Century Therapeutics, Inc. reported a significant decline in financial performance for the first quarter of 2026, with a net loss of $21.6 million compared to a net income of $76.6 million in the same period of 2025. The company's revenue dropped to zero from $109.2 million, which was primarily attributed to the termination of its collaboration agreement with Bristol-Myers Squibb in March 2025. Operating expenses also decreased to $23.7 million from $35.0 million, driven by reduced research and development costs and general administrative expenses.
The company's research and development expenses fell to $17.1 million from $26.6 million year-over-year, reflecting a strategic shift in focus and a reduction in personnel. General and administrative expenses also decreased to $6.6 million from $8.4 million, primarily due to a reduction in staff and a remeasurement of contingent liabilities. Despite the decrease in expenses, the company continues to face challenges in achieving profitability, with an accumulated deficit of $813.6 million as of March 31, 2026.
In terms of operational developments, Century Therapeutics has made strides in advancing its product pipeline, particularly with its lead candidate CNTY-813, an iPSC-derived islet program for Type 1 diabetes. The company is currently conducting IND-enabling studies and anticipates submitting an IND application in the fourth quarter of 2026. Additionally, the company has prioritized the clinical development of CNTY-101, a CAR-iNK cell therapy, which is currently being tested in a Phase 1/2 investigator-sponsored trial.
Century Therapeutics has also strengthened its financial position through a private placement in January 2026, raising approximately $126.4 million. This funding is intended to support the development of CNTY-813 and other operational needs. As of March 31, 2026, the company reported cash, cash equivalents, and investments totaling $217.0 million, which management believes will be sufficient to fund operations into the first quarter of 2029. However, the company acknowledges the need for additional financing in the future to support ongoing research and development activities.
Looking ahead, Century Therapeutics plans to continue its focus on developing allogeneic cell therapies for autoimmune diseases and cancer. The company is investing in expanding its manufacturing capabilities and enhancing its research and development efforts. Despite the current financial losses, management remains optimistic about the potential of its product candidates and the overall growth of the company in the biotechnology sector.
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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