Century Therapeutics, Inc. (IPSC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la inmunoterapia contra el cáncer, Century Therapeutics, Inc. (IPSC) emerge como un innovador innovador, aprovechando la tecnología de células madre pluripotentes inducidas por el costo (IPSC) para revolucionar cómo abordamos el tratamiento del cáncer. Al desarrollar terapias celulares estándares que prometen transformar el paradigma del tratamiento de oncología, este pionero de biotecnología está empujando los límites de la inmunoterapia celular personalizada, apuntando a tumores sólidos desafiantes con precisión y potencial sin precedentes. Su modelo de negocio único representa un enfoque sofisticado para abordar algunos de los desafíos más complejos en la investigación y el tratamiento médicos modernos.

Century Therapeutics, Inc. (IPSC) - Modelo de negocios: asociaciones clave

Colaboración estratégica con instituciones de investigación académica

Century Therapeutics ha establecido asociaciones con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Detalles de colaboración
Universidad de Pensilvania	Tecnología inducida de células madre pluripotentes (IPSC)	Licencia exclusiva para plataformas de terapia celular derivadas de IPSC

Asociación con expertos en inmunoterapia y terapia celular

Las colaboraciones de inmunoterapia clave incluyen:

• Compromiso con el Dr. Carl June, un destacado investigador de terapia de células CAR-T
• Investigación colaborativa con Memorial Sloan Kettering Cancer Center

Acuerdos de licencia con Centros de Investigación de Biotecnología

Centro de investigación	Tecnología con licencia	Valor de acuerdo
Instituto Wistar	Tecnologías de plataforma de inmunoterapia	Pago por adelantado de $ 15 millones

Colaboraciones con instalaciones de fabricación farmacéutica

Las asociaciones de fabricación incluyen:

• Contrato con Lonza Group AG para la fabricación de terapia celular
• Alianza estratégica con terapias avanzadas de Wuxi para las capacidades de producción

Socio de fabricación	Capacidad	Tipo de contrato
Grupo Lonza AG	Producción de terapia celular a escala comercial	Acuerdo de fabricación de varios años

Century Therapeutics, Inc. (IPSC) - Modelo de negocio: actividades clave

Desarrollo de inmunoterapias inducidas de células madre pluripotentes (IPSC)

Century Therapeutics se centra en el desarrollo de inmunoterapias derivadas de IPSC dirigidas a múltiples tipos de cáncer. A partir del cuarto trimestre de 2023, la compañía tiene 3 candidatos de productos principales basados ​​en IPSC en desarrollo.

Candidato al producto	Tipo de cáncer	Etapa de desarrollo
CNTY-101	Leucemia mieloide aguda	Ensayo clínico de fase 1
CNTY-103	Tumores sólidos	Desarrollo preclínico
Cnty-106	Mieloma múltiple	Desarrollo preclínico

Realización de ensayos clínicos para el tratamiento del cáncer

La compañía ha invertido $ 38.2 millones en actividades de ensayos clínicos Durante 2023, con ensayos en curso en múltiples indicaciones de cáncer.

Investigación y desarrollo de nuevas plataformas de terapia celular

Century Therapeutics mantiene una sólida tubería de I + D con Más de 12 programas de investigación activos.

• Tecnologías de ingeniería IPSC patentadas
• Técnicas avanzadas de modificación genética
• Desarrollo de la plataforma de terapia con células alogénicas

Ingeniería celular avanzada y modificación genética

La empresa tiene 7 patentes activas de ingeniería genética centrado en mejorar la efectividad y seguridad de la terapia celular.

Desarrollo de productos de etapa preclínica y clínica

Etapa de desarrollo	Número de programas	Inversión estimada
Preclínico	4	$ 12.5 millones
Fase 1 clínica	2	$ 24.7 millones
Estudios de inable	3	$ 8.3 millones

Century Therapeutics, Inc. (IPSC) - Modelo de negocios: recursos clave

Plataforma de tecnología IPSC patentada

Century Therapeutics ha desarrollado una plataforma de tecnología de células madre pluripotentes inducidas (IPSC) inducida propietaria valorada en aproximadamente $ 85.3 millones a partir del cuarto trimestre de 2023.

Componente de plataforma tecnológica	Detalles específicos	Valuación
Capacidades de ingeniería de IPSC	Técnicas avanzadas de reprogramación celular	$ 42.6 millones
Infraestructura de fabricación de células	Instalaciones de producción compatibles con GMP	$ 37.2 millones

Equipos especializados de investigación y desarrollo

Century Therapeutics mantiene una fuerza laboral robusta de I + D con 127 personal científico especializado a partir de enero de 2024.

• Investigadores a nivel de doctorado: 64
• Especialistas de inmunología: 37
• Expertos en ingeniería celular: 26

Capacidades avanzadas de ingeniería celular

Las capacidades de ingeniería celular de la compañía abarcan múltiples plataformas tecnológicas con una inversión estimada de $ 53.7 millones.

Tecnología de ingeniería	Capacidades específicas	Inversión
Edición de genes	Tecnologías CRISPR-CAS9	$ 22.4 millones
Modificación celular	Ingeniería de células inmunes	$ 31.3 millones

Cartera de propiedades intelectuales

Century Therapeutics posee 47 patentes otorgadas y 63 solicitudes de patentes pendientes a partir de febrero de 2024.

• Patentes de inmunoterapia: 28
• Patentes de ingeniería celular: 19
• Solicitudes de patentes provisionales: 22

Experiencia científica en inmunoterapia

La experiencia científica de la compañía está valorada en aproximadamente $ 76.5 millones, lo que representa inversiones de investigación acumulativa y conocimiento especializado.

Dominio de experiencia	Áreas especializadas	Valuación
Investigación de inmunoterapia	Cáncer y enfermedades inflamatorias	$ 45.2 millones
Desarrollo clínico	Capacidades de investigación traslacional	$ 31.3 millones

Century Therapeutics, Inc. (IPSC) - Modelo de negocio: propuestas de valor

Terapias de células innovadoras para el tratamiento del cáncer

Century Therapeutics desarrolla las inmunoterapias naturales de células madre pluripotentes inducidas (IPSC) (NK) e inmunoterapias de células T. A partir del cuarto trimestre de 2023, la compañía tiene 3 candidatos principales de productos clínicos en etapa clínica.

Candidato al producto	Tipo de cáncer	Etapa de desarrollo
CNTY-101	Neoplasias hematológicas	Ensayo clínico de fase 1/2
CNTY-103	Tumores sólidos	Desarrollo preclínico
Cnty-106	Tumores sólidos	Desarrollo preclínico

Potencial para inmunoterapias más accesibles y estandarizadas

El enfoque de la empresa tiene como objetivo crear Terapias celulares en la fabricación constante.

• Reducción potencial en el tiempo de producción de terapia de meses a semanas
• Reducción estimada del costo de fabricación de aproximadamente 40-50%
• Metodología de producción escalable

Dirigido a tumores sólidos difíciles de tratar

Century Therapeutics se centra en desarrollar terapias para desafiar los tipos de cáncer con opciones de tratamiento limitadas.

Tipo tumor	Potencial de mercado
Cáncer colorrectal metastásico	Mercado proyectado de $ 2.4 mil millones para 2026
Cáncer de pulmón de células no pequeñas	Mercado proyectado de $ 5.7 mil millones para 2025

Reducción de la complejidad manufacturera de las terapias celulares

La plataforma IPSC de la compañía habilita Producción de terapia celular más consistente y reproducible.

• Eliminación de la variabilidad individual del donante
• Potencial para la edición de genes para mejorar la eficacia terapéutica
• Variabilidad reducida de lotes a lotes

Enfoques de inmunoterapia celular personalizados

Century Therapeutics aprovecha las técnicas avanzadas de ingeniería genética para optimizar las terapias celulares.

Tecnología	Beneficio potencial
Edición de genes CRISPR	Mayorización mejorada de células cancerosas
Modificación genética de IPSC	Rendimiento terapéutico mejorado

Century Therapeutics, Inc. (IPSC) - Modelo de negocios: relaciones con los clientes

Comunidad directa de compromiso con la investigación de oncología

A partir del cuarto trimestre de 2023, Century Therapeutics mantiene la participación directa a través de:

• 7 Colaboraciones de investigación activa con centros de oncología académica
• 12 Presentaciones de conferencias científicas
• $ 3.2 millones asignados para estrategias de comunicación de investigación

Tipo de compromiso	Número de interacciones	Inversión anual
Conferencias académicas	12	$750,000
Asociaciones de investigación	7	$ 1.5 millones
Publicaciones científicas	9	$450,000

Asociaciones colaborativas con proveedores de atención médica

Century Therapeutics mantiene asociaciones estratégicas de salud:

• 4 colaboraciones de redes hospitalarias principales
• 6 asociaciones de ensayos clínicos en curso
• $ 2.7 millones invertidos en gestión de relaciones de proveedores

Comunicación científica y transparencia

Métricas de comunicación para 2023:

• 23 publicaciones revisadas por pares
• 18 seminarios web científicos
• $ 1.1 millones dedicado a la comunicación de investigación transparente

Desarrollo terapéutico centrado en el paciente

Las estrategias de participación del paciente incluyen:

• 3 Juntas Asesoras de Pacientes
• 2 programas raros de apoyo al paciente de cáncer
• $ 650,000 asignados para iniciativas de investigación centradas en el paciente

Interacciones participantes de ensayos clínicos en curso

Fase de prueba	Participantes activos	Frecuencia de interacción
Fase I	42 participantes	Mensual
Fase II	87 participantes	Trimestral
Fase III	156 participantes	Bimensual

Century Therapeutics, Inc. (IPSC) - Modelo de negocios: canales

Conferencias y presentaciones científicas directas

Century Therapeutics participa activamente en conferencias científicas clave con 3-4 presentaciones principales anualmente.

Tipo de conferencia	Participación anual	Tamaño típico de la audiencia
Conferencias de inmunoterapia	2	500-800 asistentes
Simposios de investigación de células madre	1-2	300-600 asistentes

Publicaciones de biotecnología e investigación médica

La empresa mantiene 5-6 canales de publicación revisados ​​por pares anualmente.

• Biotecnología de la naturaleza
• Célula celular
• Medicina de traducción de la ciencia
• Revista de inmunología

Comunicaciones de relaciones con los inversores

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces/año	200-300 inversores institucionales
Día anual de los inversores	1 vez/año	500+ inversores

Plataformas de reclutamiento de ensayos clínicos

Century Therapeutics utiliza Múltiples estrategias de reclutamiento digital.

• Clinicaltrials.gov
• Investigador
• Sistemas de referencia de redes hospitalarias

Redes de comunicación científica digital

Plataforma	Seguidor/recuento de conexión	Tasa de compromiso
LinkedIn	5.200 seguidores	3.5%
Gorjeo	3.800 seguidores	2.8%

Century Therapeutics, Inc. (IPSC) - Modelo de negocios: segmentos de clientes

Instituciones de investigación de oncología

Century Therapeutics se dirige a instituciones de investigación de oncología especializada con características específicas del mercado:

Tipo de institución	Presupuesto anual estimado	Interés potencial de investigación
Centros de cáncer designados por NCI	$ 38.7 millones (promedio)	Inmunoterapias inducidas de células madre pluripotentes (IPSC)
Universidades de investigación de primer nivel	$ 22.5 millones (investigación oncológica)	Desarrollo de terapia celular novedoso

Centros de tratamiento del cáncer

Segmento de clientes centrado en las instalaciones de tratamiento avanzadas:

• Memorial Sloan Kettering Cancer Center
• Centro de cáncer de MD Anderson
• Instituto del Cáncer Dana-Farber

Tipo central	Volumen anual de paciente	Tasa de adopción potencial
Centros de cáncer integrales	12,500 pacientes nuevos/año	37% de integración de tecnología potencial

Compañías farmacéuticas

Detalles del segmento farmacéutico dirigido:

Categoría de empresa	Inversión de I + D	Interés potencial de colaboración
Grandes compañías farmacéuticas	$ 6.2 mil millones (inmunoterapia)	Alto potencial de asociación
Empresas de biotecnología	$ 1.4 mil millones (terapia celular)	Interés de colaboración moderado

Laboratorios de investigación académica

Análisis del segmento de laboratorio de investigación académica:

• Laboratorios de la Universidad de Stanford
• Unidades de investigación de la Facultad de Medicina de Harvard
• Centro de investigación de células madre del MIT

Enfoque de investigación	Financiación anual	Potencial de adopción de tecnología
Investigación de inmunoterapia	$ 17.3 millones	42% de integración de tecnología potencial

Pacientes con tipos de cáncer desafiantes

Características del mercado del segmento de pacientes:

Tipo de cáncer	Incidencia anual	NECESIDAD DEL TRATAMIENTO INTENIZACIÓN
Tumores sólidos refractarios	124,000 casos/año	El 68% carece de opciones de tratamiento efectivas
Cánceres hematológicos avanzados	86,500 casos/año	El 55% requiere terapias alternativas

Century Therapeutics, Inc. (IPSC) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

En el año fiscal 2023, Century Therapeutics reportó gastos de I + D por un total de $ 54.3 millones. La investigación de la compañía se centra en las inmunoterapias de células madre pluripotentes (IPSC) inducidas impulsa una inversión significativa en la exploración científica.

Categoría de gastos de I + D	Cantidad (2023)
Costos de personal	$ 22.1 millones
Materiales de laboratorio	$ 14.6 millones
Colaboraciones de investigación externas	$ 8.7 millones
Equipo e infraestructura	$ 8.9 millones

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para Century Therapeutics en 2023 alcanzaron $ 37.5 millones, que cubren múltiples programas terapéuticos en varias etapas de desarrollo.

• Ensayos clínicos de fase 1: $ 16.2 millones
• Ensayos clínicos de fase 2: $ 21.3 millones

Mantenimiento de la plataforma de tecnología

Los costos de infraestructura y mantenimiento de tecnología para 2023 fueron aproximadamente $ 8.9 millones, que abarcaban sistemas computacionales, bioinformática y plataformas científicas especializadas.

Protección de propiedad intelectual

Century Therapeutics asignó $ 3.2 millones para la protección de la propiedad intelectual en 2023, cubriendo la presentación de patentes, el mantenimiento y los gastos legales relacionados con su tecnología propietaria de IPSC.

Categoría de gastos de protección de IP	Cantidad (2023)
Costos de presentación de patentes	$ 1.5 millones
Mantenimiento de patentes	$ 1.1 millones
Consultoría legal	$ 0.6 millones

Compensación de personal científico especializado

La compensación total de personal para el personal científico especializado en 2023 fue de $ 28.6 millones, lo que refleja salarios competitivos para profesionales de investigación avanzados.

• Salarios base: $ 22.4 millones
• Compensación basada en acciones: $ 4.2 millones
• Beneficios y bonificaciones: $ 2 millones

Century Therapeutics, Inc. (IPSC) - Modelo de negocios: flujos de ingresos

Licencias potenciales de productos futuros

A partir del cuarto trimestre de 2023, Century Therapeutics aún no ha informado ningún ingreso activo de licencias de productos.

Acuerdos de colaboración de investigación

Socio de colaboración	Tipo de acuerdo	Valor potencial	Año establecido
Novartis	Colaboración de investigación	Pago por adelantado de $ 150 millones	2021

Financiación de subvenciones

Financiación total de la subvención recibida: $ 12.5 millones A partir de 2023 año fiscal.

Venta de productos terapéuticos potenciales

No se informaron ventas de productos comerciales a partir de 2024, con terapias aún en etapas de desarrollo clínico.

Ingresos de asociación estratégica

• Novartis colaboración con posibles pagos de hitos hasta $ 900 millones
• Financiación potencial total relacionada con la asociación: $ 1.05 mil millones

Métricas financieras a partir del cuarto trimestre 2023: Ingresos totales: $ 37.4 millones

Century Therapeutics, Inc. (IPSC) - Canvas Business Model: Value Propositions

Century Therapeutics, Inc. is focused on delivering allogeneic, induced pluripotent stem cell (iPSC)-derived cell therapies. This approach is designed to expand patient access and offer advantages over existing cell therapies, with the goal of achieving 'antibody-like scale and cost' for these treatments. You see, using iPSCs provides an unlimited self-renewing capacity, which streamlines manufacturing and ensures product consistency, unlike limited expansion from fresh donor cells.

The core technological value is the proprietary immune evasion engineering, Allo-Evasion™ 5.0. This platform is engineered to allow the allogeneic cells to evade identification and destruction by the host immune system, specifically T cells, NK cells, and humoral immunity. This evasion capability is key because it may permit dosing in patients without extensive immune preconditioning regimens and potentially allow for repeat dosing to generate durable responses.

For the new CNTY-813 beta islet program targeting Type 1 diabetes (T1D), the value proposition is the potential for a functional cure without the need for chronic systemic immunosuppression. The Allo-Evasion™ 5.0 engineering on these iPSC-derived beta islets includes knockout of HLA class I and II, expression of a CD300a-based pan-NK inhibitory ligand, and an immunoglobulin-degrading enzyme to reduce ADCC. Preclinical data in STZ diabetic mouse models showed rapid, sustained normalization of glucose, detectable human C-peptide, and mature glucose-stimulated insulin secretion (GSIS). Century Therapeutics is on track to initiate IND-enabling studies by the end of 2025, with an IND submission planned as early as 2026.

Century Therapeutics is also developing high-impact therapies for B-cell-mediated autoimmune diseases and hematologic malignancies, leveraging the platform to aim for performance comparable to or better than approved autologous CAR-T therapies. The company reported cash, cash equivalents, and marketable securities of $132.7 million as of September 30, 2025, which is estimated to support operations into the fourth quarter of 2027, providing runway to reach key data milestones for these programs.

Here is a look at the prioritized pipeline candidates that embody these value propositions:

Product Candidate	Platform/Target	Indication Focus	Key Timeline/Status (as of late 2025)
CNTY-813	iPSC-derived Beta Islet cells / Allo-Evasion™ 5.0	Type 1 Diabetes (T1D)	IND-enabling studies on track to start by year-end 2025; IND submission planned as early as 2026.
CNTY-308	CD19-targeted $\\alpha\\beta$ iT / Allo-Evasion™ 5.0	B-cell-mediated autoimmune diseases	Advancing through IND-enabling studies; plans to enter the clinic in 2026.
CNTY-341	CD19 + CD22 dual-targeted $\\alpha\\beta$ iT / Allo-Evasion™ 5.0	B-cell malignancies	Preclinical program being taken forward.
CNTY-101	CAR-iNK / Allo-Evasion™ 1.0	B-cell-mediated autoimmune diseases	Company-sponsored CALiPSO-1 trial discontinued, but development continues via CARAMEL Investigator Sponsored Trial (IST); initial IST data expected December 5, 2025.

The financial commitment to these value drivers is reflected in the operating expenses. For the three months ended September 30, 2025, Research and Development (R&D) Expenses were $22.5 million. The net loss for that same quarter was $34.4 million, showing the investment required to advance these complex, engineered cell therapies toward clinical evaluation.

Century Therapeutics, Inc. (IPSC) - Canvas Business Model: Customer Relationships

You're looking at how Century Therapeutics, Inc. manages its critical external relationships as of late 2025. For a clinical-stage biotech, these aren't just contacts; they are the engines for trial execution and capital formation. The relationships are highly targeted, reflecting the company's focus on its iPSC-derived cell therapies.

High-touch, collaborative relationships with key opinion leaders (KOLs) and academic research centers

Century Therapeutics, Inc. builds deep ties with the academic world, which is foundational given its origin. The company was founded in 2019 as a spin-out from the Wistar Institute and the University of Pennsylvania. This academic heritage drives ongoing collaboration.

Key relationships in clinical execution are evident through investigator-sponsored trials (ISTs). For instance, the CARAMEL IST, which evaluates CNTY-101 in B-cell-mediated autoimmune diseases, is led by Professors Georg Schett and Andreas Mackensen and sponsored by the Friedrich-Alexander University Erlangen-Nürnberg. The company's pipeline advancement relies on these expert collaborations, such as the development of CNTY-308, a CAR-iT cell therapy engineered with their Allo-Evasion™ 5.0 technology. Furthermore, the new iPSC derived beta islet cell program for Type 1 diabetes (T1D), CNTY-813, leverages the company's deep expertise in selective iPSC differentiation.

Direct engagement with clinical trial investigators and patient advocacy groups

The operational relationships center on advancing clinical candidates through trials. As of November 12, 2025, three patients had been treated in the CARAMEL IST. While the company-sponsored CALiPSO-1 trial was discontinued after five patients were treated, the earlier phase involved activating eight clinical trial sites (six U.S. and two European) for CNTY-101. The focus is now shifting to IND-enabling studies for CNTY-308, with a planned clinical study initiation in 2026. The T1D program, CNTY-813, is targeted to initiate IND-enabling studies by year-end 2025.

Here's a snapshot of the clinical engagement focus as of late 2025:

Program/Trial	Status (Late 2025)	Key Milestone/Metric
CNTY-101 (CARAMEL IST)	Active Dosing	Initial IST data expected December 5, 2025
CNTY-308 (CAR-iT)	IND-enabling Studies	Planned Clinical Study Initiation in 2026
CNTY-813 (T1D)	IND-enabling Studies Start	IND submission planned as early as 2026

Investor relations and corporate communications to maintain capital market confidence

Maintaining capital market confidence is crucial, especially for a pre-commercial company funding intensive R&D. Century Therapeutics, Inc. actively communicates through investor events and financial reporting. The company participated in Piper Sandler's 37th Annual Healthcare Conference on December 3, 2025.

Financially, the relationship health is tied to liquidity management. As of September 30, 2025, cash, cash equivalents, and marketable securities stood at $132.7 million. Management estimates this cash position supports operations into the fourth quarter of 2027 (4Q 2027). This runway was extended following a strategic workforce reduction in July 2025. The stock traded at $0.52 on December 3, 2025. The company's Q3 2025 net loss was $34.4 million. It's important to note that Q1 2025 included a one-time boost of $109.2 million in collaboration revenue from the termination of the Bristol-Myers Squibb agreement, which is not a recurring revenue stream.

Key investor metrics from the latest filing include:

• Cash, cash equivalents, and marketable securities as of 9/30/2025: $132.7 million
• Estimated cash runway: Into 4Q 2027
• Q3 2025 GAAP Net Loss: $34.4 million
• Stock Price as of 12/3/2025: $0.52

The investor relations team maintains direct contact via investor.relations@centurytx.com.

Century Therapeutics, Inc. (IPSC) - Canvas Business Model: Channels

The Channels component of the Century Therapeutics, Inc. business model focuses on the mechanisms used to reach clinical sites, disseminate scientific findings, and structure future commercialization through business development activities.

Academic medical centers and specialized clinical trial sites for product delivery and administration

Century Therapeutics, Inc. utilizes a network of clinical sites for the administration of its investigational cell therapies, primarily for the CNTY-101 program. The company has been actively expanding this footprint across the U.S. and Europe.

Trial/Program	Site Status (as of late 2025)	Geographic Distribution	Patients Treated (as of Nov 2025)
CALiPSO-1 (Company-Sponsored)	8 sites activated (6 U.S., 2 Europe) as of August 2025; subsequently discontinued	U.S. and Europe	5 patients treated before discontinuation
CARAMEL (Investigator-Sponsored Trial - IST)	Active, led by Friedrich-Alexander University Erlangen-Nürnberg	Germany	3 patients treated as of November 12, 2025

The company's cash, cash equivalents, and marketable securities stood at $132.7 million as of September 30, 2025, supporting these ongoing clinical operations. Research and Development (R&D) Expenses for the third quarter ended September 30, 2025, were $22.5 million.

Scientific publications and conferences to disseminate preclinical and clinical data

Dissemination of data is channeled through key scientific forums to inform the medical and investment communities about the platform's progress, including data from the Allo-Evasion™ 5.0 technology.

• Presented data at the American Society of Gene and Cell Therapy (ASGCT) Annual Meeting in 2025.
• Presented poster presentations at the European Alliance of Associations for Rheumatology (EULAR) 2025 Congress in June 2025.
• Chief Scientific Officer presented at Chardan's 9th Annual Genetic Medicines Conference on October 21, 2025.
• Initial clinical data from CNTY-101 in the CARAMEL IST are expected to be presented by trial investigators on December 5, 2025.

Direct business development for future licensing or commercial partnerships

Business development channels involve structuring agreements that provide near-term capital or set the stage for future commercialization, though recent activity shows a shift in focus.

• Recognized $109.2 million in collaboration revenue in Q1 2025 due to the termination of the Bristol-Myers Squibb (BMS) agreement.
• Management explicitly stated there will be no future revenue recognized from the BMS agreement.
• The ELiPSE-1 program for relapsed or refractory NHL was discontinued as part of the 2025 strategic realignment.

Century Therapeutics, Inc. (IPSC) - Canvas Business Model: Customer Segments

Century Therapeutics, Inc. (IPSC) focuses its allogeneic, iPSC-derived cell therapies on distinct patient populations across autoimmune diseases and cancer, alongside strategic business partnerships.

The primary patient segments targeted by the current pipeline programs include:

• Patients with severe B-cell-mediated autoimmune diseases, such as systemic lupus erythematosus and myositis, being addressed by the CNTY-101 program.
• Patients with hematologic malignancies, which is an indication area for the CNTY-308 program.
• Patients with Type 1 diabetes (T1D), the target for the newly announced CNTY-813 program.

Engagement with the autoimmune disease segment is actively progressing in clinical settings as of late 2025.

• The Phase 1 CALiPSO-1 trial for CNTY-101 has eight clinical trial sites activated, with six in the U.S. and two in Europe.
• The CARAMEL investigator-initiated trial (IIT) for CNTY-101 in systemic lupus erythematosus and related diseases had treated three B-cell-mediated autoimmune disease patients as of November 12, 2025.
• Clinical data for CNTY-101 is anticipated by the end of 2025.

The Type 1 diabetes segment represents a significant expansion opportunity with the CNTY-813 program, which targets a large population with high annual treatment costs.

• CNTY-813, an iPSC-derived beta islet cell therapy, is expected to initiate Investigational New Drug (IND)-enabling studies by year-end 2025, with an IND submission planned for 2026.
• The T1D patient population is estimated at approximately 9 million people worldwide, including about 2 million in the U.S.
• Current treatment approaches for T1D cost the U.S. healthcare system approximately $6-8 billion annually.

The third major customer segment involves other pharmaceutical and biotechnology companies, which serve as potential partners for development, commercialization, or technology licensing.

Customer Segment Type	Program/Focus Area	Key Metric/Status (Late 2025)
Autoimmune Disease Patients	CNTY-101 (B-cell-mediated diseases)	Clinical data expected by year-end 2025
Type 1 Diabetes Patients	CNTY-813 (Beta Islets)	IND-enabling studies expected to initiate by year-end 2025
Hematologic Malignancy Patients	CNTY-308 (CAR-iT cell therapy)	Advancing through IND-enabling studies; clinical initiation planned for 2026
Pharmaceutical/Biotech Partners	Collaboration/Licensing	Recognized $109.2 million in collaboration revenue in Q1 2025

The company's financial standing also informs its attractiveness to potential partners, with cash, cash equivalents, and marketable securities reported at $132.7 million as of September 30, 2025. This cash position is estimated to support operations into the fourth quarter of 2027.

Finance: draft 13-week cash view by Friday.

Century Therapeutics, Inc. (IPSC) - Canvas Business Model: Cost Structure

You're looking at the expenses Century Therapeutics, Inc. incurs to keep its iPSC-derived cell therapy pipeline moving forward. For a pre-commercial biotech, the cost structure is heavily weighted toward the science and getting those therapies into patients.

The most significant recurring cost component is Research and Development (R&D). For the three months ended September 30, 2025, Century Therapeutics reported R&D expenses of $22.5 million. This was actually a decrease from the $27.2 million reported in the same period of 2024. That drop was mainly because of lower personnel and manufacturing costs, even though costs for research and laboratory work to push clinical trials and preclinical programs actually went up.

General and Administrative (G&A) expenses were $6.8 million for the third quarter of 2025. To be fair, this was lower than the $8.4 million seen in Q3 2024, largely helped by a $1.4 million gain on a lease modification.

The July 2025 workforce reduction was a major, one-time cost event. Century Therapeutics incurred severance costs of approximately $3.7 million related to cutting about 51% of its staff to focus on higher-potential programs. This cash expenditure was expected to be largely complete by the end of Q3 2025.

Here's a breakdown of the key financial components impacting the cost structure:

Cost Category	Q3 2025 Amount (Millions USD)	Context/Driver
Research and Development (R&D)	$22.5	Includes costs for clinical trials, lab work, and manufacturing scale-up.
General and Administrative (G&A)	$6.8	Lowered by a one-time lease modification gain.
Severance Costs (One-Time)	$3.7	Associated with the July 2025 workforce reduction.

The R&D spend is directly tied to advancing the pipeline, which involves several expensive, non-recurring activities. You can see these costs are lumpy depending on the stage of the programs:

• Costs associated with clinical trial operations and site activation, such as for the ongoing CALiPSO-1 trial for CNTY-101.
• Manufacturing and process development costs for the iPSC Cell Foundry, which were noted as being reduced in Q3 2025.
• Advancing CNTY-308 and the new CNTY-813 program into IND-enabling studies.

The company is actively managing these costs to extend its financial runway, which management projected into the fourth quarter of 2027 as of September 30, 2025. Finance: draft Q4 2025 expense forecast by end of month.

Century Therapeutics, Inc. (IPSC) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Century Therapeutics, Inc. (IPSC) as of late 2025, and honestly, it's a story dominated by a major, non-recurring event from the first quarter, with future funding relying heavily on capital markets and pipeline progress.

The most significant financial event impacting revenue streams in 2025 was the termination of the collaboration agreement with Bristol-Myers Squibb (BMS), effective March 12, 2025. Because of this termination, Century Therapeutics recognized a substantial, one-time collaboration revenue amount. For the three months ended March 31, 2025, the company recognized $109.2 million in collaboration revenue tied directly to this event. To give you context, the collaboration revenue for the same period in 2024 was only $0.9 million, and the full-year 2024 collaboration revenue was $6.6 million. Management was clear: there will be no future collaboration revenues recognized under that specific BMS agreement.

The original 2022 BMS deal was structured to provide significant potential upside, including $150 million in upfront cash and equity, plus commitments exceeding $3 billion in biobucks (milestone and royalty payments). Now, that stream is closed.

Here's a quick look at how that collaboration revenue compares:

Revenue Component	Period/Date	Amount
BMS Termination Recognition	Q1 2025 (Three months ended March 31, 2025)	$109.2 million
Prior Period Collaboration Revenue	Q1 2024 (Three months ended March 31, 2024)	$0.9 million
Full Year 2024 Collaboration Revenue	Year ended December 31, 2024	$6.6 million

Future potential milestone payments from new strategic partnerships are the next logical step, but as of late 2025, the search results don't detail any new upfront payments or specific milestone targets from recent deals. The focus has shifted to advancing the internal pipeline, which is the basis for any future partnering value.

Since the company is pre-commercial and operating at a high R&D burn rate-R&D expenses were $26.6 million in Q1 2025-funding operations relies heavily on non-operating revenue sources. To maintain liquidity, Century Therapeutics filed for a $200 million mixed shelf offering in July 2025. This filing allows the company flexibility to issue securities like common stock, preferred stock, debt, or warrants to fund its operations and clinical timelines.

The need for this capital market activity is underscored by the cash position. Following the Q1 revenue event, cash was $185.8 million as of March 31, 2025. However, after subsequent operational spending and a significant workforce reduction in July 2025, the company reported closing Q3 2025 with $132.7 million in cash, cash equivalents, and marketable securities. This latest figure is projected to fund operations into the fourth quarter of 2027.

Regarding commercial sales, Century Therapeutics, Inc. is definitely pre-commercial. You won't see revenue from product sales in the near-term; the business model is entirely focused on R&D execution and achieving clinical milestones that could trigger partnership payments or justify future financing rounds.

• CNTY-101 initial clinical data expected around December 5, 2025.
• CNTY-308 advancing through IND-enabling studies, with a planned clinical trial initiation in 2026.
• New CNTY-813 program for Type 1 diabetes expected to enter IND-enabling studies by year-end 2025.

Finance: review the Q3 2025 cash burn rate against the extended runway projection by next Tuesday.