Executive Summary

Q3 2025 was defined by pipeline focus and T1D entry: Century unveiled CNTY‑813 (iPSC-derived beta islets with Allo‑Evasion 5.0) with IND‑enabling studies expected by year‑end 2025 and an IND as early as 2026, while keeping CNTY‑308 on track for first‑in‑human studies in 2026 .
Biotech P&L remained pre‑revenue; GAAP net loss widened to $34.4M (vs. $31.2M YoY) as Q3 included a $6.8M impairment; R&D fell YoY on lower personnel/manufacturing costs, and G&A decreased on a $1.4M lease modification gain .
Liquidity remains the key cushion: cash, cash equivalents and marketable securities were $132.7M (9/30/25) with runway into 4Q 2027, down from $158.5M (6/30/25) as the company funds pipeline priorities .
EPS came in better than S&P Global consensus: SPGI Primary EPS actual was -$0.32 vs. -$0.34 estimate (GAAP diluted EPS was -$0.40); revenue was in line at $0 as expected* [GetEstimates]* .

What Went Well and What Went Wrong

What Went Well
- Entered T1D with CNTY‑813; management highlighted “compelling preclinical data” and a path to IND‑enabling studies by YE25 and IND as early as 2026 .
- Continued progress on CNTY‑308 (CD19 CAR‑iT, Allo‑Evasion 5.0) in IND‑enabling studies; clinical initiation guided for 2026 .
- Cash runway reiterated into 4Q 2027, supporting execution through key data and first‑in‑human catalysts .
What Went Wrong
- GAAP net loss widened YoY in Q3 ($34.4M vs. $31.2M) and included a $6.8M impairment, lifting total OpEx to $36.1M .
- Company is discontinuing the company‑sponsored CALiPSO‑1 trial for CNTY‑101; development continues via the CARAMEL IST, with three patients treated and initial IST data expected Dec 5, 2025 .
- Sequential cash draw from $158.5M (Q2) to $132.7M (Q3) as investment shifts to prioritized programs .

Financial Results

Metric	Q1 2025	Q2 2025	Q3 2025
Collaboration Revenue ($M)	$109.164	$0.000	$0.000
Research & Development ($M)	$26.580	$26.859	$22.526
General & Administrative ($M)	$8.408	$7.805	$6.835
Impairment of Long‑lived Assets ($M)	$0.000	$0.000	$6.763
Total Operating Expenses ($M)	$34.988	$34.664	$36.124
Operating Income (Loss) ($M)	$74.176	$(34.664)	$(36.124)
Interest Income ($M)	$2.422	$2.010	$1.605
Other Income (Expense), net ($M)	$(0.038)	$0.113	$0.097
Net Income (Loss) ($M)	$76.560	$(32.541)	$(34.422)
EPS Basic ($)	$0.89	$(0.38)	$(0.40)
EPS Diluted ($)	$0.89	$(0.38)	$(0.40)
Weighted Avg Shares Basic (M)	86.021	86.238	86.464
Cash, Cash Equivalents & Marketable Securities ($M, period-end)	$185.8	$158.5	$132.7

Estimate comparison

Metric	Q2 2025	Q3 2025	Q4 2025 (consensus)
Primary EPS Consensus Mean ($)	-0.375*	-0.3375*	-0.245*
Primary EPS Actual ($)	-0.38*	-0.3199*	N/A
GAAP Diluted EPS ($)	-0.38	-0.40	N/A
Revenue Consensus Mean ($M)	0.0*	0.0*	0.0*
Revenue Actual ($M)	0.000	0.000	N/A
EPS # of Estimates	4*	4*	2*
Revenue # of Estimates	3*	4*	2*

*Values retrieved from S&P Global.

Context and drivers:

Q3 OpEx rose vs. Q2 due to a $6.8M impairment; R&D declined YoY on reduced personnel/manufacturing costs (partially offset by higher research/lab costs), and G&A fell YoY due to a $1.4M lease modification gain .
After the BMS collaboration termination drove a one‑time $109.2M revenue in Q1, revenue was $0 in Q2 and Q3 as expected for a pre‑commercial biotech .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Multi‑year	Into 4Q 2027 (Q2 2025) ; Q1 2025 was into 4Q 2026	Into 4Q 2027	Maintained vs Q2; improved vs Q1
CNTY‑308 (CD19 CAR‑iT)	2026 start	IND‑enabling underway; clinic in 2026 (Q2 2025)	Remains on track for clinic in 2026	Maintained
CNTY‑813 (Beta Islets)	2025–2026	Non‑immune cell program “accelerating” (unnamed) (Q2 2025)	New: IND‑enabling by YE 2025; IND as early as 2026	Introduced/specified
CNTY‑101 (Autoimmune)	2025	Data by YE 2025 (Q1/Q2)	Co.‑sponsored CALiPSO‑1 discontinued; development continues in CARAMEL IST; initial data Dec 5, 2025	Strategy shift; timing specified

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2 2025)	Current Period (Q3 2025)	Trend
Pipeline reprioritization / OpEx discipline	Q1: focus on high‑value programs . Q2: workforce reduction; runway extended to 4Q 2027 .	Discontinued company‑sponsored CALiPSO‑1; re‑centered on IST + lead programs .	Intensified focus
Allo‑Evasion 5.0 platform	Highlighted as core enabler across programs (Q1/Q2) .	Central to CNTY‑813 and CNTY‑308; investor deck details 5.0 edits .	Reinforced
Autoimmune CD19 cell therapy landscape	Q1/Q2: preclinical/early clinical posture; CARAMEL IIT activation .	Three patients treated in IST; initial data Dec 5, 2025 .	Moving to first readout
Regulatory / CTA	Q1: Germany/France/Italy CTA authorizations . Q2: CARAMEL IIT activated in Germany .	IST dosing ongoing; CALiPSO‑1 closed; future INDs (CNTY‑308, CNTY‑813) targeted .	Execution focus
Non‑immune cell program (Beta islets)	Q1/Q2: accelerated “non‑immune” program, not yet named .	CNTY‑813 announced with IND‑enabling and IND timelines .	Formalized program
Liquidity	Q1: runway to 4Q 2026 . Q2: extended to 4Q 2027 .	Maintained 4Q 2027 .	Stable

Management Commentary

CEO Brent Pfeiffenberger: “We are moving with urgency and anticipate initiating IND‑enabling studies by the end of 2025, with a projected IND submission as early as 2026… we continue to advance CNTY‑308 with plans to enter the clinic next year…” .
CSO Chad Cowan on CNTY‑813: “We have… generated compelling preclinical data… including rapid and sustained normalization of glucose in diabetic mouse models… and engineered resistance to NK cell‑mediated killing and antibody‑dependent cellular cytotoxicity… our suspension bioreactor process is capable of delivering mature, functional beta islets at scale” .
Q3 focus: “Our priority remains on developing innovative therapies for high‑impact areas… focusing our resources and expertise on these two programs” .

Q&A Highlights

An earnings call transcript for Q3 2025 was not available in our document set as of this analysis; external listings indicated a call scheduled for Nov. 7, 2025, but no transcript was posted for review .
We will update guidance clarifications and tone shifts upon publication of an official transcript or recording.

Estimates Context

Q3 2025 EPS beat: SPGI Primary EPS actual -$0.3199 vs. -$0.3375 consensus; GAAP diluted EPS was -$0.40, reflecting non‑cash impairment and the absence of revenue* [GetEstimates]* .
Revenue aligned with expectations at $0 (consensus $0.0), consistent with pre‑commercial status post one‑time BMS revenue in Q1* [GetEstimates]* .
Near‑term (Q4 2025) SPGI consensus EPS is -$0.245 with zero revenue expected, implying Street continues to model OpEx discipline and no new revenue streams pre‑clinical readouts* [GetEstimates]*.

Key Takeaways for Investors

Two lead programs, two near‑term catalysts: initial CNTY‑101 IST data Dec 5, 2025, and multiple IND/clinical entries in 2026 (CNTY‑308; potential CNTY‑813 IND submission as early as 2026) .
Liquidity runway into 4Q 2027 materially de‑risks funding of first‑in‑human transitions and an initial readout, albeit with sequential cash draw as programs advance .
Q3 EPS outperformed SPGI consensus (Street modeled -$0.34 vs. actual -$0.32 primary EPS), but GAAP diluted EPS was -$0.40 due to impairment—expect models to reconcile GAAP vs. primary EPS framing* [GetEstimates]* .
Strategic clarity increased: discontinuation of company‑sponsored CALiPSO‑1 reallocates resources to IST‑driven CNTY‑101 and to the two lead development programs, tightening focus on value‑creating data and IND events .
Beta islet entry (CNTY‑813) expands the addressable opportunity and showcases platform breadth; clinical path (no chronic immunosuppression ambition) and scale will be key diligence areas as IND‑enabling data mature .
Trading setup: near‑term stock moves likely tied to Dec. 5 IST data signal (safety/B‑cell depletion/early disease activity), 2026 clinical start confirmations, and any updates on IND‑enabling progress for CNTY‑813 .

Appendix: Other Relevant Q3 2025 Press Releases and Materials

Q3 2025 financial results press release with full financial statements and balance sheet .
Separate announcement of CNTY‑813 beta islet program in T1D .
8‑K furnishing the earnings release and investor presentation; deck details Allo‑Evasion 5.0 engineering and program timelines .

Notes: All figures are GAAP unless otherwise specified. Collaboration revenue/financial statements presented in thousands; dollar values shown above are converted to millions consistent with source tables. Where S&P Global estimates are cited, values are marked with an asterisk and sourced from S&P Global.

Century Therapeutics, Inc. (IPSC)·Q3 2025 Earnings Summary