then-current means: current (up to date) at that time in the past.
Then-current is written with a hyphen because the two words "then and current" both (act as adjectives) describing/modifying the noun "theories".
then-current is called a “compound modifier” or “phrasal adjective” or "compound adjective" (compound means two words joined together as one word with a hyphen between the two words, e.g.,
bathroom = compound noun
work-related tasks = the compound adjective "work-related" describes/modifies the noun "tasks".
You asked a good question.