LCTXNYSEBiological Products, (No Diagnostic Substances)US GAAP · USD

Lineage Cell Therapeutics, Inc.

Lineage Cell Therapeutics is a clinical-stage biotechnology company developing allogeneic, or off-the-shelf, cell therapies for serious ophthalmic and neurological diseases. It uses a proprietary pluripotent-cell platform, AlloSCOPE, to design, manufacture, and test specialized human cells intended to replace or support damaged tissue, often through collaborations with larger pharmaceutical partners.

Kysy yhtiöstä
Liikevaihto14,6milj. USD
+53,2 %v/v
Liikevoitto (EBIT)−36,6milj. USD
−70,5 %v/v
EBIT-marginaali−251,6%
−25,5 %-yks.v/v
Nettotulos−63,5milj. USD
−241,4 %v/v
Vapaa kassavirta−19,4milj. USD
+17,8 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−60−40−20020milj. USD2020: 1,8 milj. USD2020: EBIT −26 milj. USD20202021: 4,3 milj. USD2021: EBIT −49 milj. USD20212022: 15 milj. USD2022: EBIT −23 milj. USD20222023: 8,9 milj. USD2023: EBIT −25 milj. USD20232024: 9,5 milj. USD2024: EBIT −21 milj. USD20242025: 15 milj. USD2025: EBIT −37 milj. USD202515−37
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Clinical-stage cell therapies20 %

Lead therapeutic candidates in human trials for ophthalmic and neurological diseases.

Preclinical cell therapies10 %

Earlier-stage programs being advanced through internal development or partnerships.

Collaborative development revenue60 %

Revenue from research, development, and license collaborations with partners such as Roche.

Platform and manufacturing capabilities10 %

Cell engineering, banking, formulation, and cGMP production capabilities used across programs.

Tuotteet

Raportoitu · osuus liikevaihdosta
49,2%44,3%FY2025100 %
  • Event Based Milestones and Other Collaborative Revenue49,2 %
  • Upfront License Fees44,3 %
  • Royalties License and Other Revenues6,5 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Lineage Cell Therapeutics sells primarily to pharmaceutical and biotech collaborators rather than end patients, with Roche/Genentech being the most visible partner in its lead program. Its therapies are ultimately aimed at patients with geographic atrophy, spinal cord injury, and auditory neuropathy, but near-term value creation comes from licensing, collaboration, and development milestones. Government agencies have also supported some programs through grants.

Pharmaceutical collaboration partners

Buy development rights, access to assets, and platform expertise to advance cell therapy programs.

Strategic biotech partners

Partner on preclinical or early clinical assets where shared development reduces risk and cost.

Government and grant agencies

Provide non-dilutive funding for research and development of selected programs.

Patients in target indications

The eventual end users of the therapies, especially in ophthalmology and neurology.

Strategia

Lineage’s strategy is to use its AlloSCOPE platform to create a pipeline of related allogeneic cell therapy assets that can be advanced internally or partnered. The company is prioritizing programs with clear clinical and commercial potential, while using collaborations to share development cost, broaden expertise, and improve the odds of success. It also emphasizes scalable manufacturing, since reproducibility and supply are central to any future commercialization.

Advance OpRegen in partnership with RocheLyhyt aikaväli

The lead ophthalmology program is the most advanced asset and a key source of validation.

Scale and de-risk manufacturingKeskipitkä aikaväli

Reliable, reproducible cell production is essential for clinical supply and eventual commercialization.

Expand the partnered pipelineKeskipitkä aikaväli

Additional collaborations can fund development and increase the value of the platform.

Maantiede

2025

The company is headquartered in the United States, but its development footprint is international through collaborations and operations tied to partners and facilities abroad. The reports specifically note facilities in Israel and a worldwide collaboration with Roche, which makes the business exposed to cross-border regulatory, operational, and geopolitical risks. Because it is still clinical-stage, geography matters more for where trials, manufacturing, and partner activity occur than for commercial sales.

Other countries (US filing)100 %

Riskit

The company faces the classic risks of clinical-stage biotech: uncertain trial outcomes, regulatory delay, and dependence on third-party partners for development and commercialization. Its cell-therapy model adds manufacturing and supply-chain complexity, including the risk that cell lines, delivery devices, or infectious contamination issues could disrupt programs or force costly remediation. Geopolitical and personnel risks are also meaningful because operations include facilities in Israel and the business depends on specialized scientific talent.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Clinical development failure1Manufacturing and cell-bank contamination2Regulatory uncertainty for novel cell therapies3Third-party device and supply dependence4Geopolitical disruption in Israel5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Clinical development failureVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Programs are still in early-stage testing and may not demonstrate sufficient safety or efficacy.

    KohdistuuOpRegenOPC1ReSonance
  2. Manufacturing and cell-bank contaminationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Allogeneic cell therapies depend on stable cell lines and reproducible cGMP production.

    Kohdistuu: Foundational cell lines and cell banks

  3. Regulatory uncertainty for novel cell therapiesVaikutus: KorkeaTodennäköisyys: Kohtalainen

    There is limited precedent for pluripotent stem cell-derived and iPSC-derived approvals.

    Kohdistuu: FDA and other major markets

  4. Third-party device and supply dependenceVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Specialized delivery systems may be needed and could be unavailable or fail performance standards.

    Kohdistuu: Administration tools and devices

  5. Geopolitical disruption in IsraelVaikutus: KeskitasoTodennäköisyys: Matala

    Facilities and employees in Israel may be affected by regional conflict and mobilization.

    Kohdistuu: Israel operations

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition under collaborative agreements

Milestones and performance obligations can shift revenue between periods.

Vaikutus: Affects reported revenue timing and comparability

Intangible asset impairment

Clinical-stage assets may need write-downs if prospects weaken.

Vaikutus: Can materially affect earnings and balance sheet value

Warrant liability or equity classification

Judgment is required at issuance and remeasurement may be needed.

Vaikutus: Can create non-cash gains or losses

Deferred taxes and tax reserves

Valuation allowances and uncertain tax positions depend on estimates.

Vaikutus: Affects tax expense and net loss

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Päivitetty: 24.9.2026