Core Insights - Century Therapeutics, Inc. reported financial results and business highlights for the full year 2024, emphasizing a pipeline re-prioritization to focus on transformative candidates in high unmet need diseases [1][2] Financial Performance - Cash, cash equivalents, and marketable securities were 261.8 million as of December 31, 2023 [8] - Net cash used in operations was 88.3 million for the same period in 2023 [8] - Collaboration revenue was 2.2 million in 2023 [8] - Research and Development (R&D) expenses rose to 92.7 million in 2023, primarily due to increased research and laboratory costs [8] - General and Administrative (G&A) expenses decreased to 34.7 million in 2023 [8] - The net loss for 2024 was 136.7 million in 2023 [8] Clinical Pipeline Developments - The company has decided to discontinue the Phase 1 ELiPSE-1 trial early, focusing instead on CNTY-101, which is positioned to impact B-cell-mediated autoimmune diseases [2][6] - The CALiPSO-1 Phase 1 trial is set to expand in the U.S. and Europe, with the first patient enrolled and scheduled for dosing in March 2025 [6] - The CARAMEL Phase 1 investigator-initiated trial is expected to commence in mid-2025, focusing on CNTY-101 for B-cell mediated autoimmune diseases [6] Strategic Focus - The company is prioritizing four transformative programs, including CNTY-308, which targets B-cell mediated autoimmune diseases and malignancies [5][9] - CNTY-308 is engineered with Allo-Evasion™ 5.0 technology, aiming for comparable or better performance than approved autologous CAR-T therapies [7][9] - The company aims to launch allogeneic cell therapies at antibody-like scale and cost, expanding access to cell therapies [7][9]
Century Therapeutics Reports Full Year 2024 Financial Results and Provides Business Update