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Lineage Cell Therapeutics (LCTX) investor relations material

Lineage Cell Therapeutics Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • OpRegen achieved positive 36-month results in Phase 1/2a, with durable efficacy and RMAT designation, and expanded to eight new clinical sites in six months, reflecting strong momentum and partner commitment.

  • Entered collaborations with Genentech and William Demant Invest, securing up to $12 million for Resonance (ANP1) and advancing preclinical milestones.

  • Treated the first chronic spinal cord injury patient in the OPC1 DOSED study, with no significant safety events reported after 60 days.

  • Launched a manufacturing scale project for Type 1 Diabetes cell therapy, targeting large-scale islet cell production.

  • Strategic goals achieved include external funding, manufacturing innovation, and pipeline expansion with new cell therapy assets.

Financial highlights

  • Q3 2025 revenues were $3.7 million, down $0.1 million year-over-year, with nine-month revenue at $7.9 million, up 20% year-over-year.

  • Net loss for Q3 2025 was $29.8 million ($0.13/share), compared to $3 million ($0.02/share) in Q3 2024, mainly due to a $26.6 million non-cash warrant liability remeasurement.

  • Operating expenses for Q3 2025 were $7.5 million, with R&D at $3.3 million and G&A at $4.2 million.

  • Cash, cash equivalents, and marketable securities totaled $40.5 million as of September 30, 2025, supporting operations into Q2 2027.

  • Operating expenses for the nine months rose to $38 million, driven by a $14.8 million non-cash impairment charge.

Outlook and guidance

  • Cash runway extended into Q2 2027, with potential for further extension from non-dilutive funding and milestone payments.

  • Up to $36 million in potential proceeds from warrant exercises and $38.7 million available under the ATM program.

  • Anticipates initial feasibility decision on iLET Cell program next quarter and increased activity in dose studies as new sites open.

  • Plans to drive milestone revenue from alliances and pursue grant funding for OPC1.

  • Ongoing pursuit of additional capital through equity, grants, and collaborations.

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Frequently asked questions

Lineage Cell Therapeutics Inc is a biotechnology company developing cell-based therapies for degenerative diseases. The company focuses on regenerative medicine approaches for ophthalmology, neurology, and oncology, using proprietary cell manufacturing platforms. The company is headquartered in Carlsbad, California, and its shares are listed on the NYSE American.

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