公司概覽 (Company Overview)

Century Therapeutics 專注於異體 iPSC 細胞療法，其初期重點為腫瘤治療，並逐步拓展至自體免疫疾病領域。該公司的核心技術涉及將成人細胞重編程為iPSC 幹細胞，然後進一步分化為免疫細胞（如 NK 細胞與 T 細胞），並利用基因編輯技術增強其功能。所有產品均採用 Century 的專有技術 Allo-Evasion™，可避免宿主免疫攻擊（透過抑制 T 細胞、NK 細胞與抗體介導的排斥反應），並允許多次給藥，無需使用免疫抑制劑 。

主要產品線

CNTY-101（CD19 CAR-NK 細胞）：

• 目前正在進行復發/難治性iPSE-1 試驗，並已顯示良好的耐受性 。
• 此外，該產品亦獲 FDA 核准進入自體免疫疾病適應症（Phase 1 CALiPSO-1 試驗，針對狼瘡等疾病），這使 Century 成為首批探索 CAR-公司 。

CNTY-102（CD19/CD22 雙靶點 CAR-γδ T 細胞）：

• 適用於 B 細胞惡性腫瘤，旨在防止抗原逃逸 。

CNTY-104 & 106（AMLR-iNK / CAR-iT 細胞）：

• 這兩款產品原先與 BMS 合作開發，但合作已終止 。

CNTY-107（針對 NR-γδ T 細胞）：

• 目標適應症為實體瘤，該產品結合了 Allo-Evasion™ 技術與腫瘤微環境調節機制 。

**CNTY-108、308、36）：

• 這些產品專注於 B 細胞或漿細胞相關的免疫疾病（如紅斑性狼瘡、重症肌無力等） 。

Century 擁有一條涵蓋癌症與自體免疫疾病的完整研發管線，並於 2024de Therapeutics，增強其 αβ T 細胞技術 。然而，其所有產品均處於早期臨床階段，市場仍對其成功率存有疑慮。

財務狀況 

• 2024 Q2 主要財務數據：
  • 營收： $0.8M（來自 BMS 合作，但該合作已終止）
  • 研發支出： $27.2M（同比增加，主要用於 CNTY-101 臨床開發）
  • 管理費用： $8.3M（與去年持平）
  • 淨虧損： - 現金消耗： 2024 年前三季營運現金流為 -$85.9M

由於 Century 無負債，其資產負債表相對健康。然而，公司完全依賴外部資金來維持營在 2026 年後再次募資 。

投資展望與風險

優勢

✅ 技術領先：C細胞療法領域的領導者之一，尤其在 *CAR。
✅ 強勁現金儲備：擁有 $2.44 億現金，市場卻僅給予 ~$在的巨大價值低估 。
✅ 多元適應症：除了癌症，CNTY-101 也進軍自體免疫疾病市場，開啟全新商機 。

風險

⚠️定性：目前所有產品仍處於 Phase 1，未來臨床失敗或監管風險可能影響價值。
⚠️ 市場悲觀看法：BMS 終止合作使市場信心動搖，未來可能需尋找新合作夥伴或進行資產出售 。
⚠️ 資金需求：儘管現金充足，公司最晚於 2026 年後可能需要額外募資 。

Century Therapeutics (IPSC) Acquisition Analysis 

Executive Summary

Century Therapeutics, Inc. (NASDAQ: IPSC) is a biotechnology company pioneering off-the-shelf cell therapies using induced pluripotent stem cells (iPSC) to treat cancer and autoimmune diseases. Founded in 2018 with substantial backing from Versant Ventures and Bayer’s Leaps initiative ( Bayer among financial backers of startup Century Therapeutics’ cell-based immunotherapy platform ), the company has built a platform of allogeneic (donor-derived) natural killer (NK) and T cell products enhanced with proprietary gene edits (Allo-Evasion™) to improve persistence and avoid immune rejection. Despite its innovative science and a pipeline led by iPSC-derived CAR-NK cell therapy CNTY-101, Century’s market value has collapsed – trading around $0.67/share (~$57M market cap) in early 2025 (Century Therapeutics (IPSC) Stock Price History Charts (NASDAQ: IPSC)) – due to clinical uncertainty and the recent loss of a major pharma partnership. This presents a unique investment opportunity to acquire a cutting-edge cell therapy platform at a valuation well below its cash assets, essentially buying ~$244M in cash (Century Therapeutics Reports Third Quarter 2024 Financial) and a deep pipeline for pennies on the dollar. Key challenges include the high-risk nature of early-stage biotechs (no approved products, ongoing losses of ~$30M per quarter (Century Therapeutics Reports Second Quarter 2024 Financial Results and Provides Business Updates | IPSC Stock News)) and skepticism after Bristol Myers Squibb (BMS) terminated a collaboration in late 2024 (Century Therapeutics ends collaboration with Bristol-Myers Squibb By Investing.com) (Century Therapeutics ends collaboration with Bristol-Myers Squibb By Investing.com). An acquisition could unlock value by providing strategic resources and patience to realize the technology’s potential. The following analysis examines Century’s business, financials, growth outlook, and proposes a deal structure to capitalize on this opportunity while mitigating risks.

Company Overview

Century Therapeutics specializes in allogeneic iPSC-derived cell therapies with an initial focus on oncology and an emerging focus on autoimmune disorders. The company’s core technology involves reprogramming adult cells into iPSCs and differentiating them into immune effector cells (like NK cells and T cells), which are genetically engineered for improved function. All product candidates incorporate Century’s proprietary Allo-Evasion™ gene-editing technology to evade host immune attack (by disabling targets of host T cells, NK cells, and antibody-mediated rejection) and to enable repeated dosing without immunosuppressive chemotherapy (Pipeline | Century Therapeutics) (Pipeline | Century Therapeutics). For example, lead program CNTY-101 is an iPSC-derived CAR-NK cell targeting CD19 (a B-cell marker) and is engineered with six precise gene edits to prevent host-vs-graft rejection, secrete IL-15 for cell persistence, and include an EGFR “safety switch” for controllability (Pipeline | Century Therapeutics). CNTY-101 is in a Phase 1 trial for relapsed/refractory B-cell lymphoma (the ELiPSE-1 study) and has shown encouraging early signals – it was well-tolerated at initial doses with no graft-versus-host disease, and even produced a durable complete remission in one heavily pretreated lymphoma patient (Century Therapeutics Reports Full Year 2023 Financial) (Century Therapeutics Reports Full Year 2023 Financial). Uniquely, Century is also testing CNTY-101 in autoimmune diseases (Phase 1 CALiPSO-1 trial in systemic lupus erythematosus and related disorders) after FDA clearance, making it a front-runner in applying CAR-NK cells beyond cance…

Beyond CNTY-101, Century’s pipeline spans multiple iPSC-derived cell products:

• CNTY-102: a dual-target (CD19/CD22) CAR-γδ T cell for B-cell malignancies, designed to prevent antigen escape (Pipeline | Century Therapeutics).
• CNTY-104 & 106: multi-specific CAR-iNK or CAR-iT cells for acute myeloid leukemia an…