On February 03, 2022, Century Therapeutics Inc. (IPSC) stock rebounded in the premarket to gain 13.81%. There is no recent announcement or SEC filing from the company to drive the stock up.
In the previous trading session, the stock remained in the red with a loss of 2.91% at $12.02. The stock rebounded in the premarket and had reached a value of $13.68 per share at the time of writing.
Founded in 2018, Century Therapeutics Inc. develops off-the-shelf cell therapies for advancing cancer care. Currently, its 56.56 million outstanding shares trade at a market capitalization of $700.15 million.
IPSC’s Movement
IPSC stock had been in the red for the past two days. On February 01, the stock brushed down to its 52-week low of $11.55. As there is no recent announcement or SEC filing from the company, the downfall might be the cause of the recovery. It seems like the new low presented a good buying opportunity for investors. While the low before hours’ volume makes the session’s movement highly volatile, IPSC seems to be recovering well.
Overview of the stock shows a loss of 7.40% in the past five days. While IPSC stands at a year-to-date loss of 24.21%, it has subtracted 49.11% in the past three months.
Strategic Collaboration with Bristol Myer Squibb
On January 10, the company announced a research collaboration and license agreement with Bristol Myers Squibb (BMY). Under the collaboration, the companies will develop iPSC-derived allogeneic cell therapies. They will develop and commercialize up to four induced pluripotent stem cell (iPSC) derived, engineered natural killer cell (iNK), and/or T cell programs for hematologic malignancies and solid tumors.
According to the agreement, development candidate discovery and preclinical activities would be done by IPSC. Following this, BMY will perform the clinical development and commercialization activities. Moreover, IPSC will be paid $100 million in upfront payment while BMY will invest %40 million in its equity. The equity investment will be at $23.14 per common stock share of IPSC.
In addition, the company would also be eligible for milestone payments of over $3 billion throughout the programs, along with tiered royalties.
IPSC’s Financials
In the third quarter of 2021, the company incurred a net loss of $26.0 million, against 13.1 million in Q3 of 2020.
Additionally, IPSC ended the third quarter of 2021, with cash, cash equivalents, and marketable securities of $400.3 million.
