Lineage Cell Therapeutics, Inc.

Listed Company

LCTXCIK 0000876343NYSENon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)CaliforniaFY ends Dec 31

Period

FY 2025

Revenue

$14.56M

Net Income

$-63.53M

Total Assets

$112.58M

Equity

$44.55M

Shares Out

249.09M

Op. Cash Flow

$-18.92M

Business

Lineage Cell Therapeutics, Inc. is a clinical-stage biotechnology company developing allogeneic (off-the-shelf) cell therapies for serious neurological and ophthalmic conditions. It designs, develops, manufactures and tests specialized human cells derived from pluripotent cell lines, including retinal pigment epithelial cells, oligodendrocyte progenitor cells, auditory neuron progenitors, photoreceptors and other engineered or hypoimmune lines. Its operations include research and preclinical programs, clinical-stage transplant programs, manufacturing and process development performed through its internal cGMP capabilities and majority-owned subsidiary. Lineage distributes investigational products to clinical sites and collaborates with pharmaceutical partners and research institutions for clinical development and services.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	15	9	9	15	—
Cost of royalties	146,000	334,000	—	—	—
Research and development	18	12	16	14	34
General and administrative	18	18	17	23	18
Loss on impairment of intangible asset (Note 6 and Note 13)	15	0	—	—	—
Total operating expenses	51	31	34	—	—
Loss from operations	−37	−21	−25	−23	−49
Interest income, net	2	2	2	829,000	—
Loss on marketable equity securities, net	−8,000	−8,000	−176,000	−2	—
Change in fair value of warrant liability	−36	2	0	225,000	—
Foreign currency transaction gain (loss), net	2	−269,000	−544,000	—	—
Other income (expense), net	−132,000	−670,000	542,000	−2	1
Total other income (expenses)	−32	3	1	−3	6
LOSS BEFORE INCOME TAXES	−69	−19	−23	−26	−43
Income tax benefit	5	0	2	−500,000	—
NET LOSS	−63	−19	−21	−26	−43
Net (income) loss attributable to noncontrolling interest	−166,000	−27,000	−7,000	80,000	251,000
NET LOSS ATTRIBUTABLE TO LINEAGE	−64	−19	−21	−26	−43
Net loss per common share attributable to Lineage basic	−0.28	−0.09	−0.12	−0.15	−0.26
Net loss per common share attributable to Lineage diluted	−0.28	−0.09	−0.12	−0.15	—
Weighted-average common shares used to compute net loss per common share, basic	230	200	173	170	165
Weighted-average common shares used to compute net loss per common share, diluted	230	200	173	170	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	41	46	35	11	56
Marketable securities	15	2	50,000	47	3
Accounts receivable	891,000	638,000	700,000	300,000	—
Prepaid expenses and other current assets	2	3	2	2	2
Total current assets	59	51	38	60	112
Property and equipment, net	3	2	2	6	5
Operating lease right-of-use assets	2	2	3	—	—
Deposits and other long-term assets	558,000	614,000	577,000	627,000	—
Goodwill	11	11	11	11	11
Intangible assets, net	32	47	47	47	47
Deferred tax asset, net	6	0	—	—	—
TOTAL ASSETS	113	113	101	124	175
Accounts payable and accrued liabilities	7	5	6	9	28
Operating lease liabilities, current portion	816,000	1	830,000	916,000	801,000
Finance lease liabilities, current portion	37,000	55,000	52,000	36,000	30,000
Deferred revenues, current portion	3	7	11	9	18
Total current liabilities	11	14	18	19	47
Deferred tax liability, net	22,000	273,000	273,000	2	2
Deferred revenues, net of current portion	12	14	19	28	32
Operating lease liabilities, net of current portion	2	1	2	3	2
Finance lease liabilities, net of current portion	32,000	67,000	91,000	84,000	30,000
Warrant liabilities	44	6	0	—	—
TOTAL LIABILITIES	69	36	39	52	84
Commitments and contingencies (Note 13)	—	—	—	—	—
Preferred shares, no par value, 2,000 shares authorized; none issued and outstanding as of December 31, 2025 and 2024	—	—	—	—	—
Common shares, no par value, 450,000 shares authorized as of December 31, 2025 and 2024; 243,122 and 220,416 shares issued and outstanding as of December 31, 2025 and 2024, respectively	515	485	451	440	435
Accumulated other comprehensive loss	−4	−3	−3	−4	−5
Accumulated deficit	−467	−403	−385	−363	−337
Lineage's shareholders' equity	45	78	63	73	92
Noncontrolling deficit	−1	−1	−1	−1	−1
Total shareholders equity	43	77	62	72	91
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	113	113	101	124	175

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Issuance costs for common stock warrant liabilities	183,000	688,000	0	—	—
Accretion of income on marketable debt securities	−44,000	−229,000	−679,000	−501,000	—
Depreciation and amortization expense	699,000	587,000	562,000	582,000	—
Change in right-of-use assets and liabilities	−58,000	−42,000	91,000	−35,000	14,000
Amortization of intangible assets	0	22,000	130,000	100,000	210,000
Stock-based compensation	5	5	5	4	4
Deferred income tax benefit	−5	0	−2	0	—
Foreign currency remeasurement	−2	273,000	—	—	—
Accounts receivable	−316,000	106,000	−446,000	50	−857,000
Prepaid expenses and other current assets	46,000	489,000	−418,000	446,000	−72,000
Accounts payable and accrued liabilities	2	−2	−2	−19	22
Deferred revenue	−6	−8	−8	−13	—
Net cash used in operating activities	−19	−23	−29	1	−24
Proceeds from the sale of marketable equity securities	0	18,000	196,000	0	—
Purchases of marketable debt securities	−15	−9	−16	−53	—
Maturities of marketable debt securities	2	7	63	8	—
Purchase of equipment	−522,000	−565,000	−674,000	−413,000	−340,000
Net cash used in investing activities	−13	−2	46	−46	10
Proceeds from employee options exercised	1	229,000	88,000	648,000	7
Proceeds from exercise of warrants	319,000	0	0	991,000	—
Common shares received and retired for employee taxes paid	−16,000	−23,000	−37,000	−17,000	—
Payment of financed insurance premium	−684,000	−171,000	0	—	—
Payment of finance lease liabilities	−59,000	−54,000	−54,000	−32,000	—
Net cash provided by financing activities	27	36	6	2	37
Effect of exchange rate changes on cash, cash equivalents and restricted cash	396,000	−95,000	−250,000	−873,000	—
NET DECREASE (INCREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	−5	10	24	−44	23
Cash paid for interest	29,000	9,000	10,000	13,000	13,000
Financing costs in accounts payable and accrued liabilities	3,000	179,000	0	—	—
Fair value of warrant liability recognized upon issuance in registered direct financing	2	8	0	—	—
Financed insurance premium	0	855,000	0	—	—

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