Lineage Cell The Financials
This page shows Lineage Cell The (LCTX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).
External funding is carrying a capital-light research platform whose small revenue base still does not absorb operating costs.
In FY2025, operating cash burn of-$18.9M was far smaller than the net loss of-$63.5M , and free cash flow stayed close at-$19.4M ; that pairing says the business is capital-light and that accounting losses are being driven more by research spending and non-cash items than by heavy reinvestment. Across FY2023-FY2025, capex stayed below$1M a year, so cash needs come mainly from keeping the platform running rather than building a large operating asset base.
The balance sheet shows a split picture: a 5.2x current ratio and
This still reads like a development-stage model: FY2025 revenue was only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Lineage Cell The's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Lineage Cell The scores -4.02, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($256.8M) relative to total liabilities ($69.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Lineage Cell The passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Lineage Cell The generates $0.30 in operating cash flow (-$18.9M OCF vs -$63.5M 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
Earnings & Revenue
Lineage Cell The generated $14.6M in revenue in fiscal year 2025. This represents an increase of 53.2% from the prior year.
Lineage Cell The's EBITDA was -$35.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 71.9% from the prior year.
Lineage Cell The reported -$63.5M in net income in fiscal year 2025. This represents a decrease of 241.4% from the prior year.
Lineage Cell The earned $-0.28 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 211.1% from the prior year.
Cash & Balance Sheet
Lineage Cell The generated -$19.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 17.8% from the prior year.
Lineage Cell The held $40.8M in cash against $0 in long-term debt as of fiscal year 2025.
Lineage Cell The had 243M shares outstanding in fiscal year 2025. This represents an increase of 10.3% from the prior year.
Margins & Returns
Lineage Cell The's operating margin was -251.6% in fiscal year 2025, reflecting core business profitability. This is down 25.5 percentage points from the prior year.
Lineage Cell The's net profit margin was -436.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 240.6 percentage points from the prior year.
Lineage Cell The's ROE was -142.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 118.9 percentage points from the prior year.
Capital Allocation
Lineage Cell The invested $17.7M in research and development in fiscal year 2025. This represents an increase of 42.2% from the prior year.
Lineage Cell The invested $522K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 7.6% from the prior year.
LCTX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7M-73.9% | $6.6M+79.5% | $3.7M+33.1% | $2.8M+84.1% | $1.5M-47.6% | $2.9M-24.1% | $3.8M+168.4% | $1.4M |
| Cost of Revenue | N/A | N/A | N/A | N/A | $36K-76.6% | $154K+305.3% | $38K-13.6% | $44K |
| Gross Profit | N/A | N/A | N/A | N/A | $1.5M-46.0% | $2.7M-27.5% | $3.7M+174.3% | $1.4M |
| R&D Expenses | $4.2M-48.6% | $8.2M+151.8% | $3.3M+5.3% | $3.1M-0.3% | $3.1M-9.0% | $3.4M+7.9% | $3.2M+10.6% | $2.9M |
| SG&A Expenses | $5.1M+4.8% | $4.9M+15.8% | $4.2M-8.1% | $4.6M-6.1% | $4.9M+10.4% | $4.4M-0.2% | $4.4M+1.1% | $4.4M |
| Operating Income | -$7.6M-16.0% | -$6.5M-73.0% | -$3.8M+80.9% | -$19.8M-204.1% | -$6.5M-27.3% | -$5.1M-33.1% | -$3.8M+34.5% | -$5.9M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 |
| Net Income | -$4.8M-665.5% | $851K+102.9% | -$29.8M+2.2% | -$30.5M-636.0% | -$4.1M-26.5% | -$3.3M-7.9% | -$3.0M+47.3% | -$5.8M |
| EPS (Diluted) | $-0.03 | N/A | $-0.130.0% | $-0.13-550.0% | $-0.02 | N/A | $-0.02+33.3% | $-0.03 |
LCTX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $109.5M-2.7% | $112.6M+25.6% | $89.6M-1.3% | $90.8M-18.8% | $111.8M-1.3% | $113.2M+17.2% | $96.6M-6.0% | $102.8M |
| Current Assets | $56.2M-5.1% | $59.2M+40.0% | $42.3M-3.6% | $43.8M-12.3% | $50.0M-2.0% | $51.0M+48.2% | $34.4M-14.8% | $40.4M |
| Cash & Equivalents | $35.9M-11.9% | $40.8M+0.8% | $40.5M-4.3% | $42.3M-11.7% | $47.9M+4.6% | $45.8M+65.0% | $27.8M-6.3% | $29.6M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $806K-9.5% | $891K+601.6% | $127K-50.4% | $256K+20.2% | $213K-66.6% | $638K+57.5% | $405K+72.3% | $235K |
| 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 | $56.8M-17.9% | $69.2M+0.6% | $68.8M+57.6% | $43.7M+28.1% | $34.1M-5.8% | $36.2M+13.9% | $31.8M-11.5% | $35.9M |
| Current Liabilities | $8.1M-28.3% | $11.4M+21.2% | $9.4M-12.8% | $10.8M-17.8% | $13.1M-6.4% | $14.0M+0.8% | $13.9M-9.2% | $15.3M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $53.9M+20.9% | $44.5M+102.1% | $22.0M-54.4% | $48.4M-38.8% | $79.0M+0.8% | $78.4M+18.4% | $66.2M-3.1% | $68.3M |
| Retained Earnings | -$471.8M-1.0% | -$467.0M+0.2% | -$467.8M-6.8% | -$438.1M-7.5% | -$407.6M-1.0% | -$403.5M-0.8% | -$400.2M-0.8% | -$397.2M |
LCTX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.1M-65.6% | -$4.9M-34.9% | -$3.6M+34.7% | -$5.5M-13.4% | -$4.9M+23.0% | -$6.3M-9.7% | -$5.8M-11.8% | -$5.2M |
| Capital Expenditures | $55K-86.2% | $399K+3225.0% | $12K-14.3% | $14K-85.6% | $97K-73.4% | $365K+225.9% | $112K+124.0% | $50K |
| Free Cash Flow | -$8.1M-54.1% | -$5.3M-45.5% | -$3.6M+34.7% | -$5.6M-11.4% | -$5.0M+25.7% | -$6.7M-13.8% | -$5.9M-12.9% | -$5.2M |
| Investing Cash Flow | -$2.3M+84.8% | -$15.3M-127683.3% | -$12K+14.3% | -$14K-100.7% | $1.9M-27.8% | $2.6M-32.2% | $3.9M+144.2% | -$8.8M |
| Financing Cash Flow | $5.6M-72.7% | $20.4M+1011.2% | $1.8M+697.4% | -$307K-106.1% | $5.0M-76.8% | $21.7M+724566.7% | -$3K-102.9% | $105K |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | 97.6%+3.0pp | 94.6%-4.4pp | 99.0%+2.1pp | 96.9% |
| Operating Margin | -440.2%-341.1pp | -99.1%+3.8pp | -102.8%+612.5pp | -715.4%-282.3pp | -433.1%-254.9pp | -178.2%-76.6pp | -101.6%+315.1pp | -416.7% |
| Net Margin | -279.0%-291.8pp | 12.9%+821.9pp | -809.1%+292.7pp | -1101.8%-826.2pp | -275.6%-161.5pp | -114.1%-33.8pp | -80.3%+328.8pp | -409.1% |
| Return on Equity | -8.9%-10.8pp | 1.9%+137.0pp | -135.1%-72.2pp | -63.0%-57.7pp | -5.2%-1.1pp | -4.2%+0.4pp | -4.6%+3.9pp | -8.4% |
| Return on Assets | -4.4%-5.2pp | 0.8%+34.0pp | -33.2%+0.3pp | -33.6%-29.9pp | -3.7%-0.8pp | -2.9%+0.2pp | -3.1%+2.5pp | -5.6% |
| Current Ratio | 6.89+1.7 | 5.20+0.7 | 4.50+0.4 | 4.08+0.3 | 3.82+0.2 | 3.65+1.2 | 2.48-0.2 | 2.64 |
| Debt-to-Equity | 1.05-0.5 | 1.55-1.6 | 3.12+2.2 | 0.90+0.5 | 0.43-0.0 | 0.46-0.0 | 0.48-0.0 | 0.53 |
| FCF Margin | -471.5%-391.6pp | -79.9%+18.7pp | -98.6%+102.3pp | -200.8%+130.9pp | -331.8%-97.8pp | -234.0%-77.9pp | -156.1%+215.1pp | -371.2% |
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Frequently Asked Questions
What is Lineage Cell The's annual revenue?
Lineage Cell The (LCTX) reported $14.6M in total revenue for fiscal year 2025. This represents a 53.2% 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 53.2% year-over-year, from $9.5M to $14.6M in fiscal year 2025.
Is Lineage Cell The profitable?
No, Lineage Cell The (LCTX) reported a net income of -$63.5M in fiscal year 2025, with a net profit margin of -436.5%.
What is Lineage Cell The's EBITDA?
Lineage Cell The (LCTX) had EBITDA of -$35.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Lineage Cell The's operating margin?
Lineage Cell The (LCTX) had an operating margin of -251.6% in fiscal year 2025, 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 -436.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Lineage Cell The's return on equity (ROE)?
Lineage Cell The (LCTX) has a return on equity of -142.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lineage Cell The's free cash flow?
Lineage Cell The (LCTX) generated -$19.4M in free cash flow during fiscal year 2025. This represents a 17.8% 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 -$18.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Lineage Cell The's total assets?
Lineage Cell The (LCTX) had $112.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Lineage Cell The's capital expenditures?
Lineage Cell The (LCTX) invested $522K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Lineage Cell The spend on research and development?
Lineage Cell The (LCTX) invested $17.7M in research and development during fiscal year 2025.
What is Lineage Cell The's current ratio?
Lineage Cell The (LCTX) had a current ratio of 5.20 as of fiscal year 2025, 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 1.55 as of fiscal year 2025, 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 -56.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Lineage Cell The's cash runway?
Based on fiscal year 2025 data, Lineage Cell The (LCTX) had $40.8M in cash against an annual operating cash burn of $18.9M. This gives an estimated cash runway of approximately 26 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 Altman Z-Score?
Lineage Cell The (LCTX) has an Altman Z-Score of -4.02, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Lineage Cell The's Piotroski F-Score?
Lineage Cell The (LCTX) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 0.30x, 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 61 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.