Lineage Cell Therapeutics, Inc., a clinical-stage biotechnology company, developing cell replacement therapies to treat serious medical conditions in the United States and ...
Lineage Cell Therapeutics, Inc. (LCTX) is a clinical-stage biotechnology company headquartered in Carlsbad, California. Founded in 1990 and previously known as BioTime, Inc., the company changed its name to Lineage Cell Therapeutics in August 2019. The company is dedicated to developing 'off the shelf' allogeneic cell therapies, which are derived ...Lineage Cell Therapeutics, Inc. (LCTX) is a clinical-stage biotechnology company headquartered in Carlsbad, California. Founded in 1990 and previously known as BioTime, Inc., the company changed its name to Lineage Cell Therapeutics in August 2019. The company is dedicated to developing 'off the shelf' allogeneic cell therapies, which are derived from stem cells and intended for use in a wide range of patients without the need for immunosuppression. Its lead product candidates include OpRegen, a retinal pigment epithelium cell therapy in Phase 2a for the treatment of age-related macular degeneration, and OPC1, an oligodendrocyte progenitor cell therapy in Phase 1/2a for cervical spinal cord injuries. Additionally, the company is advancing preclinical programs such as ReSonance (ANP1) for sensorineural hearing loss, PNC1 for photoreceptor dysfunction, and LCT-CON for Type 1 diabetes. The company also engages in research on hypoimmune iPSC lines and strategic collaborations, including with Factor Bioscience for genetic engineering. Financially, Lineage has a market capitalization of approximately $274 million, with negative earnings and free cash flow. The company's revenue is minimal (TTM revenue per share of $0.052), and it relies on partnerships and capital raises to fund operations. Key leadership includes CEO Brian Culley, who joined in 2018. The company operates with a small team of 77 employees, emphasizing a lean approach to R&D. With a strong focus on unmet medical needs, Lineage continues to advance its pipeline, aiming to bring transformative cell therapies to patients.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$14.6M
+53.2%
-73.9%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-63.5M
-241.4%
-665.5%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+94.2%
-2.4%
-10.0%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-149.6%
+33.8%
-344.2%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-436.5%
-122.8%
-2266.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-19.4M
+17.8%
+11.6%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-133.6%
+46.4%
-238.6%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
5.4%
+69.3%
-15.1%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
5.20x
+42.6%
-4.1%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Welcome to the Lineage Cell Therapeutics First Q 26 Conference Call. At this time, all participants are in a listen only mode. An audio webcast of this call is available on the Investors section of Lineage website at www.lineagecell.com. This call is subject to copyright and is the property of Lineage Any recordings, reproductions, or transmissions of this call without the expressed written consent of Lineage are strictly prohibited. As a reminder, today's call is being recorded. I would now like to introduce your host for today's call, Ioana Hone, Head of Investor Relations at Lineage. Ms. Hone, please go ahead.
Ioana C. Hone: Thank you, Demi. Good afternoon, and thank you for joining us. A press release reporting our first quarter 26 financial results was issued earlier today, 05/12/2026, and can be found on the Investors section of our website. Please note that today's remarks and responses to your questions reflect management's views as of today only and will contain forward looking statements within the meaning of federal securities laws. Statements made during this discussion that are not statements of historical fact should be considered forward looking statements. Which are subject to significant risks and uncertainties. The company's actual results or performance may differ materially from the expectations indicated by such forward looking statements. For a discussion of certain factors that could cause the company's results or performance to differ, we refer you to the forward looking statements sections in today's press release and in the company's SEC filings including its most recent annual report on Form 10 and in the Form 10 Q filed today. We caution you not to place undue reliance on any forward looking statements which speak only as of today, and are qualified by the cautionary statements and risk factors described in our SEC filings. With us today are Brian Culley, our Chief Executive Officer and Jill Ann Howe, our Chief Financial Officer. I will now hand the call over to Brian.
Brian Culley: Thank you, Ioana, and good afternoon, everyone. We appreciate you taking the time to join us today. We have a lot of great things to cover. I am going to try and keep it short so that we can have plenty of time for analyst questions. I do definitely want to highlight the successful expansion of AlloSCOPE, our proprietary cell manufacturing platform, most notably because it led to the launch of COR1, our new wholly owned corneal endothelial cell transplant program, We also successfully met our first internal milestone with our ILT1 manufacturing initiative and established a new scientific advisory board and attracted and recognized established cell therapy executive as its founding member. But before I share those and other updates, I will begin with the status of our lead clinical program, OpRegen. Data we reported several years ago from the OpRegen Phase 1/2a clinical study included improved anatomy of the retina, halting or …