UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to ________ Commission file number 001-12830 Lineage Cell Therapeutics, Inc. (Exact name of registrant as specified in its charter) California 94-3127919 (Stat ...

Lineage Cell Therapeutics, Inc. (NYSE:LCTX) Q4 2020 Earnings Conference Call March 11, 2021 4:30 PM ET Company Participants Ioana Hone – Director-Investor Relations Brian Culley – Chief Executive Officer Brandi Roberts – Chief Financial Officer Conference Call Participants Joe Pantginis – H.C. Wainwright Jason McCarthy – Maxim Group Keay Nakae – Chardan Operator Ladies and gentlemen welcome to the Lineage Cell Therapeutics' Fourth Quarter and Year End 2020 Conference Call. At this time, all participants are ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from___________ to __________ Commission file number 001-12830 Lineage Cell Therapeutics, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

The future of cell therapy. Corporate Overview January 6, 2021 Forward-Looking Statements This presentation is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities of Lineage Cell Therapeutics, Inc. ("Lineage"). This presentation includes certain information obtained from trade and statistical services, third-party publications, and other sources. Lineage has not independently verified such information and there can be no assurance as to its accurac ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2020 were $600,000, consistent with the same period last year, with an increase of $200,000 in royalties offset by decreases in grant revenues and research product sales [64][65] - Total operating expenses decreased to approximately $7.2 million from $8.9 million in Q3 2019, with R&D expenses down to $3.6 million from $4.3 million [66][67] - Net loss attributable to Lineage for Q3 2020 was $7.8 million or $0.05 per share, compared to a net loss of $16.5 million or $0.11 per share in the same period in 2019 [73] Business Line Data and Key Metrics Changes - R&D expenses for OpRegen decreased by $1.5 million due to reduced manufacturing activity, while VAC program expenses increased by $1.8 million due to a signature fee related to Cancer Research UK [66][67] - G&A expenses decreased to $3.6 million from $4.6 million, primarily due to reductions in compensation and merger-related expenses [69] Market Data and Key Metrics Changes - The company estimates nearly 2 million people in the US suffer from advanced dry AMD, representing a substantial market opportunity for OpRegen, projected to be several billion dollars [17][18] - The VAC2 program is positioned to address non-small cell lung cancer, with potential market opportunities exceeding $1 billion [83] Company Strategy and Development Direction - The company aims to grow into a leading allogeneic cell therapy company, focusing on generating compelling clinical data and developing pre-commercial manufacturing capabilities [8][11] - Lineage is modernizing its manufacturing processes to enhance the commercial viability of its products and facilitate partnerships with larger corporations [56][81] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about upcoming milestones, including data releases for OpRegen and updates on the OPC1 program, which are expected to create significant shareholder value [11][60] - The company is well-capitalized with $38 million in cash and marketable securities, allowing it to fund operations into 2022 [74][75] Other Important Information - The company has not conducted traditional equity financing in over three years, relying instead on cost reductions and timely sales of marketable securities [80] - Lineage is exploring potential grant support from California's Proposition 14, which could provide non-dilutive capital for its programs [92] Q&A Session Summary Question: Can you provide clarity on the OPC1 program and its manufacturing improvements? - Management plans to share specific data on manufacturing improvements in early December, highlighting advancements in scale and purity [93][94] Question: How does the recent AbbVie fast track for spinal cord injury impact Lineage? - Management views AbbVie's involvement as validation of the commercial opportunity in spinal cord injury, but emphasizes the unique advantages of their oligodendrocyte therapy [95][99] Question: Will there be updates on the OpRegen data and patient outcomes? - A comprehensive update on OpRegen data will be provided, focusing on patients that represent future customers for the therapy [108] Question: Are there plans to explore other cancer types for the VAC2 program? - Management is considering other tumor types for the VAC2 program, as the current focus on non-small cell lung cancer may not be the most effective application for their antigen [111]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to ________ Commission file number 001-12830 Lineage Cell Therapeutics, Inc. 2173 Salk Avenue, Suite 200 Carlsbad, California 92008 (Address of principal e ...

The future of cell therapy. Corporate Overview Brian M. Culley, Chief Executive Officer September 14, 2020 Forward-Looking Statements This presentation is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities of Lineage Cell Therapeutics, Inc. ("Lineage"). This presentation includes certain information obtained from trade and statistical services, third-party publications, and other sources. Lineage has not independently verified such information and ...

The future of cell therapy. LD Micro 500 Virtual Investor Conference Brian M. Culley, Chief Executive Officer September 1, 2020 Forward-Looking Statements This presentation is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities of Lineage Cell Therapeutics, Inc. ("Lineage"). This presentation includes certain information obtained from trade and statistical services, third-party publications, and other sources. Lineage has not independently verified ...

Lineage Cell Therapeutics, Inc. (NYSE:LCTX) Q2 2020 Earnings Conference Call August 6, 2020 5:30 PM ET Corporate Participants Ioana Hone - Director, Investor Relations Brian Culley - Chief Executive Officer Brandi Roberts - Chief Financial Officer Gary Hogge - Senior Vice President, Clinical and Medical Affairs Conference Call participants Joe Pantginis - H.C. Wainwright Dane Leone - Raymond James Operator Welcome to the Lineage Cell Therapeutics Second Quarter 2020 Conference Call. At this time, all partic ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides an overview of the company's financial statements and management's analysis of its performance [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents Lineage Cell Therapeutics' unaudited condensed consolidated financial statements as of June 30, 2020 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $12,676 | $9,497 | | Marketable equity securities | $7,575 | $21,219 | | Total current assets | $46,200 | $57,519 | | Total Assets | $112,080 | $125,478 | | **Liabilities & Equity** | | | | Total current liabilities | $7,519 | $6,494 | | Total Liabilities | $14,387 | $14,231 | | Total shareholders' equity | $97,693 | $111,247 | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $386 | $779 | $900 | $1,707 | | Loss from operations | $(6,402) | $(10,821) | $(13,840) | $(23,582) | | Net (Loss)/Income | $(6,530) | $(30,052) | $(14,958) | $9,244 | | Net (Loss)/Income per Share (Basic) | $(0.04) | $(0.20) | $(0.10) | $0.07 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | | Net cash used in operating activities | $(9,265) | $(18,981) | | Net cash provided by investing activities | $11,958 | $2,752 | | Net cash provided by financing activities | $493 | $543 | | Net increase (decrease) in cash | $3,148 | $(15,603) | [Note 1: Organization and Business Overview](index=9&type=section&id=Note%201%3A%20Organization%20and%20Business%20Overview) This note describes Lineage's focus on developing novel cell therapies for degenerative retinal diseases, neurological conditions, and cancer - Lineage is a clinical-stage biotechnology company focused on developing novel cell therapies for degenerative retinal diseases, neurological conditions, and cancer[21](index=21&type=chunk) - The company has three allogeneic cell therapy programs in clinical development: OpRegen for dry AMD, OPC1 for spinal cord injuries, and VAC2 for non-small cell lung cancer[22](index=22&type=chunk)[27](index=27&type=chunk) - As of June 30, 2020, Lineage held a **5.4% ownership stake** in OncoCyte Corporation, representing approximately **3.6 million shares**[28](index=28&type=chunk) [Note 2: Basis of Presentation, Liquidity and Summary of Significant Accounting Policies](index=10&type=section&id=Note%202%3A%20Basis%20of%20Presentation%2C%20Liquidity%20and%20Summary%20of%20Significant%20Accounting%20Policies) This note details Lineage's financial position, liquidity, and accounting policies as of June 30, 2020 - As of June 30, 2020, Lineage had **working capital of $38.7 million** and an **accumulated deficit of $288.3 million**[36](index=36&type=chunk) - Management believes its cash, cash equivalents, marketable securities, and access to capital are sufficient to fund planned operations for at least the next twelve months[36](index=36&type=chunk) - The company entered into a Controlled Equity Offering Sales Agreement in May 2020, allowing it to raise up to **$25.0 million** in at-the-market transactions, with no sales made as of June 30, 2020[35](index=35&type=chunk) - A promissory note from Juvenescence, valued at **$24.4 million** as of June 30, 2020, was due on August 30, 2020, providing a potential source of liquidity[37](index=37&type=chunk) [Note 3: Asterias Merger](index=15&type=section&id=Note%203%3A%20Asterias%20Merger) This note outlines the acquisition of Asterias Biotherapeutics, Inc. and the allocation of its purchase price - On March 8, 2019, Lineage acquired Asterias Biotherapeutics, Inc. in a stock-for-stock transaction with a total purchase price valued at **$52.6 million**[63](index=63&type=chunk)[66](index=66&type=chunk) Purchase Price Allocation (in thousands) | Item | Fair Value | | :--- | :--- | | Acquired in-process research and development (IPR&D) | $46,540 | | Goodwill | $10,672 | | Net assets acquired (excluding goodwill) | $38,473 | | Total purchase price | $52,580 | - The acquired IPR&D assets consist of the OPC1 program for spinal cord injury (**$31.7 million**) and the VAC2 program for cancer immunotherapy (**$14.8 million**)[72](index=72&type=chunk) [Note 8: Accounts Payable and Accrued Liabilities](index=22&type=section&id=Note%208%3A%20Accounts%20Payable%20and%20Accrued%20Liabilities) This note details Lineage's accounts payable and accrued liabilities, including a PPP loan - In April 2020, Lineage received a **$523,000 loan** under the Paycheck Protection Program (PPP), with a substantial portion believed to be eligible for forgiveness[106](index=106&type=chunk) [Note 15: Commitments and Contingencies](index=30&type=section&id=Note%2015%3A%20Commitments%20and%20Contingencies) This note discusses Lineage's legal proceedings, licensing agreements, and future payment obligations - A putative class action lawsuit challenging the Asterias Merger was filed in October 2019, which Lineage intends to vigorously defend[171](index=171&type=chunk)[172](index=172&type=chunk) - In May 2020, Lineage exercised its option to acquire VAC2 Phase 1 clinical trial data from Cancer Research UK, involving a signature fee of **£1.25 million** and future milestone and royalty payments[175](index=175&type=chunk)[177](index=177&type=chunk) - Cell Cure's license agreement for OpRegen technology includes potential future milestone payments up to **$3.5 million** and mid-single-digit royalties on net sales[179](index=179&type=chunk)[181](index=181&type=chunk) [Note 16: Subsequent Events](index=37&type=section&id=Note%2016%3A%20Subsequent%20Events) This note reports significant events occurring after the reporting period, including a services agreement termination - On August 4, 2020, Lineage terminated a services agreement, resulting in the return of approximately **$0.8 million** in unspent project funds, to be offset against R&D expenses in Q3 2020[186](index=186&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Lineage's financial performance, liquidity, and capital resources for the three and six months ended June 30, 2020 [Results of Operations](index=41&type=section&id=Results%20of%20Operations) This section compares Lineage's revenues and operating expenses for the three and six months ended June 30, 2020 Comparison of Revenues (in thousands) | Revenue Source | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $386 | $779 | (50)% | | **Revenue Source** | **Six Months Ended June 30, 2020** | **Six Months Ended June 30, 2019** | **Change (%)** | | Total Revenues | $900 | $1,707 | (47)% | - The decrease in revenue was primarily due to reduced grant-related activities and the cessation of sales of research products and services[205](index=205&type=chunk)[206](index=206&type=chunk) Comparison of Operating Expenses (in thousands) | Expense Category | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Research and development | $2,805 | $5,235 | (46)% | | General and administrative | $3,908 | $6,258 | (38)% | | **Expense Category** | **Six Months Ended June 30, 2020** | **Six Months Ended June 30, 2019** | **Change (%)** | | Research and development | $6,144 | $10,196 | (40)% | | General and administrative | $8,427 | $14,918 | (44)% | - R&D expenses decreased significantly due to reduced manufacturing activities for the OpRegen program and lower development activities for the OPC1 program post-merger[214](index=214&type=chunk)[219](index=219&type=chunk) - G&A expenses decreased primarily due to a reduction in Asterias Merger-related expenses, lower compensation costs, and reduced accounting and investor relations expenses[216](index=216&type=chunk)[217](index=217&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses Lineage's cash position, funding sufficiency, and the impact of the COVID-19 pandemic - As of June 30, 2020, the company had **$20.3 million** in cash, cash equivalents, and marketable equity securities[239](index=239&type=chunk) - Management believes current cash, marketable securities, and access to capital are sufficient to fund planned operations for at least the next twelve months[240](index=240&type=chunk) - The COVID-19 pandemic has impacted patient enrollment in the OpRegen and VAC2 clinical trials, potentially causing delays or adverse effects[244](index=244&type=chunk) - Net cash used in operating activities for the six months ended June 30, 2020, was **$9.3 million**, a significant reduction from **$19.0 million** in the same period of 2019[247](index=247&type=chunk)[248](index=248&type=chunk) [PART II - OTHER INFORMATION](index=48&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers non-financial information, primarily focusing on risk factors affecting the company [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) This section identifies significant risks to Lineage's business, including operational, regulatory, and financial challenges - The company has a history of significant operating losses, with an **accumulated deficit of $288.3 million** as of June 30, 2020, and expects substantial losses for the foreseeable future[262](index=262&type=chunk) - The ongoing COVID-19 pandemic may adversely affect operations by delaying patient enrollment in clinical trials for OpRegen and VAC2 and disrupting the supply chain[348](index=348&type=chunk)[352](index=352&type=chunk)[354](index=354&type=chunk) - The company's ability to use its net operating loss (NOL) carryforwards of approximately **$164.0 million** (federal) and **$121.1 million** (state) may be limited due to ownership changes, including the Asterias merger[271](index=271&type=chunk)[272](index=272&type=chunk) - Risks related to international operations, particularly through its subsidiary Cell Cure in Israel, include Israeli government grant regulations that may restrict technology transfer and manufacturing outside of Israel[365](index=365&type=chunk)[369](index=369&type=chunk)[374](index=374&type=chunk)