Lineage Cell Therapeutics (LCTX) Q1 2026 earnings summary

Executive summary

• Expanded AlloSCOPE manufacturing platform enabled launch of new corneal (COR1) and islet (ILT1) cell therapy programs, with pipeline also including OpRegen for dry AMD, OPC1 for spinal cord injury, and ReSonance for hearing loss.

• OpRegen program for dry AMD continues to show long-term efficacy, with partners Roche and Genentech describing it as potentially disease-modifying and positive 3-year Phase 1/2a data reported.

• Established a new Scientific Advisory Board and added experienced executives to leadership, including a new SVP & Head of Clinical.

• Achieved first milestone in AlloSCOPE 5D manufacturing, supporting scalable pluripotent stem cell production.

• Business managed as a single operating segment, with all financial results reported on a consolidated basis.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $53.4 million as of March 31, 2026, expected to fund operations into Q2 2028.

• Q1 2026 revenues were $1.7 million, up $0.2 million or 15% year-over-year, mainly from collaboration revenue.

• Operating expenses rose to $9.3 million, up $1.3 million or 16% year-over-year, driven by R&D and personnel costs.

• Net loss attributable to shareholders was $4.8 million ($0.02 basic/$0.03 diluted per share), compared to $4.1 million in Q1 2025.

• Eligible for up to $615 million in milestone payments from Roche/Genentech collaboration.

Outlook and guidance

• Cash runway extends into Q2 2028, with potential for additional funding from warrant exercises, at-the-market equity offerings, and new partnerships.

• Anticipates updates on OPC1 data, ReSonance go/no-go decision, COR1 clinical plans, ILT1 scale-up, and further SAB appointments in the second half of 2026.

• Focus remains on robust manufacturing to support both internal development and partnership opportunities.

• Pipeline includes seven cell therapy programs, with two in clinical development and five in preclinical or research stages.

• Anticipates continued operating losses and increased expenses as development programs advance.