Thread by @Biotech2k1

Taking a Look at $IPSC:

An update look at Century Therapeutics.

1/ Management

I have only been in Century Therapeutics for a short time. I got a chance to listen to Lalo Flores present a few times. He does not come across as a great speaker.

2/ I don't think that is a deal breaker, but it does make me more cautious. It will take time to know how well he is doing with the business and clinical development.

3/ Science

They licensed their iPSC technology from Fujifilm Cellular Dynamics. They have manufacturing capacity and expertise from them through clinical trials until they complete their facility in New Jersey.

4/ It is built but needs to be set up and inspected. They are focused on CAR-NK cells with their first 2 programs in CD19 and EFGR. Both these programs have complete alloevasion.

5/ They are developing their T cells programs using gamma/delta T cells. Their fist program will be a dual targeting CD19 by CD79b for lymphoma. They are also working on developing TCR T cell therapies using iPSC.

6/ Potential

I think the potential for iPSC is really big. It depends on which indications they choose. They are starting with the classic CD19 in Lymphomas as it is the most validated to prove the technology.

7/ The potential in just those indications could be more then the entire company at this point. It would only grow from there as they add more indications.

8/ Value

I think Century is cheap down here at $730 million market cap. They have $358 million in cash and burned about $95 million in 2021. Even with the higher costs of moving into clinical development, they should have cash for 2 years.