Lineage Cell Therapeutics, Inc.
LCTXHealthcare|Biotechnology|US
$1.02
+0.04 (+3.75%)
Tangible Book / Share
$0.07
Cash / Share
$0.20
Financials
Financial Snapshot
Market Cap
$258.0M
Enterprise Value
$222.9M
Revenue (TTM)
$13.1M
Net Income (TTM)
-$32.3M
Cash & Investments
$50.8M
Net Cash
$48.5M
Free Cash Flow (TTM)
-$23.9M
Operating CF (TTM)
-$23.8M
Debt/Equity
0.04
Cash Runway & Burn Rate
Cash on Hand
$50.8M
Quarterly Burn
$6.0M
Monthly Burn
$2.0M
Est. Runway
~8.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $22.7M | $38.2M | $30.7M | $30.7M | $41.6M | $58.4M | $57.9M | $35.5M | $47.8M | $55.8M | $50.8M | |
| Operating Cash Flow | -$42.3M | -$30.5M | -$30.9M | -$31.9M | -$19.8M | -$23.6M | $1.1M | -$28.6M | -$23.1M | -$18.9M | -$23.8M | |
| Free Cash Flow | -$44.9M | -$31.8M | -$34.2M | -$32.4M | -$19.8M | -$23.9M | $646.0K | -$29.2M | -$23.7M | -$19.4M | -$23.9M | |
| Capital Expenditure | -$2.5M | -$1.3M | -$3.3M | -$440.0K | -$64.0K | -$354.0K | -$413.0K | -$674.0K | -$565.0K | -$522.0K | -$123.0K | |
| Financing Cash Flow | $32.8M | $55.4M | $5.8M | $617.0K | $29.9M | $36.9M | $1.6M | $6.4M | $35.9M | $26.9M | $32.2M |
R&D Spending
R&D (TTM)
$20.5M
R&D Intensity
156.8%
R&D Growth vs Prior
+15.7%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3M | $1.8M | $1.4M | $1.5M | $773.0K | $3.9M | $14.7M | $8.9M | $9.5M | $14.6M | $13.1M | |
| R&D Expense | $36.1M | $24.0M | $21.0M | $17.9M | $12.3M | $33.9M | $14.0M | $15.7M | $12.5M | $17.7M | $20.5M | |
| R&D % of Revenue | 1603.3% | 1340.6% | 1479.9% | 1214.3% | 1593.4% | 870.5% | 95.1% | 175.6% | 131.3% | 121.8% | 156.8% | |
| SG&A | $28.4M | $19.9M | $24.7M | $24.0M | $15.6M | $18.2M | $22.5M | $17.3M | $18.2M | $18.5M | $19.3M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3M | $1.8M | $1.4M | $1.5M | $773.0K | $3.9M | $14.7M | $8.9M | $9.5M | $14.6M | $13.1M | |
| Cost of Revenue | $358.0K | $168.0K | $302.0K | $412.0K | $385.0K | $1.4M | $728.0K | $671.0K | $334.0K | $845.0K | $446.0K | |
| Gross Profit | $1.9M | $1.6M | $1.1M | $1.1M | $388.0K | $2.5M | $14.0M | $8.3M | $9.2M | $13.7M | $12.6M | |
| R&D | $36.1M | $24.0M | $21.0M | $17.9M | $12.3M | $33.9M | $14.0M | $15.7M | $12.5M | $17.7M | $20.5M | |
| SG&A | $28.4M | $19.9M | $24.7M | $24.0M | $15.6M | $18.2M | $22.5M | $17.3M | $18.2M | $18.5M | $19.3M | |
| Operating Income | -$59.0M | -$38.9M | -$41.8M | -$38.9M | -$26.4M | -$49.2M | -$22.5M | -$24.7M | -$21.5M | -$21.8M | -$26.9M | |
| Interest Expense | $747.0K | $692.0K | $10.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $18.6M | -$23.3M | -$47.1M | -$19.2M | -$21.9M | -$43.3M | -$25.8M | -$23.3M | -$18.6M | -$68.6M | -$37.4M | |
| Net Income | $33.6M | -$20.0M | -$46.0M | -$11.7M | -$20.6M | -$43.0M | -$26.3M | -$21.5M | -$18.6M | -$63.5M | -$32.3M | |
| EPS (Diluted) | 0.34 | -0.17 | -0.36 | -0.08 | -0.14 | -0.26 | -0.15 | -0.12 | -0.09 | -0.28 | -0.14 | |
| EBITDA | -$54.2M | -$37.4M | -$37.7M | -$35.9M | -$24.4M | -$42.4M | -$25.1M | -$22.6M | -$18.0M | -$67.9M | -$36.6M | |
| Shares Out. (M) | 99.55 | 114.48 | 126.90 | 145.53 | 150.04 | 164.50 | 169.79 | 172.66 | 200.19 | 230.12 | 261.47 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $22.1M | $36.8M | $23.6M | $9.5M | $32.6M | $55.7M | $11.4M | $35.4M | $45.8M | $40.8M | $37.4M | |
| Short-Term Investments | $627.0K | $1.3M | $7.2M | $21.2M | $9.0M | $2.6M | $46.5M | $50.0K | $2.0M | $15.0M | $13.5M | |
| Total Current Assets | $25.6M | $42.6M | $36.4M | $57.5M | $44.0M | $111.5M | $60.0M | $38.4M | $51.0M | $59.2M | $53.0M | |
| Total Assets | $142.6M | $173.2M | $101.7M | $125.5M | $107.9M | $174.5M | $123.7M | $101.0M | $113.2M | $112.6M | $106.2M | |
| Total Current Liabilities | $8.8M | $6.9M | $6.8M | $6.5M | $7.8M | $47.1M | $19.0M | $18.0M | $14.0M | $11.4M | $8.0M | |
| Long-Term Debt | $1.2M | $18.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $12.1M | $9.0M | $9.4M | $14.2M | $12.8M | $83.6M | $51.7M | $39.0M | $36.2M | $69.2M | $46.4M | |
| Stockholders' Equity | $117.9M | $162.6M | $93.8M | $113.0M | $96.2M | $92.2M | $73.3M | $63.4M | $78.4M | $44.5M | $60.9M | |
| Retained Earnings | -$196.3M | -$216.3M | -$261.9M | -$273.4M | -$294.1M | -$337.1M | -$363.4M | -$384.9M | -$403.5M | -$467.0M | -$470.3M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$42.3M | -$30.5M | -$30.9M | -$31.9M | -$19.8M | -$23.6M | $1.1M | -$28.6M | -$23.1M | -$18.9M | -$23.8M | |
| Capital Expenditure | -$2.5M | -$1.3M | -$3.3M | -$440.0K | -$64.0K | -$354.0K | -$413.0K | -$674.0K | -$565.0K | -$522.0K | -$123.0K | |
| Free Cash Flow | -$44.9M | -$31.8M | -$34.2M | -$32.4M | -$19.8M | -$23.9M | $646.0K | -$29.2M | -$23.7M | -$19.4M | -$23.9M | |
| Investing Cash Flow | -$10.9M | -$10.2M | $11.8M | $17.0M | $13.0M | $9.7M | -$46.2M | $46.4M | -$2.3M | -$13.5M | -$13.7M | |
| Financing Cash Flow | $32.8M | $55.4M | $5.8M | $617.0K | $29.9M | $36.9M | $1.6M | $6.4M | $35.9M | $26.9M | $32.2M | |
| Issuance of Stock | $30.8M | $59.7M | $5.0M | $103.0K | $5.1M | $30.9M | $148.0K | $6.6M | $35.9M | $27.0M | $32.6M | |
| Repurchase of Stock | $0.00 | -$888.0K | -$241.0K | -$110.0K | -$27.0K | -$54.0K | -$17.0K | -$37.0K | -$23.0K | $0.00 | $0.00 | |
| Net Debt Issuance | $1.6M | $172.0K | -$349.0K | -$100.0K | -$26.0K | -$20.0K | -$32.0K | -$54.0K | -$54.0K | -$59.0K | -$54.0K | |
| Stock Based Comp. | $8.0M | $3.9M | $5.4M | $3.6M | $2.2M | $3.5M | $4.3M | $4.6M | $5.1M | $4.8M | $5.1M | |
| Net Change in Cash | -$20.1M | $14.8M | -$13.3M | -$14.3M | $23.1M | $23.1M | -$44.3M | $24.1M | $10.4M | -$5.0M | -$4.9M |
Dilution Tracker
Shares outstanding grew 53.4% over 5 years — significant dilution
Shares Outstanding
253M
5-Year Share Growth
+53.4%
Stock Issuance (TTM)
$32.6M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 99.55 | 114.48 | 126.90 | 145.53 | 150.04 | 164.50 | 169.79 | 172.66 | 200.19 | 230.12 | 261.47 | |
| Change vs Prior % | — | 15.0% | 10.9% | 14.7% | 3.1% | 9.6% | 3.2% | 1.7% | 15.9% | 14.9% | 13.6% | |
| Stock Issuance | $30.8M | $59.7M | $5.0M | $103.0K | $5.1M | $30.9M | $148.0K | $6.6M | $35.9M | $27.0M | $32.6M | |
| Stock Repurchase | $0.00 | -$888.0K | -$241.0K | -$110.0K | -$27.0K | -$54.0K | -$17.0K | -$37.0K | -$23.0K | $0.00 | $0.00 | |
| Stock Based Comp. | $8.0M | $3.9M | $5.4M | $3.6M | $2.2M | $3.5M | $4.3M | $4.6M | $5.1M | $4.8M | $5.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 84.1% | 90.6% | 78.7% | 72.1% | 50.2% | 63.4% | 95.0% | 92.5% | 96.5% | 94.2% | 96.6% | |
| Operating Margin % | -2618.4% | -2170.9% | -2951.6% | -2630.3% | -3421.3% | -1263.1% | -153.2% | -276.5% | -226.1% | -149.6% | -205.2% | |
| Net Margin % | 1490.8% | -1114.7% | -3247.9% | -792.2% | -2671.3% | -1104.2% | -178.7% | -240.2% | -195.9% | -436.5% | -246.6% | |
| EBITDA Margin % | -2407.2% | -2084.8% | -2664.0% | -2427.3% | -3157.6% | -1088.2% | -170.6% | -252.5% | -189.2% | -466.8% | -280.1% | |
| FCF Margin % | -1991.7% | -1777.0% | -2413.1% | -2191.3% | -2563.6% | -613.8% | 4.4% | -326.9% | -249.0% | -133.6% | -183.0% | |
| ROE % | 28.5% | -12.3% | -49.0% | -10.4% | -21.5% | -46.6% | -35.8% | -33.9% | -23.7% | -142.6% | -71.1% | |
| ROA % | 23.5% | -11.5% | -45.2% | -9.3% | -19.1% | -24.6% | -21.2% | -21.3% | -16.4% | -56.4% | -30.4% | |
| ROIC % | -43.7% | -23.3% | -43.6% | -19.9% | -24.6% | -38.4% | -21.3% | -27.2% | -21.4% | -19.7% | -23.3% | |
| R&D / Revenue % | 1603.3% | 1340.6% | 1479.9% | 1214.3% | 1593.4% | 870.5% | 95.1% | 175.6% | 131.3% | 121.8% | 156.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -11.1% | -20.4% | -21.0% | 4.4% | -47.7% | 404.0% | 277.4% | -39.2% | 6.2% | 53.2% | |
| Gross Profit | 32.7% | -14.3% | -31.4% | -4.3% | -63.6% | 536.6% | 465.8% | -40.8% | 10.8% | 49.6% | |
| Operating Income | 10.4% | 34.0% | -7.4% | 7.0% | 32.0% | -86.1% | 54.2% | -9.8% | 13.2% | -1.4% | |
| Net Income | 171.4% | -159.5% | -130.2% | 74.5% | -76.4% | -108.3% | 38.9% | 18.2% | 13.4% | -241.4% | |
| EPS (Diluted) | 157.6% | -150.0% | -111.8% | 77.4% | -72.2% | -85.7% | 42.3% | 20.0% | 22.5% | -201.1% | |
| Operating Cash Flow | 5.0% | 27.9% | -1.2% | -3.4% | 38.2% | -19.3% | 104.5% | -2797.5% | 19.2% | 18.1% | |
| Free Cash Flow | 10.1% | 29.0% | -7.3% | 5.2% | 38.8% | -20.7% | 102.7% | -4626.3% | 19.1% | 17.8% | |
| R&D Expense | -15.3% | -33.5% | -12.8% | -14.3% | -31.4% | 175.3% | -58.8% | 12.3% | -20.6% | 42.2% | |
| SG&A Expense | -2.4% | -29.9% | 24.1% | -2.8% | -35.2% | 17.0% | 23.6% | -23.1% | 5.0% | 1.6% | |
| Total Assets | 50.6% | 21.5% | -41.3% | 23.4% | -14.0% | 61.7% | -29.2% | -18.3% | 12.1% | -0.6% | |
| Book Value / Share | 39.8% | 7.0% | -49.3% | 5.2% | -17.1% | -12.8% | -23.3% | -15.2% | 7.1% | -51.0% | |
| Debt | -22.0% | -61.5% | 47.7% | 128.2% | -26.0% | -26.7% | 39.0% | -24.2% | -14.8% | -3.8% | |
| Diluted Shares | 24.9% | 15.0% | 10.9% | 14.7% | 3.1% | 9.6% | 3.2% | 1.7% | 15.9% | 14.9% |
Valuation
P/E (TTM)At Loss
P/S19.72
10Y Low / Med / High10.59 / 87.63 / 341.63
P/B4.18
10Y Low / Med / High1.15 / 2.75 / 8.63
EV/EBITDAAt Loss
EV/Revenue17.04
10Y Low / Med / High6.03 / 84.71 / 304.42
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.07
Net Current Assets / Share
$0.03
Graham Net-Net
$0.02
Cash / Share
$0.20
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 10.31 | -12.65 | -2.53 | -10.95 | -12.57 | -9.42 | -7.80 | -9.08 | -5.40 | -5.96 | -7.28 | |
| P/S Ratio | 156.00 | 137.35 | 81.55 | 87.63 | 341.63 | 103.45 | 13.51 | 21.04 | 10.59 | 26.40 | 19.72 | |
| P/B Ratio | 2.98 | 1.51 | 1.23 | 1.15 | 2.75 | 4.37 | 2.71 | 2.97 | 1.28 | 8.63 | 4.18 | |
| EV/EBITDA | -6.15 | -5.64 | -2.50 | -3.49 | -9.64 | -8.26 | -7.62 | -6.89 | -3.19 | -5.09 | -6.08 | |
| EV/Revenue | 147.96 | 117.64 | 66.50 | 84.71 | 304.42 | 89.86 | 13.00 | 17.41 | 6.03 | 23.76 | 17.04 |
Analyst Estimates & Quality
Altman Z-Score
-3.40
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $15.2M | $19.7M | $59.8M |
| Net Income | -$24.4M | -$36.3M | $29.3M |
| EPS | $-0.06 | $-0.10 | $0.03 |
| # Analysts (EPS) | 4 | 4 | 6 |
Dividends
Frequency
Irregular
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Dec 15, 2003 | $0.08 | Irregular |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Grant | $1.1M | — | — | — | — | — |
| Royalties From Product Sales and License Fees | $773.0K | — | — | — | — | — |
| Event Based Development Milestones | — | $123.0K | — | — | — | — |
| Reimbursements Cost Sharing Payments | — | $545.0K | — | — | — | — |
| Royalty | — | $2.8M | — | — | — | — |
| Upfront License Fees | — | $452.0K | — | — | — | — |
| Collaboration Revenues | — | — | $13.4M | $7.6M | $8.1M | $13.6M |
| Royalties | — | — | $1.3M | — | — | — |
By Geography
| Segment | 2018 | 2019 | 2020 | 2021 | 2022 | 2025 |
|---|---|---|---|---|---|---|
| Foreign | $3.2M | $1.4M | $666.0K | $446.0K | — | — |
| United States | $1.8M | $2.1M | — | — | — | — |
| UNITED STATES | — | — | $1.2M | $3.9M | $14.7M | — |
| Non-US | — | — | — | — | — | $2.5M |