Century Therapeutics, Inc. reported significant financial results for the second quarter of 2026, revealing a net loss of $34.6 million, compared to a loss of $32.5 million in the same period last year. For the first half of 2026, the company recorded a net loss of $56.2 million, a stark contrast to a net income of $44.0 million during the first half of 2025, which was bolstered by $109.2 million in collaboration revenue from a previous agreement with Bristol-Myers Squibb that has since been terminated. The company did not generate any collaboration revenue in the current reporting period, reflecting a significant change in its financial landscape.
Operating expenses for the second quarter of 2026 totaled $36.5 million, up from $34.7 million in the prior year, primarily driven by a loss of $11.1 million related to the termination of a lease component. Research and development expenses decreased to $19.6 million from $26.9 million year-over-year, attributed to reduced personnel costs and a strategic portfolio prioritization. General and administrative expenses also fell to $5.8 million from $7.8 million, reflecting a reduction in staff and other operational efficiencies.
In terms of strategic developments, Century Therapeutics has been advancing its lead product candidate, CNTY-813, an iPSC-derived islet replacement therapy for Type 1 diabetes. The company is preparing to submit an Investigational New Drug (IND) application for CNTY-813 in the fourth quarter of 2026, with initial clinical data expected in the second half of 2027. Additionally, the company is progressing with CNTY-308, a CD19-targeted CAR-iT cell therapy, which is anticipated to enter clinical trials in 2026.
As of June 30, 2026, Century Therapeutics reported cash, cash equivalents, and investments totaling $197.2 million, which management believes will be sufficient to fund operations into the first quarter of 2029. However, the company anticipates needing to raise additional capital to support ongoing research and development activities, including preclinical studies and clinical trials. The company has indicated that it may pursue various financing options, including equity offerings and collaborations, to meet its future funding requirements. The outlook remains cautious, as the company acknowledges the inherent risks and uncertainties associated with product development and market conditions.
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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