Revenue volatility remains a primary concern, as evidenced by the sharp decline from $109.2 million in 2025Q1 to zero revenue in subsequent quarters, highlighting the instability of an episodic milestone-driven business model.
| Sales/Revenue | 0 | 109.16M | 6.59M | 2.23M | 5.2M | 0 | 0 | 0 |
| Revenue Growth % | -100% | 1556.76% | 194.81% | -57.01% | - | - | - | - |
| Cost of Goods Sold | 3M | 13.1M | 0 | 0 | 0 | 4.58M | 1.75M | 249K |
| COGS % of Revenue | - | 12% | - | - | - | - | - | - |
| Gross Profit | -3M | 96.06M | 6.59M | 2.23M | 5.2M | -4.58M | -1.75M | -249K |
| Gross Margin % | - | 88% | 100% | 100% | 100% | - | - | - |
| Gross Profit Growth % | - | 1357.93% | 194.81% | -57.01% | 213.47% | -161.23% | -604.42% | - |
| Operating Expenses | 113.94M | 111.1M | 144.73M | 148.78M | 139.03M | 90.3M | 47.42M | 19.78M |
| OpEx % of Revenue | - | 101.78% | 2196.48% | 6656.87% | 2674.17% | - | - | - |
| Selling, General & Admin | 22.18M | 24M | 33.16M | 34.71M | 31.86M | 14.65M | 7.74M | 5.52M |
| SG&A % of Revenue | - | 21.99% | 503.19% | 1552.84% | 612.75% | - | - | - |
| Research & Development | 83.18M | 95.67M | 107.24M | 92.71M | 97.17M | 75.65M | 39.68M | 14.27M |
| R&D % of Revenue | - | 87.64% | 1627.62% | 4148.1% | 1869.07% | - | - | - |
| Other Operating Expenses | 2M | -8.57M | 4.33M | 21.36M | 10M | 0 | 0 | 0 |
| Operating Income | -116.94M | -15.04M | -138.14M | -146.55M | -133.83M | -94.88M | -49.18M | -20.03M |
| Operating Margin % | - | -13.78% | -2096.48% | -6556.87% | -2574.17% | - | - | - |
| Operating Income Growth % | - | 89.11% | 5.74% | -9.5% | -41.05% | -92.95% | -145.47% | - |
| EBITDA | -104.06M | -1.94M | -124.83M | -133.5M | -125.39M | -90.3M | -47.42M | -19.78M |
| EBITDA Margin % | - | -1.78% | -1894.57% | -5973.24% | -2411.83% | - | - | - |
| EBITDA Growth % | -437.68% | 98.45% | 6.49% | -6.47% | -38.86% | -90.42% | -139.7% | - |
| D&A (Non-Cash Add-back) | 12.88M | 13.1M | 13.3M | 13.04M | 8.44M | 4.58M | 1.75M | 249K |
| EBIT | -110.18M | -15.04M | -124.78M | -134.25M | -129.64M | -94.51M | -53.19M | -244.77M |
| Net Interest Income | 6.94M | 7.35M | 13.01M | 12.14M | 2.99M | -377K | 323K | 1.21M |
| Interest Income | 6.94M | 7.35M | 13.01M | 12.68M | 2.99M | 898K | 704K | 1.21M |
| Interest Expense | 0 | 0 | 0 | 540K | 0 | 1.27M | 381K | 0 |
| Other Income/Expense | 9.09M | 5.39M | 13.36M | 11.75M | 2.99M | -898K | -4.4M | -224.74M |
| Pretax Income | -107.85M | -9.65M | -124.78M | -134.79M | -130.84M | -95.78M | -53.58M | -244.77M |
| Pretax Margin % | - | -8.84% | -1893.7% | -6030.96% | -2516.66% | - | - | - |
| Income Tax | -68K | -68K | 1.79M | 1.88M | 91K | 43K | 0 | 0 |
| Effective Tax Rate % | 0.06% | 0.7% | -1.43% | -1.4% | -0.07% | -0.04% | 0% | 0% |
| Net Income | -107.78M | -9.58M | -126.57M | -136.67M | -130.93M | -95.82M | -53.58M | -244.77M |
| Net Margin % | - | -8.78% | -1920.87% | -6115.12% | -2518.41% | - | - | - |
| Net Income Growth % | -391.11% | 92.43% | 7.4% | -4.38% | -36.64% | -78.86% | 78.11% | - |
| Net Income (Continuing) | -107.78M | -9.58M | -126.57M | -136.67M | -130.93M | -95.82M | -53.58M | -244.77M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.25 | -0.11 | -1.61 | -2.30 | -2.27 | -1.74 | -1.00 | -4.49 |
| EPS Growth % | -290.63% | 93.17% | 30% | -1.32% | -30.46% | -74% | 77.73% | - |
| EPS (Basic) | - | -0.11 | -1.61 | -2.30 | -2.27 | -1.74 | -1.00 | -4.49 |
| Diluted Shares Outstanding | 86.56M | 86.56M | 78.65M | 59.31M | 57.76M | 55.01M | 54.82M | 54.82M |
| Basic Shares Outstanding | 86.56M | 86.56M | 78.65M | 59.31M | 57.76M | 55.01M | 54.82M | 54.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical milestone dependency risk
As reported in financial statements, Century Therapeutics experienced a significant revenue spike to $109.2 million in 2025Q1, yet the subsequent return to negligible revenue levels highlights the inherent instability of a business model reliant on episodic milestone payments rather than recurring commercial product sales.
The dramatic revenue fluctuation suggests that top-line growth is currently a function of accounting recognition for partnership milestones rather than organic commercial adoption. Investors should monitor the sustainability of these inflows, as the absence of consistent revenue streams complicates long-term valuation modeling.
Based on the company's reported figures, R&D expenses have remained consistently elevated, averaging over $20 million per quarter, which underscores the heavy capital requirements necessary to advance the proprietary allo-evasion platform through early-stage clinical development cycles.
The company's cost structure is dominated by high-fixed R&D outlays, which appear to be the primary driver of the ongoing operating losses. This expense discipline suggests that management is prioritizing pipeline advancement over near-term profitability, a strategy that warrants further investigation regarding the efficiency of capital deployment.
According to recent SEC filings, the reported 100% gross margin in several quarters is an accounting artifact of collaboration revenue recognition, which obscures the underlying cash-burning nature of the business and the lack of a scalable commercial manufacturing process at this stage.
The high gross margins are misleading for fundamental analysis as they do not reflect the true cost of goods sold for a commercialized cell therapy product. Analysts should look past these figures to focus on the net burn rate, which provides a more accurate assessment of the company's financial health.
With cash and equivalents reported at $61.85 million, the company faces a precarious liquidity position relative to its ongoing R&D requirements, suggesting that future dilution or additional partnership-based financing may be necessary to sustain operations beyond the next twelve months.
The current cash runway appears insufficient to support the company's multi-candidate clinical ambitions without external capital intervention. This vulnerability may force management into unfavorable financing terms if clinical milestones are not achieved in a timely manner to trigger further non-dilutive payments.
Quick answers to the most common questions about buying IPSC stock.
For fiscal year 2025, Century Therapeutics, Inc. (IPSC) reported total revenue of $109.2M.
Century Therapeutics, Inc. (IPSC) reported a net loss of $9.6M for the fiscal year ending 2025.
Century Therapeutics, Inc. (IPSC) reported an operating income of $-15.0M, resulting in an operating profit margin of -13.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Century Therapeutics, Inc. (IPSC) generated $96.1M in gross profit for the year, representing a gross profit margin of 88.0%. This demonstrates the company's core pricing power and production efficiency.