Century Therapeutics (IPSC 3.15%), an early-stage biotechnology company pioneering cell therapies using induced pluripotent stem cell (iPSC) technology, reported its second quarter 2025 financial results on August 14, 2025, for the period ending June 30. The most notable announcement was that results were exactly in line with analyst expectations, with a net loss per share of $0.3761 (GAAP) and no reported revenue, as anticipated for a pre-commercial, development-focused biotech at this stage. Overall, Century demonstrated cost discipline by slightly reducing both research and administrative expenses compared to the prior year, though its net loss (GAAP) widened marginally. Progress was reported on the company’s lead pipeline assets, particularly the ongoing clinical trials for CNTY-101, but commercial traction and meaningful revenue remain distant, as GAAP revenue was $0. The company’s cash position remains solid, supported by recent operational changes that extend its cash runway into the fourth quarter of 2027. Slow enrollment and limited early data indicate continued execution risks.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $(0.38) | $(0.38) | $(0.38) | 0.0% |
| Revenue (GAAP) | $0 | $0 | $0.77 million | (100.0%) |
| Research & Development Expenses | $26.9 million | $27.2 million | (1.1%) | |
| General & Administrative Expenses | $7.8 million | $8.3 million | (6.0%) | |
| Net Income (Loss) | $(32.5 million) | $(31.2 million) | (4.2%) |
Source: Analyst estimates for the quarter provided by FactSet.
Business Overview and Strategic Focus
Century is developing next-generation cell therapies for cancer and autoimmune diseases using its proprietary iPSC platform. The company’s core technology platform enables it to precisely engineer immune cells to evade immune rejection, potentially allowing repeated dosing and expanded patient access. Its leading product candidates target unmet needs in B-cell-mediated autoimmune diseases and select malignancies.
Recent priorities have centered on advancing its lead program, CNTY-101, a chimeric antigen receptor (CAR)-engineered induced natural killer (iNK) cell therapy. The company also invested in Allo-Evasion™, a proprietary technology to minimize immune rejection—an approach that could distinguish its pipeline from competitors. Maintaining research and development discipline and extending cash runway have emerged as key strategies, as investments in manufacturing scale and early-phase pipeline assets continue.
Quarterly Review: Pipeline, Operations, and Financial Developments
During the period, operational progress was made on the lead clinical candidate, CNTY-101, with patient dosing underway in the CALiPSO-1 Phase 1 trial. By August 2025, only two patients had been dosed, and eight centers had been activated across the United States and Europe, including sites in Germany, France, and Italy. The company maintained its timeline for reporting initial clinical data by year-end 2025. In Europe, the company announced that the CARAMEL investigator-initiated study remains on track to begin dosing in Q3 2025.
Allo-Evasion™ technology, a key differentiator for Century, continued to anchor its product development efforts. At the EULAR 2025 Congress, the company presented data that demonstrated protection of engineered cells from immune rejection. Allo-Evasion™ technology is designed to potentially reduce or eliminate the need for preconditioning regimens, which could enable treatment of more fragile or less severely affected patient populations. These findings remain preclinical, so actual patient benefit will depend on ongoing and future trials.
On the pipeline front, CNTY-308, a CD19-targeted CAR-iT cell therapy currently in preclinical investigation, entered investigational new drug (IND)-enabling studies in mid-2025. Management expects it to start clinical trials in 2026. The company is also progressing an as-yet-undisclosed non-immune cell therapy program engineered with Allo-Evasion™. These assets add depth to the pipeline but remain at early development stages, and timelines for clinic entry beyond CNTY-101 are not yet definitive.
Financially, the company’s results reflect its stage as a pre-commercial, research-driven operation. No revenue (GAAP) was recorded, a drop from the prior year when collaboration revenue still contributed. Research and development expenses edged lower, mainly due to reduced personnel and manufacturing costs, partially offset by increased research and laboratory costs to advance clinical trials and preclinical programs. The net loss (GAAP) widened slightly from the prior year, totaling $32.5 million for the three months ended June 30, 2025, compared to $31.2 million for the same period in 2024. The cash position at June 30, 2025, was $158.5 million, down from $220.1 million at December 31, 2024. However, this decrease was largely due to the full recognition of deferred revenue earlier in the year, specifically in Q1 2025. Operational changes, including pipeline prioritization and staff reductions, were made to support the cash runway, now guided to extend into the fourth quarter of 2027.
Prior agreements, including with Bristol Myers Squibb, have been terminated. There was a leadership transition, with Dr. Brent Pfeiffenberger moving to Board Chair in addition to his role as Chief Executive Officer. The company continues to place importance on its intellectual property portfolio, which safeguards the technical innovations underlying its platform.
Looking Forward: Guidance and Risks
Management reaffirmed its outlook for the year, stating it remains on track to report clinical data for CNTY-101 by the end of 2025. Cash guidance also remained unchanged, with available funds expected to cover operations into the fourth quarter of 2027. No new guidance was provided on revenue, EPS, or further pipeline milestones for other programs beyond general timelines.
Investors should watch the pace of patient enrollment in ongoing clinical trials, especially as the limited number of patients dosed so far could delay insight into safety and efficacy. The progress of pipeline assets like CNTY-308 and initial non-immune cell programs will be important in future updates, though these are unlikely to impact revenue in the near term. Until commercial products emerge or new development partnerships are formed, Century remains highly reliant on its ability to produce meaningful clinical results and to judiciously manage its cash position.
IPSC does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
