Lineage Cell The SEC Filings

Lineage Cell Therapeutics (LCTX) completed a capital raise. On November 12, 2025, the company sold 12,000,000 common shares to Janus Henderson Investors at $1.75 per share in a block transaction under its at-the-market program. The transaction generated $21 million in gross proceeds before fees and expenses.

This direct sale to a single institutional investor provides new cash to the company while increasing the share count. The pricing and size were fixed in the block trade, rather than dribbled out, which can offer execution certainty under an ATM framework.

Lineage Cell Therapeutics reported Q3 2025 results. Total revenue was $3.68 million (collaboration revenue $3.54 million). Operating loss was $3.79 million as R&D of $3.27 million and G&A of $4.19 million outpaced revenue. A large non-cash expense from the change in fair value of warrant liability ($26.56 million) drove a GAAP net loss of $29.75 million for the quarter.

Cash, cash equivalents and marketable securities totaled $40.5 million at September 30, 2025, and management states this is sufficient for at least twelve months of planned operations. Deferred revenue declined to $16.23 million as performance obligations were recognized, and warrant liabilities rose to $45.17 million. During the quarter, the company raised $1.32 million via its ATM program. The pipeline advanced: OpRegen received FDA RMAT designation in 2024 and showed positive 36‑month data in June 2025; the OPC1 DOSED study dosed its first chronic SCI participant with no significant safety events through 60 days; and a WDI collaboration will fund up to $12 million in ReSonance preclinical work. Common shares outstanding were 230,327,537 as of October 31, 2025.

Lineage Cell Therapeutics (LCTX) furnished an 8-K under Item 2.02 announcing financial results via a press release for the quarter ended September 30, 2025. The press release is included as Exhibit 99.1. The company stated this information is being furnished, not filed, under the Exchange Act and will not be incorporated by reference except as expressly set forth by specific reference.

Jorey Chernett filed a Schedule 13G reporting beneficial ownership of Lineage Cell Therapeutics, Inc. common stock. The filer reports owning 11,445,003 shares, representing 5.01% of the class, and states sole voting and dispositive power over those shares. The filing includes an alternate line reporting 11,455,003 shares for sole voting and dispositive power, creating an inconsistency in the reported share counts. The registrant's principal office is listed in Carlsbad, California.

The filer certifies the shares were not acquired to change or influence control of the issuer and signed the filing on 09/25/2025.

Lineage Cell Therapeutics (LCTX) reported an insider notice to sell common shares under Rule 144. An earlier sale by Don M. Bailey on 09/10/2025 disposed of 80,000 shares for gross proceeds of $97,472. The current notice proposes the sale of 60,000 shares (approximate aggregate market value $96,024) to be executed on 09/24/2025 on the NYSE through Morgan Stanley Smith Barney LLC. The 60,000 shares were acquired the same day by stock option exercise and paid in cash. The filing states the seller does not possess undisclosed material adverse information about the issuer.

Lineage Cell Therapeutics (LCTX) notice records a proposed sale of 80,000 common shares under Rule 144, with an aggregate market value of $97,472. The shares are listed on the NYSE and were acquired and are proposed to be sold on 09/10/2025 following a stock option exercise paid in cash. The filing names Morgan Stanley Smith Barney LLC Executive Financial Services as the broker for the transaction and shows 228,356,290 shares outstanding, with no other sales by the filer in the past three months reported. The filer certifies no undisclosed material adverse information regarding the issuer.

Lineage Cell Therapeutics reported stronger collaboration revenue and continued clinical progress while remaining a development-stage biotech with ongoing operating losses. Total revenues for the six months ended June 30, 2025 were $4.27 million, up from $2.85 million a year earlier, driven primarily by recognized collaboration upfront license fees. Cash and marketable securities totaled approximately $42.3 million at June 30, 2025 and management states these resources, together with available ATM capacity, are expected to fund planned operations for at least twelve months.

Operating results reflect continued R&D and G&A spending and a non-cash $14.84 million impairment of an acquired intangible asset, producing a net loss attributable to Lineage of $34.6 million for the six months. Balance sheet highlights include total assets of $90.8 million, warrant liabilities of $18.8 million (up from $6.2 million), and shareholders' equity of $47.1 million. Clinically, OpRegen showed sustained 36-month visual acuity gains in a subgroup (mean +9.0 ETDRS letters, n=5), OpRegen retains RMAT designation, and the OPC1 DOSED study has been initiated with the first chronic SCI patient treated.