Lineage Cell Therapeutics, Inc. LCTX

Healthcare SIC 2836 - Biological Products, (No Diagnostic Substances) NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Biological Product (except Diagnostic) Manufacturing derived 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 1.00 2026-10-23
Market cap $252.9M 2026-06-30 share count
52-week range 0.88 - 2.09

Valuation FY2025 figures against the last close

P/S17.4x
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.) 230.1M200.2M172.7M169.8M164.5M———114.5M99.6M

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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -75M -50M -25M 0 25M 50M Revenue, FY2016: 5.9M Gross profit, FY2016: 5.6M Net income, FY2016: 33.6M Revenue, FY2017: 3.5M Gross profit, FY2017: 3.3M Net income, FY2017: -20M Revenue, FY2018: 5M Gross profit, FY2018: 4.7M Net income, FY2018: -46M Revenue, FY2019: 3.5M Gross profit, FY2019: 3.1M Net income, FY2019: -11.7M Revenue, FY2020: 1.8M Gross profit, FY2020: 1.4M Net income, FY2020: -20.6M Revenue, FY2021: 4.3M Gross profit, FY2021: 2.9M Net income, FY2021: -43M Revenue, FY2022: 14.7M Gross profit, FY2022: 14M Net income, FY2022: -26.3M Revenue, FY2023: 8.9M Gross profit, FY2023: 8.3M Net income, FY2023: -21.5M Revenue, FY2024: 9.5M Gross profit, FY2024: 9.2M Net income, FY2024: -18.6M Revenue, FY2025: 14.6M Net income, FY2025: -63.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $5.9M $3.5M $5.0M $3.5M $1.8M $4.3M $14.7M $8.9M $9.5M $14.6M
Gross profit $5.6M $3.3M $4.7M $3.1M $1.4M $2.9M $14.0M $8.3M $9.2M —
Net income $33.6M -$20.0M -$46.0M -$11.7M -$20.6M -$43.0M -$26.3M -$21.5M -$18.6M -$63.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event Item 8.01
  • Other event Item 8.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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