Lineage Cell Therapeutics(LCTX) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenues for Q3 2025 were $3.7 million, a decrease of approximately $0.1 million compared to $3.8 million in Q3 2024[14] - Total revenues for the three months ended September 30, 2025, were $3,681,000, a decrease of 2.6% compared to $3,779,000 for the same period in 2024[30] - Net loss attributable to Lineage for Q3 2025 was $29.8 million, or $0.13 per share, compared to a net loss of $3.0 million, or $0.02 per share, in Q3 2024[20] - Net loss attributable to Lineage for the nine months ended September 30, 2025, was $64,384,000, significantly higher than the net loss of $15,336,000 for the same period in 2024[32] - Collaboration revenues for the three months ended September 30, 2025, increased to $3,544,000, up from $3,386,000 in the same period of 2024, representing a growth of 4.7%[30] Operating Expenses - Operating expenses for Q3 2025 were $7.5 million, a decrease of $0.1 million from $7.6 million in Q3 2024[16] - Total operating expenses for the nine months ended September 30, 2025, were $38,019,000, an increase of 65.5% compared to $22,999,000 for the same period in 2024[30] Cash and Liquidity - Cash, cash equivalents, and marketable securities totaled $40.5 million as of September 30, 2025, expected to support operations into Q2 2027[13] - Cash and cash equivalents decreased to $40,977,000 as of September 30, 2025, from $46,354,000 at the beginning of the period[32] - The company experienced a net cash used in operating activities of $14,041,000 for the nine months ended September 30, 2025, compared to $16,746,000 for the same period in 2024[32] Research and Development - R&D expenses increased to $3.3 million in Q3 2025, up from $3.2 million in Q3 2024, driven by $0.2 million for the OPC1 program[17] - Lineage continues to pursue grant funding from the California Institute for Regenerative Medicine (CIRM) for the OPC1 program[3] - Lineage initiated a manufacturing scale project for Type 1 Diabetes cell therapy, focusing on large-scale production of islet cells[6] Clinical Studies and Collaborations - Lineage reported positive results from the RG6501 (OpRegen) Phase 1/2a clinical study, suggesting sustained gains in visual acuity[5] - A collaboration with William Demant Invest A/S was established to develop ReSonance (ANP1) for sensorineural hearing loss, with up to $12 million in development costs covered by WDI[9] - The first chronic spinal cord injury participant was treated in the DOSED clinical study, with no significant safety events reported after sixty days[15] Liabilities and Impairments - The total liabilities increased to $68,843,000 as of September 30, 2025, compared to $36,206,000 as of December 31, 2024[28] - The company reported a loss on impairment of intangible assets of $14,840,000 for the nine months ended September 30, 2025[30] - The change in fair value of warrant liability resulted in a loss of $36,992,000 for the nine months ended September 30, 2025[30] Share Information - The weighted-average common shares used to compute basic and diluted net loss per common share for the nine months ended September 30, 2025, were 227,765, compared to 186,860 for the same period in 2024[30]