Lineage Cell The Financials

LCTX

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Lineage Cell The (LCTX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 48/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Lineage Cell The has an operating margin of -226.1%, meaning the company retains $-226 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -276.5% the prior year.

Growth

Lineage Cell The's revenue grew 6.2% year-over-year to $9.5M, a solid pace of expansion. This earns a growth score of 46/100.

Leverage

Lineage Cell The carries a low D/E ratio of 0.46, meaning only $0.46 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 3.65, Lineage Cell The holds $3.65 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Lineage Cell The generated -$23.1M in operating cash flow, capex of $565K consumed most of it, leaving -$23.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

Lineage Cell The passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

1.24x

For every $1 of reported earnings, Lineage Cell The generates $1.24 in operating cash flow (-$23.1M OCF vs -$18.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$9.5M

YoY+6.2%

5Y CAGR+22.0%

10Y CAGR+6.1%

Lineage Cell The generated $9.5M in revenue in fiscal year 2024. This represents an increase of 6.2% from the prior year.

EBITDA

-$20.9M

YoY+13.6%

Lineage Cell The's EBITDA was -$20.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.6% from the prior year.

Free Cash Flow

-$23.7M

YoY+19.1%

Lineage Cell The generated -$23.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 19.1% from the prior year.

Net Income

-$18.6M

YoY+13.4%

Lineage Cell The reported -$18.6M in net income in fiscal year 2024. This represents an increase of 13.4% from the prior year.

EPS (Diluted)

$-0.09

YoY+25.0%

Lineage Cell The earned $-0.09 per diluted share (EPS) in fiscal year 2024. This represents an increase of 25.0% from the prior year.

Cash & Debt

$45.8M

YoY+29.2%

5Y CAGR+37.0%

10Y CAGR+4.5%

Lineage Cell The held $45.8M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

220M

YoY+26.0%

5Y CAGR+8.0%

10Y CAGR+10.9%

Lineage Cell The had 220M shares outstanding in fiscal year 2024. This represents an increase of 26.0% from the prior year.

Gross Margin

96.5%

YoY+4.0pp

5Y CAGR+8.2pp

10Y CAGR+12.4pp

Lineage Cell The's gross margin was 96.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 4.0 percentage points from the prior year.

Operating Margin

-226.1%

YoY+50.4pp

5Y CAGR+879.9pp

10Y CAGR+740.4pp

Lineage Cell The's operating margin was -226.1% in fiscal year 2024, reflecting core business profitability. This is up 50.4 percentage points from the prior year.

Net Margin

-195.9%

YoY+44.3pp

5Y CAGR+137.2pp

10Y CAGR+498.5pp

Lineage Cell The's net profit margin was -195.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 44.3 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$12.5M

YoY-20.6%

5Y CAGR-7.0%

10Y CAGR-10.4%

Lineage Cell The invested $12.5M in research and development in fiscal year 2024. This represents a decrease of 20.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$565K

YoY-16.2%

5Y CAGR+5.1%

10Y CAGR+1.6%

Lineage Cell The invested $565K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 16.2% from the prior year.

LCTX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$9.5M+6.2%	$8.9M-39.2%	$14.7M+238.7%	$4.3M+137.7%	$1.8M-48.1%	$3.5M
Cost of Revenue	$334K-50.2%	$671K-7.8%	$728K-48.9%	$1.4M+270.4%	$385K-6.6%	$412K
Gross Profit	$9.2M+10.8%	$8.3M-40.8%	$14.0M+379.4%	$2.9M+102.3%	$1.4M-53.6%	$3.1M
R&D Expenses	$12.5M-20.6%	$15.7M+12.3%	$14.0M-58.8%	$33.9M+175.3%	$12.3M-31.4%	$17.9M
SG&A Expenses	$18.2M+5.0%	$17.3M-23.1%	$22.5M+23.6%	$18.2M+17.0%	$15.6M-35.2%	$24.0M
Operating Income	-$21.5M+13.2%	-$24.7M-9.8%	-$22.5M+54.2%	-$49.2M-86.1%	-$26.4M+32.0%	-$38.9M
Interest Expense	N/A	N/A	$829K+41350.0%	$2K-99.8%	$1.0M	N/A
Income Tax	$0+100.0%	-$1.8M-433.3%	$541K	N/A	-$1.2M+83.3%	-$7.4M
Net Income	-$18.6M+13.4%	-$21.5M+18.2%	-$26.3M+38.9%	-$43.0M-108.3%	-$20.6M-76.4%	-$11.7M
EPS (Diluted)	$-0.09+25.0%	$-0.12+20.0%	$-0.15	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$3.7M+33.1%	$2.8M+84.1%	$1.5M-47.6%	$2.9M+103.7%	$1.4M-2.5%	$1.4M-30.8%	$2.1M+67.6%	$1.2M
Cost of Revenue	N/A	N/A	$36K-76.6%	$154K+250.0%	$44K-55.1%	$98K-61.7%	$256K+51.5%	$169K
Gross Profit	N/A	N/A	$1.5M-46.0%	$2.7M+99.0%	$1.4M+1.3%	$1.3M-26.5%	$1.8M+70.1%	$1.1M
R&D Expenses	$3.3M+5.3%	$3.1M-0.3%	$3.1M-9.0%	$3.4M+19.4%	$2.9M-4.7%	$3.0M-22.9%	$3.9M+4.4%	$3.7M
SG&A Expenses	$4.2M-8.1%	$4.6M-6.1%	$4.9M+10.4%	$4.4M+0.9%	$4.4M-12.7%	$5.0M+16.5%	$4.3M+6.1%	$4.0M
Operating Income	-$3.8M+80.9%	-$19.8M-204.1%	-$6.5M-27.3%	-$5.1M+12.9%	-$5.9M+11.9%	-$6.7M-4.7%	-$6.4M+5.1%	-$6.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$433K
Income Tax	N/A	N/A	N/A	$0	$0	$0	$0	$0
Net Income	-$29.8M+2.2%	-$30.5M-636.0%	-$4.1M-26.5%	-$3.3M+43.2%	-$5.8M+12.0%	-$6.5M-37.0%	-$4.8M+32.8%	-$7.1M
EPS (Diluted)	$-0.130.0%	$-0.13-550.0%	$-0.02	$0.00+100.0%	$-0.03+25.0%	$-0.04-33.3%	$-0.03+25.0%	$-0.04

LCTX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$113.2M+12.1%	$101.0M-18.3%	$123.7M-29.2%	$174.5M+61.7%	$107.9M-14.0%	$125.5M
Current Assets	$51.0M+32.7%	$38.4M-35.9%	$60.0M-46.2%	$111.5M+153.5%	$44.0M-23.5%	$57.5M
Cash & Equivalents	$45.8M+29.2%	$35.4M+212.1%	$11.4M-79.6%	$55.7M+71.1%	$32.6M+243.1%	$9.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$638K-14.4%	$745K+150.8%	$297K-99.4%	$50.6M+20809.1%	$242K+450.0%	$44K
Goodwill	$10.7M0.0%	$10.7M0.0%	$10.7M0.0%	$10.7M0.0%	$10.7M0.0%	$10.7M
Total Liabilities	$36.2M-7.2%	$39.0M-24.6%	$51.7M-38.2%	$83.6M+552.4%	$12.8M-9.9%	$14.2M
Current Liabilities	$14.0M-22.2%	$18.0M-5.4%	$19.0M-59.7%	$47.1M+506.5%	$7.8M+19.6%	$6.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$78.4M+23.6%	$63.4M-13.5%	$73.3M-20.5%	$92.2M-4.1%	$96.2M-14.8%	$113.0M
Retained Earnings	-$403.5M-4.8%	-$384.9M-5.9%	-$363.4M-7.8%	-$337.1M-14.6%	-$294.1M-7.6%	-$273.4M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$89.6M-1.3%	$90.8M-18.8%	$111.8M-1.3%	$113.2M+10.1%	$102.8M-5.2%	$108.5M+7.4%	$101.0M-4.8%	$106.2M
Current Assets	$42.3M-3.6%	$43.8M-12.3%	$50.0M-2.0%	$51.0M+26.3%	$40.4M-11.7%	$45.7M+18.9%	$38.4M-11.6%	$43.5M
Cash & Equivalents	$40.5M-4.3%	$42.3M-11.7%	$47.9M+4.6%	$45.8M+54.6%	$29.6M-32.0%	$43.6M+23.0%	$35.4M+12.6%	$31.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$127K-50.4%	$256K+20.2%	$213K-66.6%	$638K+171.5%	$235K+205.2%	$77K-89.7%	$745K+72.5%	$432K
Goodwill	$10.7M0.0%	$10.7M0.0%	$10.7M0.0%	$10.7M0.0%	$10.7M0.0%	$10.7M0.0%	$10.7M0.0%	$10.7M
Total Liabilities	$68.8M+57.6%	$43.7M+28.1%	$34.1M-5.8%	$36.2M+0.8%	$35.9M-4.2%	$37.5M-3.9%	$39.0M-1.3%	$39.5M
Current Liabilities	$9.4M-12.8%	$10.8M-17.8%	$13.1M-6.4%	$14.0M-8.5%	$15.3M-9.6%	$16.9M-6.0%	$18.0M+13.1%	$15.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$22.0M-54.4%	$48.4M-38.8%	$79.0M+0.8%	$78.4M+14.8%	$68.3M-5.7%	$72.4M+14.2%	$63.4M-6.9%	$68.1M
Retained Earnings	-$467.8M-6.8%	-$438.1M-7.5%	-$407.6M-1.0%	-$403.5M-1.6%	-$397.2M-1.5%	-$391.4M-1.7%	-$384.9M-1.3%	-$380.1M

LCTX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$23.1M+19.2%	-$28.6M-2797.5%	$1.1M+104.5%	-$23.6M-19.3%	-$19.8M+38.2%	-$31.9M
Capital Expenditures	$565K-16.2%	$674K+63.2%	$413K+21.5%	$340K+431.3%	$64K-85.5%	$440K
Free Cash Flow	-$23.7M+19.1%	-$29.2M-4626.3%	$646K+102.7%	-$23.9M-20.6%	-$19.8M+38.8%	-$32.4M
Investing Cash Flow	-$2.3M-105.0%	$46.4M+200.6%	-$46.2M-573.7%	$9.7M-25.3%	$13.0M-23.1%	$17.0M
Financing Cash Flow	$35.9M+458.3%	$6.4M+293.6%	$1.6M-95.6%	$36.9M+23.7%	$29.9M+4740.4%	$617K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$3.6M+34.7%	-$5.5M-13.4%	-$4.9M+23.0%	-$6.3M-22.6%	-$5.2M+10.5%	-$5.8M+3.9%	-$6.0M-19.5%	-$5.0M
Capital Expenditures	$12K-14.3%	$14K-85.6%	$97K-73.4%	$365K+630.0%	$50K+31.6%	$38K-58.2%	$91K-34.5%	$139K
Free Cash Flow	-$3.6M+34.7%	-$5.6M-11.4%	-$5.0M+25.7%	-$6.7M-28.4%	-$5.2M+10.2%	-$5.8M+4.7%	-$6.1M-18.0%	-$5.2M
Investing Cash Flow	-$12K+14.3%	-$14K-100.7%	$1.9M-27.8%	$2.6M+130.0%	-$8.8M-23039.5%	-$38K-100.4%	$9.7M+359.1%	$2.1M
Financing Cash Flow	$1.8M+697.4%	-$307K-106.1%	$5.0M-76.8%	$21.7M+20599.0%	$105K-99.3%	$14.0M+107953.8%	-$13K-101.6%	$807K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LCTX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	96.5%+4.0pp	92.5%-2.5pp	95.0%+27.9pp	67.2%-11.8pp	78.9%-9.4pp	88.3%
Operating Margin	-226.1%+50.4pp	-276.5%-123.3pp	-153.2%+980.5pp	-1133.6%+314.7pp	-1448.4%-342.4pp	-1106.0%
Net Margin	-195.9%+44.3pp	-240.2%-61.5pp	-178.7%+812.3pp	-991.0%+139.8pp	-1130.8%-797.7pp	-333.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-16.4%+4.8pp	-21.3%-0.0pp	-21.3%+3.4pp	-24.6%-5.5pp	-19.1%-9.8pp	-9.3%
Current Ratio	3.65+1.5	2.14-1.0	3.16+0.8	2.37-3.3	5.66-3.2	8.86
Debt-to-Equity	0.46-0.2	0.61-0.1	0.71-0.2	0.91+0.8	0.130.0	0.13
FCF Margin	-249.0%+77.8pp	-326.9%-331.3pp	4.4%+555.0pp	-550.6%+534.7pp	-1085.3%-163.9pp	-921.4%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	97.6%+3.0pp	94.6%-2.2pp	96.9%+3.7pp	93.2%+5.5pp	87.7%+1.3pp	86.4%
Operating Margin	-102.8%+612.5pp	-715.4%-282.3pp	-433.1%-254.9pp	-178.2%+238.5pp	-416.7%+44.6pp	-461.3%-156.6pp	-304.7%+233.4pp	-538.1%
Net Margin	-809.1%+292.7pp	-1101.8%-826.2pp	-275.6%-161.5pp	-114.1%+295.0pp	-409.1%+44.0pp	-453.1%-224.4pp	-228.7%+341.9pp	-570.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-33.2%+0.3pp	-33.6%-29.9pp	-3.7%-0.8pp	-2.9%+2.7pp	-5.6%+0.4pp	-6.0%-1.3pp	-4.7%+2.0pp	-6.7%
Current Ratio	4.50+0.4	4.08+0.3	3.82+0.2	3.65+1.0	2.64-0.1	2.71+0.6	2.14-0.6	2.74
Debt-to-Equity	3.12+2.2	0.90+0.5	0.43-0.0	0.46-0.1	0.530.0	0.52-0.1	0.61+0.0	0.58
FCF Margin	-98.6%+102.3pp	-200.8%+130.9pp	-331.8%-97.8pp	-234.0%+137.2pp	-371.2%+32.0pp	-403.1%-110.5pp	-292.6%+122.8pp	-415.4%

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Frequently Asked Questions

What is Lineage Cell The's annual revenue?

Lineage Cell The (LCTX) reported $9.5M in total revenue for fiscal year 2024. This represents a 6.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Lineage Cell The's revenue growing?

Lineage Cell The (LCTX) revenue grew by 6.2% year-over-year, from $8.9M to $9.5M in fiscal year 2024.

Is Lineage Cell The profitable?

No, Lineage Cell The (LCTX) reported a net income of -$18.6M in fiscal year 2024, with a net profit margin of -195.9%.

What is Lineage Cell The's earnings per share (EPS)?

Lineage Cell The (LCTX) reported diluted earnings per share of $-0.09 for fiscal year 2024. This represents a 25.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Lineage Cell The's EBITDA?

Lineage Cell The (LCTX) had EBITDA of -$20.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Lineage Cell The's gross margin?

Lineage Cell The (LCTX) had a gross margin of 96.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Lineage Cell The's operating margin?

Lineage Cell The (LCTX) had an operating margin of -226.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Lineage Cell The's net profit margin?

Lineage Cell The (LCTX) had a net profit margin of -195.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Lineage Cell The's free cash flow?

Lineage Cell The (LCTX) generated -$23.7M in free cash flow during fiscal year 2024. This represents a 19.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Lineage Cell The's operating cash flow?

Lineage Cell The (LCTX) generated -$23.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Lineage Cell The's total assets?

Lineage Cell The (LCTX) had $113.2M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Lineage Cell The's capital expenditures?

Lineage Cell The (LCTX) invested $565K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Lineage Cell The spend on research and development?

Lineage Cell The (LCTX) invested $12.5M in research and development during fiscal year 2024.

How many shares does Lineage Cell The have outstanding?

Lineage Cell The (LCTX) had 220M shares outstanding as of fiscal year 2024.

What is Lineage Cell The's current ratio?

Lineage Cell The (LCTX) had a current ratio of 3.65 as of fiscal year 2024, which is generally considered healthy.

What is Lineage Cell The's debt-to-equity ratio?

Lineage Cell The (LCTX) had a debt-to-equity ratio of 0.46 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Lineage Cell The's return on assets (ROA)?

Lineage Cell The (LCTX) had a return on assets of -16.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Lineage Cell The's cash runway?

Based on fiscal year 2024 data, Lineage Cell The (LCTX) had $45.8M in cash against an annual operating cash burn of $23.1M. This gives an estimated cash runway of approximately 24 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Lineage Cell The's Piotroski F-Score?

Lineage Cell The (LCTX) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Lineage Cell The's earnings high quality?

Lineage Cell The (LCTX) has an earnings quality ratio of 1.24x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Lineage Cell The?

Lineage Cell The (LCTX) scores 48 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.