MeritValue

Century Therapeutics, Inc.

IPSCdata completeness 88%6 fiscal years on file
The thesis, from the filings

Century Therapeutics, Inc. earns about -49% on invested capital, but has diluted owners by 167% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—$5.2M1$2.24M2$6.59M3$109.2M3
Net income−$95.8M4−$130.9M5−$136.7M6−$126.6M7−$9.58M7
Operating cash flow−$89M8$14.1M9−$88.3M10−$110.1M11−$103.9M11
Capital expenditure$45M12$30.6M13$13.7M14$154,00015$848,00015
Free cash flow (derived)−$134M8−$16.6M9−$102.1M10−$110.3M11−$104.7M11
Total debt$19.3M16$14.1M17———
Cash & equivalents$56.4M18$84.3M19$47.3M20$58.4M21$61.9M21
Diluted shares32.4M32.4M59.3M78.6M86.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$18.36
your share of equity
Profit it earned you last year
−$1.11
Free cash flow it threw off
−$12.1
Debt you’d be carrying
—

10 shares is a claim on $18.36 of net worth that earned you −$1.11 and generated −$12.1 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-49% avg · 5y
FY21 -21%FY22 -44%FY23 -77%FY24 -96%FY25 -8%

It earned an average -49% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+167% shares · 5y

Share count is up 167% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 27% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0001558370-24-003165 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001558370-25-003299 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-026759 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-23-003962 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-24-003165 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001558370-25-003299 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001104659-26-026759 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001558370-23-003962 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001558370-24-003165 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001558370-25-003299 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001104659-26-026759 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001558370-23-003962 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001558370-24-003165 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001558370-25-003299 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-026759 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001558370-23-003962 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-12-31 · accession 0001558370-24-003165 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001558370-23-003962 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001558370-24-003165 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001558370-25-003299 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001104659-26-026759 (CashAndCashEquivalentsAtCarryingValue)