Detailed financial statements for Century Therapeutics, Inc. (IPSC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Century Therapeutics, Inc. is a biotechnology company dedicated to pioneering allogeneic cell therapies for a range of cancers, specifically solid tumors and hematological malignancies. The firm's foremost clinical program is CNTY-101, an allogeneic, induced pluripotent stem cell (iPSC)-derived CAR-iNK cell therapy. This therapy is specifically designed to target CD19 in patients with B-cell lymphoma that has relapsed or proven refractory to previous treatments.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.86, IPSC has negative trailing earnings (P/E not meaningful) and an ROE of -52.76%. Market capitalisation stands at $161M.
Balance sheet quality for IPSC: current ratio of 6.0, net cash position of $73.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | $5.2M | $2.2M | $6.6M | $109.2M |
| Cost of Revenue | $249000 | $1.8M | $4.6M | 0 | 0 | 0 | $13.1M |
| Gross Profit | -$249000 | -$1.8M | -$4.6M | $5.2M | $2.2M | $6.6M | $96.1M |
| Research & Development | $14.3M | $39.7M | $75.6M | $97.2M | $92.7M | $107.2M | $95.7M |
| Selling, General & Admin | $5.5M | $7.7M | $14.7M | $31.9M | $34.7M | $33.2M | $24.0M |
| Operating Expenses | $19.8M | $47.4M | $90.3M | $139.0M | $148.8M | $144.7M | $111.1M |
| Operating Income | -$20.0M | -$49.2M | -$94.9M | -$133.8M | -$146.5M | -$138.1M | -$15.0M |
| EBITDA | -$244.5M | -$51.4M | -$89.9M | -$121.2M | -$121.2M | -$111.5M | $3.5M |
| Interest Expense | 0 | $381000 | $1.3M | 0 | $540000 | 0 | 0 |
| Pre-tax Income | -$244.8M | -$53.6M | -$95.8M | -$130.8M | -$134.8M | -$124.8M | -$9.6M |
| Income Tax | 0 | 0 | $43000 | $91000 | $1.9M | $1.8M | -$68000 |
| Net Income | -$244.8M | -$53.6M | -$95.8M | -$130.9M | -$136.7M | -$126.6M | -$9.6M |
| EPS | $-4.49 | $-1.00 | $-1.74 | $-2.27 | $-2.30 | $-1.61 | $-0.11 |
| EPS (Diluted) | $-4.49 | $-1.00 | $-1.74 | $-2.27 | $-2.30 | $-1.61 | $-0.11 |
| Shares Outstanding (Diluted) | $54.8M | $54.8M | $55.0M | $57.8M | $59.3M | $78.6M | $86.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$22.5M | 0 | -$3.0M | 0 |
| Operating Income | -$36.1M | -$20.7M | -$25.5M | -$36.5M |
| EBITDA | -$26.2M | -$15.7M | -$18.6M | -$34.5M |
| Net Income | -$34.4M | -$19.2M | -$21.6M | -$34.5M |
| EPS | $-0.40 | $-0.22 | $-0.25 | $-0.17 |
| EPS (Diluted) | $-0.40 | $-0.22 | $-0.25 | $-0.17 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $44.1M | $27.2M | $56.4M | $84.3M | $47.3M | $58.4M | $61.9M |
| Short-term Investments | $37.5M | $48.5M | $166.4M | $231.2M | $125.4M | $130.9M | $55.3M |
| Receivables | $123000 | $908000 | $250000 | $780000 | $665000 | $1.5M | $667000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $84.1M | $78.8M | $228.2M | $319.7M | $177.0M | $194.1M | $120.8M |
| Property, Plant & Equipment | $2.5M | $24.8M | $69.8M | $111.7M | $92.1M | $90.8M | $66.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $9.4M | 0 | 0 | 0 | $34.2M | $34.2M |
| Total Assets | $90.9M | $106.8M | $437.4M | $486.5M | $360.7M | $353.2M | $223.7M |
| Accounts Payable | $1.5M | $8.1M | $7.6M | $5.5M | $2.7M | $3.1M | $4.8M |
| Short-term Debt | 0 | 0 | $1.0M | $6.5M | $1.5M | 0 | 0 |
| Total Current Liabilities | $3.0M | $12.1M | $15.7M | $29.8M | $17.8M | $129.8M | $20.2M |
| Long-term Debt | 0 | $9.6M | $8.9M | $3.7M | 0 | 0 | 0 |
| Total Liabilities | $182.8M | $213.2M | $41.1M | $183.8M | $175.9M | $191.9M | $64.8M |
| Retained Earnings | -$238.8M | -$292.3M | -$388.2M | -$519.1M | -$655.8M | -$782.3M | -$791.9M |
| Total Equity | -$91.9M | -$106.4M | $396.2M | $302.7M | $184.8M | $161.4M | $158.9M |
| Total Debt | 0 | $21.6M | $25.1M | $49.4M | $48.2M | $53.8M | $43.6M |
| Net Debt | -$81.5M | -$54.2M | -$197.8M | -$266.1M | -$124.6M | -$135.5M | -$73.5M |
| Working Capital | $81.1M | $66.7M | $212.5M | $289.9M | $159.1M | $64.3M | $100.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $55.5M | $61.9M | $51.0M | $49.6M |
| Total Assets | $244.7M | $223.7M | $326.6M | $287.0M |
| Total Liabilities | $68.4M | $64.8M | $61.8M | $54.7M |
| Total Equity | $176.3M | $158.9M | $264.7M | $232.3M |
| Total Debt | $45.0M | $43.6M | $48.0M | $34.6M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$244.8M | -$53.6M | -$95.8M | -$130.9M | -$136.7M | -$126.6M | -$9.6M |
| Depreciation & Amortization | $249000 | $1.4M | $3.7M | $8.4M | $13.0M | $13.3M | $13.1M |
| Stock-based Compensation | $147000 | $876000 | $4.7M | $10.7M | $14.6M | $12.7M | $6.8M |
| Change in Working Capital | $2.3M | $4.9M | -$2.8M | $123.9M | $9.4M | -$9.3M | -$114.6M |
| Operating Cash Flow | -$16.2M | -$41.3M | -$89.0M | $14.1M | -$88.3M | -$110.1M | -$103.9M |
| Capital Expenditure | -$2.5M | -$9.8M | -$45.0M | -$30.6M | -$13.7M | -$154000 | -$848000 |
| Acquisitions | 0 | 0 | 0 | -$238.2M | 0 | -$9.6M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$18.6M | -$51.1M | -$134.0M | -$16.6M | -$102.1M | -$110.3M | -$104.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$25.6M | -$16.1M | -$25.2M | -$19.8M |
| Capital Expenditure | -$195000 | -$317000 | -$584000 | -$694000 |
| Free Cash Flow | -$25.8M | -$16.4M | -$25.8M | -$20.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $892000 | $1.3M | $1.4M | $1.9M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | -57.0% | +194.8% | +1556.8% |
| Net Income Growth (YoY) | | +78.1% | -78.9% | -36.6% | -4.4% | +7.4% | +92.4% |
| EPS Growth (YoY) | | +77.7% | -74.0% | -30.5% | -1.3% | +30.0% | +93.2% |
| Shares Change (YoY) | | +0.0% | +0.3% | +5.0% | +2.7% | +32.6% | +10.1% |
| FCF Growth (YoY) | | -174.3% | -162.2% | +87.6% | -516.7% | -8.0% | +5.0% |
| Gross Margin | | | | 100.0% | 100.0% | 100.0% | 88.0% |
| Operating Margin | | | | -2574.2% | -6556.9% | -2096.5% | -13.8% |
| EBITDA Margin | | | | -2331.2% | -5423.2% | -1691.8% | 3.2% |
| Net Margin | | | | -2518.4% | -6115.1% | -1920.9% | -8.8% |
| FCF Margin | | | | -318.4% | -4567.5% | -1673.8% | -95.9% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.1% | -1.4% | -1.4% | 0.7% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.34 | $-0.93 | $-2.44 | $-0.29 | $-1.72 | $-1.40 | $-1.21 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $54.8M | $54.8M | $55.0M | $57.8M | $59.3M | $78.6M | $86.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -52.76% |
| Return on Invested Capital | -43.66% |
| Return on Assets | -38.25% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.15 |
| Current Ratio | 8.28 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -5.08 | -22.83 | -9.11 | -2.26 | -1.44 | -0.63 | -9.04 |
| P/B | -13.63 | -11.76 | 2.20 | 0.98 | 1.07 | 0.49 | 0.54 |
| P/S | 0.00 | 0.00 | 0.00 | 56.99 | 88.11 | 12.06 | 0.79 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 100.0% | 88.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | -2574.2% | -6556.9% | -2096.5% | -13.8% |
| Net Margin | 0.0% | 0.0% | 0.0% | -2518.4% | -6115.1% | -1920.9% | -8.8% |