Lineage Cell Therapeutics, Inc. LCTX
We are a clinical-stage biotechnology company developing cell replacement therapies to treat serious medical conditions. Certain diseases and medical events can arise from the loss of critical cellular activity and lead to devastating or difficult-to-treat conditions or impairments. Our work is grounded in the emerging evidence that replacing or supporting those cells that have become dysfunctional or "lost" (destroyed or dead) can restore or replenish normal function and improve treatment and recovery paradigms. We call this approach "Replace and Restore". We believe cellular therapies aimed at entirely replacing dysfunctional or destroyed cells may have more durable, broader, or suitable applicability than traditional pharmaceutical products, which often seek to affect just a single molecular target or group of biological pathways. Transplantation of replacement cells represents an emerging branch of medicine, and we believe we are uniquely positioned to capitalize on its opportunities by demonstrating the value of administering mature, differentiated cells to patients. We are developing a portfolio of assets based on this mechanism and our most clinically-advanced program to date is OpRegen (RG6501), an allogeneic retinal pigmented epithelial (RPE) cell replacement therapy currently in Phase 2a development under a worldwide collaboration with F. Hoffman-La Roche Ltd. and Genentech, Inc., a member of the Roche Group (collectively or individually, "Roche" or "Genentech"), for the treatment of geographic atrophy (GA) secondary to dry-AMD.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.6M | $9.5M | $8.9M | $14.7M | $4.3M | $1.8M | $3.5M | $5.0M | $3.5M | $5.9M |
| Cost of revenue | — | $334.0K | $671.0K | $728.0K | $1.4M | $385.0K | $412.0K | $302.0K | $168.0K | $358.0K |
| Gross profit | — | $9.2M | $8.3M | $14.0M | $2.9M | $1.4M | $3.1M | $4.7M | $3.3M | $5.6M |
| R&D | $17.7M | $12.5M | $15.7M | $14.0M | $33.9M | $12.3M | $17.9M | $21.0M | $24.0M | $36.1M |
| SG&A | $18.5M | $18.2M | $17.3M | $22.5M | $18.2M | $15.6M | $24.0M | $24.7M | $19.9M | $28.4M |
| Total operating expenses | $51.2M | $31.0M | $33.7M | $36.5M | $52.1M | $27.9M | $42.0M | $46.5M | $43.9M | $64.5M |
| Operating income | -$36.6M | -$21.5M | -$24.7M | -$22.5M | -$49.2M | -$26.4M | -$38.9M | -$41.8M | -$38.9M | -$59.0M |
| Interest expense | — | — | — | $829.0K | $2.0K | $1.0M | — | — | — | — |
| Pre-tax income | -$68.6M | -$18.6M | -$23.3M | -$25.8M | -$43.3M | -$21.9M | -$19.2M | -$47.1M | -$23.3M | $18.6M |
| Income tax | $5.3M | $0 | $1.8M | $541.0K | — | $1.2M | $7.4M | $346.0K | — | — |
| Net income | -$63.5M | -$18.6M | -$21.5M | -$26.3M | -$43.0M | -$20.6M | -$11.7M | -$46.0M | -$20.0M | $33.6M |
| EPS, basic | -0.28 | -0.09 | -0.12 | -0.15 | -0.26 | — | — | — | -0.17 | 0.35 |
| EPS, diluted | -0.28 | -0.09 | -0.12 | -0.15 | -0.26 | -0.14 | -0.08 | -0.36 | -0.17 | 0.34 |
| Shares, diluted (wtd. avg.) | $230.1M | $200.2M | $172.7M | $169.8M | $164.5M | — | — | — | $114.5M | $99.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $40.8M | $45.8M | $36.0M | $11.9M | $56.3M | $32.6M | $9.5M | $23.6M | $36.8M | $22.1M |
| Short-term investments | $15.0M | $2.0M | $50.0K | $46.5M | $2.6M | $9.0M | $21.2M | $7.2M | $1.3M | — |
| Receivables | $891.0K | $638.0K | $745.0K | $297.0K | — | — | $44.0K | $51.0K | $139.0K | $344.0K |
| Total current assets | $59.2M | $51.0M | $38.4M | $60.0M | $111.5M | $44.0M | $57.5M | $36.4M | $42.6M | $25.6M |
| Property, plant and equipment | $2.6M | $2.3M | $2.2M | $5.7M | $4.9M | $5.6M | $8.2M | $5.8M | $5.5M | $5.5M |
| Goodwill | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | — | — | — |
| Other intangibles | $31.7M | $46.5M | $46.6M | $46.7M | $46.8M | $47.0M | $48.2M | $3.1M | $6.9M | $10.2M |
| Total assets | $112.6M | $113.2M | $101.0M | $123.7M | $174.5M | $107.9M | $125.5M | $101.7M | $173.2M | $142.6M |
| Accounts payable | $2.3M | $1.2M | $2.0M | $2.4M | $3.5M | $2.6M | $2.4M | $2.4M | $938.0K | $1.6M |
| Total current liabilities | $11.4M | $14.0M | $18.0M | $19.0M | $47.1M | $7.8M | $6.5M | $6.8M | $6.9M | $8.8M |
| Total liabilities | $69.2M | $36.2M | $39.0M | $51.7M | $83.6M | $12.8M | $14.2M | $9.4M | $9.0M | $12.1M |
| Retained earnings | -$467.0M | -$403.5M | -$384.9M | -$363.4M | -$337.1M | -$294.1M | -$273.4M | -$261.9M | -$216.3M | -$196.3M |
| Total equity | $44.5M | $78.4M | $62.0M | $71.9M | $90.9M | $95.1M | $111.2M | $92.2M | $164.3M | $130.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18.9M | -$23.1M | -$28.6M | $1.1M | -$23.6M | -$19.8M | -$31.9M | -$30.9M | -$30.5M | -$42.3M |
| Depreciation and amortisation | — | — | — | $582.0K | $663.0K | $823.0K | $1.0M | $1.1M | $947.0K | $1.2M |
| Stock-based compensation | $4.8M | $5.1M | $4.6M | $4.3M | $3.5M | $2.2M | $3.6M | $5.4M | $3.9M | $8.0M |
| Capital expenditure | $522.0K | $565.0K | $674.0K | $413.0K | $340.0K | $64.0K | $440.0K | $556.0K | $1.3M | $2.2M |
| Investing cash flow | -$13.5M | -$2.3M | $46.4M | -$46.2M | $9.7M | $13.0M | $17.0M | $11.8M | -$10.2M | -$10.9M |
| Financing cash flow | $26.9M | $35.9M | $6.4M | $1.6M | $36.9M | $29.9M | $617.0K | $5.8M | $55.4M | $32.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-191556.
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