Century Therapeutics to cut workforce by 25%, plans to extend cash runway into 2026

To extend its cash runway into 2026, Century Therapeutics Inc is cutting its workforce by about 25 per cent.

As part of its internal portfolio prioritisation, the biotechnology company is deprioritising the investment in CNTY-103 for glioblastoma as well as a discovery program in hematologic malignancies, while focusing on CNTY-101 and other key programs. 

This operational restructuring will also affect lab operations in Seattle and Hamilton, along with research activities, which will be consolidated in Philadelphia, the company said as per media reports. 

"We have implemented these cost-saving measures to right-size the organisation," said Chief Executive Lalo Flores.