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Century Therapeutics, Inc. (IPSC)·Q2 2025 Earnings Summary

Executive Summary

  • Century Therapeutics reported no collaboration revenue in Q2 2025 following the March termination of the BMS agreement, with GAAP diluted EPS of -$0.38; EPS was a slight miss versus Wall Street consensus of -$0.375 and revenue in line at $0.0 .*
  • Cash, cash equivalents, and marketable securities were $158.5M; workforce reduction and pipeline focus extended cash runway into Q4 2027, improving financing risk relative to Q1’s Q4 2026 outlook .
  • Clinical execution advanced: two patients dosed in CALiPSO-1 (CNTY-101) with six US and two EU sites activated; CARAMEL IIT activated in Germany with dosing expected in Q3 2025, maintaining guidance to deliver CNTY-101 clinical data by year-end 2025 .
  • CNTY-308 entered IND-enabling studies and is now targeted for first-in-human studies in 2026, positioning the allogeneic CAR-iT platform for an oncology/autoimmune entry point with Allo‑Evasion 5.0 .
  • Governance changes: CEO Brent Pfeiffenberger appointed Board Chair and received a multi-year RSU retention grant; Board size reduced from eight to six, signaling tighter organizational alignment .

What Went Well and What Went Wrong

What Went Well

  • CALiPSO-1 dosing and site activation progressed; two patients dosed and eight sites activated (six US, two EU), sustaining the timeline to deliver CNTY‑101 data by year-end 2025 . “We will continue to shape the organization as needed and look forward to moving with urgency… to deliver clinical data for CNTY‑101” — CEO Brent Pfeiffenberger .
  • CARAMEL IIT activated in July post-CTA authorization in Germany, with initial patient enrollment/dosing anticipated in Q3 2025, broadening real-world evidence potential in autoimmune indications .
  • Cash runway extended into Q4 2027 after workforce reduction and pipeline prioritization (CNTY‑101, CNTY‑308, non-immune program), mitigating near-term capital needs and enabling milestones .

What Went Wrong

  • Sharp sequential revenue decline to $0.0 in Q2 from $109.164M in Q1 due to non-recurring BMS collaboration revenue recognition; underscores reliance on financing and disciplined OpEx control until clinical value inflections .
  • Net loss widened slightly year over year to -$32.541M (vs -$31.207M), reflecting continued R&D investment and limited offset from collaboration income .
  • R&D remained elevated at $26.859M and G&A at $7.805M despite cost actions, highlighting the runway dependence on sustained OpEx governance until clinical data de-risk the program .

Financial Results

Income Statement and EPS

MetricQ2 2024Q1 2025Q2 2025
Collaboration Revenue ($USD Millions)$0.771 $109.164 $0.000
Research & Development ($USD Millions)$27.220 $26.580 $26.859
General & Administrative ($USD Millions)$8.306 $8.408 $7.805
Total Operating Expenses ($USD Millions)$35.526 $34.988 $34.664
Net Income (Loss) ($USD Millions)-$31.207 $76.560 -$32.541
GAAP Diluted EPS ($USD)-$0.38 $0.89 -$0.38

Notes:

  • Margin analysis not meaningful given zero revenue in Q2 2025.
  • Q1 2025 revenue reflects one-time recognition from the terminated BMS collaboration .

Balance Sheet and Liquidity

MetricQ2 2024Q1 2025Q2 2025
Cash & Cash Equivalents ($USD Millions)$58.441 $51.865 $56.878
Short-term Investments ($USD Millions)$130.851 $113.256 $98.965
Long-term Investments ($USD Millions)$30.818 $20.713 $2.690
Total Cash, Cash Equivalents & Marketable Securities ($USD Millions)$220.1 (FY year-end) $185.8 $158.5
Cash Runway (Management View)Into Q4 2026 Into Q4 2026 Into Q4 2027

Operational KPIs

KPIQ1 2025Q2 2025Comments
CALiPSO-1 patients dosedFirst patient dosed (March) Two patients dosed Early safety/PK/PD will be watch points
CALiPSO-1 sites active5 US sites active 6 US, 2 EU; more planned Supports enrollment ramp
CARAMEL IIT statusCTA authorized in Germany Activated July; dosing expected Q3 Adds investigator-led evidence
CNTY-308 statusIND-enabling planned mid-2025 IND-enabling initiated; clinic in 2026 Timeline clarified

Estimates vs Actuals (Q2 2025)

MetricConsensusActualSurprise
Revenue ($USD Millions)$0.0*$0.0 In line
GAAP EPS ($USD)-$0.375*-$0.38 -$0.005 miss

Values retrieved from S&P Global.*

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
CNTY-101 clinical data timing2025“On track to report clinical data… by end of 2025” “On track to report clinical data… by year-end 2025” Maintained
CALiPSO-1 enrollment/sites20255 US sites active; EU expansion planned 6 US and 2 EU active; additional sites to activate Raised/expanded
CARAMEL IIT start2025Commence mid-2025 (CTA authorized) Activated in July; dosing expected Q3 2025 Progressed (initiated)
CNTY-308 timeline2025–2026IND-enabling to start mid-2025 IND-enabling underway; clinic planned in 2026 Clarified/advanced
Cash runwayThroughInto Q4 2026 Into Q4 2027 Raised (extended)
Governance2025—CEO appointed Board Chair; Board reduced to six; CEO RSU retention grant Structural change

Earnings Call Themes & Trends

No Q2 2025 earnings call transcript was available. The evolving narrative is drawn from Q4 2024, Q1 2025, and Q2 2025 press releases and the August investor presentation.

TopicPrevious Mentions (Q4 2024, Q1 2025)Current Period (Q2 2025)Trend
Allo‑Evasion technologyEmphasized as core differentiation; ELiPSE‑1 translational data supported repeat dosing and trafficking Expanded to Allo‑Evasion 5.0 across T-cell programs; robust preclinical protection from T/NK/humoral immunity Strengthening platform emphasis
CNTY‑101 in autoimmuneEnrollment/dosing planned/initiated; EU CTA approvals Two patients dosed; eight sites active; data by YE25 Execution progressing
CNTY‑308 (CAR‑iT)Planned IND‑enabling mid‑2025 IND-enabling underway; clinic in 2026 Timeline firmed
Collaboration/RevenueBMS collaboration terminated; Q1 recognition $109.2M No collaboration revenue in Q2 Non-recurring revenue normalization
OpEx discipline & runwayRunway into Q4 2026 Workforce reduction; runway extended to Q4 2027 Improved liquidity profile
Regulatory/clinicalEU CTAs authorized; IIT planned Germany IIT activated; dosing expected Q3 Advancing clinical footprint

Management Commentary

  • “We will continue to shape the organization as needed and look forward to moving with urgency throughout the remainder of 2025 to deliver clinical data for CNTY‑101 and bring our pipeline underpinned by Allo‑Evasion™ 5.0 technology closer to patients.” — Brent Pfeiffenberger, CEO .
  • “CALiPSO‑1 trial progressing… six sites now activated in the U.S. and two in Europe… on track to report clinical data for CNTY‑101 by the end of 2025.” .
  • “CNTY‑308… functionally comparable to primary T cells… IND-enabling studies initiated… clinical studies in 2026.” .
  • “Cash runway extended into the fourth quarter of 2027” following workforce reduction and pipeline prioritization .
  • “I am honored to… assume the role of Board Chair.” — Brent Pfeiffenberger; Joe Jimenez to serve as special advisor .

Q&A Highlights

No Q2 2025 earnings call transcript was found; therefore, Q&A highlights and guidance clarifications from an earnings call are unavailable this quarter.

Estimates Context

  • EPS: Slight miss versus consensus (-$0.38 actual vs -$0.375 consensus); magnitude immaterial but reinforces the absence of revenue tailwinds post-BMS termination .*
  • Revenue: In line at $0.0; consensus expected zero collaboration/product revenue contribution in Q2 .*
  • Implication: With clinical catalysts (CNTY‑101 data YE25; CNTY‑308 clinic in 2026) and an extended runway, estimate revisions should focus on OpEx trajectory and timing/probability of clinical readouts rather than near-term revenue.*

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Liquidity extended: Runway into Q4 2027 reduces near-term financing overhang and supports execution through CNTY‑101 data and CNTY‑308 clinical initiation .
  • Clinical momentum: Two CNTY‑101 autoimmune patients dosed; eight sites active; IIT activated in Germany—expect data by YE25; watch early safety, PK/PD, and B-cell depletion as potential stock-moving readouts .
  • Platform differentiation: Allo‑Evasion 5.0 and iPSC-derived CAR‑iT show preclinical parity to autologous CAR‑T in cytotoxicity, persistence, and rechallenge, strengthening the long-term thesis .
  • Revenue reset: Q2 back to zero revenue post one-time Q1 BMS recognition; trading narrative centers on clinical validation and OpEx control rather than near-term P&L leverage .
  • Governance alignment: CEO as Board Chair and retention RSUs signal leadership continuity through multi-year milestones .
  • Near-term trading setup: Limited financial catalysts; focus on trial-site activation cadence, patient dosing updates, and any early translational signals (B-cell depletion, autoantibody trends) that could preempt YE25 data .
  • Medium-term thesis: If YE25 data for CNTY‑101 confirm safety/tolerability with meaningful disease activity signals and repeat dosing feasibility, IPSC’s off-the-shelf approach could expand access and drive multiple autoimmune indications, with CNTY‑308 offering a 2026 clinical expansion .

Citations: Press release Q2 2025 and 8‑K: Q1 2025 press release: FY 2024 press release:

Footnote: Estimates marked with * are values retrieved from S&P Global.