LCTX on NYSE

Lineage Cell Therapeutics

Biotechnology company.1

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Last updated Oct 19, 2026.

Overview

1990Founded1

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  • TickerLCTX on NYSE1
  • Industrybiotechnology1
  • HeadquartersCarlsbad1
  • Founded inUnited States1
  • Websitewww.lineagecell.com
  • Legal formlimited company, public company1
  • Listed onNew York Stock Exchange (LCTX), Tel Aviv Stock Exchange (LCTX)1
  • Incorporated inCA3
  • Business address2173 Salk Avenue, Suite 200, Carlsbad, Ca 920083
  • Filer categoryNon-accelerated filer, Smaller reporting company3

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We are a clinical-stage biotechnology company developing cell replacement therapies to treat serious medical conditions. Certain diseases and medical events can arise from the loss of critical cellular activity and lead to devastating or difficult-to-treat conditions or impairments. Our work is grounded in the emerging evidence that replacing or supporting those cells that have become dysfunctional or “lost” (destroyed or dead) can restore or replenish normal function and improve treatment and recovery paradigms. We call this approach “Replace and Restore”. We believe cellular therapies aimed at entirely replacing dysfunctional or destroyed cells may have more durable, broader, or suitable applicability than traditional pharmaceutical products, which often seek to affect just a single molecular target or group of biological pathways. Transplantation of replacement cells represents an eme…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-251.6%Operating margin5
-436.5%Net margin5
53.2%Revenue growth, 20255
-142.6%Return on equity5
-$19.4MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Event Based Milestones And Other Collaborative Revenue brought in 49% of the revenue Lineage Cell Therapeutics broke down this way in fiscal 2025.

  1. Event Based Milestones And Other Collaborative Revenue$7.2M549%
  2. Upfront License Fees$6.4M544%down 21% from 2024
  3. Royalties, License and Other Revenues$947.0K57%down 30% from 2024
Products and services by year
Products and services20242025
Event Based Milestones And Other Collaborative Revenue$7.2M
Upfront License Fees$8.1M$6.4M
Royalties, License and Other Revenues$1.4M$947.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development77¢$17.7M
  • Income tax23¢$5.3M

Out of $14.6M in revenue.5 The company lost money this year.

Financial statements

Revenue6789105$14.6M in 2025+314% since 2019
0$5.0M$10.0M$15.0M2019: $3.5M$3.5M20192020: $1.8M$1.8M2020−48%2021: $4.3M$4.3M2021+138%2022: $14.7M$14.7M2022+239%2023: $8.9M$8.9M2023−39%2024: $9.5M$9.5M2024+6%2025: $14.6M$14.6M2025+53%
Gross profit6789$8.3M in 2023+167% since 2019
0$5.0M$10.0M$15.0M2019: $3.1M$3.1M20192020: $1.4M$1.4M2020−54%2021: $2.9M$2.9M2021+102%2022: $14.0M$14.0M2022+379%2023: $8.3M$8.3M2023−41%
Operating income6789105-$36.6M in 2025−6% since 2019
-$60.0M-$40.0M-$20.0M02019: -$38.9M-$38.9M20192020: -$26.4M-$26.4M2020−32%2021: -$49.2M-$49.2M2021+86%2022: -$22.5M-$22.5M2022−54%2023: -$24.7M-$24.7M2023+10%2024: -$21.5M-$21.5M2024−13%2025: -$36.6M-$36.6M2025+70%
Net income6789105-$63.5M in 2025+443% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$11.7M-$11.7M20192020: -$20.6M-$20.6M2020+76%2021: -$43.0M-$43.0M2021+108%2022: -$26.3M-$26.3M2022−39%2023: -$21.5M-$21.5M2023−18%2024: -$18.6M-$18.6M2024−13%2025: -$63.5M-$63.5M2025+241%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Total revenues$14.6M$9.5M
Cost of royalties$146.0K$334.0K
Research and development$17.7M$12.5M
General and administrative$18.5M$18.2M
Loss on impairment of intangible asset (Note 6 and Note 13)$14.8M$0
Total operating expenses$51.2M$31.0M
Loss from operations-$36.6M-$21.5M
Interest income, net$1.7M$1.7M
Loss on marketable equity securities, net-$8.0K-$8.0K
Change in fair value of warrant liability-$35.7M$2.1M
Foreign currency transaction gain (loss), net$2.1M-$269.0K
Other income (expense), net-$132.0K-$670.0K
Total other income (expenses)-$32.0M$2.9M
LOSS BEFORE INCOME TAXES-$68.6M-$18.6M
Income tax benefit$5.3M$0
NET LOSS-$63.4M-$18.6M
Net (income) loss attributable to noncontrolling interest-$166.0K-$27.0K
NET LOSS ATTRIBUTABLE TO LINEAGE-$63.5M-$18.6M
Net loss per common share attributable to Lineage basic-$0.28-$0.09
Net loss per common share attributable to Lineage diluted-$0.28-$0.09
Weighted-average common shares used to compute net loss per common share, basic230.1M shares200.2M shares
Weighted-average common shares used to compute net loss per common share, diluted230.1M shares200.2M shares

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Leadership

Who has led Lineage Cell Therapeutics, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Aditya P. Mohanty2016–2018
  2. Brian M. Culley2018–now

Chair

  1. Alfred D. Kingsley2023

President

  1. Brian M. Culley2018–now

Chief financial officer

  1. Steven A. Seinberg2006–2010
  2. Peter S. Garcia2011–2013
  3. Russell Skibsted2015–2018
  4. Brandi Roberts2019–2020
  5. Jill Ann Howe2022–now

Chief operating officer

  1. Aditya P. Mohanty2015
1995200020052010201520202025
Board members and other officers (39)

Former names

  • BIOTIME INCDec 5, 1996 to Aug 8, 20193

Timeline

  1. Sep 19, 2018New chief executive Brian M. Culley becomes CEO13
  2. Apr 11, 2016New chief executive Aditya P. Mohanty becomes CEO14
  3. 1990Founded Founded in United States1

Filings

215 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 53 major events, 92 insider forms, 12 large holders, 37 other. The latest 20:

  1. Aug 6, 202610-Q EDGAR
  2. Aug 6, 20268-K EDGAR
  3. Jul 29, 2026SCHEDULE 13G EDGAR
  4. Jul 2, 20264 EDGAR
  5. Jul 2, 20264 EDGAR
  6. Jul 2, 20264 EDGAR
  7. Jul 2, 20264 EDGAR
  8. Jul 2, 20264 EDGAR
  9. Jul 2, 20264 EDGAR
  10. Jun 12, 20268-K EDGAR
  11. May 12, 202610-Q EDGAR
  12. May 12, 20268-K EDGAR
  13. Apr 29, 2026ARS EDGAR
  14. Apr 29, 2026DEFA14A EDGAR
  15. Apr 29, 2026DEF 14A EDGAR
  16. Mar 23, 2026EFFECT EDGAR
  17. Mar 19, 2026CORRESP EDGAR
  18. Mar 16, 2026UPLOAD EDGAR
  19. Mar 12, 20264 EDGAR
  20. Mar 11, 2026S-3 EDGAR

The 215 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

20 open-market trades by officers, directors and large owners since October 2021: 18 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 12, 2026Culley Brian MPresident and CEOBuy15,000$1.63$24.4KForm 4
Jan 27, 2025BROADWOOD CAPITAL INC10% ownerBuy7,894,737$0.76$6.0MForm 4
Nov 26, 2024Howe Jill AnnChief Financial OfficerBuy15,000$0.59$8.8KForm 4
Nov 26, 2024Samuel George A. IIIGeneral Counsel and SecretaryBuy15,000$0.60$9.0KForm 4
Nov 22, 2024Mulroy Michael H.DirectorBuy40,000$0.57$22.8KForm 4
Nov 21, 2024Culley Brian MPresident and CEOBuy40,000$0.60$24.0KForm 4
Aug 16, 2024Howe Jill AnnChief Financial OfficerBuy10,500$0.89$9.3KForm 4
May 24, 2024Culley Brian MPresident and CEOBuy10,000$1.05$10.5KForm 4
Feb 8, 2024BAILEY DON MDirectorBuy96,155$1.04$100.0KForm 4
Feb 6, 2024BROADWOOD PARTNERS, L.P.DirectorBuy6,730,770$1.04$7.0MForm 4
Dec 29, 2023Jayasuriya AnulaDirectorBuy10,000$1.09$10.9KForm 4
Mar 31, 2022Culley Brian MPresident and CEOBuy6,400$1.53$9.8KForm 4
Mar 28, 2022Amin DiptiDirectorBuy35,000$1.63$57.0KForm 4
Mar 25, 2022Culley Brian MPresident and CEOBuy5,250$1.38$7.2KForm 4
Mar 25, 2022BRADSHER NEAL CDirectorBuy470,000$1.44$676.8KForm 4
Mar 24, 2022Mulroy Michael H.DirectorBuy7,000$1.40$9.8KForm 4
Mar 24, 2022BRADSHER NEAL CDirectorBuy200,000$1.42$284.0KForm 4
Mar 23, 2022BRADSHER NEAL CDirectorBuy260,106$1.37$356.3KForm 4
Dec 29, 2021Hogge Gary S.SVP,Clinical & Medical AffairsSale37,695$2.45$92.4KForm 4
Dec 28, 2021Hogge Gary S.SVP,Clinical & Medical AffairsSale501,588$2.45$1.2MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Broadwood Capital Inc49,560,992$64.9M3.4%No change
BlackRock, Inc.13,186,895$17.3M0.0%+9,322,138
Vanguard Capital Management LLC9,054,918$11.9M0.0%+736,233
Defender Capital, LLC.6,598,899$8.6M2.8%−130,700
Geode Capital Management, LLC5,299,457$6.9M0.0%+2,776,343
Raffles Associates LP5,197,788$6.8M3.0%−165,000
Fifth Third Bancorp4,600,000$6.0M0.0%No change
Millennium Management LLC3,018,567$4.0M0.0%−2,542,807
State Street Corp2,314,180$3.0M0.0%+1,224,069
Vanguard Fiduciary Trust Co1,668,629$2.2M0.0%+344,471
Northern Trust Corp1,656,651$2.2M0.0%+1,157,524
Morgan Stanley1,471,462$1.9M0.0%−397,029
Renaissance Technologies LLC1,344,829$1.8M0.0%−780,271
Marshall Wace, Llp1,282,347$1.7M0.0%−1,782,686
Vanguard Portfolio Management LLC1,273,311$1.7M0.0%New
UBS Group AG687,051$900.0K0.0%−683,410
Red Crane Wealth Management, LLC597,263$782.4K0.6%No change
Charles Schwab Investment Management Inc577,435$756.4K0.0%+447,511
Barclays PLC508,668$666.4K0.0%+115,359
Squarepoint Ops LLC444,774$582.7K0.0%+301,584
Goldman Sachs Group Inc433,266$567.6K0.0%−736,161
Citadel Advisors LLC426,169$558.3K0.0%+295,221
Bank Of America Corp /de/424,373$555.9K0.0%+5,018
Bank of New York Mellon Corp391,675$513.1K0.0%+368,462
Flputnam Investment Management Co304,562$399.0K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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