IPSC

Ignore the headline: FY2025 revenue of $109M (+1,557%) and a near-breakeven net loss of -$9.58M paint a picture that the cash flow statement flatly contradicts. Operating cash flow was -$104M, and the MD&A states plainly that Century 'has never generated revenue from product sales.' That means the reported revenue and the shrunken accounting loss are non-cash or one-time (collaboration/warrant items) — the true economics are a company incinerating over $100M a year with $61.9M of cash on hand. The accumulated deficit of -$792M underscores that this has never been a self-funding business.

The pipeline is early and binary. Per the 10-K, the lead candidate CNTY-813 (a beta-islet program for T1D announced only in November 2025) is in IND-enabling studies with an IND 'as early as 2026' — i.e., not yet in humans. CNTY-308 is likewise preclinical, and the most advanced asset, CNTY-101, is an investigator-sponsored Phase 1/2 the company doesn't itself run. The risk section leads with 'we are highly dependent on the success of our lead product candidate' and stacks manufacturing, gene-editing, supply, and IP-licensing (FCDI) dependencies on top. This is a novel, unproven platform where a single trial or regulatory outcome dictates the entire equity value — the definition of unknowable risk.