated with biotechnology product development and the need for ongoing funding to achieve its strategic objectives.
About Century Therapeutics, Inc.
Century Therapeutics is a biotech company developing off-the-shelf allogeneic cell therapies using induced pluripotent stem cells (iPSCs). Its programs include engineered natural killer (NK) and T cells for autoimmune diseases and cancer, leveraging gene editing, protein engineering, and proprietary Allo-Evasion technology. The company focuses on scalable manufacturing, strategic partnerships, and broad patient access to innovative, potentially curative immunotherapies.
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