$LCTX

BIOTIME INC

CIK:0000876343|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues [Abstract]
Total revenues	$ 1,069	$ 2,765	$ 2,794	$ 4,267
OPERATING EXPENSES:
Cost of royalties	0	39	0	75
Research and development	4,774	3,106	9,008	6,220
General and administrative	5,218	4,560	10,302	9,417
Loss on impairment of intangible asset (Note 6 and Note 13)	0	14,840	0	14,840
Total operating expenses	9,992	22,545	19,310	30,552
Loss from operations	(8,923)	(19,780)	(16,516)	(26,285)
OTHER INCOME (EXPENSES):
Interest income, net	378	454	783	932
Gain (loss) on marketable equity securities, net	0	(2)	24	(7)
Change in fair value of warrant liability	9,443	(12,740)	11,767	(10,435)
Foreign currency transaction gain, net	664	1,678	714	1,447
Other income (expense), net	(18)	26	(17)	(159)
Total other income (expenses)	10,467	(10,584)	13,271	(8,222)
NET INCOME (LOSS)	1,544	(30,364)	(3,245)	(34,507)
Net (income) loss attributable to noncontrolling interest	(62)	(100)	(85)	(96)
NET INCOME (LOSS) ATTRIBUTABLE TO LINEAGE	$ 1,482	$ (30,464)	$ (3,330)	$ (34,603)
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO LINEAGE:
Basic	$ 0.01	$ (0.13)	$ (0.01)	$ (0.15)
Diluted	$ (0.03)	$ (0.13)	$ (0.06)	$ (0.15)
WEIGHTED-AVERAGE COMMON SHARES USED TO COMPUTE NET INCOME (LOSS) PER COMMON SHARE:
Basic	249,499	228,356	247,276	227,212
Diluted	261,471	228,356	261,524	227,212
Collaboration Revenues [Member]
Revenues [Abstract]
Total revenues	$ 943	$ 2,532	$ 2,518	$ 3,802
Royalties, License and Other Revenues [Member]
Revenues [Abstract]
Total revenues	$ 126	$ 233	$ 276	$ 465

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to Lineage	$ 1,482	$ (30,464)	$ (3,330)	$ (34,603)
Net income (loss) attributable to noncontrolling interest	62	100	85	96
Adjustments to reconcile net loss attributable to Lineage Cell Therapeutics, Inc. to net cash used in operating activities:
Issuance costs for common stock warrant liabilities			0	183
Loss on impairment of intangible asset	0	14,840	0	14,840
(Gain) loss on marketable equity securities, net	0	2	(24)	7
Accretion of income on marketable debt securities			(262)	(10)
Depreciation and amortization expense	187	171	375	335
Change in right-of-use assets and liabilities			54	(88)
Stock-based compensation			2,773	2,455
Change in fair value of warrant liability	(9,443)	12,740	(11,767)	10,435
Foreign currency remeasurement			(773)	(1,455)
Loss on disposal of assets			31	0
Changes in operating assets and liabilities:
Accounts receivable			173	381
Prepaid expenses and other current assets			1,088	1,271
Accounts payable and accrued liabilities			(2,052)	(459)
Deferred revenue			(1,693)	(3,813)
Net cash used in operating activities			(15,322)	(10,425)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable debt securities			(18,663)	0
Maturities of marketable debt securities			20,460	2,000
Purchase of equipment			(163)	(111)
Net cash provided by investing activities			1,634	1,889
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from employee options exercised			233	0
Proceeds from exercise of warrants			5,388	0
Common shares received and retired for employee taxes paid			(40)	(15)
Payment of financed insurance premium			0	(452)
Payment of finance lease liabilities			(23)	(28)
Net cash provided by financing activities			10,027	4,737
Effect of exchange rate changes on cash, cash equivalents and restricted cash			254	220
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			(3,407)	(3,579)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
At beginning of the period			41,324	46,354
At end of the period	37,917	42,775	37,917	42,775
SUPPLEMENTAL DISCLOSURES
Cash paid for interest			2	23
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING AND INVESTINGACTIVITIES:
Property and equipment expenditures in accounts payable			105	1
Financing costs in accounts payable and accrued liabilities			15	0
Fair value of warrant liability recognized upon issuance in registered direct financing			0	2,205
Derivative warrant liability reclassified to equity on exercise of warrants			7,442	0
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD:
Cash and cash equivalents	37,355	42,271	37,355	42,271
Restricted cash included in deposits and other long-term assets (see Note 13 (Commitments and Contingencies))	562	504	562	504
Total cash, cash equivalents, and restricted cash	$ 37,917	$ 42,775	37,917	42,775
ATM [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common shares with warrants under registered direct financing, net of offering costs			4,469	0
Warrants Under Registered Direct Financing [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common shares with warrants under registered direct financing, net of offering costs			$ 0	$ 5,232

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

CURRENT ASSETS

Included within cash and cash equivalents

$ 37,355

$ 40,791

Marketable securities

13,474

14,990

Accounts receivable

790

891

Prepaid expenses and other current assets

1,351

2,485

Total current assets

52,970

59,157

NONCURRENT ASSETS

Property and equipment, net

2,517

2,566

Operating lease right-of-use assets

1,964

2,131

Deposits and other long-term assets

598

558

Goodwill

^[1]

10,672

Intangible assets, net

31,700

Deferred tax asset, net

5,799

5,800

TOTAL ASSETS

106,220

112,584

CURRENT LIABILITIES

Accounts payable and accrued liabilities

5,387

7,181

Operating lease liabilities, current portion

918

816

Finance lease liabilities, current portion

Deferred revenues, current portion

1,678

3,333

Total current liabilities

8,016

11,367

LONG-TERM LIABILITIES

Deferred tax liability, net

Deferred revenues, net of current portion

12,339

12,377

Operating lease liabilities, net of current portion

1,333

1,534

Finance lease liabilities, net of current portion

Warrant liabilities

24,697

43,906

TOTAL LIABILITIES

46,422

69,238

Commitments and contingencies (Note 13)

SHAREHOLDERS' EQUITY

Preferred shares, no par value, 2,000 shares authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025

Common shares, no par value, 450,000 shares authorized as of June 30, 2026 and December 31, 2025; 252,907 and 243,122 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

535,717

515,467

Accumulated other comprehensive loss

(4,473)

(3,920)

Accumulated deficit

(470,328)

(466,998)

Lineage's shareholders' equity

60,916

44,549

Noncontrolling deficit

(1,118)

(1,203)

Total shareholders’ equity

59,798

43,346

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 106,220

$ 112,584

[1]

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in connection with our acquisition of Asterias Biotherapeutics, Inc. (“Asterias”) in March 2019 (the “Asterias Merger”). The Company conducted a qualitative goodwill assessment for the second quarter of 2025 and took into consideration the impairment of the VAC indefinite-lived intangible asset. After assessing the totality of relevant events and circumstances, there was no impairment to the goodwill carrying value as of June 30, 2025, and through June 30, 2026, the Company has not recognized any goodwill impairment.