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1. Company Snapshot

1.a. Company Description

Lineage Cell Therapeutics, Inc., a clinical-stage biotechnology company, develops novel cell therapies for the treatment of degenerative diseases in the United States and internationally.The company develops OpRegen, a retinal pigment epithelium cell replacement therapy, which is in Phase I/IIa clinical trial for the treatment of the dry age-related macular degeneration; OPC1, an oligodendrocyte progenitor cell therapy that is in Phase I/IIa multicenter clinical trial for the treatment of acute spinal cord injuries; and VAC2, an allogeneic cancer immunotherapy of antigen-presenting dendritic cells, which is in Phase I clinical trial to treat non-small cell lung cancer.It also offers Renevia, a facial aesthetics product.


In addition, the company engages in the research and development of therapeutic products for retinal diseases, neurological diseases, and disorders and oncology.Lineage Cell Therapeutics, Inc.has a collaboration with Orbit Biomedical, Ltd.


The company was formerly known as BioTime, Inc.and changed its name to Lineage Cell Therapeutics, Inc.in August 2019.


Lineage Cell Therapeutics, Inc.was incorporated in 1990 and is headquartered in Carlsbad, California.

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1.b. Last Insights on LCTX

Recent positive drivers behind Lineage Cell Therapeutics' performance include increased institutional investor interest, with Squarepoint Ops LLC acquiring a new stake in the company and several other institutional investors, such as Raffles Associates LP and Alyeska Investment Group L.P., increasing their holdings. Additionally, analysts have reiterated "buy" ratings on the stock, with HC Wainwright and D. Boral Capital issuing price objectives of $9.00 and $2.00, respectively.

1.c. Company Highlights

2. Lineage Cell Therapeutics' Q3 2025 Earnings: Progress and Potential

In Q3 2025, Lineage Cell Therapeutics reported total revenues of $3.7 million, a decrease of $0.1 million from the same period in 2024, primarily driven by lower royalty revenue and other service revenues. The company's operating expenses were $7.5 million, a decrease of $0.1 million, with R&D expenses at $3.3 million and G&A expenses at $4.2 million. The net loss was $29.8 million or $0.13 per share, compared to a net loss of $3 million or $0.02 per share in 2024. The actual EPS of -$0.13 missed estimates of -$0.02, indicating a wider loss than expected.

Publication Date: Nov -15

📋 Highlights
  • OpRegen Clinical Expansion:: Genentech opened 15 clinical sites (8 new in 6 months), advancing OpRegen toward a controlled trial.
  • WDI Partnership:: $12M funding secured for ReSonance, a hearing loss cell transplant program.
  • Cash Runway:: $40.5M cash as of Q3 2025, supporting operations into Q2 2027.
  • CIRM Grant Potential:: $7M in funding sought to accelerate OpRegen, with site expansion and patient recruitment plans.
  • Warrant Capital Trigger:: $37M in potential warrants if Roche/Genentech commit to a comparative arm trial for OpRegen.

Cash Position and Funding

Lineage's cash position was $40.5 million as of September 30, 2025, expected to support operations into Q2 2027. The company is awaiting a CIRM grant, which could provide around $7 million in funding and help accelerate their OpRegen program. Additionally, they have around $37 million in potential warrant capital if Roche and Genentech disclose their intent to advance OpRegen into a clinical trial with a comparator arm and investors exercise their warrants.

OpRegen Program Progress

The company's partner, Genentech, has expanded the retinal community's exposure and experience with OpRegen, opening 15 unique clinical sites, with 8 new sites added in the past 6 months. This site expansion and publicly available data suggest OpRegen could advance into a controlled clinical trial. Roche has highlighted the OpRegen program in an investor event, discussing new devices acquired for the procedure, indicating a positive sign of their engagement and investment in the program.

Valuation Metrics

Lineage's current valuation metrics indicate a high P/S Ratio of 39.98 and a P/B Ratio of 20.69, suggesting that the market is pricing in significant growth expectations. The EV/EBITDA ratio is -19.71, and the ROE is -119.44%, indicating that the company is currently unprofitable. Analysts estimate next year's revenue growth at 173.4%, which may justify some of the current valuation metrics.

Strategic Initiatives

Lineage is working on its strategic goals, including entering into a deal with William Demant Invest A/S (WDI) to fund up to $12 million in research and collaboration costs for ReSonance, its cell transplant program for hearing loss. The company is also exploring additional partnerships and collaborations to create value from its platform expansion and OpRegen's progress.

3. NewsRoom

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Lineage Cell Therapeutics: OpRegen Makes It A Viable Speculative Buy

Nov -13

Source: seekingalpha.com

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Lineage Cell Therapeutics, Inc. (LCTX) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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Lineage Cell (LCTX) Reports Q3 Loss, Tops Revenue Estimates

Nov -06

Source: zacks.com

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Lineage Cell Therapeutics to Report Third Quarter 2025 Financial Results and Provide Business Update on November 6, 2025

Oct -30

Source: businesswire.com

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Lineage Cell Therapeutics, Inc. (LCTX) Q2 2025 Earnings Call Transcript

Aug -13

Source: seekingalpha.com

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Lineage Cell (LCTX) Reports Q2 Loss, Beats Revenue Estimates

Aug -12

Source: zacks.com

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Squarepoint Ops LLC Takes $46,000 Position in Lineage Cell Therapeutics, Inc. (NYSEAMERICAN:LCTX)

Jun -11

Source: https://www.defenseworld.net

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Lineage Cell (LCTX) Reports Q1 Loss, Lags Revenue Estimates

May -13

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.70%)

6. Segments

Therapeutic Products

Expected Growth: 11.7%

Lineage Cell Therapeutics' 11.7% growth in Therapeutic Products is driven by increasing demand for cell-based therapies, advancements in regenerative medicine, and strategic partnerships. The company's proprietary cell-based platforms, OpRegen and OPC1, are addressing unmet needs in dry age-related macular degeneration and spinal cord injury, respectively. Strong clinical trial results and regulatory approvals are also contributing to the segment's growth.

7. Detailed Products

OpRegen

A retinal pigment epithelium (RPE) transplant therapy for the treatment of dry age-related macular degeneration (AMD)

OPC1

A oligodendrocyte progenitor cell (OPC) therapy for the treatment of acute spinal cord injuries

VAC2

A dendritic cell-based immunotherapy for the treatment of non-small cell lung cancer (NSCLC)

VAC1

A dendritic cell-based immunotherapy for the treatment of malignant melanoma

8. Lineage Cell Therapeutics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Lineage Cell Therapeutics, Inc. operates in a highly competitive industry, but the threat of substitutes is mitigated by the company's focus on developing novel cell therapies, which are difficult to replicate.

Bargaining Power Of Customers

The company's customers are primarily hospitals and clinics, which have limited bargaining power due to the specialized nature of Lineage Cell Therapeutics, Inc.'s products.

Bargaining Power Of Suppliers

The company relies on a few key suppliers for raw materials and equipment, which gives them some bargaining power, but the company's strong relationships with suppliers mitigate this risk.

Threat Of New Entrants

The biotechnology industry is highly competitive, and new entrants can easily disrupt the market with innovative products and services, posing a significant threat to Lineage Cell Therapeutics, Inc.'s market share.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established players and new entrants vying for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 4.45%
Debt Cost 3.95%
Equity Weight 95.55%
Equity Cost 10.92%
WACC 10.61%
Leverage 4.65%

11. Quality Control: Lineage Cell Therapeutics, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Dominari Holdings

A-Score: 6.1/10

Value: 8.8

Growth: 6.2

Quality: 5.1

Yield: 6.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

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Lineage Cell Therapeutics

A-Score: 4.5/10

Value: 6.2

Growth: 6.0

Quality: 4.6

Yield: 0.0

Momentum: 9.5

Volatility: 1.0

1-Year Total Return ->

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Protalix BioTherapeutics

A-Score: 4.3/10

Value: 4.1

Growth: 6.6

Quality: 8.2

Yield: 0.0

Momentum: 5.0

Volatility: 1.7

1-Year Total Return ->

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Vanda Pharmaceuticals

A-Score: 4.2/10

Value: 9.0

Growth: 2.0

Quality: 4.4

Yield: 0.0

Momentum: 6.0

Volatility: 4.0

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Seres Therapeutics

A-Score: 4.1/10

Value: 6.4

Growth: 4.6

Quality: 6.1

Yield: 0.0

Momentum: 7.0

Volatility: 0.7

1-Year Total Return ->

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MediciNova

A-Score: 2.9/10

Value: 7.2

Growth: 4.6

Quality: 3.1

Yield: 0.0

Momentum: 0.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.72$

Current Price

1.72$

Potential

-0.00%

Expected Cash-Flows