Century Therapeutics Reports $109.2 Million Collaboration Revenue and $76.6 Million Net Income

Century Therapeutics, Inc. reported significant financial performance in its latest 10-Q filing for the quarter ending March 31, 2025, with collaboration revenue soaring to $109.2 million, a substantial increase from $855,000 in the same period last year. This dramatic rise in revenue was primarily attributed to the termination of the collaboration agreement with Bristol-Myers Squibb, which allowed the company to recognize the remaining transaction price as revenue. The company also reported a net income of $76.6 million, a stark contrast to the net loss of $28.1 million recorded in the first quarter of 2024.

Operating expenses for the quarter totaled $35 million, up from $32.2 million in the previous year, driven mainly by increased research and development costs, which rose to $26.6 million from $23.4 million. The increase in R&D expenses was linked to higher clinical trial costs and advancements in preclinical programs. General and administrative expenses slightly decreased to $8.4 million from $8.7 million, reflecting a reduction in salary and benefit expenses.

In terms of strategic developments, Century Therapeutics has made notable changes to its product pipeline. The company announced the discontinuation of its CNTY-101 evaluation in a Phase 1 clinical trial for lymphoma, citing strategic reasons despite encouraging tolerability and clinical activity. Instead, the company is focusing on three core preclinical programs that leverage its iPSC technology, which it believes hold strong commercial potential. These include CNTY-308, CNTY-341, and a solid tumor CAR iT program, all designed to address significant unmet medical needs.

Operationally, Century Therapeutics reported cash and cash equivalents of $51.9 million and investments totaling $134 million as of March 31, 2025. The company anticipates that its existing cash resources will be sufficient to fund operations into the fourth quarter of 2026. However, management acknowledged the need for additional financing to support ongoing research and development efforts, including clinical trials and potential commercialization of product candidates. The company has raised approximately $666 million since its inception and plans to continue financing operations through equity offerings and collaborations.

Looking ahead, Century Therapeutics remains focused on advancing its iPSC cell therapy platforms and expanding its clinical development efforts. The company is committed to building its manufacturing capabilities and exploring new collaborations to enhance its product pipeline. Despite the challenges inherent in biotechnology development, Century Therapeutics aims to position itself as a leader in the field of allogeneic cell therapies, targeting both autoimmune diseases and cancers.