Lineage Cell Therapeutics Reports Second Quarter 2024 Financial Results and Provides Business Update
Lineage Cell Therapeutics reported its second quarter 2024 financial results, marking significant developments and collaborations. The company highlighted the ongoing Phase 2a study of OpRegen® for geographic atrophy in partnership with Roche and Genentech, showcasing positive 24-month visual acuity data. They initiated services under a new agreement with Genentech, and continued preparations for the OPC1 spinal cord injury clinical study.
Financially, Lineage posted a net loss of $5.8 million, or $0.03 per share, with revenues dropping to $1.4 million from $3.2 million YoY. Operating expenses decreased to $7.3 million, driven by lower R&D expenses. The company held $38.5 million in cash and equivalents, expected to fund operations into Q4 2025.
Key events included clinical data presentations, the 2nd Annual Spinal Cord Injury Investor Symposium, and continued inclusion in the Russell 3000® Index.
Lineage Cell Therapeutics ha riportato i suoi risultati finanziari per il secondo trimestre del 2024, evidenziando sviluppi e collaborazioni significative. L'azienda ha messo in luce lo studio in fase 2a di OpRegen® per l'atrofia geografica in collaborazione con Roche e Genentech, mostrando dati positivi sulla acuità visiva a 24 mesi. Hanno avviato servizi sotto un nuovo accordo con Genentech e continuato i preparativi per lo studio clinico OPC1 relativo alle lesioni del midollo spinale.
Dal punto di vista finanziario, Lineage ha registrato una perdita netta di $5,8 milioni, ovvero $0,03 per azione, con i ricavi che sono scesi a $1,4 milioni rispetto ai $3,2 milioni dell'anno precedente. Le spese operative sono diminuite a $7,3 milioni, grazie a spese per R&S ridotte. L'azienda detiene $38,5 milioni in contante e equivalenti, che si prevede finanzieranno le operazioni fino al quarto trimestre del 2025.
Tra gli eventi chiave ci sono state presentazioni di dati clinici, il 2° Simposio annuale per investitori sulle lesioni del midollo spinale e il continuo inserimento nell'indice Russell 3000®.
Lineage Cell Therapeutics informó sus resultados financieros del segundo trimestre de 2024, destacando desarrollos y colaboraciones significativas. La compañía puso de relieve el estudio en fase 2a de OpRegen® para la atrofia geográfica en colaboración con Roche y Genentech, mostrando datos positivos de agudeza visual a 24 meses. Iniciaron servicios bajo un nuevo acuerdo con Genentech y continuaron con los preparativos para el estudio clínico OPC1 sobre lesiones de la médula espinal.
Financieramente, Lineage registró una pérdida neta de $5.8 millones, o $0.03 por acción, con ingresos que cayeron a $1.4 millones desde $3.2 millones en el año anterior. Los gastos operativos disminuyeron a $7.3 millones, impulsados por menores gastos de I+D. La empresa tenía $38.5 millones en efectivo y equivalentes, que se espera que financien operaciones hasta el cuarto trimestre de 2025.
Los eventos clave incluyeron presentaciones de datos clínicos, el 2° Simposio Anual de Inversores sobre Lesiones de la Médula Espinal, y la continua inclusión en el índice Russell 3000®.
라인이지 셀 테라퓨틱스(Lineage Cell Therapeutics)는 2024년 2분기 재무 결과를 발표하며 상당한 발전과 협력을 강조했습니다. 회사는 로슈(Roche) 및 제넨텍(Genentech)과 협력하여 오프레젠(OpRegen®)의 지리적 위축에 대한 진행 중인 2a상 연구를 부각시키며 24개월 시각 예측 데이터의 긍정적인 결과를 보여주었습니다. 그들은 제넨텍과의 새로운 계약에 따라 서비스를 시작하였으며 OPC1 척수 손상 임상 연구를 위한 준비를 지속하고 있습니다.
재무적으로, 라인이지는 $5.8백만의 순손실을 보고하였으며, 주당 $0.03의 손실을 기록했습니다. 연간 매출은 $3.2백만에서 $1.4백만으로 감소했습니다. 운영 비용은 R&D 비용 감소에 힘입어 $7.3백만으로 줄었습니다. 회사는 $38.5백만의 현금 및 현금성 자산을 보유하고 있으며, 이는 2025년 4분기까지 운영을 지원할 것으로 예상됩니다.
주요 이벤트에는 임상 데이터 발표, 제2회 척수 손상 투자자 심포지엄과 러셀 3000® 지수에 지속적으로 포함되는 것이 포함되었습니다.
Lineage Cell Therapeutics a rapporté ses résultats financiers pour le deuxième trimestre 2024, marquant des développements et des collaborations significatifs. La société a mis en avant l'étude de phase 2a de OpRegen® pour l'atrophie géographique en partenariat avec Roche et Genentech, présentant des données positives sur l'acuité visuelle à 24 mois. Ils ont initié des services dans le cadre d'un nouvel accord avec Genentech et ont poursuivi les préparatifs pour l'étude clinique OPC1 concernant les lésions de la moelle épinière.
Financièrement, Lineage a enregistré une perte nette de 5,8 millions de dollars, soit 0,03 dollar par action, avec des revenus en baisse à 1,4 million de dollars contre 3,2 millions de dollars l'année précédente. Les dépenses d'exploitation ont diminué à 7,3 millions de dollars, soutenues par des dépenses en R&D réduites. L'entreprise disposait de 38,5 millions de dollars en liquidités et équivalents, qui devraient financer ses opérations jusqu'au quatrième trimestre 2025.
Parmi les événements clés, on compte des présentations de données cliniques, le 2e Symposium Annuel des Investisseurs sur les Lésions de la Moelle Épinière, et l'inclusion continue dans l'indice Russell 3000®.
Lineage Cell Therapeutics hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und bedeutende Entwicklungen sowie Kooperationen hervorgehoben. Das Unternehmen betonte die laufende Phase-2a-Studie von OpRegen® zur geografischen Atrophie in Zusammenarbeit mit Roche und Genentech, die positive Daten zur visuellen Schärfe nach 24 Monaten zeigt. Sie haben Dienstleistungen im Rahmen einer neuen Vereinbarung mit Genentech gestartet und die Vorbereitungen für die klinische Studie OPC1 zur Verletzung des Rückenmarks fortgesetzt.
Finanziell verzeichnete Lineage einen Nettoverlust von $5,8 Millionen, was $0,03 pro Aktie entspricht, während die Einnahmen von $3,2 Millionen auf $1,4 Millionen im Jahresvergleich sanken. Die Betriebskosten sanken auf $7,3 Millionen, was durch niedrigere F&E-Ausgaben bedingt war. Das Unternehmen verfügte über $38,5 Millionen an liquiden Mitteln, die voraussichtlich die Geschäfte bis ins vierte Quartal 2025 finanzieren werden.
Wichtige Ereignisse umfassten Präsentationen klinischer Daten, das 2. Jährliche Symposium für Investoren zu Rückenmarksverletzungen und die kontinuierliche Aufnahme in den Russell 3000® Index.
- Initiated activities under new agreement with Genentech for OpRegen®.
- Maintained inclusion in Russell 3000® Index.
- Positive 24-month visual acuity data for OpRegen®.
- Hosted 2nd Annual Spinal Cord Injury Investor Symposium.
- Cash and equivalents of $38.5 million, supporting operations into Q4 2025.
- Net loss of $5.8 million, or $0.03 per share.
- Revenue drop to $1.4 million from $3.2 million YoY.
- Increased net loss from operations to $5.9 million.
- Reduction in collaboration and licensing revenue.
Insights
Lineage Cell Therapeutics' Q2 2024 results show a mixed financial picture. Revenue decreased to
The company's cash position of
Lineage's Q2 update highlights significant progress in its cell therapy pipeline. The OpRegen program for geographic atrophy (GA) shows promising 24-month data, with a mean BCVA gain of 5.5 letters in Cohort 4 patients. This suggests potential long-term benefits from a single administration, a key advantage in cell therapies.
The expanded collaboration with Roche/Genentech, including a new services agreement, demonstrates external validation of Lineage's technology. The OPC1 program for spinal cord injury is advancing towards clinical trials, addressing a high-unmet need area. While financial results are mixed, the company's focus on cell transplant expertise and cGMP capabilities positions it well in the evolving regenerative medicine landscape. Investors should watch for upcoming clinical milestones, particularly in the OpRegen Phase 2a study.
- 24 Month Visual Acuity Benefits from a Single Administration with OpRegen® Reported at 2024 Retinal Cell & Gene Therapy Innovation Summit
- Supported OpRegen for Geographic Atrophy in Phase 2a Study in Collaboration with Roche and Genentech
- Initiated Activities Under Recently Established Services Agreement with Genentech to Support Ongoing Development of OpRegen Program
- OPC1 Clinical Study Start Up Preparations Ongoing
- Hosted 2nd Annual Spinal Cord Injury Investor Symposium
“The second quarter was highlighted by clinical and preclinical execution alongside expanded awareness and data updates on our lead program,” stated Brian M. Culley, Lineage CEO. “As the cell transplant field expands and continues to deliver exciting clinical outcomes, we are excited about our validating partnership and the collective expertise of the team at Roche and Genentech, as well as their ongoing leadership of the OpRegen program through presentations at scientific conferences and internal thought leader events, including Roche’s Virtual Ophthalmology Day, hosted just last month. We continue to support the ongoing Phase 2a clinical study and also have initiated activities under the recently established services agreement with Genentech, enabling our partners to take advantage of our cell transplant expertise to more fully investigate the potential of the OpRegen program. In parallel, we are focused on activities in support of returning our second cell transplant program, OPC1, into the clinic this year for the treatment of spinal cord injury, a condition with growing awareness of its unmet need and commercial opportunity.”
“Importantly, our continued inclusion within the Russell 3000® Index, can help our efforts to broaden investor awareness of, and support for, Lineage as a uniquely positioned cell transplant company, one with a pharma-validated lead program and a platform technology of internally-owned clinical and preclinical assets, which is focused on growing our internally-owned cGMP capabilities in support of process and intellectual property development,” added Mr. Culley.
Recent Operational Highlights
-
RG6501 (OpRegen)
- Continued execution under our collaboration with Roche and Genentech, a member of the Roche Group, across multiple functional areas, including support for the ongoing Phase 2a clinical study in patients with geographic atrophy (GA) secondary to age-related macular degeneration (AMD).
- Initiated activities under recently established services agreement with Genentech to support ongoing development of OpRegen. Lineage is providing additional clinical, technical, training and manufacturing services, fully funded by Genentech, that further support the ongoing advancement and optimization of the OpRegen program and include: (i) activities to support the ongoing Phase 1/2a study and currently-enrolling Phase 2a study; and (ii) additional technical training and materials related to Lineage’s cell therapy technology platform to support commercial manufacturing strategies.
-
Positive clinical data from long-term follow-up of patients from the Phase 1/2a clinical study of OpRegen presented by David Telander, MD, PhD, Retinal Consultants Medical Group, at the 2024 Retinal Cell & Gene Therapy Innovation Summit.
- Mean best corrected visual acuity (BCVA) gain of 5.5 letters at 24 months (n=10) in Cohort 4 patients (less advanced GA)
- Mean BCVA gains greater among patients with improvement in outer retinal structure (n=5, +7.4 letters)
- Maintenance or increases in external limiting membrane (ELM) and retinal pigment epithelium (RPE) layer area at 24 months observed in patients with extensive coverage of OpRegen across the areas of GA (n=5)
- Data suggest OpRegen may counteract RPE cell dysfunction and cell loss in patients with GA by providing support to remaining retinal cells, with multi-year effects observed following a single administration
-
Preclinical results from a surgical development study of OpRegen presented by Rachel N. Andrews, DVM, PhD, DACVP, Genentech, a member of the Roche Group, at 2024 Association for Research in Vision and Ophthalmology Annual Meeting (2024 ARVO).
-
OPC1
- DOSED (Delivery of Oligodendrocyte Progenitor Cells for Spinal Cord Injury: Evaluation of a Novel Device) clinical study for the treatment of subacute and chronic spinal cord patient start-up activities continue.
- Hosted the 2nd Annual Spinal Cord Injury Investor Symposium, in partnership with the Christopher & Dana Reeve Foundation.
Balance Sheet Highlights
Cash, cash equivalents, and marketable securities of
Second Quarter Operating Results
Revenues: Lineage’s revenue is generated primarily from collaboration revenues and royalties. Total revenues for the three months ended June 30, 2024 were
Operating Expenses: Operating expenses are comprised of research and development (R&D) expenses and general and administrative (G&A) expenses. Total operating expenses for the three months ended June 30, 2024 were
R&D Expenses: R&D expenses for the three months ended June 30, 2024 were
G&A Expenses: G&A expenses for the three months ended June 30, 2024 were approximately
Loss from Operations: Loss from operations for the three months ended June 30, 2024 were
Other Income/(Expenses): Other income (expenses) for the three months ended June 30, 2024 reflected other income of
Net Loss Attributable to Lineage: The net loss attributable to Lineage for the three months ended June 30, 2024 was
Conference Call and Webcast
Interested parties may access the conference call on August 8th, 2024, by dialing (800) 715-9871 from the
About Lineage Cell Therapeutics, Inc.
Lineage Cell Therapeutics is a clinical-stage biotechnology company developing novel or "off-the-shelf," cell therapies to address unmet medical needs. Lineage’s programs are based on its proprietary cell-based technology platform and associated development and manufacturing capabilities. From this platform, Lineage designs, develops, manufactures, and tests specialized human cells with anatomical and physiological functions similar or identical to cells found naturally in the human body. These cells are created by applying directed differentiation protocols to established, well-characterized, and self-renewing pluripotent cell lines. These protocols generate cells with characteristics associated with specific and desired developmental lineages. Cells derived from such lineages are transplanted into patients in an effort to replace or support cells that are absent or dysfunctional due to degenerative disease, aging, or traumatic injury, and to restore or augment the patient's functional activity. Lineage’s neuroscience focused pipeline currently includes: (i) OpRegen, a retinal pigment epithelial cell therapy in Phase 2a development under a worldwide collaboration with Roche and Genentech, a member of the Roche Group, for the treatment of geographic atrophy secondary to age-related macular degeneration; (ii) OPC1, an oligodendrocyte progenitor cell therapy in Phase 1/2a development for the treatment of spinal cord injuries; (iii) ANP1, an auditory neuronal progenitor cell therapy for the potential treatment of auditory neuropathy; (iv) PNC1, a photoreceptor neural cell therapy for the potential treatment of vision loss due to photoreceptor dysfunction or damage; and (v) RND1, a novel hypoimmune induced pluripotent stem cell line being developed in collaboration with Eterna Therapeutics Inc. For more information, please visit www.lineagecell.com or follow the company on X/Twitter @LineageCell.
Forward-Looking Statements
Lineage cautions you that all statements, other than statements of historical facts, contained in this press release, are forward-looking statements. Forward-looking statements, in some cases, can be identified by terms such as “believe,” “aim,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect,” “could,” “can,” “plan,” “potential,” “predict,” “seek,” “should,” “would,” “contemplate,” “project,” “target,” “tend to,” or the negative version of these words and similar expressions. Lineage’s forward-looking statements are based upon its current expectations and beliefs and involve assumptions that may never materialize or may prove to be incorrect. Such statements include, but are not limited to, statements relating to: the benefits of our new services agreement with Genentech and its impact on advancing the OpRegen program; the commencement of the DOSED clinical study for OPC1; that our cash, cash equivalents and marketable securities is sufficient to support our planned operations into the fourth quarter of 2025; the impacts to Lineage of our continued inclusion within the Russell 3000 Index; and the potential of our platform technology and/or manufacturing capabilities to create value. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Lineage’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including, but not limited to, the following risks: that we may need to allocate our cash to unexpected events and expenses causing us to use our cash, cash equivalents and marketable securities more quickly than expected; that clinical trials of our product candidates may not commence, progress or be completed as expected due to many factors within and outside of our control; that positive findings in early clinical and/or nonclinical studies of a product candidate may not be predictive of success in subsequent clinical and/or nonclinical studies of that candidate; that OpRegen may never be proven to provide durable anatomical functional improvements in dry-AMD patients, that competing alternative therapies may adversely impact the commercial potential of OpRegen; that Roche and Genentech may not successfully advance OpRegen or be successful in completing further clinical trials for OpRegen and/or obtaining regulatory approval for OpRegen in any particular jurisdiction; that the ongoing Israel-Hamas war may materially and adversely impact our manufacturing processes, including cell banking and product manufacturing for our cell therapy product candidates, all of which are conducted by our subsidiary in
LINEAGE CELL THERAPEUTICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED) |
||||||||
|
|
June 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
|
||||
CURRENT ASSETS |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
29,622 |
|
|
$ |
35,442 |
|
Marketable securities |
|
|
8,874 |
|
|
|
50 |
|
Accounts receivable, net |
|
|
235 |
|
|
|
745 |
|
Prepaid expenses and other current assets |
|
|
1,659 |
|
|
|
2,204 |
|
Total current assets |
|
|
40,390 |
|
|
|
38,441 |
|
|
|
|
|
|
||||
NONCURRENT ASSETS |
|
|
|
|
||||
Property and equipment, net |
|
|
2,018 |
|
|
|
2,245 |
|
Operating lease right-of-use assets |
|
|
2,584 |
|
|
|
2,522 |
|
Deposits and other long-term assets |
|
|
598 |
|
|
|
577 |
|
Goodwill |
|
|
10,672 |
|
|
|
10,672 |
|
Intangible assets, net |
|
|
46,540 |
|
|
|
46,562 |
|
TOTAL ASSETS |
|
$ |
102,802 |
|
|
$ |
101,019 |
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
||||
CURRENT LIABILITIES |
|
|
|
|
||||
Accounts payable and accrued liabilities |
|
$ |
5,018 |
|
|
$ |
6,270 |
|
Operating lease liabilities, current portion |
|
|
1,069 |
|
|
|
830 |
|
Finance lease liabilities, current portion |
|
|
46 |
|
|
|
52 |
|
Deferred revenues, current portion |
|
|
9,142 |
|
|
|
10,808 |
|
Total current liabilities |
|
|
15,275 |
|
|
|
17,960 |
|
|
|
|
|
|
||||
LONG-TERM LIABILITIES |
|
|
|
|
||||
Deferred tax liability |
|
|
273 |
|
|
|
273 |
|
Deferred revenues, net of current portion |
|
|
18,543 |
|
|
|
18,693 |
|
Operating lease liabilities, net of current portion |
|
|
1,768 |
|
|
|
1,979 |
|
Finance lease liabilities, net of current portion |
|
|
68 |
|
|
|
91 |
|
TOTAL LIABILITIES |
|
|
35,927 |
|
|
|
38,996 |
|
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
|
||||
|
|
|
|
|
||||
SHAREHOLDERS’ EQUITY |
|
|
|
|
||||
Preferred shares, no par value, 2,000 shares authorized; none issued and outstanding as of June 30, 2024 and December 31, 2023 |
|
|
— |
|
|
|
— |
|
Common shares, no par value, 450,000 shares authorized as of June 30, 2024 and December 31, 2023; 188,824 and 174,987 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively |
|
|
467,928 |
|
|
|
451,343 |
|
Accumulated other comprehensive loss |
|
|
(2,470 |
) |
|
|
(3,068 |
) |
Accumulated deficit |
|
|
(397,158 |
) |
|
|
(384,856 |
) |
Lineage's shareholders’ equity |
|
|
68,300 |
|
|
|
63,419 |
|
Noncontrolling deficit |
|
|
(1,425 |
) |
|
|
(1,396 |
) |
Total shareholders’ equity |
|
|
66,875 |
|
|
|
62,023 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
102,802 |
|
|
$ |
101,019 |
|
LINEAGE CELL THERAPEUTICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
REVENUES: |
|
|
|
|
|
|
|
|
||||||||
Collaboration revenues |
|
$ |
1,098 |
|
|
$ |
2,871 |
|
|
$ |
2,285 |
|
|
$ |
4,992 |
|
Royalties, license and other revenues |
|
|
310 |
|
|
|
354 |
|
|
|
567 |
|
|
|
619 |
|
Total revenues |
|
|
1,408 |
|
|
|
3,225 |
|
|
|
2,852 |
|
|
|
5,611 |
|
|
|
|
|
|
|
|
|
|
||||||||
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
||||||||
Cost of sales |
|
|
44 |
|
|
|
127 |
|
|
|
142 |
|
|
|
246 |
|
Research and development |
|
|
2,868 |
|
|
|
3,873 |
|
|
|
5,878 |
|
|
|
8,058 |
|
General and administrative |
|
|
4,363 |
|
|
|
4,249 |
|
|
|
9,360 |
|
|
|
8,973 |
|
Total operating expenses |
|
|
7,275 |
|
|
|
8,249 |
|
|
|
15,380 |
|
|
|
17,277 |
|
Loss from operations |
|
|
(5,867 |
) |
|
|
(5,024 |
) |
|
|
(12,528 |
) |
|
|
(11,666 |
) |
|
|
|
|
|
|
|
|
|
||||||||
OTHER INCOME (EXPENSES): |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
463 |
|
|
|
382 |
|
|
|
925 |
|
|
|
792 |
|
Loss on marketable equity securities, net |
|
|
(10 |
) |
|
|
(150 |
) |
|
|
(15 |
) |
|
|
(110 |
) |
Foreign currency transaction loss, net |
|
|
(378 |
) |
|
|
(497 |
) |
|
|
(732 |
) |
|
|
(969 |
) |
Other income |
|
|
19 |
|
|
|
86 |
|
|
|
19 |
|
|
|
543 |
|
Total other income (expenses) |
|
|
94 |
|
|
|
(179 |
) |
|
|
197 |
|
|
|
256 |
|
|
|
|
|
|
|
|
|
|
||||||||
LOSS BEFORE INCOME TAXES |
|
|
(5,773 |
) |
|
|
(5,203 |
) |
|
|
(12,331 |
) |
|
|
(11,410 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Provision for income tax benefit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,803 |
|
|
|
|
|
|
|
|
|
|
||||||||
NET LOSS |
|
|
(5,773 |
) |
|
|
(5,203 |
) |
|
|
(12,331 |
) |
|
|
(9,607 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net (income) loss attributable to noncontrolling interest |
|
|
13 |
|
|
|
(26 |
) |
|
|
29 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
||||||||
NET LOSS ATTRIBUTABLE TO LINEAGE |
|
$ |
(5,760 |
) |
|
$ |
(5,229 |
) |
|
$ |
(12,302 |
) |
|
$ |
(9,601 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net loss per common share attributable to Lineage basic and diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares used to compute basic and diluted net loss per common share |
|
|
188,813 |
|
|
|
170,592 |
|
|
|
185,861 |
|
|
|
170,361 |
|
LINEAGE CELL THERAPEUTICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) |
||||||||
|
|
Six Months Ended June 30, |
||||||
|
|
2024 |
|
2023 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
||||
Net loss attributable to Lineage |
|
$ |
(12,302 |
) |
|
$ |
(9,601 |
) |
Net loss attributable to noncontrolling interest |
|
|
(29 |
) |
|
|
(6 |
) |
Adjustments to reconcile net loss attributable to Lineage Cell Therapeutics, Inc. to net cash used in operating activities: |
|
|
|
|
||||
Loss on marketable equity securities, net |
|
|
15 |
|
|
|
110 |
|
Accretion of income on marketable debt securities |
|
|
(102 |
) |
|
|
(516 |
) |
Depreciation and amortization expense |
|
|
295 |
|
|
|
276 |
|
Change in right-of-use assets and liabilities |
|
|
(20 |
) |
|
|
81 |
|
Amortization of intangible assets |
|
|
22 |
|
|
|
65 |
|
Stock-based compensation |
|
|
2,432 |
|
|
|
2,311 |
|
Deferred income tax benefit |
|
|
— |
|
|
|
(1,803 |
) |
Foreign currency remeasurement and other loss |
|
|
767 |
|
|
|
1,011 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
508 |
|
|
|
(147 |
) |
Prepaid expenses and other current assets |
|
|
516 |
|
|
|
(270 |
) |
Accounts payable and accrued liabilities |
|
|
(1,245 |
) |
|
|
(3,941 |
) |
Deferred revenue |
|
|
(1,816 |
) |
|
|
(5,080 |
) |
Net cash used in operating activities |
|
|
(10,959 |
) |
|
|
(17,510 |
) |
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
||||
Proceeds from the sale of marketable equity securities |
|
|
18 |
|
|
|
— |
|
Purchases of marketable debt securities |
|
|
(8,761 |
) |
|
|
(12,635 |
) |
Maturities of marketable debt securities |
|
|
— |
|
|
|
47,664 |
|
Purchase of equipment |
|
|
(88 |
) |
|
|
(444 |
) |
Net cash (used in) provided by investing activities |
|
|
(8,831 |
) |
|
|
34,585 |
|
|
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
||||
Proceeds from employee options exercised |
|
|
219 |
|
|
|
80 |
|
Common shares received and retired for employee taxes paid |
|
|
(23 |
) |
|
|
(37 |
) |
Proceeds from sale of common shares |
|
|
14,070 |
|
|
|
5,789 |
|
Payments for offering costs |
|
|
(113 |
) |
|
|
(174 |
) |
Repayment of finance lease liabilities |
|
|
(27 |
) |
|
|
(29 |
) |
Net cash provided by financing activities |
|
|
14,126 |
|
|
|
5,629 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(158 |
) |
|
|
(192 |
) |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
|
(5,822 |
) |
|
|
22,512 |
|
|
|
|
|
|
||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: |
|
|
|
|
||||
At beginning of the period |
|
|
35,992 |
|
|
|
11,936 |
|
At end of the period |
|
$ |
30,170 |
|
|
$ |
34,448 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808545425/en/
Lineage Cell Therapeutics, Inc. IR
Ioana C. Hone
(ir@lineagecell.com)
(442) 287-8963
LifeSci Advisors
Daniel Ferry
(daniel@lifesciadvisors.com)
(617) 430-7576
Russo Partners – Media Relations
Nic Johnson or David Schull
(Nic.johnson@russopartnersllc.com)
(David.schull@russopartnersllc.com)
(212) 845-4242
Source: Lineage Cell Therapeutics, Inc.
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