Executive Summary

Century Therapeutics delivered a one-time profitable quarter driven by the termination of its BMS collaboration, recognizing $109.2M collaboration revenue and posting $0.89 diluted EPS; consensus had expected $49.6M revenue and $0.06 EPS, resulting in a substantial beat, but management noted there will be no future revenue from the BMS agreement . Q1 2025 consensus: Revenue $49.6M*, EPS $0.055*; Actual: Revenue $109.2M, EPS $0.89 .
Cash, cash equivalents and marketable securities were $185.8M at March 31, 2025; runway projected into 4Q26, consistent with March update, providing funding through near-term catalysts .
Clinical execution advanced: first patient dosed in CALiPSO-1 (CNTY-101) in March; EU CTA authorizations in Germany, France, Italy with EU enrollment expected 2H 2025; CARAMEL IIT cleared to start mid-2025; initial CNTY-101 clinical data expected by YE 2025 .
Pipeline focus tightened: ELiPSE-1 in r/r NHL discontinued (early 2025 update), with resources reallocated to autoimmune applications and next-gen Allo‑Evasion 5.0 CAR-iT programs (CNTY‑308 entering IND-enabling mid-2025) .
Trading catalysts: one-time revenue recognition (positive EPS print vs expectations) juxtaposed with lack of ongoing collaboration revenue; 2025 catalyst path anchored by CALiPSO-1 enrollment/data timing and CNTY‑308 IND-enabling initiation .

What Went Well and What Went Wrong

What Went Well
- Major beat vs consensus on both revenue and EPS driven by $109.2M BMS collaboration revenue recognition upon agreement termination; EPS $0.89 vs $0.06* consensus .
- Clinical momentum: first patient dosed in CALiPSO-1; five U.S. sites active with additional U.S./EU sites planned; EU CTAs granted in Germany, France, Italy .
- Clear 2025 milestones: CNTY‑101 clinical data by YE 2025; CNTY‑308 slated to begin IND-enabling studies mid‑2025; management emphasized pathway to antibody-like scale manufacturing .
- Quote: “We are on track to initiate IND-enabling studies for our lead preclinical program, CNTY‑308, in mid‑2025… patient dosing is now underway… we remain on track to deliver clinical data for CNTY‑101 by the end of 2025.” – CEO Brent Pfeiffenberger .
What Went Wrong
- Revenue quality is non-recurring: management explicitly stated there will be no future collaboration revenues recognized from BMS after the March 12, 2025 termination, implying revenue will normalize lower post-Q1 .
- Rising R&D: Q1 2025 R&D expense increased to $26.6M vs $23.4M YoY, reflecting higher clinical and preclinical spend; G&A modestly down YoY .
- Program discontinuation: ELiPSE‑1 in r/r NHL discontinued in 2025 realignment; focus shifts to autoimmune – a strategic pivot but removes a late-stage oncology readout vector .
- No Q1 call transcript available in filings repository; investors lacked a real-time Q&A forum for clarifications (company furnished investor presentation instead) .

Financial Results

P&L snapshot and consensus comparison

Metric	Q1 2024	Q3 2024	Q4 2024	Q1 2025 Actual	Q1 2025 Consensus*
Revenue ($USD)	$0.855M	$0.791M	$4.173M*	$109.164M	$49.551M*
Diluted EPS ($)	($0.45)	($0.37)	($0.42)*	$0.89	$0.055*
Net Income ($USD)	($28.062M)	($31.226M)	($36.073M)*	$76.560M	—
Total Operating Expenses ($USD)	—	$35.58M	$38.486M*	$34.988M	—

Notes:

Consensus values and cells marked with * are retrieved from S&P Global.
Q4 2024 figures marked with * are retrieved from S&P Global.
Operating detail (Q1 2025)
- Collaboration revenue: $109.2M (recognition tied to BMS agreement termination effective March 12, 2025) .
- R&D expense: $26.6M; G&A expense: $8.4M .
- Net income: $76.6M .
Balance sheet / cash trends

KPI	Q3 2024	Q4 2024	Q1 2025
Cash, cash equivalents & investments	$244.7M (9/30/24)	$220.1M (12/31/24)	$185.8M (3/31/25)
Cash runway	2H 2026	4Q 2026	4Q 2026

KPIs and operating execution

KPI	Q1 2025
CALiPSO-1 status	First patient dosed (March 2025); five U.S. sites active; more U.S./EU sites in 2025
EU CTAs	Authorized in Germany, France, Italy
CARAMEL IIT	CTA authorized in Germany; start mid‑2025
CNTY‑101 clinical data timing	By end of 2025
CNTY‑308	IND-enabling studies to start mid‑2025

Segment breakdown: Not applicable; company reports collaboration revenue without segment detail .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Multi-year	“Second half of 2026” (Q3 2024)	“Into the fourth quarter of 2026” (FY 2024, reaffirmed Q1 2025)	Maintained/Refined timeline
Collaboration revenue	Ongoing	N/A	No future collaboration revenue under BMS agreement post 3/12/2025	Clarified (none going forward)
Financial (revenue, EPS, OpEx)	FY 2025	Not provided	Not provided in Q1 PR/8‑K	—
Clinical milestones	2025	CALiPSO-1 enrollment; ELiPSE‑1 oncology ongoing (prior)	CALiPSO-1 dosed; EU expansion 2H25; CARAMEL IIT mid‑2025; CNTY‑101 data by YE25; ELiPSE‑1 discontinued	Updated focus

Earnings Call Themes & Trends

Note: No Q1 2025 earnings call transcript found; company furnished an investor presentation in the 8‑K and issued press releases .

Topic	Q3 2024 (Prior‑2)	Q4 2024 (Prior‑1)	Q1 2025 (Current)	Trend
Autoimmune focus (CNTY‑101)	Expanded CALiPSO‑1 basket to IIM/dcSSc; building U.S./EU sites	First CALiPSO‑1 patient scheduled for dosing in March 2025	First patient dosed; five U.S. sites active; EU CTAs (DE/FR/IT)	Accelerating execution
Oncology ELiPSE‑1	Higher ORR at DL3B; continued tolerability; proceeding to DL4B	Strategic review; later discontinued in 2025	Discontinued; resources reallocated	Pivot out of late‑stage NHL
Allo‑Evasion 5.0 / platform	Highlighted CD300a TASR, engineering advances	Pipeline reprioritization to Allo‑Evasion 5.0 programs	Investor deck details tech and scale path	Deepening platform narrative
Cash runway	Into 2H26	Extended into 4Q26	Reaffirmed 4Q26	Stable
Regulatory/geography	Planning EU expansion	EU site activations in plan	CTAs authorized in DE/FR/IT; EU enrollment 2H25	Progressing
Preclinical T‑cell programs	iPSC CD4+/CD8+ CAR‑T function shown (ASH)	Prioritized CNTY‑308/341; solid tumor nectin‑4 program	CNTY‑308 IND‑enabling mid‑2025	Advancing toward clinic

Management Commentary

Strategy and execution: “We showcased developmental progress with our preclinical pipeline, iPSC platform, and manufacturing capabilities, highlighting the potential for a pathway to developing iPSC‑derived cell therapies at antibody‑like scale.” – CEO Brent Pfeiffenberger .
Near-term milestones: “We are on track to initiate IND‑enabling studies for… CNTY‑308, in mid‑2025… with expansion into Europe, we remain on track to deliver clinical data for CNTY‑101 by the end of 2025.” – CEO Brent Pfeiffenberger .

Q&A Highlights

No earnings call/Q&A transcript was available in the document set for Q1 2025. The company furnished an updated investor presentation (Ex. 99.2) and press releases; key clarifications include no further revenue from the BMS agreement and the reaffirmed cash runway into 4Q26 .

Estimates Context

Q1 2025 actuals vs S&P Global consensus: Revenue $109.164M vs $49.551M*; Diluted EPS $0.89 vs $0.055*; both materially above expectations, driven by one-time recognition of deferred revenue from the BMS termination .
Estimate implications: With collaboration revenue from BMS now fully recognized and no further revenue expected, forward models should remove BMS revenue streams and emphasize cash burn/OpEx cadence, clinical timelines, and potential for partnering/non-dilutive financing .

Note: All consensus figures marked with * retrieved from S&P Global.

Key Takeaways for Investors

The Q1 print is not indicative of run-rate revenue or profitability; the $109.2M revenue relates to BMS termination and will not recur, so future quarters should revert to R&D-driven losses absent new partnerships .
Liquidity appears adequate into 4Q26, supporting clinical milestones including EU expansion and initial CNTY‑101 autoimmune readout by YE25; watch enrollment pace across SLE/LN/IIM/dcSSc cohorts as a gating factor for data timing .
Strategic focus is now squarely on autoimmune diseases and Allo‑Evasion 5.0 T‑cell programs; discontinuation of ELiPSE‑1 removes oncology late-stage optionality but concentrates resources on the most differentiated opportunities .
Near-term catalysts: CARAMEL IIT commencement mid‑2025, initiation of CNTY‑308 IND‑enabling mid‑2025, and first CNTY‑101 autoimmune data by YE2025; these are the likely stock drivers in 2025 .
OpEx discipline vs. development velocity: R&D rose YoY with pipeline advancement; monitor OpEx trend vs. cash runway and milestone cadence through 2025 .
Manufacturing and platform narrative (antibody-like scale, Allo‑Evasion) remains a differentiator and a potential partner magnet; investor presentation underscores scale and engineering roadmap .

Additional details and sources:

Press release and 8‑K furnishing Q1 2025 results, financial tables, and BMS termination revenue recognition .
FY 2024 press release with runway update and pipeline reprioritization .
Q3 2024 press release for prior-quarter comparables and clinical narrative .

All consensus and any cells marked with * retrieved from S&P Global.

Century Therapeutics, Inc. (IPSC)·Q1 2025 Earnings Summary