- Century Therapeutics IPSC revealed an internal portfolio prioritization and capital allocation strategy that is expected to extend the cash runway into 2026.
- The company will deprioritize investment in CNTY-103 for glioblastoma and a discovery program in hematologic malignancies.
- The company will focus on CNTY-101 and prioritize key programs, including one follow-on product candidate for lymphoma, CNTY-102, and CNTY-107, a product candidate for Nectin-4+ tumors.
- Century Therapeutics will reduce its headcount by approximately 25%.
- The company continues its strategic research collaboration with Bristol-Myers Squibb Company BMY for CNTY-104 in acute myeloid leukemia and CNTY-106 in multiple myeloma. The restructuring does not impact these programs.
- Analyst's Take: William Blair says pipeline reprioritization is incrementally positive.
- The analyst writes that CNTY-101 is largely de-risked based on initial clinical data generated by other CD19 CAR-NK cell therapies. The company is unlikely to share initial clinical data from CNTY-101 until 2H of 2023.
- Furthermore, the analyst adds that the CD19 space is hyper-competitive, with three companies having already produced compelling initial clinical data. Therefore, Century Therapeutics' current valuation adequately reflects the stage of development for its product candidates.
- Price Action: IPSC shares closed 2.62% lower at $4.84 on Thursday.
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