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Here are 1-2 brief analogies for Century Therapeutics (IPSC):

• Gilead or Novartis for 'off-the-shelf' cell therapies.
• Moderna for cell therapies.

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• CNT-001: An allogeneic, iPSC-derived CD19-targeting CAR iNK cell therapy currently in clinical trials for patients with relapsed or refractory B-cell malignancies.
• CNT-101: An allogeneic, iPSC-derived CD70-targeting CAR iT cell therapy in clinical development for various solid tumors, including renal cell carcinoma and head and neck squamous cell carcinoma.

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Century Therapeutics (IPSC) is a clinical-stage biotechnology company focused on developing allogeneic iPSC-derived cell therapies for cancer and autoimmune diseases. As a company in the research and development phase of drug discovery, it does not have "major customers" in the traditional sense of selling a commercial product directly to end-users (hospitals, clinics, or individuals).

Instead, its primary "customers" or revenue-generating partners are larger pharmaceutical companies with whom it forms strategic collaborations to develop, manufacture, and commercialize its therapeutic candidates. These partnerships typically involve upfront payments, milestone payments based on development progress, and potential future royalties on sales.

Based on publicly disclosed information, Century Therapeutics' major strategic partner that functions in a "customer" capacity for its pipeline development is:

• Bristol Myers Squibb (NYSE: BMY)

This collaboration, announced in 2023, focuses on developing iPSC-derived natural killer (NK) and T-cell programs for various cancers and autoimmune diseases.

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• Lonza Group AG (LONN.SW)
• FUJIFILM Holdings Corporation (FUJIY)

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Brent Pfeiffenberger, President and Chief Executive Officer

Brent Pfeiffenberger was appointed President and Chief Executive Officer of Century Therapeutics in December 2023. Prior to joining Century, he served as Chief Operating Officer of Neogene Therapeutics, where he was instrumental in its growth from a preclinical stage to a global clinical-stage organization, culminating in its acquisition by AstraZeneca in 2023. Before Neogene, Dr. Pfeiffenberger spent nearly two decades at Bristol Myers Squibb, holding various leadership roles including Senior Vice President, Head of U.S. Oncology, where he oversaw the multi-billion dollar franchise.

Morgan Conn, Ph.D., Chief Financial Officer

Morgan Conn, Ph.D., was appointed Chief Financial Officer of Century Therapeutics, effective October 14, 2024. Dr. Conn brings over 20 years of leadership experience in financing and business development within the biopharma sector. Most recently, she held the position of Chief Business Officer at Pharvaris, where she was responsible for finance operations, corporate development, capital and corporate strategy, and investor relations.

Chad Cowan, Ph.D., Chief Scientific Officer

Chad Cowan, Ph.D., joined Century Therapeutics as Chief Scientific Officer, effective October 1, 2024. Dr. Cowan is the founder and former Chief Executive Officer of Clade Therapeutics, a privately-held cell therapy company focused on iPSC-derived αβ T cell programs, which was acquired by Century in April 2024. He is also a scientific founder of CRISPR Therapeutics and a founder and former Chief Scientific Officer of Sana Biotechnology. Dr. Cowan previously directed the Diabetes Disease Program and the iPS Cell Core Facility at the Broad Institute and the Harvard Stem Cell Institute.

Greg Russotti, Ph.D., Chief Technology and Manufacturing Officer

Greg Russotti, Ph.D., serves as Chief Technology and Manufacturing Officer at Century Therapeutics. He previously held the role of Chief Technology Officer and served as ad-interim Chief Executive Officer for a period in 2023. Prior to joining Century, Dr. Russotti was Vice President of Cell Therapy Development and Operations at Celgene. During his tenure at Celgene, he guided chemistry, manufacturing and controls (CMC) efforts for five cell therapy products into clinical-stage development, and was key in establishing in-house clinical manufacturing and building Celgene's first commercial CAR T manufacturing facility. Before Celgene, he spent 12 years at Merck Research Laboratories.

Joseph Jimenez, Chairman

Joseph Jimenez has served as the Chairman of Century Therapeutics' Executive Board since 2019, and previously as Chairman of the Board. He was the Chief Executive Officer of Novartis from 2010 to 2018, where he oversaw the development of a significant pipeline of drugs and led Novartis to achieve the first FDA approval for a CAR T cell therapy, Kymriah. Mr. Jimenez is also the Co-Founder and Managing Partner of Aditum Bio, a biotech venture firm. His background includes serving as head of H. J. Heinz Company's North American business from 2002 to 2006 and acting as an advisor for the Blackstone Group, a private equity firm.

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The key risks to Century Therapeutics (IPSC) are primarily centered around the inherent challenges of developing and commercializing novel biotechnology products, the significant financial demands of such endeavors, and the crucial protection of its intellectual property.

1. Product Development and Commercialization Risks: Century Therapeutics' success is heavily dependent on the successful advancement of its product candidates, particularly CNTY-101 and CNTY-308, through rigorous preclinical studies and clinical trials. The company must also obtain marketing approvals and successfully commercialize these therapies. As a clinical-stage biotechnology company, Century Therapeutics has a limited operating history and has yet to generate revenue from product sales, meaning that clinical trial failures, delays, or challenges in the regulatory approval process could significantly impair its valuation and future prospects. For example, the discontinuation of the Phase 1 ELiPSE-1 trial due to insufficient data highlights the inherent risks in product development.
2. Financial Risk and Need for Additional Capital: Century Therapeutics has consistently incurred significant losses since its inception and anticipates continued losses for the foreseeable future. Despite strategic restructuring and a one-time revenue boost that extended its cash runway, the company's operations are capital-intensive, requiring substantial additional funding to finance ongoing and future development efforts. This ongoing need for capital raises the risk of future equity offerings that could dilute existing shareholders or the incurrence of debt, adding financial leverage.
3. Intellectual Property Risks: The company's competitive position and long-term success are highly reliant on its ability to obtain, maintain, protect, and enforce its intellectual property rights, particularly concerning its proprietary Allo-Evasion™ technology and iPSC-derived cell therapy platforms. Any failure to secure these rights, challenges in defending against infringement, or the loss of key licensing agreements could severely undermine its business and strategic advantages.

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The advancement of non-iPSC derived allogeneic NK cell therapies into pivotal trials for similar oncology indications, specifically Nkarta Therapeutics' NKX019, which is progressing to a pivotal trial in relapsed/refractory non-Hodgkin lymphoma.

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Century Therapeutics (IPSC) is focused on developing allogeneic, induced pluripotent stem cell (iPSC)-derived cell therapies for cancer and autoimmune diseases. Their main products in the pipeline, such as CNTY-101, CNTY-308, and CNTY-341, target B-cell malignancies and B-cell-mediated autoimmune diseases, while they also have programs for solid tumors.

The addressable markets for Century Therapeutics' main product areas are as follows:

• CAR T-cell Therapy Market (relevant for B-cell malignancies):

  • The global CAR T-cell therapy market was estimated at approximately USD 4.6 billion to USD 4.65 billion in 2024. It is projected to reach between USD 15.2 billion and USD 35.9 billion by 2032-2035, with various sources citing Compound Annual Growth Rates (CAGRs) ranging from 11.4% to 28.5% for the period of 2025-2035.
  • North America held the largest share of this market, accounting for approximately 45% to over 65% in 2025.
  • CD19-targeted CAR T-cell therapies are a dominant segment, capturing over 65% of the market in 2025.

• Autoimmune Disease Therapeutics Market:

  • The global autoimmune disease therapeutics market reached approximately USD 79.76 billion in 2025 and is projected to grow to about USD 103.01 billion by 2030, with a CAGR of 5.25%.
  • Another estimate indicates the market grew from USD 214.65 billion in 2024 to USD 231.15 billion in 2025, and is expected to reach USD 396.32 billion by 2032, growing at a CAGR of 7.96%.

• Solid Tumor Therapeutics Market:

  • The global solid tumor therapeutics market was valued between USD 210.46 billion and USD 222.71 billion in 2024. It is projected to reach approximately USD 307.41 billion to USD 885.44 billion by 2030-2033, with CAGRs ranging from 7.70% to 14.80% for the period.
  • North America holds a significant share, with approximately 40.8% in 2024 and 44% in 2023.

• Allogeneic Cell Therapy Market (general, Century Therapeutics' platform):

  • The global allogeneic cell therapy market was estimated between USD 258.3 million in 2023 and USD 13.26 billion in 2024 (for allogeneic stem cell therapy). It is projected to grow to approximately USD 1.72 billion by 2030 or USD 37.73 billion by 2035 (for allogeneic stem cell therapy), exhibiting CAGRs ranging from 9.97% to 27.4%.
  • North America is a leading market, accounting for approximately 45% to 80.42% of the global allogeneic stem cell or cell therapy market.

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Share Issuance

• Century Therapeutics completed its Initial Public Offering (IPO) in June 2021.
• The company's shares outstanding increased from 85,836,429 at December 31, 2024, to 86,322,071 at June 30, 2025.
• Century Therapeutics issued 3,741,646 common shares at the close of its acquisition of Clade, with up to an additional 793,687 holdback shares subject to indemnification adjustments.

Inbound Investments

• Century Therapeutics recognized $109.2 million in collaboration revenue for the three months ended March 31, 2025, due to the termination of its collaboration, option, and license agreement with Bristol-Myers Squibb.
• Net cash provided by operations for the nine months ended September 30, 2022, included $118.5 million in deferred revenue from the Bristol-Myers Squibb collaboration.

Outbound Investments

• Century Therapeutics completed the acquisition of Clade, which included issuing common shares and contingent consideration at closing. Contingent consideration included a fair-value amount of $2,600, a potential Clade milestone valued at $8,883, and a possible milestone payment of $10,000.

Capital Expenditures

• Century Therapeutics has made significant investments in developing in-house Good Manufacturing Practice (GMP) manufacturing capabilities to enhance efficiency and reduce supply chain risks.
• The company estimates its existing cash, cash equivalents, and investments will support operations, including capital expenditures, into the fourth quarter of 2027.
• Research and Development (R&D) expenses, which support pipeline and infrastructure, were $107.2 million for the year ended December 31, 2024, an increase from $92.7 million in 2023.