Century Therapeutics, Inc. (IPSC): Business Model Canvas [Dec-2025 Updated]

You're digging into a biotech that just executed a sharp strategic pivot, shedding old deals to laser-focus on its proprietary induced pluripotent stem cell (iPSC) platform, especially for autoimmune targets. Honestly, looking at Century Therapeutics, Inc.'s Business Model Canvas as of late 2025, the narrative is about funding a high-burn R&D engine-they reported $22.5 million in R&D costs for Q3 2025-with a runway supported by $132.7 million in cash and equivalents on the books as of September 30, 2025. This framework shows you exactly how they plan to convert that Allo-Evasion™ technology into value, moving past the terminated BMS agreement and relying on milestone payments and equity financing for now. Keep reading to see the nine building blocks driving this pre-commercial strategy.

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

You're looking at how Century Therapeutics, Inc. structures its external relationships to move its iPSC-derived cell therapies forward, especially as of late 2025. These alliances are key to getting their pipeline, particularly CNTY-101, from the lab bench to the clinic.

Friedrich-Alexander University Erlangen-Nürnberg for the CNTY-101 CARAMEL Investigator-Initiated Trial (IIT)

Century Therapeutics partnered with Professors Georg Schett and Andreas Mackensen at Friedrich-Alexander University Erlangen-Nürnberg to evaluate CNTY-101 in autoimmune diseases through the CARAMEL investigator-initiated Phase 1/2 trial (IIT). This collaboration marks the first time this group is testing an allogeneic (off-the-shelf) iPSC-derived CD19-directed NK cell therapy in this setting. The CARAMEL trial is designed to assess the safety, efficacy, and key translational data of CNTY-101 in conditions like systemic lupus erythematosus, lupus nephritis, idiopathic inflammatory myopathy, and diffuse cutaneous systemic sclerosis. The trial was activated in July 2025 following Clinical Trial Application (CTA) authorization in Germany. Initial patient enrollment and dosing was expected to occur in the third quarter of 2025. Century Therapeutics stated it remains on track to report clinical data from this trial by the end of 2025.

Fujifilm Cellular Dynamics Inc. (FCDI) for Exclusive Access to iPSC Differentiation Protocols and GMP Manufacturing

The relationship with FUJIFILM Cellular Dynamics, Inc. (FCDI) is foundational, providing Century Therapeutics with licenses to premier iPSC technologies, patents, and know-how. This access was crucial for the initial start and acceleration of first-generation product candidates and manufacturing process development. FCDI acts as the primary manufacturer of Century Therapeutics' cellular products, including CNTY-101. This manufacturing partnership was expanded in November 2023 to cover cell therapies for autoimmune and inflammatory diseases. Under these agreements, FCDI is eligible to receive certain development and regulatory milestone payments as well as royalties related to the developed products. Century Therapeutics retains exclusive commercialization rights in the United States and other major commercial markets for product candidates developed through this collaboration. The initial strategic partnership between the two companies began in 2018.

Clinical Research Organizations (CROs) and Clinical Sites for Managing Phase 1/2 Trials in the US and Europe

Managing clinical trials requires a network of external expertise and physical locations. While the company-sponsored Phase 1 CALiPSO-1 trial was discontinued in November 2025 after five patients had received the therapy, the site activation efforts inform the management of the ongoing CARAMEL IIT. The CALiPSO-1 trial had expanded its footprint to support enrollment, which is a key function managed through these external relationships. The financial commitment to these external operations is reflected in the reported Research and Development (R&D) Expenses. For the three months ended March 31, 2025, R&D expenses were $26.6 million, an increase from $23.4 million for the same period in 2024, with increased clinical trial costs being a notable driver. The European expansion for the CALiPSO-1 trial involved site activation activities, with enrollment expected to initiate in the second half of 2025 in select countries.

Here's a snapshot of the clinical site activation progress for the CALiPSO-1 trial as of August 14, 2025:

The CARAMEL IIT, sponsored by FAU, also required regulatory authorization in Europe (Germany) before activation in July 2025, demonstrating the need for local regulatory navigation expertise, often supported by CROs.

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

The core of Century Therapeutics, Inc.'s business model revolves around the intensive research, development, and execution required to bring their allogeneic induced pluripotent stem cell (iPSC)-derived cell therapies to market. This involves significant financial commitment to R&D and meticulous management of clinical programs.

Research and development (R&D) of allogeneic iPSC-derived cell therapies requires substantial, consistent investment. You can see the quarterly spend below, which reflects the costs of advancing clinical trials and preclinical programs, including the development of their proprietary platform technology.

The decrease in R&D expenses for the three months ended September 30, 2025, compared to the same period in 2024, was primarily due to a reduction of personnel and manufacturing costs, offset by an increase in research and laboratory costs to progress clinical trials and preclinical programs. The company estimates its cash, cash equivalents, and investments support operations into the fourth quarter of 2027 following a July 2025 workforce reduction.

Advancing lead candidates (CNTY-308, CNTY-813) through IND-enabling studies defines the near-term preclinical focus. This activity is crucial for transitioning these assets toward Investigational New Drug (IND) submission.

• CNTY-308, a CD19-targeted CD4+/CD8+ ab CAR-iT cell therapy leveraging Allo-Evasion™ 5.0 technology, began IND-enabling studies in mid-2025. Clinical study initiation is planned for 2026.
• CNTY-813, the iPSC derived beta islet cell program for Type 1 diabetes (T1D), is expected to initiate IND-enabling studies by year-end 2025. The projected IND submission is as early as 2026.

Manufacturing and quality control of iPSC master cell banks and final cell products is an underlying capability supporting the entire pipeline, aiming for a pathway to developing iPSC-derived cell therapies at antibody-like scale. The company has historically built out in-house cGMP manufacturing space, with preliminary plans for a second phase expansion.

Clinical trial execution, primarily for CNTY-101 in autoimmune diseases, is the most immediate value-driving activity. The CALiPSO-1 Phase 1 trial is actively enrolling patients with B-cell-mediated autoimmune diseases.

• As of August 14, 2025, the trial had activated 8 clinical trial sites: 6 in the U.S. and 2 in Europe.
• As of November 12, 2025, three patients were treated in the parallel investigator-sponsored CARAMEL Phase 1/2 trial in Germany.
• The company remains on track to report clinical data for CNTY-101 by the end of 2025. Initial data from the CARAMEL IST is expected on December 5, 2025.

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

You're looking at the core assets Century Therapeutics, Inc. (IPSC) relies on to execute its strategy. These aren't just line items; they are the engines driving their allogeneic cell therapy development.

Proprietary induced pluripotent stem cell (iPSC) platform and Allo-Evasion™ 5.0 technology

The foundation of Century Therapeutics, Inc.'s value is its vertically integrated platform, centered on induced pluripotent stem cells (iPSCs) and its proprietary immune evasion layer, the Allo-Evasion™ 5.0 technology. This technology is key because it is designed to let their allogeneic (off-the-shelf) cell products avoid identification and destruction by the patient's immune system-T cells, NK cells, and humoral immunity. The goal here is significant: durable therapeutic effect without needing chronic systemic immunosuppression for the patient.

This technology underpins their most advanced programs. For instance, CNTY-813, their program for Type 1 diabetes (T1D), consists of iPSC-derived beta islets engineered with Allo-Evasion™ 5.0. Preclinical data in diabetic mouse models showed rapid diabetes reversal and sustained normal blood sugar levels. The company expects to initiate IND-enabling studies for CNTY-813 by the end of 2025 and plans an Investigational New Drug (IND) submission as early as 2026.

Here's a quick look at how the technology is being applied across prioritized assets:

Cash, cash equivalents, and marketable securities totaling $132.7 million as of September 30, 2025

Liquidity is the cushion that lets you push science forward. As of September 30, 2025, Century Therapeutics, Inc. reported $132.7 million in cash, cash equivalents, and marketable securities. To put that in perspective, that was down from $220.1 million at the close of 2024. The burn rate is funding these pipeline priorities, and based on current expectations, this balance is estimated to support operations into the fourth quarter of 2027 (4Q 2027). That runway is what gives the R&D team the time to get those IND-enabling studies across the finish line.

Extensive intellectual property (IP) portfolio covering iPSC engineering and cell differentiation

The IP portfolio is more than just patents; it represents the company's ability to create and optimize its products. Century Therapeutics, Inc. has built a comprehensive allogeneic cell therapy platform. This includes know-how in differentiating iPSCs to generate immune effector cells, which is a complex, multi-step process. Furthermore, their capabilities include CRISPR-mediated precision gene editing, allowing them to incorporate multiple transgenes or remove target genes to optimize cell product performance. This vertical integration of IP, from the starting cell to the final engineered product, is a significant barrier to entry for competitors.

Specialized scientific and clinical development personnel

The people executing the science are a critical resource. This includes specialized teams in areas like protein engineering-developing next-generation Chimeric Antigen Receptors (CARs)-and manufacturing expertise aimed at minimizing supply risk. The clinical development personnel are currently focused on advancing CNTY-308 through IND-enabling studies and preparing for the planned 2026 clinical study initiation. Also, the team is managing the ongoing investigator-sponsored trial (IST) for CNTY-101, with initial data expected on December 5, 2025.

Finance: draft 13-week cash view by Friday.

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:

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:

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.

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.

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:

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:

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.