Profile

Century is building a platform around induced Pluripotent Stem cells. They take donor cells and program them back into the stem cell state by adding in transcription factors. Then they edit those stem cells before developing them down the lineage to immune cells like NK cells and Gamma/Delta T cells. This technology is engineering cells for immune therapies for cancer. They build these common progenitor cells that have many edits to give them extra benefits and allo evasion attributes. These common progenitor cells can become a starting stock for all their CAR-NK and CAR-T cells. Once they have the master banks of common progenitor cells, they can use them for all their new therapies by just inserting different CAR receptors into them before developing them down their path to NK or T cells.

Management

I have only followed Century since their IPO. I have been cautious with Lalo Flores as he doesn’t come across as a very strong presenter at conferences. He has impressed me with the science and the way they are developing the technology. It will take time to know as they are just starting clinical trials.

Science

CNTY-101 is their CAR-NK cell that has the alloevasion edits and a CD19 CAR. This is their original program for CAR-NK cells currently starting phase 1. The alloevasion will allow us to compare this technology to other allogeneic cell therapies targeting CD19. This data will inform us of the benefits, if any, of the alloevasion technology.

CNTY-102 is their first CAR-T program using the Gamma/Delta progenitor cells. This will have a dual target with CD19 and CD79. This will have many of the common progenitor cell edits for their Gamma/Delta T cell platform. This will inform us as to the potential of using Gamma/Delta T cells as cell therapies. They will also include the alloevasion edits. This is currently in IND enabling studies.

CNTY-107 is their first program that will target a solid tumor antigen with Nectin 4. This has a large potential application in solid tumors. They have not selected yet if this program will be NK or Gamma/Delta T cells. I suspect they will test both sources before they settle on a final development candidate.

Valuation

Cash $395 million

CNTY-101 is for CD19 which affects B cell lymphomas. This is about 75,000 patients each year. It is a very competitive target for blood cancers. There is still room for a best in class therapy should the alloevasion make a difference in durability. I would give this $500 million sales unless it has some best in class data. No phase 1 data gives it a .1 multiple. That puts the value at $50 million.

CNTY-102 This is for CD19/CD70 bispecific Gamma/Delta T cell programs focused on B cell lymphomas. I would think this could have the same potential as CNTY-101 unless the data stands out as the best in class therapy. That would be $500 million in sales. It would only have a .1 multiplier for being preclinical. That comes out to $50 million value.

CNTY-107 is for solid tumors. I think this could be worth $1 billion or more depending on how well the data works out. I would give it a multiple of .1 for preclinical. That comes out to $100 million value.

All in, that is a $595 million market cap. Based on the 59 million shares outstanding, that comes to $10.08.

Partnerships

Coming Soon

Events

CNTY-101 Phase 1 Enrolling

CNTY-102 IND Enabling Studies

CNTY-107 Preclinical

Data Readouts

Not Data Yet.

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Events & Presentations

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