Century Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and investments totaled $174.1 million as of September 30, 2026, compared to $117.1 million as of December 31, 2025.
• Research and development (R&D) expenses were $18.1 million for the quarter ended September 30, 2026, a decrease from $22.5 million in the same period in 2025.
• General and administrative (G&A) expenses were $7.1 million for the quarter ended September 30, 2026, compared to $6.8 million in the same period in 2025.
• Net loss was $23.5 million for the quarter ended September 30, 2026, compared to a net loss of $34.4 million for the same period in 2025.
• For the nine months ended September 30, 2026, R&D expenses were $54.8 million compared to $76.0 million in the prior year period, and G&A expenses were $19.5 million compared to $23.0 million.
• Net loss for the nine months ended September 30, 2026, was $79.6 million, compared to net income of $9.6 million in the same period in 2025.
• Total operating expenses for the quarter were $25.2 million, down from $36.1 million in the prior year period.
• Interest income was $1.8 million for the quarter ended September 30, 2026, compared to $1.6 million in the same period in 2025.
• Net loss per common share was $0.11 for the quarter ended September 30, 2026, compared to $0.40 in the prior year period.

Guidance and Future Outlook:

• The company estimates its cash position as of September 30, 2026, will support operations into the first quarter of 2029.
• Century Therapeutics expects to submit an Investigational New Drug (IND) application for CNTY-813 in the fourth quarter of 2026.
• Initial safety and early efficacy data from the first-in-human CNTY-813 study are anticipated in the second half of 2027.
• CNTY-308 is anticipated to enter the clinic in 2026.
• The company is positioning for an important transition to clinical execution in 2027.

Business Segments and Product Lines:

• CNTY-813, an iPSC-derived islet replacement therapy for type 1 diabetes, presented new nonclinical data at the 62nd Annual Meeting of the European Association for the Study of Diabetes (EASD).
• In nonclinical studies, Allo-Evasion™ 5.0-edited CNTY-813 islets rapidly restored normoglycemia in streptozotocin-induced diabetic mice and maintained glycemic control for over eleven months.
• All streptozotocin-induced diabetic mice administered CNTY-813 achieved normoglycemia, with glucose-stimulated insulin secretion potency similar to primary islets.
• Five clinical-scale batches from the GMP Master Cell Bank produced consistent final product profiles exceeding purity criteria.
• In rats, CNTY-813 islets delivered via the liver portal vein engrafted in the liver at one month post-transplant and stained positive for insulin and chromogranin A.
• Mice transplanted with clinical-scale islets after 96 hours of cold storage normalized blood glucose within 30 days and maintained normoglycemia for three months.
• CNTY-308, a CD19-targeted CAR-iT cell therapy with Allo-Evasion™ 5.0, demonstrated functional comparability to autologous primary CAR-T cells in nonclinical studies.
• Century reached general alignment with the FDA on the nonclinical data package, Phase 1 manufacturing process, and proposed Phase 1/2 clinical trial design for CNTY-813.
• Century aligned with health authorities on nonclinical, manufacturing, and Phase 1 parameters for CNTY-308.

Market and Competitive Landscape:

• The company leverages its iPSC cell foundry and Allo-Evasion™ technology to develop off-the-shelf cell therapies intended to expand patient access compared to existing cell therapies.
• Autologous CAR-T cells have shown clinical proof of concept across several autoimmune diseases, providing a benchmark for CNTY-308.

Risks and Challenges:

• Forward-looking statements involve risks including the ability to successfully advance product candidates through development, nonclinical studies, and clinical trials.
• Risks include the potential for animal model results not to be predictive of results in humans and the non-binding nature of regulatory feedback.
• The company faces risks related to obtaining regulatory clearance for IND or CTA submissions, maintaining key collaborative relationships, and securing additional funding.
• Geopolitical issues, trade disputes, tariffs, banking instability, and inflation could impact operations, supply chain, and labor force.

Management Commentary and Tone:

• CEO Brent Pfeiffenberger stated the company remains focused on disciplined execution to advance its two potentially transformational programs toward the clinic.
• Management highlighted the rigor of their science and integrated capabilities to translate technologies into treatment options.
• The CEO expressed confidence that general alignment with the FDA for both programs positions the company for clinical entry of CNTY-308 and IND submission of CNTY-813 in 2026.

Other Key Points:

• Joseph Truitt was appointed to the Board of Directors; he is currently CEO of iECURE, Inc. and Chairman of Larimar Therapeutics, with prior experience as CEO of BioSpecifics Technologies Corp. and Achillion Pharmaceuticals.
• The decrease in R&D expenses was primarily attributed to a reduction in personnel and facility costs resulting from previously announced portfolio prioritization.
• The company reported a loss on lease component termination of $11.1 million for the nine months ended September 30, 2026, compared to zero in the prior year period.
• Impairment of long-lived assets was $6.8 million in the third quarter of 2025, with no such impairment recorded in the 2026 quarter.
• Collaboration revenue was $0 for the three months ended September 30, 2026, compared to $0 in the prior year period, though $109.2 million was recorded for the nine months ended September 30, 2025.