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Lineage Cell Therapeutics(LCTX) - 2024 Q3 - Quarterly Results
LCTXLineage Cell Therapeutics(LCTX)2024-11-14 21:10

Financial Performance - Total revenues for Q3 2024 were 3.8million,anetincreaseofapproximately3.8 million, a net increase of approximately 2.5 million compared to 1.2millionforthesameperiodin2023,primarilydrivenbycollaborationrevenuefromRoche[6]−TotalrevenuesforthethreemonthsendedSeptember30,2024,were1.2 million for the same period in 2023, primarily driven by collaboration revenue from Roche[6] - Total revenues for the three months ended September 30, 2024, were 3,779,000, a 203% increase compared to 1,246,000forthesameperiodin2023[21]−Collaborationrevenuesincreasedto1,246,000 for the same period in 2023[21] - Collaboration revenues increased to 3,386,000 for the three months ended September 30, 2024, compared to 957,000inthesameperiodof2023,representinga254957,000 in the same period of 2023, representing a 254% growth[21] - Net loss attributable to Lineage for Q3 2024 was 3.0 million, or 0.02pershare,comparedtoanetlossof0.02 per share, compared to a net loss of 7.1 million, or 0.04pershare,forthesameperiodin2023[11]−NetlossattributabletoLineagefortheninemonthsendedSeptember30,2024,was0.04 per share, for the same period in 2023[11] - Net loss attributable to Lineage for the nine months ended September 30, 2024, was 15,336,000, an improvement from a net loss of 16,711,000forthesameperiodin2023[22]OperatingExpenses−TotaloperatingexpensesforQ32024were16,711,000 for the same period in 2023[22] Operating Expenses - Total operating expenses for Q3 2024 were 7.6 million, a decrease of 0.3millioncomparedto0.3 million compared to 7.9 million for the same period in 2023[7] - Total operating expenses for the three months ended September 30, 2024, were 7,619,000,adecreaseof47,619,000, a decrease of 4% from 7,951,000 in the same period of 2023[21] - R&D expenses for Q3 2024 were 3.2million,anetdecreaseofapproximately3.2 million, a net decrease of approximately 0.6 million compared to 3.7millionforthesameperiodin2023[8]−ResearchanddevelopmentexpensesforthethreemonthsendedSeptember30,2024,were3.7 million for the same period in 2023[8] - Research and development expenses for the three months ended September 30, 2024, were 3,171,000, a decrease from 3,741,000 in the same period of 2023[21] - G&A expenses for Q3 2024 were 4.4 million, a net increase of 0.4millioncomparedto0.4 million compared to 4.0 million for the same period in 2023[9] Cash and Equity - Cash, cash equivalents, and marketable securities totaled 32.7millionasofSeptember30,2024,expectedtosupportoperationsintoQ12026[6]−Thecompanyhadcashandcashequivalentsof32.7 million as of September 30, 2024, expected to support operations into Q1 2026[6] - The company had cash and cash equivalents of 27,750,000 at the end of the period, down from 31,474,000attheendofthepreviousyear[22]−CashusedinoperatingactivitiesfortheninemonthsendedSeptember30,2024,was31,474,000 at the end of the previous year[22] - Cash used in operating activities for the nine months ended September 30, 2024, was 16,746,000, a reduction from 22,547,000inthesameperiodof2023[22]−Thecompanyreportedanetcashprovidedbyfinancingactivitiesof22,547,000 in the same period of 2023[22] - The company reported a net cash provided by financing activities of 14,123,000 for the nine months ended September 30, 2024, compared to 6,436,000inthesameperiodof2023[22]−AsofSeptember30,2024,totalshareholders′equitywas6,436,000 in the same period of 2023[22] - As of September 30, 2024, total shareholders' equity was 64,794,000, an increase from 62,023,000asofDecember31,2023[20]RegulatoryandMarketRecognition−OpRegenreceivedRegenerativeMedicineAdvancedTherapy(RMAT)designationfromtheFDAforthetreatmentofgeographicatrophysecondarytoage−relatedmaculardegeneration[3]−Lineagewasaddedtothe2024Russell3000Index,indicatingpositivemarketrecognition[1]ResearchandDevelopment−ReSonance(ANP1)preclinicalresultswerepresentedatthe59thAnnualInnerEarBiologyWorkshop,showcasingitspotentialfortreatingsensorineuralhearingloss[4]−LossfromoperationsforQ32024was62,023,000 as of December 31, 2023[20] Regulatory and Market Recognition - OpRegen received Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA for the treatment of geographic atrophy secondary to age-related macular degeneration[3] - Lineage was added to the 2024 Russell 3000 Index, indicating positive market recognition[1] Research and Development - ReSonance (ANP1) preclinical results were presented at the 59th Annual Inner Ear Biology Workshop, showcasing its potential for treating sensorineural hearing loss[4] - Loss from operations for Q3 2024 was 3.8 million, a decrease of 2.9millioncomparedto2.9 million compared to 6.7 million for the same period in 2023[9] - The weighted-average common shares used to compute basic and diluted net loss per common share increased to 188,835 for the three months ended September 30, 2024, from 174,868 in the same period of 2023[21]