Century Therapeutics(IPSC) - 2024 Q3 - Quarterly Results

Financial Performance - Net loss for Q3 2024 was $31.2 million, slightly improved from a net loss of$32.7 million in Q3 2023[14] - Total operating expenses for the three months ended September 30, 2024, were $35,580 thousand, slightly down from$35,774 thousand in the same period of 2023, a decrease of 0.5%[21] - Net loss for the three months ended September 30, 2024, was $(31,226) thousand, compared to$(32,720) thousand in the same period of 2023, indicating an improvement of 4.6%[21] - Interest income for the three months ended September 30, 2024, was $3,305 thousand, down from$3,486 thousand in the same period of 2023, a decrease of 5.2%[21] Cash and Investments - Century Therapeutics ended Q3 2024 with cash, cash equivalents, and investments totaling $244.7 million, down from$261.8 million at the end of 2023[11] - Cash and cash equivalents increased to $52,593 thousand in September 2023 from$47,324 thousand in December 2022, a rise of 4.7%[20] - Century's organizational changes have extended its cash runway into the second half of 2026[9] Research and Development - Research and Development (R&D) expenses increased to $27.2 million for Q3 2024, compared to$22.8 million for the same period in 2023, primarily due to the progression of clinical trials and increased manufacturing activity[13] - Research and development expenses for the three months ended September 30, 2024, were $27,228 thousand, compared to$22,788 thousand in the same period of 2023, reflecting an increase of 19.4%[21] - Century is expanding the Phase 1 CALiPSO-1 trial to include idiopathic inflammatory myopathy and diffuse cutaneous systemic sclerosis, enhancing its focus on autoimmune diseases[3] - The company plans to provide updated clinical data from the CALiPSO-1 trial by mid-2025[6] - Following the integration of Clade Therapeutics, Century is conducting a strategic review of its pre-clinical pipeline, with results expected in Q1 2025[9] Revenue and Collaboration - Collaboration revenue from Bristol-Myers Squibb was $0.8 million for Q3 2024, up from$0.1 million in the same period last year[12] - Collaboration revenue for the three months ended September 30, 2024, was $791 thousand, a significant increase from$148 thousand in the same period of 2023, marking a growth of 433.8%[21] Assets and Liabilities - Total current assets increased to $206,009 thousand in September 2023, up from$176,994 thousand in December 2022, representing a growth of 16.8%[20] - Total liabilities rose to $192,931 thousand in September 2023, up from$175,941 thousand in December 2022, an increase of 9.5%[20] - Stockholders' equity increased to $195,686 thousand in September 2023, compared to$184,750 thousand in December 2022, reflecting a growth of 5.1%[20] Clinical Trial Results - The overall response rate (ORR) for CNTY-101 at Dose Level 3B in the Phase 1 ELiPSE-1 study was reported at 83%, with a complete response rate (CRR) of 33%[4]