Century Therapeutics (IPSC) 10-K 17 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 18, 2022	Jun. 30, 2021
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-36510
Entity Registrant Name	Century Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2040295
Entity Address State Or Province	PA
Entity Address, Address Line One	3675 Market Street
Entity Address, City or Town	Philadelphia
Entity Address, Postal Zip Code	19104
City Area Code	267
Local Phone Number	817-5790
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	IPSC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 669,088,584
Entity Common Stock, Shares Outstanding		58,819,215
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Philadelphia, Pennsylvania
Entity Central Index Key	0001850119
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 56,445	$ 27,211
Short-term investments	166,434	48,542
Escrow deposits, current	502	783
Prepaid expenses and other current assets	4,773	2,261
Total current assets	228,154	78,797
Property and equipment, net	57,967	15,385
Operating lease right-of-use assets	11,854	9,392
Restricted cash	1,717	517
Escrow deposits, non-current	220	723
Long-term investments	135,914	1,053
Security deposits	1,549	909
Total assets	437,375	106,776
Current liabilities
Accounts payable	7,596	8,082
Accrued expenses and other liabilities	6,040	4,030
Deposit liability	980
Long-term debt, current	1,039
Total current liabilities	15,655	12,112
Operating lease liability, long term	14,559	11,679
Deposit liability, non-current	2,020
Long-term debt, net, non-current	8,903	9,636
Total liabilities	41,137	33,427
Commitments and contingencies (Note 11)
Stockholders' equity (deficit):
Preferred stock, $ 0.0001 par value, 10,000,000 and 0 shares authorized at December 31, 2021 and December 31, 2020, respectively, 0 shares issued and outstanding
Common stock, $0.0001 par value, 300,000,000 and 125,236,190 shares authorized; 55,005,523 and 7,481,861 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	5	1
Additional paid-in capital	785,049	217,832
Subscription receivable		(31,900)
Accumulated deficit	(388,166)	(292,342)
Accumulated other comprehensive loss	(650)	(3)
Total stockholders' equity (deficit)	396,238	(106,412)
Total liabilities and stockholders' equity (deficit)	$ 437,375	106,776
Series A
Current liabilities
Non-cumulative convertible preferred stock		34,922
Series B
Current liabilities
Non-cumulative convertible preferred stock		$ 144,839

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	0
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	300,000,000	125,236,190
Common Stock, Shares, Issued	55,005,523	7,481,861
Common Stock, Shares, Outstanding	55,005,523	7,481,861
Series A
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	0	35,000,000
Preferred Stock, Shares Issued	0	35,000,000
Preferred Stock, Shares Outstanding	0	35,000,000
Series B
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	0	26,143,790
Preferred Stock, Shares Issued	0	26,143,790
Preferred Stock, Shares Outstanding	0	26,143,790

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses
Research and development	$ 75,648	$ 39,681
General and administrative	19,235	9,495
Write off of in-process research and development asset		4,722
Total operating expenses	94,883	53,898
Loss from operations	(94,883)	(53,898)
Interest expense	1,275	381
Other income, net	377	704
Total other income (expense)	(898)	323
Loss before provision for income taxes	(95,781)	(53,575)
Provision for income taxes	43
Net loss	$ (95,824)	$ (53,575)
Net loss per common share Basic (in dollars per share)	$ (2.96)	$ (7.16)
Net loss per common share Diluted (in dollars per share)	$ (2.96)	$ (7.16)
Weighted average common shares outstanding Basic (in shares)	32,392,554	7,481,861
Weighted average common shares outstanding Diluted (in shares)	32,392,554	7,481,861
Other comprehensive loss
Net loss	$ (95,824)	$ (53,575)
Unrealized (loss) gain on investments	(615)	8
Foreign currency translation	(32)	(8)
Comprehensive loss	$ (96,471)	$ (53,575)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Series A	Series B	Series C	Common Stock	Additional paid-in capital	Subscription receivable	Accumulated deficit	Other Comprehensive Income (Loss)	Total
Beginning balance at Dec. 31, 2019	$ 34,922	$ 144,839
Beginning balance (in shares) at Dec. 31, 2019	35,000,000	26,143,790
Ending balance at Dec. 31, 2020	$ 34,922	$ 144,839
Ending balance (in shares) at Dec. 31, 2020	35,000,000	26,143,790
Beginning balance at Dec. 31, 2019				$ 1	$ 216,910	$ (70,000)	$ (238,767)	$ (3)	$ (91,859)
Beginning Balance (in shares) at Dec. 31, 2019				7,481,861
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Receipt of subscription receivable						38,100			38,100
Unrealized (loss) gain on investments								8	8
Foreign currency translation								(8)	(8)
Warrants on long term debt					46				46
Stock based compensation expense					876				876
Net loss							(53,575)		(53,575)
Ending balance at Dec. 31, 2020				$ 1	217,832	(31,900)	(292,342)	(3)	(106,412)
Ending Balance (in shares) at Dec. 31, 2020				7,481,861
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series C preferred stock, net			$ 159,628
Issuance of Series C preferred stock, net (in shares)			24,721,999
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Receipt of subscription receivable						$ 31,900			31,900
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other issuance costs				$ 1	221,401				221,402
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other issuance costs				12,132,500
Net assets contributed as result of merger					1,061				1,061
Conversion of convertible preferred stock upon initial public offering	$ (34,922)	$ (144,839)	$ (159,628)	$ 3	339,385				339,388
Conversion of convertible preferred stock upon initial public offering	(35,000,000)	(26,143,790)	(24,721,999)	34,126,528
Issuance of common stock upon the exercise of stock options					213				213
Issuance of common stock upon the exercise of stock options (in shares)				199,696
Vesting of restricted stock (in shares)				566,033
Vesting of early exercise stock options					426				426
Vesting of early exercise stock options (in shares)				498,905
Unrealized (loss) gain on investments								(615)	(615)
Foreign currency translation								(32)	(32)
Warrants on long term debt					69				69
Stock based compensation expense					4,662				4,662
Net loss							(95,824)		(95,824)
Ending balance at Dec. 31, 2021				$ 5	$ 785,049		$ (388,166)	$ (650)	$ 396,238
Ending Balance (in shares) at Dec. 31, 2021				55,005,523

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (95,824)	$ (53,575)
Adjustments to reconcile net loss to net cash used in operating activities:
Write off of in-process research and development asset		4,722
Depreciation	3,748	1,402
Amortization of deferred financing cost	306	92
Non-cash operating lease expense	834	352
Stock based compensation	4,662	876
Warrants issued for services	69
Change in operating assets and liabilities:
Escrow deposit	784	(1,506)
Prepaid expenses and other assets	(3,182)	(203)
Operating lease liability	(41)	2,175
Accounts payable	(1,848)	2,062
Accrued expenses and other liabilities	1,490	2,334
Net cash used in operating activities	(89,002)	(41,269)
Cash flows from investing activities
Acquisition of property and equipment	(44,970)	(9,825)
Acquisition of fixed maturity securities, available for sale	(330,034)	(49,860)
Asset acquisition, net of cash acquired		(4,722)
Sale of fixed maturity securities, available for sale	76,666	41,650
Net cash used in investing activities	(298,338)	(22,757)
Cash flows from financing activities
Proceeds from long-term debt and warrants, net		9,734
Payments of deferred financing cost		(144)
Proceeds from initial public offering, net of underwriting discounts and commissions	221,402
Proceeds from issuance of common stock	213
Proceeds from early exercises of common stock options	2,305
Proceeds from subscription receivable	31,900	38,100
Proceeds from issuance of Series C preferred stock, net of issuance costs	159,628
Cash contributed as a result of merger	2,326
Net cash provided by financing activities	417,774	47,690
Net increase (decrease) in cash, cash equivalents, and restricted cash	30,434	(16,336)
Cash, cash equivalents and restricted cash, beginning of period	27,728	44,064
Cash, cash equivalents and restricted cash, end of period	58,162	27,728
Supplemental disclosure of cash and non-cash operating activities:
Cash paid for interest	969	207
Cash paid for income tax	14
Supplemental disclosure of non-cash investing and financing activities:
Conversion of convertible preferred stock upon initial public offering	339,388
Purchase of property and equipment, accrued and unpaid	$ 1,360	$ 4,472

Organization and description of

Organization and description of the business	12 Months Ended
	Dec. 31, 2021
Organization and description of the business
Organization and description of the business	CENTURY THERAPEUTICS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ​ Note 1—Organization and description of the business The Company (as defined below) is an innovative biotechnology company developing transformative allogeneic cell therapies to create products for the treatment of both solid tumor and hematological malignancies with significant unmet medical need. Century Therapeutics, Inc. (“Prior Century”), was incorporated in the state of Delaware on March 5, 2018. Since inception, Prior Century has devoted substantially all of its time and efforts to performing research and development activities and raising capital. On June 5, 2019, Century Therapeutics, LLC (the “Company”) was formed by Prior Century and entered into an LLC Agreement (“Agreement”). On June 21, 2019, Prior Century, through the execution of a commitment agreement and other transaction documents (altogether the “Commitment Agreement”) with Bayer Health, LLC (“Bayer”), financed the creation of the Company and amended the Agreement to account for the provisions in the Commitment Agreement that outlined the rights, obligations, and capital contributions of both Bayer and Prior Century in accordance with the newly executed and amended Agreement and related Commitment Agreement (the “Transaction”). The Transaction resulted in Prior Century contributing substantially all of its assets, liabilities, and operations in exchange for a retained 72% equity interest in the Company. Subsequent to June 21, 2019, Prior Century had no significant operations and accounted for its interest in the Company under the equity method of accounting. In June 2020, the Company formed Century Therapeutics Canada ULC (“Century Canada”), a wholly owned subsidiary, to acquire the assets of Empirica Therapeutics, Inc. (“Empirica”). On February 25, 2021, the Company converted from a Delaware limited liability company to a Delaware corporation, and changed its name to “CenturyTx, Inc.” Upon completion of this conversion, Prior Century merged with and into CenturyTx, Inc., with CenturyTx, Inc. as the surviving entity and CenturyTx, Inc. changed its name to “Century Therapeutics, Inc.” In connection with this merger, the holders of equity interests in Prior Century received equivalent equity interests in Century Therapeutics, Inc. On June 22, 2021, the Company completed its initial public offering (“IPO”) of 10,550,000 shares of Common Stock. On June 22, 2021, the Company sold an additional 1,582,500 shares of Common Stock from the exercise of the overallotment option granted to the underwriters in the IPO. The public offering price of the shares sold in the IPO was $20.00 per share. The Company raised a total of $242,650 in gross proceeds from the offering, or $221,402 in net proceeds after deducting underwriting discounts and commissions of $16,985 and other offering costs of approximately $4,263. Upon the closing of the offering, all shares of the Company’s redeemable convertible preferred stock automatically converted into 34,126,528 shares of common stock. Principles of Consolidation The consolidated financial statements include the consolidated financial position and consolidated results of operations of the Company and Century Canada. All intercompany balances and transactions have been eliminated in consolidation. Liquidity The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has limited operating history and its prospects are subject to risks, expenses, and uncertainties frequently encountered by companies in the biotechnology and pharmaceutical industries. These risks include, but are not limited to, the uncertainty of availability of additional financing and the uncertainty of achieving future profitability. Since inception, the Company has incurred net losses and negative cash flows from operations. During the year ended December 31, 2021, the Company incurred a net loss of $95,824 and used $89,002 of cash for operations. Cash and cash equivalents and short and long-term investments were $358,793 at December 31, 2021. Management expects to incur additional losses in the future to fund its operations and conduct product research and development. As described in Note 18, in January 2022 the Company entered into a collaboration and securities purchase agreements with Bristol-Myers Squibb resulting in gross proceeds of $150,000. The Company believes it has adequate cash and financial resources to operate for at-least the next 12 months from the date of issuance of these consolidated financial statements.

Summary of significant accounti

Summary of significant accounting policies and basis of presentation	12 Months Ended
	Dec. 31, 2021
Summary of significant accounting policies and basis of presentation
Summary of significant accounting policies and basis of presentation	Note 2—Summary of significant accounting policies and basis of presentation Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which contemplate the continued existence of the Company. Since commencing principal activities, the Company has been engaged primarily in research and development activities and raising capital. Merger and capital restructuring Upon the conversion of Century Therapeutics, LLC to a corporation and the merger of the newly converted corporation with Prior Century, the existing capital structure of Century Therapeutics, LLC was restructured with no consideration transferred. In accordance with ASC 505-10-S99-4, such a restructuring requires retroactive effect within the balance sheets presented. As such, the Company retroactively adjusted its consolidated balance sheets to cancel the existing LLC units and give effect to their conversion into capital stock of the Company as if those effects happened as of January 1, 2020. See Note 10 for further information on the Company’s capital restructuring. Reverse Stock Split In June 2021, the Company’s Board of Directors approved an amendment to the Company’s amended and restated certificate of incorporation to effect a 2.5161 - for-1 reverse stock split of the Company’s common stock, which was effected on June 11, 2021. Stockholders entitled to fractional shares as a result of the reverse stock split received a cash payment in lieu of receiving fractional shares. The par value of the common stock was not adjusted as a result of the reverse stock split. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the appropriate securities agreements. Shares of common stock reserved for issuance upon the conversion of the convertible preferred stock were proportionately reduced and the respective conversion prices were proportionately increased. All common share and per share data have been retrospectively revised to reflect the reverse stock split. Segment information Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions on how to allocate resources and assess performance. The Company views its operations and manages the business as one operating segment. Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Estimates and assumptions are primarily made in relation to the valuations supporting stock compensation and the estimation of the incremental borrowing rate for operating leases. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate. Concentration of credit risk and other risks and uncertainties Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist of cash, cash equivalents, U.S. Treasury bills and bonds, as well as corporate bonds. Cash and cash equivalents, as well as short and long-term investments include a checking account and asset management accounts held by a limited number of financial institutions. At times, such deposits may be in excess of insured limits. As of December 31, 2021 and 2020, the Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of its products, competition from substitute products and larger companies, protection of proprietary technology, strategic relationships, and dependence on key individuals. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s future products will receive the necessary clearances. If the Company was denied clearance, clearance was delayed, or if the Company was unable to maintain clearance, it could have a material adverse impact on the Company. In January 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a “Public Health Emergency of International Concern,” which continues to spread throughout the world and has adversely impacted global commercial activity and contributed to significant declines and volatility in financial markets. The COVID- 19 outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. Vaccines were introduced late in the fourth quarter of 2020 and became widely available by the end of the first quarter of 2021. While the vaccines have proven effective in reducing the severity and mortality of COVID-19 including the variants that have evolved to date, the overall vaccination rate in the United States may not have reached the level required for herd immunity. Certain variants of COVID-19, such as the delta and omicron variants, are proving to be more easily spread than earlier variants. The incomplete vaccination rate, and the emergence of new variants which could prove resistant to existing vaccines could again result in major disruptions to businesses and markets worldwide. The Company continues to monitor the impact of the COVID-19 outbreak closely. The extent to which the COVID-19 outbreak will impact its operations or financial results is uncertain. Fair value of financial instruments The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: Level 1 Level 2 Level 3 Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. Cash and cash equivalents Management considers all highly liquid investments with an insignificant interest rate risk and original maturities of three months or less to be cash equivalents. Restricted cash As of December 31, 2021 and 2020, the Company had $1,717 and $517 in cash on deposit to secure certain lease commitments. Restricted cash is recorded separately in the Company’s consolidated balance sheets. The following provides a reconciliation of the Company’s cash, cash equivalents, and restricted cash as reported in the consolidated balance sheets to the amounts reported in the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Cash and cash equivalents ​ $ 56,445 ​ $ 27,211 Restricted cash ​ ​ 1,717 ​ ​ 517 Cash, cash equivalents, and restricted cash ​ $ 58,162 ​ $ 27,728 ​ Investments The Company invests in fixed maturity securities including U.S. Treasury bills and bonds as well as corporate bonds. The investments are classified as available-for-sale and reported at fair value. Unrealized gains or losses are determined by comparing the fair market value of the securities with their cost or amortized cost. Realized gains and losses on investments are recorded on the trade date and are included in the statement of operations. Unrealized gains and losses on investments are recorded in other comprehensive income (loss) on the consolidate statements of operations and comprehensive loss. The cost of securities sold is based on the specified identification method. Investment income is recognized as earned and discounts or premiums arising from the purchase of debt securities are recognized in investment income using the interest method over the remaining term of the security. Securities with an original maturity date greater than three months that mature within one year of the balance sheet date are classified as short-term, while investments with a maturity date greater than one year are classified as long-term. Property and equipment, net Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which is generally five years. Leasehold improvements are amortized over the shorter of the asset’s useful life or the remaining term of the lease. Construction in progress includes direct cost related to the construction of leasehold improvements and is stated at original cost. Such costs are not depreciated until the asset is completed and placed into service. Once the asset is placed into service, these capitalized costs will be allocated to leasehold improvements and will be depreciated over the shorter of the asset’s useful life or the remaining term of the lease. Expenditures for major additions and improvements are capitalized, while minor replacements, maintenance, and repairs are charged to expense as incurred. When property is retired or otherwise disposed of, the costs and accumulated depreciation are removed from the respective accounts, with any resulting gain or loss recognized concurrently. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, payroll taxes, employee benefits, stock compensation, materials, supplies, rent, depreciation on and maintenance of research equipment with alternative future use, and the cost of services provided by outside contractors. All costs associated with research and development are expensed as incurred. Stock-based compensation Employees and members of the board of directors of the Company have received stock options and restricted stock of the Company. The Company recognizes the cost of the stock-based compensation incurred as its employees and board members vest in the awards. The Company accounts for stock-based compensation arrangements in accordance with provisions of Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation. ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all share-based payments including stock options. ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model (“Black Scholes”) to determine the fair value of options granted. The Company’s stock-based awards are subject to service-based vesting conditions and performance-based vesting conditions. Compensation expense related to awards to employees and directors with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term. For performance-based awards, the Company reassesses at each reporting date whether achievement of the performance condition is probable and accrues compensation expense if and when achievement of the performance condition is probable. Black-Scholes requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock prior to its IPO and lack of company-specific historical and implied volatility data, the Company based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method to calculate the expected term for options granted to employees and board members whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. Forfeitures are recognized as they occur. Warrants The Company has issued warrants that have been recognized as equity, and the fair value is recorded into additional paid-in capital in the accompanying consolidated balance sheets. Warrants are accounted for in accordance with applicable accounting guidance provided in ASC Topic 815, Derivatives and Hedging—Contracts in Entity’s Own Equity, as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. The Company’s warrants issued are in connection with its long-term debt and in connection with services provided by consultants, and are equity classified on the accompanying consolidated balance sheets. Equity classified warrants are accounted for at fair value on the issuance date, using Black Scholes, with no changes in fair value recognized after the issuance date. Foreign currency translation The reporting currency of the Company is the U.S. dollar. The functional currency of Century Canada is the Canadian dollar. Assets and liabilities of Century Canada are translated into U.S. dollars based on exchange rates at the end of each reporting period. Expenses are translated at average exchange rates during the reporting period. Gains and losses arising from the translation of assets and liabilities are included as a component of accumulated other comprehensive loss or income on the company’s consolidated balance sheets. Gains and losses resulting from foreign currency transactions are reflected within the Company’s consolidated statements of operations and comprehensive loss. The Company has not utilized any foreign currency hedging strategies to mitigate the effect of its foreign currency exposure. Intercompany payables and receivables are considered to be long-term in nature and any change in balance due to foreign currency fluctuation is included as a component of the Company’s consolidated comprehensive loss and accumulated other comprehensive loss within the Company’s consolidated balance sheets. Basic and diluted net loss per common shares Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. The Company computes diluted net loss per common share by dividing the net loss by the sum of the weighted- average number of common shares outstanding during the period plus the potential dilutive effects of its warrants, restricted stock and stock options to purchase common shares, but such items are excluded if their effect is anti-dilutive. Because the impact of these items are anti-dilutive during periods of net loss, there were no differences between the Company’s basic and diluted net loss per common share for the years ended December 31, 2021 and 2020. Early exercised options The Company allowed certain of its employees and its consultants to exercise options granted under the 2018 Plan (Note 16) prior to vesting and prior to its IPO. The shares related to early exercised stock options are subject to the Company’s repurchase right upon termination of employment or services at the lesser of the original purchase price or fair market value at the time of repurchase. In order to vest, the holders are required to provide continued service to the Company. The early exercise by an employee or consultant of a stock option is not considered to be a substantive exercise for accounting purposes, and therefore, the payment received by the employer for the exercise price is recognized as a liability. For accounting purposes, unvested early exercised shares are not considered issued and outstanding and therefore not reflected as issued and outstanding in the accompanying consolidated balance sheets or the consolidated statements of changes in convertible preferred stock and stockholders’ equity (deficit) until the awards vest. The deposits received are initially recorded in deposit liability. The liabilities are reclassified to common stock and additional paid-in-capital as the repurchase right lapses. At December 31, 2021, $3,000 was recorded in deposit liability related to shares held by employees and nonemployees that were subject to repurchase. At December 31, 2020, there was no deposit liability as the initial deposit liability was recognized on February 25, 2021 when the merger discussed in Note 2 occurred. All shares that were early exercised by the executives of the Company are considered legally issued, however, for accounting purposes, only vested shares are considered issued. Below is a reconciliation of shares issued and outstanding: ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Total shares legally outstanding ​ 56,633,898 ​ 8,865,992 Less: unvested early exercised shares ​ (946,586) ​ (330,629) Less: unvested restricted stock ​ (681,789) ​ (1,053,502) Total shares issued and outstanding ​ 55,005,523 ​ 7,481,861 ​ Restricted stock In 2018, the Company issued 1,704,256 restricted stock awards at a purchase price of $0.03 per share. In 2019, the Company issued 850,312 restricted stock awards at a weighted average purchase price of $0.70 per share. In October 2019, the Company repurchased 298,080 shares at $1.03 per share. In 2021, the Company issued 194,320 restricted stock awards. As of December 31, 2021, the number of restricted stock awards vested were 1,769,019. For accounting purposes, unvested restricted stock awards are not considered issued and outstanding and therefore are not reflected as issued and outstanding in the accompanying consolidated balance sheets or the consolidated statements of changes in convertible preferred stock and stockholders’ equity (deficit) until the awards vest. The Company recorded stock-based compensation expense for these awards of $940 and $259, respectively, for the years ended December 31, 2021 and 2020, in the statements of operations and comprehensive loss. Income Taxes The Company was organized as a limited liability company until February 25, 2021, which is considered a passthrough entity for federal and state income tax purposes. As such, any taxable income or loss realized by the Company was allocated to the Members’ in accordance with their respective membership interest and reported on their individual tax returns. Therefore, no provisions or liability for income taxes was necessary in the accompanying 2020 consolidated financial statements. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations and comprehensive loss. As of December 31, 2021 and 2020, no accrued interest or penalties are included on the related tax liability line in the consolidated balance sheet. Recent accounting pronouncements Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and the number of embedded conversion features that could be recognized separately from the primary contract. The update also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The new guidance is effective for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. This update can be adopted on either a fully retrospective or a modified retrospective basis. The Company adopted ASU 2020-06, effective January 1, 2021, which did not have a material effect on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework— Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which eliminates, adds, and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 is effective for the Company for fiscal years beginning after December 15, 2020, and earlier adoption is permitted. The Company adopted this standard on January 1, 2021 and adoption had no impact on its consolidated financial statements. ​ Recently issued accounting pronouncements ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses of Financial Instruments (ASC 326). The guidance is effective for the Company beginning January 1, 2023 and it changes how entities account for credit losses on the financial assets and other instruments that are not measured at fair value through net income, including available-for-sale debt securities. The Company is currently evaluating the impact of the new standard on its consolidated financial statements .

Initial capitalization

Initial capitalization	12 Months Ended
	Dec. 31, 2021
Initial capitalization
Initial capitalization	Note 3—Initial capitalization ​ On June 21, 2019, Prior Century and Bayer entered into a Commitment Agreement to initially capitalize the Company. The Commitment Agreement called for capital contributions from Prior Century and Bayer as follows: Century Capital Contributions In exchange for issuing 67,226,891 common units to Prior Century, the Company acquired substantially all of Prior Century’s assets, assumed all of its liabilities and assumed the operations of Prior Century. The Company evaluated the acquisition under the guidance within ASU 2017-01, “Clarifying the Definition of a Business ” Total transaction costs for the assets acquired were $252,107, which was the fair value of the equity interests issued to Prior Century, with no additional capitalizable transaction costs. Equity issuance costs related to Prior Century were $407, which were recorded as a reduction to members’ equity. The relative fair value allocation was as follows: ​ ​ ​ ​ ​ Cash and cash equivalents $ 25,163 IPR&D ​ 225,946 Property and equipment ​ 1,034 Other current assets ​ 578 Other non-current assets ​ 669 Current liabilities ​ (1,283) Total $ 252,107 ​ Under the asset acquisition model, an entity that acquires IPR&D assets follows the guidance in ASC 730, which requires that both tangible and intangible identifiable research and development assets with no alternative future use be initially allocated a portion of the consideration transferred and then charged to expense at the acquisition date. The IPR&D asset acquired was Prior Century’s comprehensive allogenic cell therapy platform. As the IPR&D asset has no alternative future use to the Company, the Company charged $225,946 to expense within its consolidated statements of operations in 2019. ​ Bayer Capital Contributions In accordance with the Commitment Agreement, Bayer agreed to provide an aggregate cash capital contribution of $215,000. The Bayer cash commitment was split into capital contributions of $145,000 (“Tranche 1”) and $70,000 (“Tranche 2”). Tranche 2 was eliminated in connection with the Series C preferred financing. See Note 10. ​ Bayer Rights In connection with the Commitment Agreement, Bayer was granted approval and veto rights over certain decisions related to the operations of the Company through its manager representation on the Company’s Board of Managers. Prior Century held similar rights. ​ Tranche 1 was funded in exchange for 26,143,790 common units, with $75,000 paid at closing and the remaining $70,000 due upon the Company meeting certain development milestones or in 3 years . ​ During 2019, the Company received $74,839 from Tranche 1, net of equity issuance costs of $161. The Company accounted for the $70,000 as a subscription receivable, which was recorded as contra-equity within its consolidated statements of changes in convertible preferred stock and stockholders’ equity (deficit). On June 18, 2020, the Company, Prior Century and Bayer executed an amendment to the Commitment Agreement to modify the terms for the Company to receive the remaining Tranche 1 subscription receivable of $70,000. In November 2020, the Company received proceeds of $38,100 of the Tranche 1 subscription receivable. The remaining $31,900 was received in January 2021. The Commitment Agreement terminated in connection with the Series C Preferred financing, and Bayer has no obligation to invest any additional amounts. In addition, upon the closing of the Company’s IPO and the conversion of the Company’s preferred stock into common stock in connection therewith, all approval, veto and representation rights held by Bayer and other holders of preferred stock terminated. ​ Bayer Option Agreement As a condition of the Tranche 1 closing, Bayer and Prior Century were required to enter into an Option Agreement, pursuant to which Bayer was provided the right of first refusal to acquire certain products researched and developed by the Company. Bayer’s right of first refusal is exercisable with respect to up to four products. Subject to certain exceptions, Bayer may only exercise these option rights in a non-sequential and alternating manner, and such rights are subject to additional limitations.

Asset purchase of Century Thera

Asset purchase of Century Therapeutics Canada ULC	12 Months Ended
	Dec. 31, 2021
Asset purchase of Century Therapeutics Canada ULC
Asset purchase of Century Therapeutics Canada ULC	Note 4—Asset purchase by Century Therapeutics Canada ULC ​ On June 9, 2020, Century Canada and the Company entered into an agreement with Empirica, a company focused on the development of adoptive immunotherapies against aggressive and treatment-resistant forms of cancers, including glioblastoma and brain metastasis. Under the terms of the Empirica Agreement, the Company acquired an IPR&D asset. Cash of $4,519 was paid at closing and transaction expenses totaled $203. The Company also deposited $1,506 in escrow (the “Escrow Deposit”). Release of the Escrow Deposit is subject to the terms of a promissory note, which provides for the funds to be released in equal annual installments over a three-year period related to continuing services by certain Empirica shareholders who are employed by the Company. In July 2021, the first annual installment of $523 was released from the Escrow Deposit. As of December 31, 2021 and 2020, accrued compensation expense on the promissory note was $261 and $282, which is presented within escrow deposits on the consolidated balance sheets. Total consideration of the asset acquisition was as follows: ​ ​ ​ ​ ​ ​ December 31, 2021 Cash paid to Sellers at close ​ $ 4,516 Seller expenses paid by the Company ​ 3 Buyer transaction expenses ​ 203 Total consideration ​ $ 4,722 ​ ​ ​ ​ IPR&D ​ $ 4,722 ​ The Company evaluated the acquisition under the guidance within ASU 2017-01, “Clarifying the Definition of a Business” and concluded that the group of assets acquired did not meet the definition of a business, and, as such, the acquisition was accounted for under the asset acquisition model. The definition of a business was not met because substantially all the fair value of the asset acquired was concentrated in an IPR&D asset. As the IPR&D asset has no alternative future use, the Company charged $4,722 to expense within its consolidated statements of operations for the year ended December 31, 2020.

Financial instruments and fair

Financial instruments and fair value measurements	12 Months Ended
	Dec. 31, 2021
Financial instruments and fair value measurements
Financial instruments and fair value measurements	Note 5—Financial instruments and fair value measurements The following table sets forth the Company’s assets that were measured at fair value as of December 31, 2021, by level within the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Cash equivalents ​ $ 52,882 ​ ​ — ​ ​ — ​ $ 52,882 U.S. Treasury ​ 79,752 ​ — ​ — ​ 79,752 Corporate bonds ​ — ​ 222,596 ​ — ​ 222,596 Total ​ $ 132,634 ​ $ 222,596 ​ $ — ​ $ 355,230 ​ The following table sets forth the Company’s assets that were measured at fair value as of December 31, 2020, by level within the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Cash equivalents ​ $ 24,284 ​ ​ — ​ ​ — ​ $ 24,284 U.S. Treasury ​ 9,525 ​ — ​ — ​ 9,525 Corporate bonds ​ — ​ 40,070 ​ — ​ 40,070 Total ​ $ 33,809 ​ $ 40,070 ​ $ — ​ $ 73,879 ​ There were no transfers ​ The Company classifies all of its investments in fixed maturity debt securities as available-for-sale and, accordingly, are carried at estimated fair value. ​ The amortized cost, gross unrealized gains and losses, and fair value of investments in fixed maturity securities are as follows as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ ​ ​ ​ ​ Unrealized ​ Unrealized ​ ​ ​ ​ ​ Amortized Cost ​ Gains ​ Losses ​ Fair Value U.S. Treasury ​ $ 80,052 ​ $ — ​ $ (300) ​ $ 79,752 Corporate bonds ​ 222,898 ​ — ​ (302) ​ 222,596 Total ​ $ 302,950 ​ $ — ​ $ (602) ​ $ 302,348 ​ ​ The amortized cost, gross unrealized gains and losses, and fair value of investments in fixed maturity securities are as follows as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ ​ ​ ​ ​ Unrealized ​ Unrealized ​ ​ ​ ​ Amortized Cost ​ Gains ​ Losses ​ Fair Value U.S. Treasury ​ $ 9,518 ​ $ 7 ​ $ — ​ $ 9,525 Corporate bonds ​ 40,069 ​ 8 ​ (7) ​ 40,070 Total ​ $ 49,587 ​ $ 15 ​ $ (7) ​ $ 49,595 ​ The following table provides the maturities of the Company’s fixed maturity available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Less than one year ​ $ 166,434 ​ $ 48,542 One to five years ​ 135,914 ​ 1,053 ​ ​ $ 302,348 ​ $ 49,595 ​ The Company has evaluated the unrealized losses on the fixed maturity securities and determined that they are not attributable to credit risk factors. For fixed maturity securities, losses in fair value are viewed as temporary if the fixed maturity security can be held to maturity and it is reasonable to assume that the issuer will be able to service the debt, both as to principal and interest.

Prepaid expenses and other curr

Prepaid expenses and other current assets	12 Months Ended
	Dec. 31, 2021
Prepaid expenses and other current assets.
Prepaid expenses and other current assets	Note 6—Prepaid expenses and other current assets The following is a summary of prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Research and development ​ $ 210 ​ $ 97 Insurance ​ ​ 1,606 ​ ​ — Software licenses and other ​ 2,033 ​ 760 Reimbursement receivable ​ ​ 250 ​ ​ 908 Warranties ​ 424 ​ 240 Other ​ 250 ​ 256 Total prepaid expenses and other current assets ​ $ 4,773 ​ $ 2,261 ​

Property and equipment, net

Property and equipment, net	12 Months Ended
	Dec. 31, 2021
Property and equipment, net
Property and equipment, net	Note 7—Property and equipment, net The following is a summary of property and equipment, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Lab equipment ​ $ 18,114 ​ $ 8,941 Leasehold improvements ​ 8,365 ​ 1,964 Construction in progress ​ 32,836 ​ 5,771 Computer software and equipment ​ 2,623 ​ 214 Furniture and fixtures ​ 1,358 ​ 76 Total ​ ​ 63,296 ​ ​ 16,966 Less: Accumulated depreciation ​ (5,329) ​ (1,581) Property and equipment, net ​ $ 57,967 ​ $ 15,385 ​ Depreciation expense was $3,748 and $1,402 for the years ended December 31, 2021 and 2020, respectively.

Accrued expenses and other liab

Accrued expenses and other liabilities	12 Months Ended
	Dec. 31, 2021
Accrued expenses and other liabilities.
Accrued expenses and other liabilities	Note 8—Accrued expenses and other liabilities The following is a summary of accrued expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Payroll and bonuses ​ $ 4,445 ​ $ 3,132 Interest ​ 82 ​ 82 Professional and legal fees ​ 796 ​ 524 Operating lease liability, current ​ ​ 615 ​ ​ 240 Other ​ 102 ​ 52 Total accrued expenses and other liabilities ​ $ 6,040 ​ $ 4,030 ​

Long-term debt

Long-term debt	12 Months Ended
	Dec. 31, 2021
Long-term debt
Long-term debt	Note 9—Long-term debt The following is a summary of the Company’s indebtedness: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Principal ​ $ 10,000 ​ $ 10,000 Plus: End of term fee ​ ​ 395 ​ ​ 395 Less: Debt discount attributable to warrants, net of accretion ​ (25) ​ (43) Less: Unamortized deferred financing cost and end of term fee, net of accretion ​ (428) ​ (716) Long-term debt, net ​ $ 9,942 ​ $ 9,636 ​ On September 14, 2020, the Company entered into a $10.0 million Term Loan Agreement (the “Loan Agreement”) with Hercules Capital, Inc. (“Hercules”). Pursuant to the terms of the Loan Agreement, the Company borrowed $10.0 million (the “Tranche 1 Advance”) from the lenders at closing. Beginning January 1, 2021 and upon the achievement of certain development milestones and continuing through September 30, 2021 the Company may borrow an additional $10.0 million (the “Tranche 2 Advance”). The remaining $10.0 million tranche (“Tranche 3 Advance”) is subject to Hercules’ investment committee’s sole discretion. The Loan Agreement has a four-year term, has a minimum cash covenant and an interest-only period of up to 24 months. If the Tranche 2 Advance is not drawn or the Company has achieved certain development milestones by September 30, 2021, then there is no minimum cash requirement. As of September 30, 2021, there is no longer a minimum cash requirement since the Company has achieved certain development milestones and did not draw down the Tranche 2 Advance. The Company was in compliance with all provisions of the Loan Agreement as of December 31, 2021. Amounts borrowed under the Loan Agreement accrue interest at a floating rate per annum (based on a year of 360 days) equal to (i) the sum of (a) the greater of 6.30% plus (b) the prime rate as reported in The Wall Street Journal The Company incurred $410 in deferred financing costs. The Company is also required to pay the lenders an end of term fee of 3.95% of loan proceeds upon repayment or prepayment of any loans made under the Loan Agreement. The end of term fee is being recognized as interest expense and accreted over the term of the Loan Agreement using the effective interest method. The Company is also required to pay Hercules a prepayment charge equal to 2.00% of the loan amounts prepaid during the interest-only period and 1.00% thereafter on any loans made under the Loan Agreement. The Company granted Hercules a lien on substantially all of the Company’s assets, excluding intellectual property. The Company issued to Hercules warrants to purchase up to an aggregate of 16,112 shares of common stock. The warrants are exercisable for a period of ten years from the date of the issuance of each warrant at a per share exercise price equal to $13.96, subject to certain adjustments as specified in the warrants. The fair value of the warrants at issuance was $46. The Company accounted for the warrants as equity, and the fair value is recorded in additional paid-in capital. The warrant value is also recorded as a debt discount and classified as a contra- liability on the consolidated balance sheet and amortized to interest expense. If the Company borrows on the remaining two tranche advances outlined above, the Company will be required to issue warrants to Hercules equal to 2.25% of the aggregate amount funded. Interest expense of the Loan Agreement is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Year Ended ​ Year Ended ​ ​ December 31, 2021 December 31, 2020 ​ Interest expense ​ $ 969 ​ $ 289 ​ Amortization of debt issuance costs, including end of term fee accretion ​ 306 ​ 92 ​ ​ ​ $ 1,275 ​ $ 381 ​ ​ Included in accrued expenses in the accompanying consolidated balance sheets as of December 31, 2021 and 2020 was $82 of accrued interest. Future principal payments due (including the end of term fee) under the Loan Agreement are as follows (in thousands): ​ ​ ​ ​ ​ Principal Payments 2022 ​ $ 1,039 2023 ​ ​ 6,603 2024 ​ ​ 2,753 2025 ​ ​ — 2026 ​ ​ — Total future payments ​ $ 10,395 ​

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit)	Note 10—Stockholders’ Equity (Deficit) On February 25, 2021, the Company converted from a Delaware limited liability company to a Delaware corporation, and changed its name to CenturyTx, Inc. Upon completion of this conversion, Prior Century merged with and into CenturyTx, Inc., with CenturyTx, Inc. as the surviving entity and changed its name to “Century Therapeutics, Inc.” In connection with this merger, the holders of equity interests, including Series A Preferred Stock, common stock, restricted common stock and stock options in Prior Century received equivalent equity interests in Century Therapeutics, Inc. Bayer’s common units in the Company were converted into Series B Preferred Stock. Upon the execution of the preceding conversion on February 25, 2021, the Company entered into a stock purchase agreement with existing and new investors whereby the Company issued and sold 24,721,999 shares of Series C Preferred Stock with a par value of $0.0001, to investors at a price of $6.472 per shares for gross proceeds of $160,000. Pursuant to its Amended Articles of Incorporation filed on February 25, 2021, the Company was authorized to issue 125,236,190 shares of $0.0001 par value common stock and 85,865,789 shares of $0.0001 par value Preferred Stock. Of the Preferred Stock, 35,000,000 shares are designated as Series A Preferred Stock, 26,143,790 are designated as Series B Preferred Stock and 24,721,999 are designated as Series C Preferred Stock. On June 22, 2021 when the Company closed its IPO, all outstanding shares of the Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock were converted into an aggregate of 34,126,528 shares of Common Stock automatically and without any action on the part of the holder thereof. The per share conversion price of each of the Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock was equal to $1.00, $5.55 and $6.472, respectively. The Company is authorized to issue up to 300,000,000 shares of common stock with a par value of $0.0001 per share and 10,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies.
Commitments and Contingencies	Note 11—Commitments and contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated. Distributed Bio Master Service Agreement On July 24, 2019, the Company entered into a Master Service Agreement with Distributed Bio, Inc (“DBio”), whereby DBio will screen for protein binders that bind to specific therapeutic targets. The Company pays for such services according to a payment schedule, and if the Company brings the protein binders into the clinic for further development, DBio will receive milestone payments of up to $16,100 in total for each product as the products move through the clinical development and regulatory approval processes. No milestone payments were due in 2021 or 2020. The Company had accrued expenses of $36 and $244 within accrued expenses and other liabilities as of December 31, 2021 and 2020, respectively, in its consolidated balance sheets related to the Master Service Agreement. iCELL Inc. Sublicense Agreement In March 2020, the Company entered into a Sublicense Agreement with iCELL Inc (“iCELL”) whereby iCELL granted the Company a license of certain patents and technology. The Company will pay iCELL royalties in the low single digits on net sales of the licensed product. In addition to the earned royalties, the Company will pay sales milestones, not to exceed $70,000, for the sales of the licensed product. iCELL is also eligible to receive payments of up to $4,250 in development and regulatory approval milestone payments. No milestones or royalties were due in 2021 or 2020. University of Toronto and McMaster University In connection with the Empirica asset acquisition in June 2020 (Note 4), the Company acquired a license agreement by and among the Governing Council of the University of Toronto, or the Council, the McMaster University, or, together with the Council, the Toronto Universities, and Empirica (the Empirica License). Under the Empirica License, the Company received an exclusive, non- transferable, sublicensable, worldwide license to certain patents and antibody sequences and related intellectual property rights and know-how. Pursuant to the Empirica License, the Company is required to make aggregate milestone payments of $18 million to the Toronto Universities upon the achievement of regulatory approval for certain products developed pursuant to the Empirica License. The Company is also required to make royalty payments to the Toronto Universities in an amount equal to a low single-digit percentage of annual net sales of any product commercialized utilizing technology licensed. The Company is also required to pay the Toronto Institutions The Empirica License expires upon the expiration of the last-to-expire valid claim covering the antibody and antibody-derived technology licensed under the agreement, which, if issued, is expected to expire in 2037. The Toronto Universities may immediately terminate the agreement upon certain insolvency events and the Company may terminate the agreement for convenience upon 30 days’ written notice.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases
Leases	Note 12—Leases The Company has commitments under operating leases for certain facilities used in its operations. The Company maintains security deposits on certain leases in the amounts of $1,549 and $909 within security deposits in its consolidated balance sheets at December 31, 2021 and 2020, respectively. The Company’s leases have initial lease terms ranging from 5 to 16 years . Certain lease agreements contain provisions for future rent increases. The following table reflects the components of lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ For the Year Ended ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Operating lease expense: ​ ​ ​ ​ ​ Fixed lease cost ​ $ 2,256 ​ $ 935 ​ Variable lease cost ​ 709 ​ 131 ​ Short term lease expense ​ ​ 2,628 ​ ​ 2,352 ​ Total operating lease expense ​ $ 5,593 ​ $ 3,418 ​ ​ The following table reflects supplemental balance sheet information related to leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ ​ December 31, December 31, ​ ​ ​ Location in Balance Sheet ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use asset, net Operating lease right-of-use asset, net ​ $ 11,854 ​ $ 9,392 ​ Operating lease liability, current Accrued expenses and other liabilities ​ $ 615 ​ $ 240 ​ Operating lease liability, long-term Operating lease liability, long-term ​ 14,559 ​ 11,679 ​ Total operating lease liability ​ $ 15,174 ​ $ 11,919 ​ ​ The following table reflects supplement lease term and discount rate information related to leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 Weighted-average remaining lease terms - operating leases 7.99 years ​ 10.2 years ​ Weighted-average discount rate - operating leases 9.0 % 9.0 % ​ The following table reflects supplemental cash flow information related to leases as of the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ For the Year Ended ​ ​ December 31, 2021 December 31, 2020 ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ Operating cash flows from operating leases ​ $ (41) ​ $ 2,175 ​ Right-of-use assets obtained in exchange for lease obligations: ​ $ 3,295 ​ $ 9,735 ​ ​ The following table reflects future minimum lease payments under noncancelable leases as of December 31, 2021: ​ ​ ​ ​ ​ ​ Operating Leases 2022 ​ $ 2,612 2023 ​ 2,723 2024 ​ 2,689 2025 ​ 2,747 2026 ​ 2,761 Thereafter ​ 16,225 Total lease payments ​ 29,757 Less: Imputed interest ​ (10,877) Less: Tenant incentive receivable ​ ​ (3,706) Total ​ $ 15,174 ​ The Company entered into one lease that had not commenced as of December 31, 2021. As a result, future lease payments of approximately $17.4 million are not recorded on the Company’s consolidated balance sheets. The lease commences in March 2022 with a non-cancelable term of 10 years .

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2021
Income taxes
Income taxes	Note 13—Income taxes Until February 25, 2021, the Company was organized as a limited liability company, which is considered a passthrough entity for federal and state income tax purposes. As such, any taxable income or loss realized by the Company for the year ended December 31, 2020 was allocated to the members in accordance with their respective membership interest and reported on their individual tax returns. Income (loss) before provision for income taxes consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Domestic $ (96,002) $ (53,602) Foreign ​ 178 ​ 27 Loss before provision for income taxes $ (95,824) $ (53,575) ​ The components of the provision for income taxes is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Current expense: ​ ​ ​ ​ Federal $ - $ - State ​ - ​ - Foreign ​ 43 ​ - Total current expense: ​ 43 ​ - ​ ​ ​ ​ ​ Deferred expense: ​ ​ ​ ​ Federal ​ - ​ - State ​ - ​ - Foreign ​ - ​ - Total deferred expense: ​ - ​ - ​ ​ ​ ​ ​ Total income tax expense $ 43 $ - ​ A reconciliation of the Company's statutory income tax rate to the Company’s effective income tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Income at US statutory rate ​ 21.0% ​ 21.0% State taxes, net of federal benefit ​ 10.5% ​ - Permanent differences ​ 0.5% ​ - Tax credits ​ 4.3% ​ - Non-taxable income ​ (0.5)% ​ (21.0)% Valuation allowance ​ (32.2)% ​ - Change in entity tax status ​ (0.7)% ​ - Other ​ (3.0)% ​ - ​ ​ (0.1)% ​ - ​ The net deferred income tax asset balance related to the following: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Deferred Tax Assets ​ ​ ​ ​ Net operating loss carryforwards $ 28,537 $ - Lease liability ​ 5,127 ​ - Accrued expenses & other ​ 1,530 ​ - Research & Development tax credits ​ 4,211 ​ - Stock based compensation ​ 729 ​ - Amortization ​ 1,500 ​ - Total deferred tax assets ​ 41,634 ​ - Valuation allowance ​ (34,262) ​ - Net deferred tax assets ​ 7,372 ​ - Deferred tax liability ​ ​ ​ ​ Depreciation ​ (3,366) ​ - Right-of-use asset ​ (4,006) ​ - Total deferred tax liabilities ​ (7,372) ​ - Net deferred tax liability $ - $ - ​ As of December 31, 2021, the Company had an indefinite-lived federal net operating loss carryforward of $84.7 million. As of December 31, 2021, the Company has state and local NOL carryforwards of $84.3 million and $83.8 million, respectively. The state net operating loss carryforwards will begin to expire in 2039. As of December 31, 2021, the Company also has federal tax credits of $4.2 million, which begin to expire in 2039. Future realization of the tax benefits of existing temporary differences and net operating loss carryforwards ultimately depends on the existence of sufficient taxable income within the carryforward period. As of December 31, 2021, the Company performed an evaluation to determine whether a valuation allowance was needed. The Company considered all available evidence, both positive and negative, which included the results of operations for the current and preceding years. The Company determined that it was not possible to reasonably quantify future taxable income and determined that it is more likely than not that all of the deferred tax assets will not be realized. Accordingly, the Company maintained a full valuation allowance against its net US DTAs as of December 31, 2021. Under Internal Revenue Code Section 382, if a corporation undergoes an “ownership change,” the corporation’s ability to use its pre-change NOL carryforwards and other pre-change tax attributes to offset its post-change income may be limited. The Company has not completed a study to assess whether an “ownership change” has occurred or whether there have been multiple ownership changes since it became a “loss corporation” as defined in Section 382. Future changes in the Company's stock ownership, which may be outside of our control, may trigger an “ownership change.” In addition, future equity offerings or acquisitions that have equity as a component of the purchase price could result in an “ownership change.” If an “ownership change” has occurred or does occur in the future, utilization of the NOL carryforwards or other tax attributes may be limited, which could potentially result in increased future tax liability to the Company. The calculation of the Company's tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations for both federal taxes and the many states in which we operate or do business in. ASC 740 states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. The Company records uncertain tax positions as liabilities in accordance with ASC 740 and adjust these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from its current estimate of the unrecognized tax benefit liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available. As of December 31, 2020 and 2021, the Company has not recorded any uncertain tax positions in its financial statements. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. As of December 31, 2021 and 2020, no accrued interest or penalties are recorded. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. The Company's tax years are still open under statute from December 31, 2018, to the present. The resolution of tax matters is not expected to have a material effect on the Company's consolidated financial statements.

Basic and diluted net loss per

Basic and diluted net loss per common share	12 Months Ended
	Dec. 31, 2021
Basic and diluted net loss per common share
Basic and diluted net loss per common share	Note 14—Basic and diluted net loss per common share Basic and diluted net loss per common share is calculated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 2020 ​ Numerator ​ ​ ​ Net loss $ (95,824) ​ $ (53,575) ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ Weighted-average common shares for basic and diluted net loss per share ​ 32,392,554 ​ 7,481,861 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted net loss per common share ​ $ (2.96) ​ $ (7.16) ​ ​ The Company’s potentially dilutive securities, which include the convertible preferred stock, restricted stock, warrants, early exercised stock options and stock options to purchase shares of the Company’s common stock, have been excluded from the computation of dilutive net loss per share as the effect would be antidilutive. Therefore, the weighted- average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential shares of common stock presented based on amounts outstanding at each stated period end, from the computation of diluted net loss per share for the years ended December 31, 2021 and 2020 because including them would have had an anti-dilutive effect. ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 2020 ​ Stock options to purchase common stock ​ 5,678,604 3,882,328 ​ Early exercised stock options subject to future vesting ​ 946,586 330,629 ​ Restricted stock award subject to future vesting ​ 681,789 1,053,502 ​ Warrants 32,009 16,112 ​ Convertible preferred stock ​ — 61,143,790 ​ Total 7,338,988 66,426,361 ​ ​

Defined contribution plan

Defined contribution plan	12 Months Ended
	Dec. 31, 2021
Defined contribution plan
Defined contribution plan	Note 15—Defined contribution plan The Company has a 401(k) Employee Savings Plan (“401(k) Plan”) that is available to all employees of the Company. The Company has elected a Safe-Harbor provision for the 401(k) Plan in which participants are always fully vested in their employer contributions. The Company matches 100% of the first 3% of participating employee contributions and 50% of the next 2% of participating employee contributions. Contributions are made in cash. Contributions were approximately $536 and $301 for the year ended December 31, 2021 and 2020 respectively. Such contribution expense has been recognized in the consolidated statement of operations for each period.

Stock based compensation

Stock based compensation	12 Months Ended
	Dec. 31, 2021
Stock based compensation
Stock based compensation	Note 16—Stock-based compensation As part of the merger discussed in Note 2 above, the Company adopted from Prior Century, the 2018 Stock Option and Grant Plan (the “Plan”). The Plan provides for the Company to sell or issue common stock or restricted common stock, or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, members of the Board of Directors, and consultants of the Company under terms and provisions established by the Board of Directors. Under the terms of the Plan, options may be granted at an exercise price not less than fair market value. The Company generally grants stock-based awards with service conditions only. Stock awards granted typically vest over a four-year period but may be granted with different vesting terms. On June 17, 2021, this plan was replaced by the Century Therapeutics, Inc. 2021 Equity Incentive Plan (the “2021 Incentive Plan”) and future issuances of incentive awards will be governed by that plan. Upon adoption of the 2021 Incentive Plan, the Company was authorized to issue 5,481,735 shares of Common Stock under the 2021 Incentive Plan (which represents 5,640,711 shares of Common Stock initially available for grant under the 2021 Incentive Plan less 158,976 shares of Common Stock reserved for issuance upon the exercise of previously granted stock options that remain outstanding under the 2018 Incentive Plan). The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) was approved by the board of directors on May 27, 2021. A total of 564,071 shares of common stock were initially reserved for issuance under this plan. No shares are issued or outstanding under the 2021 ESPP. The Company recognizes the costs of the stock-based payments as the employees vest in the awards. For the year ended December 31, 2021, the Company recognized $4,662 of stock-based compensation expense of which $2,357 was general and administrative expense and $2,305 was research and development expenses recorded within the consolidated statement of operations and comprehensive loss. For the year ended December 31, 2020, the Company recognized $876 of stock-based compensation expense of which $201 was general and administrative expense and $675 was research and development expenses recorded within the consolidated statement of operations and comprehensive loss. Stock Options The following table summarizes stock option activity for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Aggregate ​ ​ ​ ​ ​ ​ ​ Contractual ​ Intrinsic ​ ​ ​ ​ ​ ​ ​ Term ​ Value ​ Shares Exercise Price (years) (in thousands) Outstanding January 1, 2021 3,882,328 ​ $ 1.06 9.11 $ 1,520 Granted 3,364,471 ​ 9.15 — — Exercised - vested (199,696) ​ 1.11 — — Exercised - unvested (1,114,868) ​ 2.79 — — Forfeited (89,564) ​ 1.96 — — Cancelled (164,067) ​ 7.27 — — Outstanding, December 31, 2021 5,678,604 ​ $ 5.36 8.35 $ 11,595 Exercisable at December 31, 2021 ​ 3,458,223 ​ ​ 4.01 ​ 8.52 ​ $ 5,237 ​ The weighted average grant date fair value of awards for options granted during the period ended December 31, 2021 was $5.46. As of December 31, 2021, there was $16,645 of total unrecognized compensation expense related to unvested stock options with time-based vesting terms, which is expected to be recognized over a weighted average period of 2.85 years. The aggregate intrinsic value of options vested and exercisable as of December 31, 2021 and 2020 is calculated based on the difference between the exercise price and the fair value of our common stock. The intrinsic value of options exercised in 2021 and 2020 was $2,400 and $22, respectively. During 2020, the Company issued 213,624 performance-based awards that vest upon contingent events. The performance condition for these awards were achieved as of June 30, 2021. As a result, the Company recorded compensation expense related to the performance-based awards of $227 during the year ended December 31, 2021. The Company estimates the fair value of its option awards to employees and directors using Black-Scholes, which requires inputs and subjective assumptions, including (i) the expected stock price volatility, (ii) the calculation of the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of substantial company-specific historical and implied volatility data of its common stock, the Company has based its estimate of expected volatility on the historical volatility of a group of similar public companies. When selecting these companies on which it has based its expected stock price volatility, the Company selected companies with comparable characteristics to it, including enterprise value, risk profiles, position within the industry and with historical share price information sufficient to meet the expected term of the stock-based awards. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. The Company has never paid dividends and does not expect to in the foreseeable future. The expected term of the options granted to employees is derived from the “simplified” method as described in Staff Accounting Bulletin 107 relating to stock-based compensation. The risk-free interest rates for periods within the expected term of the option are based on the U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The Company will account for actual forfeitures as they occur. The weighted-average assumptions used to calculate the fair value of stock options granted are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 Expected dividend rate ​ — — ​ Expected option term (years) ​ 6.09 5.85 ​ Expected volatility ​ 69.73 % 68.38 % Risk-free interest rate ​ 1.08 % 0.58 % ​ Restricted Stock The following table summarizes restricted stock activity for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Shares ​ Grant Date Fair Value Total Unvested December 31, 2020 1,053,502 ​ $ 0.35 Granted ​ 194,320 ​ ​ 16.95 Vested (566,033) ​ 1.41 Total Unvested December 31, 2021 681,789 ​ $ 4.20 ​ Pursuant to certain stock purchase agreements containing vesting and other provisions, the Company has the right to repurchase unvested shares. As of December 31, 2021, there was $2,725 of total unrecognized compensation expense related to the unvested restricted stock with time-based vesting terms, which is expected to be recognized over a weighted average period of 1.48 years. All restricted stock vests over a four-year period. Early-Exercise of Unvested Equity Awards As part of the merger, the Company assumed a deposit liability from Prior Century. Certain equity award holders early exercised unvested equity awards. The cash received upon early exercise of options is recorded as a deposit liability on the Company’s balance sheet, totaling $3,000 as of December 31, 2021.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2021
Related party transactions
Related party transactions	Note 17—Related party transactions License and Collaboration Agreements with Shareholder As part of the Commitment Agreement, the Company acquired licenses and other contracts from Prior Century that were originally entered into by Prior Century and FUJIFILM Cellular Dynamics, Inc. (“FCDI”). FCDI is a shareholder of Century. The acquired licenses and other contracts with FCDI are as follows: FCDI Licenses The Company acquired from Prior Century a non-exclusive license agreement with FCDI. The license provides the Company with certain patents and know-how related to the reprogramming of human somatic cells to induce pluripotent stem cell(s) (“iPSCs”) (“License Agreement”). Under this agreement, the Company is required to make certain developmental and regulatory milestone payments as well as royalty payments upon commercialization. Royalties are in the low single digits on the sale of all licensed products. The Company also acquired from Prior Century an exclusive license agreement with FCDI. The license provides the Company with patents and know-how related to human iPSCs exclusively manufactured by FCDI. The potential development and regulatory milestone payments to be paid by the Company to FCDI are $6,000. FCDI Collaboration Agreement In October 2019, the Company entered into the FCDI Collaboration Agreement with FCDI, whereby FCDI will provide certain services to the Company to develop and manufacture iPSCs and immune cells derived therefrom. FCDI will provide services in accordance with the approved research plan and related research budget. The initial research plan covers the period from October 2019 through March 31, 2022, with the related research budget totaling $31,400. On March 23, 2021, the Company entered into a Manufacturing Agreement with FCDI, or the Manufacturing Agreement, pursuant to which FCDI will provide certain agreed upon technology transfer, process development, analytical testing and cGMP manufacturing services to the Company. On January 7, 2022, the Company and FCDI entered into a letter agreement (the “Letter Agreement”), which amends each of the FCDI Agreements pursuant to the Company’s Research Collaboration and License Agreement with Bristol-Myers Squibb as further discussed in note 18. During the years ended December 31, 2021 and 2020, in connection with the FCDI Collaboration Agreement, the Company made payments of $16,220 and $5,311 and incurred research and development expenses of $16,669 and $9,002, and legal fees of $83 and $52, respectively, recorded within general and administrative expenses in its consolidated statements of operations and comprehensive loss. As of December 31, 2021 and 2020, there was $2,375 and $1,844 in accounts payable related to this agreement on the consolidated balance sheets. Consulting Arrangements with Shareholders In 2019, the Company entered into arrangements with two shareholders of the Company, wherein the shareholders provide consulting services to the Company. As compensation for the consulting services, the shareholders are entitled to an annual retainer fee, payable quarterly, along with payment of reasonable expenses associated with providing the consulting services. The Company paid $75 and $94 related to these consulting arrangements that were included in research and development expenses in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2020, there was $19 in accrued expenses related to this agreement on the consolidated balance sheets. There were no accrued expenses as of December 31, 2021.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events
Subsequent Events	Note 18—Subsequent Events Bristol Myers Squibb Company Collaboration Agreement In January 2022, the Company, entered into a Research, Collaboration and License Agreement (the “Collaboration Agreement”) with Bristol-Myers Squibb Company (“Bristol-Myers Squibb”) to collaborate on the research, development and commercialization of induced pluripotent stem cell derived, engineered natural killer cell and/or T cell programs for hematologic malignancies and solid tumors (each a “Collaboration Program,” and each product candidate developed within such Collaboration Program, a “Development Candidate”). Pursuant to the Collaboration Agreement, the Company and Bristol-Myers Squibb will initially collaborate on two Collaboration Programs and Bristol-Myers Squibb has the option to add up to two additional Collaboration Programs, for an additional fee. The initial two Collaboration Programs are focused on acute myeloid leukemia (“AML”) and multiple myeloma, respectively. The two additional Collaboration Programs that Bristol-Myers Squibb may elect to add to the collaboration will focus on targets chosen from a set of reserved targets or other targets selected by Bristol-Myers Squibb, which can be nominated subject to certain conditions agreed with the Company and outlined in the Collaboration Agreement. Under the Collaboration Agreement, the Company will be responsible for generating Development Candidates for each Collaboration Program with a goal of producing Development Candidates that meet pre-specified criteria. Bristol-Myers Squibb has the option, exercisable for a specified period of time after the Development Candidate for each Collaboration Program is deemed to meet the applicable criteria, to elect to exclusively license from the Company the Development Candidates created in each Collaboration Program for pre-clinical development, clinical development and commercialization on a worldwide basis (each a “License Option”). Following Bristol-Myers Squibb’s exercise of the License Option with respect to a Collaboration Program, the Company will be responsible for performing investigational new drug application (“IND”)-enabling studies, supporting Bristol-Myers Squibb’s preparation and submission of an IND and manufacturing of clinical supplies until completion of a proof of concept clinical trial for the relevant Development Candidates, in each case at pre-agreed rates. Bristol-Myers Squibb will be responsible for all regulatory, clinical, manufacturing (after the proof of concept clinical trial) and commercialization activities for such Development Candidates worldwide. The Company has the option to co-promote with Bristol-Myers Squibb Development Candidates generated from the initial AML Collaboration Program and, if Bristol-Myers Squibb elects to expand to a fourth Collaboration Program, Development Candidates generated from the fourth Collaboration Program. In connection with the Collaboration Agreement, the Company and Bristol-Myers Squibb entered into a Securities Purchase Agreement (the “Purchase Agreement”) on January 7, 2022, whereby the Company issued and sold to Bristol-Myers Squibb 2,160,760 shares of the Company’s common stock at a price per share of $23.14, for an aggregate purchase price of $50 million. Under the terms of the Collaboration Agreement, Bristol-Myers Squibb made a non-refundable, upfront cash payment of $100 million to the Company within thirty twelve of the first commercial sale of such Licensed Product in such country, (ii) the expiration of any regulatory exclusivity period that covers such Licensed Product in such country, and (iii) the expiration of the last-to-expire licensed patent of the Company or a jointly owned patent that covers such the Licensed Product in such country. After expiration of the applicable royalty term for a Licensed Product in a country, all licenses granted by the Company to Bristol-Myers Squibb for such Licensed Product in such country will be fully paid-up, royalty-free, perpetual and irrevocable. The Company is reviewing the accounting for the transaction which will be recorded in the first quarter of 2022. ​

Summary of significant accoun_2

Summary of significant accounting policies and basis of presentation (Policies)	12 Months Ended
	Dec. 31, 2021
Basis of presentation	Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which contemplate the continued existence of the Company. Since commencing principal activities, the Company has been engaged primarily in research and development activities and raising capital.
Merger and capital restructuring	Merger and capital restructuring Upon the conversion of Century Therapeutics, LLC to a corporation and the merger of the newly converted corporation with Prior Century, the existing capital structure of Century Therapeutics, LLC was restructured with no consideration transferred. In accordance with ASC 505-10-S99-4, such a restructuring requires retroactive effect within the balance sheets presented. As such, the Company retroactively adjusted its consolidated balance sheets to cancel the existing LLC units and give effect to their conversion into capital stock of the Company as if those effects happened as of January 1, 2020. See Note 10 for further information on the Company’s capital restructuring.
Reverse Stock Split	Reverse Stock Split In June 2021, the Company’s Board of Directors approved an amendment to the Company’s amended and restated certificate of incorporation to effect a 2.5161 - for-1 reverse stock split of the Company’s common stock, which was effected on June 11, 2021. Stockholders entitled to fractional shares as a result of the reverse stock split received a cash payment in lieu of receiving fractional shares. The par value of the common stock was not adjusted as a result of the reverse stock split. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the appropriate securities agreements. Shares of common stock reserved for issuance upon the conversion of the convertible preferred stock were proportionately reduced and the respective conversion prices were proportionately increased. All common share and per share data have been retrospectively revised to reflect the reverse stock split.
Segment information	Segment information Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions on how to allocate resources and assess performance. The Company views its operations and manages the business as one operating segment.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Estimates and assumptions are primarily made in relation to the valuations supporting stock compensation and the estimation of the incremental borrowing rate for operating leases. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate.
Concentration of credit risk and other risks and uncertainties	Concentration of credit risk and other risks and uncertainties Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist of cash, cash equivalents, U.S. Treasury bills and bonds, as well as corporate bonds. Cash and cash equivalents, as well as short and long-term investments include a checking account and asset management accounts held by a limited number of financial institutions. At times, such deposits may be in excess of insured limits. As of December 31, 2021 and 2020, the Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of its products, competition from substitute products and larger companies, protection of proprietary technology, strategic relationships, and dependence on key individuals. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s future products will receive the necessary clearances. If the Company was denied clearance, clearance was delayed, or if the Company was unable to maintain clearance, it could have a material adverse impact on the Company. In January 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a “Public Health Emergency of International Concern,” which continues to spread throughout the world and has adversely impacted global commercial activity and contributed to significant declines and volatility in financial markets. The COVID- 19 outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. Vaccines were introduced late in the fourth quarter of 2020 and became widely available by the end of the first quarter of 2021. While the vaccines have proven effective in reducing the severity and mortality of COVID-19 including the variants that have evolved to date, the overall vaccination rate in the United States may not have reached the level required for herd immunity. Certain variants of COVID-19, such as the delta and omicron variants, are proving to be more easily spread than earlier variants. The incomplete vaccination rate, and the emergence of new variants which could prove resistant to existing vaccines could again result in major disruptions to businesses and markets worldwide. The Company continues to monitor the impact of the COVID-19 outbreak closely. The extent to which the COVID-19 outbreak will impact its operations or financial results is uncertain.
Fair value of financial instruments	Fair value of financial instruments The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: Level 1 Level 2 Level 3 Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.
Cash and cash equivalents	Cash and cash equivalents Management considers all highly liquid investments with an insignificant interest rate risk and original maturities of three months or less to be cash equivalents.
Restricted cash	Restricted cash As of December 31, 2021 and 2020, the Company had $1,717 and $517 in cash on deposit to secure certain lease commitments. Restricted cash is recorded separately in the Company’s consolidated balance sheets. The following provides a reconciliation of the Company’s cash, cash equivalents, and restricted cash as reported in the consolidated balance sheets to the amounts reported in the consolidated statements of cash flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Cash and cash equivalents ​ $ 56,445 ​ $ 27,211 Restricted cash ​ ​ 1,717 ​ ​ 517 Cash, cash equivalents, and restricted cash ​ $ 58,162 ​ $ 27,728
Investments	Investments The Company invests in fixed maturity securities including U.S. Treasury bills and bonds as well as corporate bonds. The investments are classified as available-for-sale and reported at fair value. Unrealized gains or losses are determined by comparing the fair market value of the securities with their cost or amortized cost. Realized gains and losses on investments are recorded on the trade date and are included in the statement of operations. Unrealized gains and losses on investments are recorded in other comprehensive income (loss) on the consolidate statements of operations and comprehensive loss. The cost of securities sold is based on the specified identification method. Investment income is recognized as earned and discounts or premiums arising from the purchase of debt securities are recognized in investment income using the interest method over the remaining term of the security. Securities with an original maturity date greater than three months that mature within one year of the balance sheet date are classified as short-term, while investments with a maturity date greater than one year are classified as long-term.
Property and equipment, net	Property and equipment, net Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which is generally five years. Leasehold improvements are amortized over the shorter of the asset’s useful life or the remaining term of the lease. Construction in progress includes direct cost related to the construction of leasehold improvements and is stated at original cost. Such costs are not depreciated until the asset is completed and placed into service. Once the asset is placed into service, these capitalized costs will be allocated to leasehold improvements and will be depreciated over the shorter of the asset’s useful life or the remaining term of the lease. Expenditures for major additions and improvements are capitalized, while minor replacements, maintenance, and repairs are charged to expense as incurred. When property is retired or otherwise disposed of, the costs and accumulated depreciation are removed from the respective accounts, with any resulting gain or loss recognized concurrently.
Research and development expenses	Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, payroll taxes, employee benefits, stock compensation, materials, supplies, rent, depreciation on and maintenance of research equipment with alternative future use, and the cost of services provided by outside contractors. All costs associated with research and development are expensed as incurred.
Stock based compensation	Stock-based compensation Employees and members of the board of directors of the Company have received stock options and restricted stock of the Company. The Company recognizes the cost of the stock-based compensation incurred as its employees and board members vest in the awards. The Company accounts for stock-based compensation arrangements in accordance with provisions of Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation. ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all share-based payments including stock options. ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model (“Black Scholes”) to determine the fair value of options granted. The Company’s stock-based awards are subject to service-based vesting conditions and performance-based vesting conditions. Compensation expense related to awards to employees and directors with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term. For performance-based awards, the Company reassesses at each reporting date whether achievement of the performance condition is probable and accrues compensation expense if and when achievement of the performance condition is probable. Black-Scholes requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock prior to its IPO and lack of company-specific historical and implied volatility data, the Company based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method to calculate the expected term for options granted to employees and board members whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. Forfeitures are recognized as they occur.
Warrants	Warrants The Company has issued warrants that have been recognized as equity, and the fair value is recorded into additional paid-in capital in the accompanying consolidated balance sheets. Warrants are accounted for in accordance with applicable accounting guidance provided in ASC Topic 815, Derivatives and Hedging—Contracts in Entity’s Own Equity, as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement. The Company’s warrants issued are in connection with its long-term debt and in connection with services provided by consultants, and are equity classified on the accompanying consolidated balance sheets. Equity classified warrants are accounted for at fair value on the issuance date, using Black Scholes, with no changes in fair value recognized after the issuance date.
Foreign currency translation	Foreign currency translation The reporting currency of the Company is the U.S. dollar. The functional currency of Century Canada is the Canadian dollar. Assets and liabilities of Century Canada are translated into U.S. dollars based on exchange rates at the end of each reporting period. Expenses are translated at average exchange rates during the reporting period. Gains and losses arising from the translation of assets and liabilities are included as a component of accumulated other comprehensive loss or income on the company’s consolidated balance sheets. Gains and losses resulting from foreign currency transactions are reflected within the Company’s consolidated statements of operations and comprehensive loss. The Company has not utilized any foreign currency hedging strategies to mitigate the effect of its foreign currency exposure. Intercompany payables and receivables are considered to be long-term in nature and any change in balance due to foreign currency fluctuation is included as a component of the Company’s consolidated comprehensive loss and accumulated other comprehensive loss within the Company’s consolidated balance sheets.
Basic and diluted net loss per common shares	Basic and diluted net loss per common shares Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. The Company computes diluted net loss per common share by dividing the net loss by the sum of the weighted- average number of common shares outstanding during the period plus the potential dilutive effects of its warrants, restricted stock and stock options to purchase common shares, but such items are excluded if their effect is anti-dilutive. Because the impact of these items are anti-dilutive during periods of net loss, there were no differences between the Company’s basic and diluted net loss per common share for the years ended December 31, 2021 and 2020.
Income taxes	Income Taxes The Company was organized as a limited liability company until February 25, 2021, which is considered a passthrough entity for federal and state income tax purposes. As such, any taxable income or loss realized by the Company was allocated to the Members’ in accordance with their respective membership interest and reported on their individual tax returns. Therefore, no provisions or liability for income taxes was necessary in the accompanying 2020 consolidated financial statements. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations and comprehensive loss. As of December 31, 2021 and 2020, no accrued interest or penalties are included on the related tax liability line in the consolidated balance sheet.
Recent accounting pronouncements	Recent accounting pronouncements Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and the number of embedded conversion features that could be recognized separately from the primary contract. The update also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The new guidance is effective for annual periods beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. This update can be adopted on either a fully retrospective or a modified retrospective basis. The Company adopted ASU 2020-06, effective January 1, 2021, which did not have a material effect on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework— Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which eliminates, adds, and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 is effective for the Company for fiscal years beginning after December 15, 2020, and earlier adoption is permitted. The Company adopted this standard on January 1, 2021 and adoption had no impact on its consolidated financial statements. ​ Recently issued accounting pronouncements ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses of Financial Instruments (ASC 326). The guidance is effective for the Company beginning January 1, 2023 and it changes how entities account for credit losses on the financial assets and other instruments that are not measured at fair value through net income, including available-for-sale debt securities. The Company is currently evaluating the impact of the new standard on its consolidated financial statements .
Restricted stock
Basic and diluted net loss per common shares	Restricted stock In 2018, the Company issued 1,704,256 restricted stock awards at a purchase price of $0.03 per share. In 2019, the Company issued 850,312 restricted stock awards at a weighted average purchase price of $0.70 per share. In October 2019, the Company repurchased 298,080 shares at $1.03 per share. In 2021, the Company issued 194,320 restricted stock awards. As of December 31, 2021, the number of restricted stock awards vested were 1,769,019. For accounting purposes, unvested restricted stock awards are not considered issued and outstanding and therefore are not reflected as issued and outstanding in the accompanying consolidated balance sheets or the consolidated statements of changes in convertible preferred stock and stockholders’ equity (deficit) until the awards vest. The Company recorded stock-based compensation expense for these awards of $940 and $259, respectively, for the years ended December 31, 2021 and 2020, in the statements of operations and comprehensive loss.
Stock Options
Stock based compensation	Early exercised options The Company allowed certain of its employees and its consultants to exercise options granted under the 2018 Plan (Note 16) prior to vesting and prior to its IPO. The shares related to early exercised stock options are subject to the Company’s repurchase right upon termination of employment or services at the lesser of the original purchase price or fair market value at the time of repurchase. In order to vest, the holders are required to provide continued service to the Company. The early exercise by an employee or consultant of a stock option is not considered to be a substantive exercise for accounting purposes, and therefore, the payment received by the employer for the exercise price is recognized as a liability. For accounting purposes, unvested early exercised shares are not considered issued and outstanding and therefore not reflected as issued and outstanding in the accompanying consolidated balance sheets or the consolidated statements of changes in convertible preferred stock and stockholders’ equity (deficit) until the awards vest. The deposits received are initially recorded in deposit liability. The liabilities are reclassified to common stock and additional paid-in-capital as the repurchase right lapses. At December 31, 2021, $3,000 was recorded in deposit liability related to shares held by employees and nonemployees that were subject to repurchase. At December 31, 2020, there was no deposit liability as the initial deposit liability was recognized on February 25, 2021 when the merger discussed in Note 2 occurred. All shares that were early exercised by the executives of the Company are considered legally issued, however, for accounting purposes, only vested shares are considered issued. Below is a reconciliation of shares issued and outstanding: ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Total shares legally outstanding ​ 56,633,898 ​ 8,865,992 Less: unvested early exercised shares ​ (946,586) ​ (330,629) Less: unvested restricted stock ​ (681,789) ​ (1,053,502) Total shares issued and outstanding ​ 55,005,523 ​ 7,481,861

Summary of significant accoun_3

Summary of significant accounting policies and basis of presentation (Tables)	12 Months Ended
	Dec. 31, 2021
Summary of significant accounting policies and basis of presentation
Schedule of reconciliation of the Company's cash, cash equivalents, and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Cash and cash equivalents ​ $ 56,445 ​ $ 27,211 Restricted cash ​ ​ 1,717 ​ ​ 517 Cash, cash equivalents, and restricted cash ​ $ 58,162 ​ $ 27,728
Reconciliation of shares issued and outstanding	​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Total shares legally outstanding ​ 56,633,898 ​ 8,865,992 Less: unvested early exercised shares ​ (946,586) ​ (330,629) Less: unvested restricted stock ​ (681,789) ​ (1,053,502) Total shares issued and outstanding ​ 55,005,523 ​ 7,481,861

Initial capitalization (Tables)

Initial capitalization (Tables)	12 Months Ended
	Dec. 31, 2021
Schedule of Capitalization [Line Items]
Schedule of relative fair value allocation	​ ​ ​ ​ ​ ​ December 31, 2021 Cash paid to Sellers at close ​ $ 4,516 Seller expenses paid by the Company ​ 3 Buyer transaction expenses ​ 203 Total consideration ​ $ 4,722 ​ ​ ​ ​ IPR&D ​ $ 4,722
Prior Century's Assets
Schedule of Capitalization [Line Items]
Schedule of relative fair value allocation	​ ​ ​ ​ ​ Cash and cash equivalents $ 25,163 IPR&D ​ 225,946 Property and equipment ​ 1,034 Other current assets ​ 578 Other non-current assets ​ 669 Current liabilities ​ (1,283) Total $ 252,107

Asset purchase of Century The_2

Asset purchase of Century Therapeutics Canada ULC (Tables)	12 Months Ended
	Dec. 31, 2021
Asset purchase of Century Therapeutics Canada ULC
Schedule of consideration of the asset acquisition	​ ​ ​ ​ ​ ​ December 31, 2021 Cash paid to Sellers at close ​ $ 4,516 Seller expenses paid by the Company ​ 3 Buyer transaction expenses ​ 203 Total consideration ​ $ 4,722 ​ ​ ​ ​ IPR&D ​ $ 4,722

Financial instruments and fai_2

Financial instruments and fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Financial instruments and fair value measurements
Schedule of assets measured at fair value by level within the fair value hierarchy	The following table sets forth the Company’s assets that were measured at fair value as of December 31, 2021, by level within the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Cash equivalents ​ $ 52,882 ​ ​ — ​ ​ — ​ $ 52,882 U.S. Treasury ​ 79,752 ​ — ​ — ​ 79,752 Corporate bonds ​ — ​ 222,596 ​ — ​ 222,596 Total ​ $ 132,634 ​ $ 222,596 ​ $ — ​ $ 355,230 ​ The following table sets forth the Company’s assets that were measured at fair value as of December 31, 2020, by level within the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Cash equivalents ​ $ 24,284 ​ ​ — ​ ​ — ​ $ 24,284 U.S. Treasury ​ 9,525 ​ — ​ — ​ 9,525 Corporate bonds ​ — ​ 40,070 ​ — ​ 40,070 Total ​ $ 33,809 ​ $ 40,070 ​ $ — ​ $ 73,879
Schedule of investments in fixed maturity securities	The amortized cost, gross unrealized gains and losses, and fair value of investments in fixed maturity securities are as follows as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ ​ ​ ​ ​ Unrealized ​ Unrealized ​ ​ ​ ​ ​ Amortized Cost ​ Gains ​ Losses ​ Fair Value U.S. Treasury ​ $ 80,052 ​ $ — ​ $ (300) ​ $ 79,752 Corporate bonds ​ 222,898 ​ — ​ (302) ​ 222,596 Total ​ $ 302,950 ​ $ — ​ $ (602) ​ $ 302,348 ​ ​ The amortized cost, gross unrealized gains and losses, and fair value of investments in fixed maturity securities are as follows as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ ​ ​ ​ ​ Unrealized ​ Unrealized ​ ​ ​ ​ Amortized Cost ​ Gains ​ Losses ​ Fair Value U.S. Treasury ​ $ 9,518 ​ $ 7 ​ $ — ​ $ 9,525 Corporate bonds ​ 40,069 ​ 8 ​ (7) ​ 40,070 Total ​ $ 49,587 ​ $ 15 ​ $ (7) ​ $ 49,595
Schedule of maturities of fixed maturity available-for-sale securities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Less than one year ​ $ 166,434 ​ $ 48,542 One to five years ​ 135,914 ​ 1,053 ​ ​ $ 302,348 ​ $ 49,595

Prepaid expenses and other cu_2

Prepaid expenses and other current assets (Tables)	12 Months Ended
	Dec. 31, 2021
Prepaid expenses and other current assets.
Schedule of summary of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Research and development ​ $ 210 ​ $ 97 Insurance ​ ​ 1,606 ​ ​ — Software licenses and other ​ 2,033 ​ 760 Reimbursement receivable ​ ​ 250 ​ ​ 908 Warranties ​ 424 ​ 240 Other ​ 250 ​ 256 Total prepaid expenses and other current assets ​ $ 4,773 ​ $ 2,261

Property and equipment, net (Ta

Property and equipment, net (Tables)	12 Months Ended
	Dec. 31, 2021
Property and equipment, net
Schedule of summary of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Lab equipment ​ $ 18,114 ​ $ 8,941 Leasehold improvements ​ 8,365 ​ 1,964 Construction in progress ​ 32,836 ​ 5,771 Computer software and equipment ​ 2,623 ​ 214 Furniture and fixtures ​ 1,358 ​ 76 Total ​ ​ 63,296 ​ ​ 16,966 Less: Accumulated depreciation ​ (5,329) ​ (1,581) Property and equipment, net ​ $ 57,967 ​ $ 15,385 ​

Accrued expenses and other li_2

Accrued expenses and other liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Accrued expenses and other liabilities.
Schedule of summary of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Payroll and bonuses ​ $ 4,445 ​ $ 3,132 Interest ​ 82 ​ 82 Professional and legal fees ​ 796 ​ 524 Operating lease liability, current ​ ​ 615 ​ ​ 240 Other ​ 102 ​ 52 Total accrued expenses and other liabilities ​ $ 6,040 ​ $ 4,030

Long-term debt (Tables)

Long-term debt (Tables)	12 Months Ended
	Dec. 31, 2021
Long-term debt
Summary of the Company's indebtedness	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Principal ​ $ 10,000 ​ $ 10,000 Plus: End of term fee ​ ​ 395 ​ ​ 395 Less: Debt discount attributable to warrants, net of accretion ​ (25) ​ (43) Less: Unamortized deferred financing cost and end of term fee, net of accretion ​ (428) ​ (716) Long-term debt, net ​ $ 9,942 ​ $ 9,636 ​
Schedule of interest expense of the Loan Agreement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Year Ended ​ Year Ended ​ ​ December 31, 2021 December 31, 2020 ​ Interest expense ​ $ 969 ​ $ 289 ​ Amortization of debt issuance costs, including end of term fee accretion ​ 306 ​ 92 ​ ​ ​ $ 1,275 ​ $ 381 ​ ​
Schedule of future principal payments due	Future principal payments due (including the end of term fee) under the Loan Agreement are as follows (in thousands): ​ ​ ​ ​ ​ Principal Payments 2022 ​ $ 1,039 2023 ​ ​ 6,603 2024 ​ ​ 2,753 2025 ​ ​ — 2026 ​ ​ — Total future payments ​ $ 10,395

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases
Schedule of components of lease expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ For the Year Ended ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Operating lease expense: ​ ​ ​ ​ ​ Fixed lease cost ​ $ 2,256 ​ $ 935 ​ Variable lease cost ​ 709 ​ 131 ​ Short term lease expense ​ ​ 2,628 ​ ​ 2,352 ​ Total operating lease expense ​ $ 5,593 ​ $ 3,418 ​
Schedule of Supplemental Balance Sheet Information Related to Leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ As of ​ ​ ​ December 31, December 31, ​ ​ ​ Location in Balance Sheet ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use asset, net Operating lease right-of-use asset, net ​ $ 11,854 ​ $ 9,392 ​ Operating lease liability, current Accrued expenses and other liabilities ​ $ 615 ​ $ 240 ​ Operating lease liability, long-term Operating lease liability, long-term ​ 14,559 ​ 11,679 ​ Total operating lease liability ​ $ 15,174 ​ $ 11,919 ​
Schedule of supplemental lease term and discount rate information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 Weighted-average remaining lease terms - operating leases 7.99 years ​ 10.2 years ​ Weighted-average discount rate - operating leases 9.0 % 9.0 %
Schedule of supplemental cash flow information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ For the Year Ended ​ ​ December 31, 2021 December 31, 2020 ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ Operating cash flows from operating leases ​ $ (41) ​ $ 2,175 ​ Right-of-use assets obtained in exchange for lease obligations: ​ $ 3,295 ​ $ 9,735 ​
Schedule of Future minimum lease payments of operating leases	​ ​ ​ ​ ​ ​ Operating Leases 2022 ​ $ 2,612 2023 ​ 2,723 2024 ​ 2,689 2025 ​ 2,747 2026 ​ 2,761 Thereafter ​ 16,225 Total lease payments ​ 29,757 Less: Imputed interest ​ (10,877) Less: Tenant incentive receivable ​ ​ (3,706) Total ​ $ 15,174

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income taxes
Schedule of income (loss) before provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Domestic $ (96,002) $ (53,602) Foreign ​ 178 ​ 27 Loss before provision for income taxes $ (95,824) $ (53,575)
Schedule of components of the provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Current expense: ​ ​ ​ ​ Federal $ - $ - State ​ - ​ - Foreign ​ 43 ​ - Total current expense: ​ 43 ​ - ​ ​ ​ ​ ​ Deferred expense: ​ ​ ​ ​ Federal ​ - ​ - State ​ - ​ - Foreign ​ - ​ - Total deferred expense: ​ - ​ - ​ ​ ​ ​ ​ Total income tax expense $ 43 $ -
Schedule of reconciliation of Company's statutory income tax rate to the Company's effective income tax rate	​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Income at US statutory rate ​ 21.0% ​ 21.0% State taxes, net of federal benefit ​ 10.5% ​ - Permanent differences ​ 0.5% ​ - Tax credits ​ 4.3% ​ - Non-taxable income ​ (0.5)% ​ (21.0)% Valuation allowance ​ (32.2)% ​ - Change in entity tax status ​ (0.7)% ​ - Other ​ (3.0)% ​ - ​ ​ (0.1)% ​ -
Schedule of deferred income tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 Deferred Tax Assets ​ ​ ​ ​ Net operating loss carryforwards $ 28,537 $ - Lease liability ​ 5,127 ​ - Accrued expenses & other ​ 1,530 ​ - Research & Development tax credits ​ 4,211 ​ - Stock based compensation ​ 729 ​ - Amortization ​ 1,500 ​ - Total deferred tax assets ​ 41,634 ​ - Valuation allowance ​ (34,262) ​ - Net deferred tax assets ​ 7,372 ​ - Deferred tax liability ​ ​ ​ ​ Depreciation ​ (3,366) ​ - Right-of-use asset ​ (4,006) ​ - Total deferred tax liabilities ​ (7,372) ​ - Net deferred tax liability $ - $ - ​

Basic and diluted net loss pe_2

Basic and diluted net loss per common share (Tables)	12 Months Ended
	Dec. 31, 2021
Basic and diluted net loss per common share
Schedule of basic and diluted net loss per shares of common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 2020 ​ Numerator ​ ​ ​ Net loss $ (95,824) ​ $ (53,575) ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator ​ ​ ​ Weighted-average common shares for basic and diluted net loss per share ​ 32,392,554 ​ 7,481,861 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted net loss per common share ​ $ (2.96) ​ $ (7.16) ​
Schedule of potential shares of common stock excluded	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 2020 ​ Stock options to purchase common stock ​ 5,678,604 3,882,328 ​ Early exercised stock options subject to future vesting ​ 946,586 330,629 ​ Restricted stock award subject to future vesting ​ 681,789 1,053,502 ​ Warrants 32,009 16,112 ​ Convertible preferred stock ​ — 61,143,790 ​ Total 7,338,988 66,426,361 ​

Stock based compensation (Table

Stock based compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Stock based compensation
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Aggregate ​ ​ ​ ​ ​ ​ ​ Contractual ​ Intrinsic ​ ​ ​ ​ ​ ​ ​ Term ​ Value ​ Shares Exercise Price (years) (in thousands) Outstanding January 1, 2021 3,882,328 ​ $ 1.06 9.11 $ 1,520 Granted 3,364,471 ​ 9.15 — — Exercised - vested (199,696) ​ 1.11 — — Exercised - unvested (1,114,868) ​ 2.79 — — Forfeited (89,564) ​ 1.96 — — Cancelled (164,067) ​ 7.27 — — Outstanding, December 31, 2021 5,678,604 ​ $ 5.36 8.35 $ 11,595 Exercisable at December 31, 2021 ​ 3,458,223 ​ ​ 4.01 ​ 8.52 ​ $ 5,237
Schedule of weighted-average assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 Expected dividend rate ​ — — ​ Expected option term (years) ​ 6.09 5.85 ​ Expected volatility ​ 69.73 % 68.38 % Risk-free interest rate ​ 1.08 % 0.58 %
Schedule of restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Shares ​ Grant Date Fair Value Total Unvested December 31, 2020 1,053,502 ​ $ 0.35 Granted ​ 194,320 ​ ​ 16.95 Vested (566,033) ​ 1.41 Total Unvested December 31, 2021 681,789 ​ $ 4.20

Organization and description _2

Organization and description of the business (Details)	Jun. 21, 2019
Century Therapeutics, LLC | Century Therapeutics, Inc. (Prior Century)
Organization and description of the business
Ownership percentage	72.00%

Organization and description _3

Organization and description of the business - Going concern and liquidity (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 22, 2021	Jan. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization and description of the business
Gross proceeds from initial public offering			$ 221,402
Number of common shares issued upon conversion of redeemable convertible preferred stock	34,126,528
Net loss			(95,824)	$ (53,575)
Cash for operations			(89,002)	$ (41,269)
Amount of cash and cash equivalents on short and long term investments			358,793
Proceeds from issuance of common stock			$ 213
Collaboration Agreement
Organization and description of the business
Proceeds from issuance of common stock		$ 150,000
Public offering
Organization and description of the business
Amount of shares offered	10,550,000
Additional shares offered	$ 20
Gross proceeds from initial public offering	$ 242,650
Net proceeds from underwritten public offering	221,402
Amount of underwriting discounts and commissions	16,985
Offering costs	$ 4,263
Over-Allotment Option [Member]
Organization and description of the business
Amount of shares offered	1,582,500

Summary of significant accoun_4

Summary of significant accounting policies and basis of presentation (Details)	Jun. 11, 2021	Dec. 31, 2021segment
Summary of significant accounting policies and basis of presentation
Reverse stock split	2.5161
Number of operating segment		1

Summary of significant accoun_5

Summary of significant accounting policies and basis of presentation - Restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary of significant accounting policies and basis of presentation
Cash on deposit	$ 1,717	$ 517
Cash and cash equivalents	56,445	27,211
Restricted cash	1,717	517
Cash, cash equivalents, and restricted cash	$ 58,162	$ 27,728	$ 44,064

Summary of significant accoun_6

Summary of significant accounting policies and basis of presentation - Property and equipment and Stock-based compensation (Details)	12 Months Ended
	Dec. 31, 2021
Summary of significant accounting policies and basis of presentation
Estimated useful lives of the assets	5 years
Expected dividend rate	0.00%

Summary of significant accoun_7

Summary of significant accounting policies and basis of presentation - Early exercised options (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies and basis of presentation
Amount of deposit liability related to shares held by employees and nonemployees that were subject to repurchase	$ 3,000	$ 0
Total shares legally outstanding	56,633,898	8,865,992
Exercised - unvested	(946,586)	(330,629)
Less: unvested restricted stock	(681,789)	(1,053,502)
Total shares issued and outstanding	55,005,523	7,481,861

Summary of significant accoun_8

Summary of significant accounting policies and basis of presentation - Restricted stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares		566,033
Stock based compensation expense		$ 4,662	$ 876
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued		194,320		850,312	1,704,256
Purchase price (in dollars per share)				$ 0.70	$ 0.03
Shares repurchased	298,080
Shares repurchased price (in dollars per shares)	$ 1.03
Vested shares		1,769,019
Stock based compensation expense		$ 940	$ 259

Summary of significant accoun_9

Summary of significant accounting policies and basis of presentation - Income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies and basis of presentation
Provisions or liability for income taxes	$ 43
Accrued interest or penalties on unrecognized tax benefits	$ 0	$ 0

Initial capitalization - Centur

Initial capitalization - Century capital contributions (Details) - Century Therapeutics, LLC $ in Thousands	Jun. 21, 2019USD ($)shares
Schedule of Capitalization [Line Items]
Common units issued | shares	67,226,891
Transaction costs for the assets acquired	$ 252,107
Equity issuance costs reduced from members equity	$ 407

Initial capitalization - Acquis

Initial capitalization - Acquisitions (Details) - USD ($) $ in Thousands	Jun. 21, 2019	Dec. 31, 2021	Dec. 31, 2020
Schedule of Capitalization [Line Items]
Cash and cash equivalents		$ 56,445	$ 27,211
Property and equipment		57,967	15,385
Other current assets		250	256
Current liabilities		(15,655)	$ (12,112)
Prior Century's Assets
Schedule of Capitalization [Line Items]
Cash and cash equivalents		25,163
IPR&D		225,946
Property and equipment		1,034
Other current assets		578
Other non-current assets		669
Current liabilities		(1,283)
Total		$ 252,107
IPR&D expense	$ 225,946

Initial capitalization - Bayer

Initial capitalization - Bayer Capital Contributions (Details) - USD ($) $ in Thousands	Jun. 18, 2020	Jun. 21, 2019	Jan. 31, 2021	Nov. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Initial capitalization
Subscription receivable					$ 31,900	$ 38,100
Bayer Health LLC
Initial capitalization
Cash capital commitment		$ 215,000
Bayer Health LLC | Tranche 1.
Initial capitalization
Cash capital commitment		$ 145,000
Units exchanged		26,143,790
Consideration paid at closing		$ 75,000
Consideration due upon achievement of certain developmental milestone		$ 70,000
Term of remaining consideration due		3 years
Subscription receivable							$ 74,839
Equity issuance costs							161
Subscription receivable							$ 70,000
Bayer Health LLC | Tranche 1. | Amendment to the Commitment Agreement
Initial capitalization
Subscription receivable	$ 70,000		$ 31,900	$ 38,100
Bayer Health LLC | Tranche2
Initial capitalization
Cash capital commitment		$ 70,000

Asset purchase of Century The_3

Asset purchase of Century Therapeutics Canada ULC (Details) - In-process research and development (IPR&D) asset - Empirica Agreement - USD ($) $ in Thousands	Jun. 09, 2020	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Asset Acquisition [Line Items]
Total consideration transferred	$ 4,519		$ 4,722	$ 4,722
Escrow deposit	1,506
Release of escrow deposit		$ 523
Total consideration of the asset acquisition
Cash paid to Sellers at close			4,516
Seller expenses paid by the Company			3
Buyer transaction expenses	203		203
Total consideration transferred	$ 4,519		4,722	4,722
Total assets acquired			4,722
Accrued expenses and other liabilities
Asset Acquisition [Line Items]
Accrued compensation expense			$ 261	$ 282

Financial instruments and fai_3

Financial instruments and fair value measurements - Assets measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial instruments and fair value measurements
Cash equivalents	$ 52,882	$ 24,284
Debt securities	302,348	49,595
Total assets	355,230	73,879
U.S. Treasury
Financial instruments and fair value measurements
Debt securities	79,752	9,525
Corporate bonds
Financial instruments and fair value measurements
Debt securities	222,596	40,070
Level 1
Financial instruments and fair value measurements
Cash equivalents	52,882	24,284
Total assets	132,634	33,809
Level 1 | U.S. Treasury
Financial instruments and fair value measurements
Debt securities	79,752	9,525
Level 2
Financial instruments and fair value measurements
Total assets	222,596	40,070
Level 2 | Corporate bonds
Financial instruments and fair value measurements
Debt securities	$ 222,596	$ 40,070

Financial instruments and fai_4

Financial instruments and fair value measurements - Transfers between levels (Details) $ in Thousands	Dec. 31, 2021USD ($)
Financial instruments and fair value measurements
Transfer of assets from level 1 to level 2	$ 0
Transfer of assets from level 2 to level 1	$ 0

Financial instruments and fai_5

Financial instruments and fair value measurements - Investments in fixed maturity securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial instruments and fair value measurements
Amortized Cost	$ 302,950	$ 49,587
Gross Unrealized Gains		15
Gross Unrealized Losses	(602)	(7)
Fair Value	302,348	49,595
U.S. Treasury
Financial instruments and fair value measurements
Amortized Cost	80,052	9,518
Gross Unrealized Gains		7
Gross Unrealized Losses	(300)
Fair Value	79,752	9,525
Corporate bonds
Financial instruments and fair value measurements
Amortized Cost	222,898	40,069
Gross Unrealized Gains		8
Gross Unrealized Losses	(302)	(7)
Fair Value	$ 222,596	$ 40,070

Financial instruments and fai_6

Financial instruments and fair value measurements - Maturities of fixed maturity available-for-sale securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial instruments and fair value measurements
Less than one year	$ 166,434	$ 48,542
One to five years	135,914	1,053
Fair Value	$ 302,348	$ 49,595

Prepaid expenses and other cu_3

Prepaid expenses and other current assets - Summary of prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid expenses and other current assets.
Research and development	$ 210	$ 97
Insurance	1,606
Software licenses and other	2,033	760
Reimbursement receivable	250	908
Warranties	424	240
Other	250	256
Total prepaid expenses and other current assets	$ 4,773	$ 2,261

Property and equipment, net (De

Property and equipment, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property and equipment, net
Gross total	$ 63,296	$ 16,966
Less: Accumulated depreciation	(5,329)	(1,581)
Property and equipment, net	57,967	15,385
Depreciation	3,748	1,402
Lab equipment
Property and equipment, net
Gross total	18,114	8,941
Leasehold improvements
Property and equipment, net
Gross total	8,365	1,964
Construction in progress
Property and equipment, net
Gross total	32,836	5,771
Computer software and equipment
Property and equipment, net
Gross total	2,623	214
Furniture and fixtures
Property and equipment, net
Gross total	$ 1,358	$ 76

Accrued expenses and other li_3

Accrued expenses and other liabilities - Summary of accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued expenses and other liabilities.
Payroll and bonuses	$ 4,445	$ 3,132
Interest	82	82
Professional and legal fees	796	524
Operating lease liability, current	615	240
Other	102	52
Total accrued expenses and other liabilities	$ 6,040	$ 4,030

Long-term debt (Details)

Long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long-term debt
Principal	$ 10,000	$ 10,000
Plus: End of term fee	395	395
Less: Debt discount attributable to warrants, net of accretion	(25)	(43)
Less: Unamortized deferred financing cost, net of accretion	(428)	(716)
Long-term debt, net	$ 9,942	$ 9,636

Long-term debt - Term Loan Agre

Long-term debt - Term Loan Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 14, 2020	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Long-term debt
Deferred financing costs		$ 428		$ 716
Warrants to purchase units	16,112
Warrants term	10 years
Warrants exercise price	$ 13.96
Fair value of the warrants at issuance	$ 46
Warrants to be issued percentage	2.25%
Loan Agreement
Long-term debt
Loan amount	$ 10,000
Term	4 years
Interest only payment period	24 months
Debt interest rate	9.55%	9.55%
Deferred financing costs	$ 410
Percentage of term fee	3.95%
Loan Agreement | Loan amounts prepaid during the interest-only period
Long-term debt
Prepayment charges percentage	2.00%
Loan Agreement | Loan amounts prepaid after the interest-only period
Long-term debt
Prepayment charges percentage	1.00%
Loan Agreement | Minimum
Long-term debt
Debt interest rate	6.30%
Tranche 1
Long-term debt
Loan amount	$ 10,000
Tranche 2
Long-term debt
Loan amount			$ 10,000
Tranche 2 | Tranche 2 Advance is not drawn or the Company has achieved certain development milestones
Long-term debt
Minimum cash requirement	$ 0
Tranche 3
Long-term debt
Loan amount			$ 10,000

Long-term debt - Interest Expen

Long-term debt - Interest Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Long-term debt
Interest expense	$ 969	$ 289
Amortization of debt issuance costs, including end of term fee accretion	306	92
Interest expense	1,275	381
Accrued interest	82	82
Accrued expenses and other liabilities
Long-term debt
Accrued interest	$ 82	$ 82

Long-term debt - Future princip

Long-term debt - Future principal payments due (Details) $ in Thousands	Dec. 31, 2021USD ($)
Future principal payments due
2022	$ 1,039
2023	6,603
2024	2,753
Total future payments	$ 10,395

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 22, 2021	Feb. 25, 2021	Dec. 31, 2021	Dec. 31, 2020
Stockholders Equity
Proceeds from issuance of Series C preferred stock, net of issuance costs			$ 159,628
Preferred Stock, Shares Authorized	10,000,000		10,000,000	0
Preferred Stock, Par or Stated Value Per Share	$ 0.0001		$ 0.0001	$ 0.0001
Number of common shares issued upon conversion of redeemable convertible preferred stock	34,126,528
Common stock, shares authorized	300,000,000	125,236,190	300,000,000	125,236,190
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Temporary equity, authorized		85,865,789
Temporary Equity, Par or Stated Value Per Share		$ 0.0001
Series A
Stockholders Equity
Preferred Stock, Shares Authorized			0	35,000,000
Preferred Stock, Par or Stated Value Per Share			$ 0.0001	$ 0.0001
Share conversion price	1
Temporary equity, authorized		35,000,000
Series B
Stockholders Equity
Preferred Stock, Shares Authorized			0	26,143,790
Preferred Stock, Par or Stated Value Per Share			$ 0.0001	$ 0.0001
Share conversion price	5.55
Temporary equity, authorized		26,143,790
Series C
Stockholders Equity
Temporary equity, shares		24,721,999	24,721,999
Issuance price per share		$ 6.472
Proceeds from issuance of Series C preferred stock, net of issuance costs		$ 160,000
Share conversion price	$ 6.472
Temporary equity, authorized		24,721,999
Temporary Equity, Par or Stated Value Per Share		$ 0.0001

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Jul. 24, 2019
Empirica Agreement
Commitments and Contingencies
Milestone payments	$ 18,000
Empirica Agreement | Maximum
Commitments and Contingencies
Sales of the licensed product Thresholds percenatge	50.00%
Distributed Bio Master Service Agreement
Commitments and Contingencies
Milestone payments					$ 16,100
Milestone payments		$ 0	$ 0
Distributed Bio Master Service Agreement | Accrued expenses and other liabilities
Commitments and Contingencies
Accrued expenses		36	244
ICell Inc. Sublicense Agreement
Commitments and Contingencies
Milestone payments		$ 0	$ 0
Development and regulatory approval milestone payments				$ 4,250
ICell Inc. Sublicense Agreement | Maximum
Commitments and Contingencies
Milestone payments				$ 70,000

Leases - Components of lease ex

Leases - Components of lease expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Lease deposit	$ 1,549	$ 909
Operating lease expense:
Fixed lease cost	2,256	935
Variable lease cost	709	131
Short term lease expense	2,628	2,352
Total operating lease expense	$ 5,593	$ 3,418
Minimum
Lessee, Lease, Description [Line Items]
Initial lease terms	5 years
Maximum
Lessee, Lease, Description [Line Items]
Initial lease terms	16 years

Leases - Other information (Det

Leases - Other information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases
Operating lease right-of-use asset, net	$ 11,854	$ 9,392
Operating lease liability, current	$ 615	$ 240
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Expenses And Other Liabilities, Current	Accrued Expenses And Other Liabilities, Current
Operating lease liability, long term	$ 14,559	$ 11,679
Total operating lease liability	$ 15,174	$ 11,919

Leases - Operating lease - Othe

Leases - Operating lease - Other information (Details)	Dec. 31, 2021	Dec. 31, 2020
Leases
Weighted-average remaining lease terms (years) - operating leases	7 years 11 months 26 days	10 years 2 months 12 days
Weighted-average discount rate - operating leases	9.00%	9.00%

Leases - Supplemental cash flow

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Supplemental cash flow information
Operating cash flows from operating leases	$ (41)	$ (2,175)
Right-of-use assets obtained in exchange for lease obligations:	$ 3,295	$ 9,735

Leases - Future minimum lease p

Leases - Future minimum lease payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 2,612
2023	2,723
2024	2,689
2025	2,747
2026	2,761
Thereafter	16,225
Total lease payments	29,757
Less: imputed Interest	(10,877)
Less: Tenant incentive receivable	(3,706)
Total	$ 15,174	$ 11,919

Leases - Lease not yet commence

Leases - Lease not yet commenced (Details) $ in Millions	Dec. 31, 2021USD ($)lease
Leases
Number of leases | lease	1
Future lease payments | $	$ 17.4
Non-cancelable lease terms	10 years

Income taxes - Income (loss) be

Income taxes - Income (loss) before provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Domestic	$ (96,002)	$ (53,602)
Foreign	178	27
Net loss	$ (95,824)	$ (53,575)

Income taxes - Components of th

Income taxes - Components of the provision for income taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Current expense (benefit):
Foreign	$ 43
Total current expense (benefit):	43
Total income tax expense (benefit):	$ 43

Income taxes - Reconciliation o

Income taxes - Reconciliation of the Company statutory income tax rate to the Company effective income tax (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the Company's statutory income tax rate to the Company's effective income tax rate
Income at US statutory rate	21.00%	21.00%
State taxes, net of federal benefit	10.50%
Permanent differences	0.50%
Tax credit	4.30%
Non-taxable income	(0.50%)	(21.00%)
Valuation allowance	(32.20%)
Change in entity tax status	(0.70%)
Other	(3.00%)
Effective tax rate	(0.10%)

Income taxes - Net deferred inc

Income taxes - Net deferred income tax asset (Details) $ in Thousands	Dec. 31, 2021USD ($)
Deferred Tax Assets
Net operating loss carryforwards	$ 28,537
Lease Liability	5,127
Accrued Expenses & Other	1,530
Credits	4,211
Stock Compensation	729
Amortization	1,500
Total deferred tax assets	41,634
Valuation allowance	(34,262)
Net deferred tax assets	7,372
Deferred Tax Liability
Depreciation	(3,366)
ROU Asset	(4,006)
Total deferred tax liabilities	$ (7,372)

Income taxes - Operating loss c

Income taxes - Operating loss carryforward (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Accrued interest or penalties on unrecognized tax benefits	$ 0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	84,700
Tax credits	4,200
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	84,300
Local
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 83,800

Basic and diluted net loss pe_3

Basic and diluted net loss per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator
Net loss	$ (95,824)	$ (53,575)
Denominator
Weighted-average common shares for basic net loss per share	32,392,554	7,481,861
Weighted-average common shares for diluted net loss per share	32,392,554	7,481,861
Basic net loss per common share	$ (2.96)	$ (7.16)
Diluted net loss per common share	$ (2.96)	$ (7.16)

Basic and diluted net loss pe_4

Basic and diluted net loss per common share - Schedule of potential shares of common stock excluded from computation (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Basic and diluted net loss per common share
Securities excluded from the computation of diluted net loss per share	7,338,988	66,426,361
Stock options to purchase common stock
Basic and diluted net loss per common share
Securities excluded from the computation of diluted net loss per share	5,678,604	3,882,328
Early exercised stock options subject to future vesting
Basic and diluted net loss per common share
Securities excluded from the computation of diluted net loss per share	946,586	330,629
Restricted stock
Basic and diluted net loss per common share
Securities excluded from the computation of diluted net loss per share	681,789	1,053,502
Warrants
Basic and diluted net loss per common share
Securities excluded from the computation of diluted net loss per share	32,009	16,112
Convertible preferred stock
Basic and diluted net loss per common share
Securities excluded from the computation of diluted net loss per share		61,143,790

Defined contribution plan (Deta

Defined contribution plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined contribution plan
Defined contributions	$ 536	$ 301
First 3% of participating employee contributions
Defined contribution plan
Employer contribution matching percentage	100.00%
Employee contribution	3.00%
Next 2% of participating employee contributions
Defined contribution plan
Employer contribution matching percentage	50.00%
Employee contribution	2.00%

Stock based compensation (Detai

Stock based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jun. 17, 2021	May 27, 2021
Stock based compensation
Stock awards vesting period	4 years
Stock based compensation expense	$ 4,662	$ 876
Research and development expenses
Stock based compensation
Stock based compensation expense		675
General and administrative expense
Stock based compensation
Stock based compensation expense		201
Restricted stock
Stock based compensation
Stock awards vesting period	4 years
Stock based compensation expense	$ 940	$ 259
2021 Incentive Plan
Stock based compensation
Shares authorized for issuance	0			564,071
2021 Incentive Plan | Stock Options
Stock based compensation
Shares authorized for issuance			5,481,735
Shares available for grant			5,640,711
Stock reserved for issuance upon the exercise of previously granted stock options			158,976
Employee Stock Purchase Plan 2021 [Member] | Research and development expenses
Stock based compensation
Stock based compensation expense	$ 2,305
Employee Stock Purchase Plan 2021 [Member] | General and administrative expense
Stock based compensation
Stock based compensation expense	$ 2,357

Stock based compensation - Stoc

Stock based compensation - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shares
Exercised - unvested	(946,586)	(330,629)
Weighted Average Remaining Contractual Term (years)
Outstanding	8 years 4 months 6 days	9 years 1 month 9 days
Exercisable	8 years 6 months 7 days
Aggregate Intrinsic Value
Outstanding, beginning	$ 1,520
Outstanding, ending	11,595	$ 1,520
Exercisable	$ 5,237
Stock Options
Shares
Outstanding, beginning (in shares)	3,882,328
Granted	3,364,471
Exercised - vested	(199,696)
Exercised - unvested	(1,114,868)
Forfeited	(89,564)
Cancelled	(164,067)
Outstanding, ending (in shares)	5,678,604	3,882,328
Exercisable	3,458,223
Weighted Average Exercise Price
Outstanding, beginning	$ 1.06
Granted	9.15
Vested	1.11
Nonvested	2.79
Forfeited	1.96
Cancelled	7.27
Outstanding, ending	5.36	$ 1.06
Exercisable	4.01
Weighted Average Remaining Contractual Term (years)
Weighted average grant date fair value	$ 5.46
Awards that vest upon contingent events	3,364,471
Aggregate Intrinsic Value
Exercisable	$ 2,400	$ 22
Time Based Vesting [Member]
Weighted Average Remaining Contractual Term (years)
Unrecognized compensation expense	$ 16,645
Unrecognized compensation expense expected to be recognized over a weighted average period	2 years 10 months 6 days
Performance Shares [Member]
Weighted Average Remaining Contractual Term (years)
Unrecognized compensation expense	$ 227
Performance Shares [Member] | Tranche 1.
Shares
Granted		213,624
Weighted Average Remaining Contractual Term (years)
Awards that vest upon contingent events		213,624

Stock based compensation - St_2

Stock based compensation - Stock option weighted-average assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
weighted-average assumptions fair value of stock option granted
Expected dividend rate	0.00%
Stock Options
weighted-average assumptions fair value of stock option granted
Expected option term (years)	6 years 1 month 2 days	5 years 10 months 6 days
Expected volatility	69.73%	68.38%
Risk-free interest rate	1.08%	0.58%

Stock based compensation - Rest

Stock based compensation - Restricted stock (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Shares
Total Unvested	1,053,502
Granted	194,320
Vested	(566,033)
Total Unvested	681,789
Weighted Average Exercise Price
Total Unvested | $ / shares	$ 0.35
Granted | $ / shares	16.95
Vested | $ / shares	1.41
Total Unvested | $ / shares	$ 4.20
Restricted stock vesting period	4 years
Deposit liability | $	$ 980
Restricted stock
Shares
Vested	(1,769,019)
Weighted Average Exercise Price
Restricted stock vesting period	4 years
Unvested restricted stock with time-based vesting
Weighted Average Exercise Price
Unrecognized compensation expense | $	$ 2,725
Restricted stock vesting period	1 year 5 months 23 days
Deposit liability | $	$ 3,000

Related party transactions (Det

Related party transactions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019item	Feb. 03, 2022USD ($)	Jan. 07, 2022USD ($)
Related party transactions
Research and development	$ 75,648	$ 39,681
Collaboration Agreement | Subsequent Event
Related party transactions
Upfront cash payment receivable				$ 100,000	$ 100,000
FCDI Collaboration Agreement
Related party transactions
Research budget amount	31,400
Payment to related party	16,220	5,311
Research and development	16,669	9,002
Legal fees	83	52
Accounts payable	2,375	1,844
FCDI Collaboration Agreement | Collaboration Agreement | Subsequent Event
Related party transactions
Upfront cash payment receivable					$ 10,000
FUJIFILM Cellular Dynamics, Inc.
Related party transactions
Development and regulatory milestone payments	6,000
Shareholders of Equity Method Investor | Consulting Arrangements
Related party transactions
Number of related parties | item			2
Shareholders of Equity Method Investor | Consulting Arrangements | Accrued expenses
Related party transactions
Accrued expenses	19	0
Shareholders of Equity Method Investor | Consulting Arrangements | Research and development expenses
Related party transactions
Research and development	$ 75	$ 94

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Jan. 07, 2022USD ($)$ / sharesshares	Dec. 31, 2021USD ($)$ / shares	Feb. 03, 2022USD ($)	Jan. 31, 2022agreement	Jun. 22, 2021$ / shares	Feb. 25, 2021$ / shares	Dec. 31, 2020$ / shares
Subsequent Events
Common stock, par value | $ / shares		$ 0.0001			$ 0.0001	$ 0.0001	$ 0.0001
Aggregate purchase price		$ 221,402
Subsequent Event | Collaboration Agreement
Subsequent Events
Number of collaboration programs | agreement				2
Additional number of collaboration programs | agreement				2
Common stock issued | shares	2,160,760
Common stock, par value | $ / shares	$ 23.14
Aggregate purchase price	$ 50
Upfront cash payment receivable	$ 100,000		$ 100,000
Upfront cash payment receivable term	30 days
Milestone payments receivable upon achievement of certain development and regulatory milestones	$ 235,000
Sales-based milestone payments	$ 500,000
Termination of Royalty term	12 years

Summary of significant accou_10

Summary of significant accounting policies and basis of presentation - Recent accounting pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Summary of significant accounting policies and basis of presentation
Lease liability	$ 15,174	$ 11,919
Operating lease right-of-use asset, net	$ 11,854	$ 9,392