Lineage Cell Therapeutics, Inc. LCTX

Healthcare SIC 2836 - Biological Products, (No Diagnostic Substances) NYSE

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.

Last close 1.08 2026-09-04
Market cap $273.1M 2026-06-30 share count
52-week range 1.00 - 2.09

Valuation FY2025 figures against the last close

P/S18.8x
P/E
P/FCF
EV/EBITDA
Dividend yield
Diluted EPS-0.28

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -0.28-0.09-0.12-0.15-0.26-0.170.35
EPS, diluted -0.28-0.09-0.12-0.15-0.26-0.14-0.08-0.36-0.170.34
Shares, diluted (wtd. avg.) $230.1M$200.2M$172.7M$169.8M$164.5M$114.5M$99.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Others in SIC 2836

TickerCompanyMarket capP/ERevenue growth
AMGN AMGEN INC $236.38B 30.7x 10.0%
GILD GILEAD SCIENCES, INC. $187.23B 22.3x 2.4%
MRNA Moderna, Inc. $58.11B -39.9%
RVMD Revolution Medicines, Inc. $45.01B
BIIB BIOGEN INC. $32.60B 25.1x 2.2%
SCNI Scinai Immunotherapeutics Ltd. $25.80B 99.2%
NBIX NEUROCRINE BIOSCIENCES INC $15.82B 33.3x 21.4%
EXEL EXELIXIS, INC. $14.62B 21.2x 7.0%