Operational liquidity is under pressure, as demonstrated by a consistent negative free cash flow trajectory with quarterly outflows frequently exceeding $25 million, necessitating reliance on external financing.
| Cash from Operations | -94.5M | -103.88M | -110.14M | -88.35M | 14.05M | -89M | -41.27M | -16.17M |
| Operating CF Margin % | - | -95.16% | -1671.5% | -3952.93% | 270.28% | - | - | - |
| Operating CF Growth % | 69.47% | 5.68% | -24.66% | -728.72% | 115.79% | -115.66% | -155.25% | - |
| Net Income | -107.78M | -9.58M | -126.57M | -136.67M | -130.93M | -95.82M | -53.58M | -244.77M |
| Depreciation & Amortization | 12.88M | 13.1M | 13.3M | 13.04M | 8.44M | 3.75M | 1.4M | 249K |
| Stock-Based Compensation | 4.41M | 6.84M | 12.69M | 14.62M | 10.67M | 4.66M | 876K | 147K |
| Deferred Taxes | -73K | -73K | 870K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 597K | 389K | -1.15M | 11.28M | 1.93M | 1.21M | 5.17M | 225.95M |
| Working Capital Changes | -4.53M | -114.55M | -9.28M | 9.38M | 123.94M | -2.8M | 4.86M | 2.26M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -424K | 1.56M | -1.47M | -2.36M | -4.79M | -1.85M | 2.06M | 1.23M |
| Cash from Investing | -33.04M | 107.5M | 47.48M | 61.13M | -13.13M | -298.34M | -22.76M | -19.83M |
| Capital Expenditures | -1.41M | -848K | -154K | -13.74M | -30.6M | -44.97M | -9.82M | -2.46M |
| CapEx % of Revenue | - | 0.78% | 2.34% | 614.59% | 588.65% | - | - | - |
| Acquisitions | 0 | 0 | -9.61M | 0 | -238.22M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -4.25M | 210.7M | 0 | 0 | 238.22M | 0 | -4.72M | 24.17M |
| Cash from Financing | 126.68M | 173K | 74.56M | -9.72M | 27.16M | 417.77M | 47.69M | 74.84M |
| Debt Issued (Net) | 0 | 0 | 0 | -10.24M | 0 | 0 | 9.73M | 0 |
| Equity Issued (Net) | 126.68M | 173K | 74.56M | 516K | 27.16M | 381.24M | 0 | 74.84M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 36.53M | 37.96M | 0 |
| Net Change in Cash | -883K | 3.8M | 11.91M | -36.94M | 28.08M | 30.43M | -16.34M | 38.84M |
| Free Cash Flow | -95.91M | -104.72M | -110.29M | -102.08M | -16.55M | -133.97M | -51.09M | -18.63M |
| FCF Margin % | - | -95.93% | -1673.84% | -4567.52% | -318.37% | - | - | - |
| FCF Growth % | 15.96% | 5.05% | -8.04% | -516.75% | 87.65% | -162.21% | -174.29% | - |
| FCF per Share | -1.11 | -1.21 | -1.40 | -1.72 | -0.29 | -2.44 | -0.93 | -0.34 |
| FCF Conversion (FCF/Net Income) | 0.89x | 10.84x | 0.87x | 0.65x | -0.11x | 0.93x | 0.77x | 0.07x |
| Interest Paid | 0 | 0 | 0 | 586K | 1.1M | 0 | 0 | 0 |
| Taxes Paid | -2K | 0 | 501K | 3.11M | 1.1M | 983K | 207K | 0 |
Imminent liquidity and dilution
According to reported financial statements, the company's operating cash flow consistently trails net income, evidenced by a 2025Q1 net income of $76.6 million contrasting sharply with a $34.6 million cash outflow, highlighting the non-cash nature of milestone-driven accounting recognition.
The significant divergence between accounting profit and cash reality suggests that reported earnings are heavily influenced by non-cash revenue recognition rather than operational efficiency. Investors should interpret this gap as a signal that the company's underlying business remains in a cash-consuming phase, regardless of periodic accounting-driven profitability.
As reported in recent filings, Century Therapeutics maintains a consistent negative free cash flow trajectory, with quarterly outflows frequently exceeding $25 million, underscoring the structural reliance on external capital to fund ongoing clinical development and research activities.
The lack of positive free cash flow suggests that the company is far from self-sustainability, with cash burn rates remaining elevated across all observed periods. This trajectory indicates that the firm's survival is tethered to its ability to secure non-dilutive partnership payments or tap equity markets.
Based on the provided data, working capital movements have been highly erratic, including a significant $116.2 million outflow in 2025Q1, which suggests that timing differences in milestone payments and research-related payables create substantial, unpredictable fluctuations in the company's liquidity position.
These sharp swings in working capital indicate that the company's cash position is highly sensitive to the timing of collaboration-related cash receipts. Such volatility warrants further investigation into the predictability of future cash inflows, as these movements can mask the underlying stability of the core operating burn.
Analysis of the cash flow statement reveals that stock-based compensation and depreciation adjustments, as reported in SEC filings, consistently mask the true magnitude of the company's operational cash deficit, which remains the primary driver of the firm's ongoing liquidity requirements.
By adjusting for non-cash items, it becomes clear that the company's core operations are consuming cash at a rate that is not fully captured by headline operating loss figures. This suggests that the true cost of maintaining the R&D pipeline is higher than what is reflected in standard profitability metrics.
Quick answers to the most common questions about buying IPSC stock.
Century Therapeutics, Inc. (IPSC) generated $-103.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Century Therapeutics, Inc. (IPSC) reported negative free cash flow of $104.7M in 2025, indicating capital requirements exceeded cash from operations.
Century Therapeutics, Inc. (IPSC) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.