[144] Lineage Cell Therapeutics, Inc. SEC Filing

Rhea-AI Filing Summary

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.

Positive

• Full disclosure of prior sale (80,000 shares) and proposed sale (60,000 shares) provides market transparency
• Shares were acquired by stock option exercise and paid in cash, indicating lawful, routine acquisition
• Transaction size is small relative to the reported 228,356,290 shares outstanding, limiting direct market impact

Negative

• Insider selling may be perceived negatively by some investors despite being routine
• Aggregate market value of the proposed sale ($96,024) and prior sale ($97,472 gross) represent insider liquidity that could exert modest downward pressure if atypical

Insights

Securities Analyst

TL;DR: Insider sales announced; prior sale and a planned sale from option exercise are disclosed, suggesting routine liquidity rather than company distress.

The filing shows an insider (Don M. Bailey) previously sold 80,000 shares on 09/10/2025 and now intends to sell 60,000 shares acquired by stock option exercise on 09/24/2025 through Morgan Stanley Smith Barney. The transaction sizes are small relative to the reported 228,356,290 shares outstanding, indicating limited direct dilution or control change. The filing includes the standard representation that the seller is not aware of undisclosed material adverse information.

Corporate Governance Expert

TL;DR: Disclosure follows Rule 144 mechanics; no governance red flags are evident from the notice alone.

The notice documents compliance with Rule 144 timing and brokered sale logistics and discloses source of shares as a stock option exercise paid in cash. There is no mention of unusual trading plans, accelerated insider selling, or additional related-party transactions in this filing. Absent other disclosures, this appears to be a routine insider liquidity event.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	60000	96024.00	228356290	09/24/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/24/2025	Stock Option Exercise	Issuer			60000	09/24/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
DON M BAILEY 2173 Salk Avenue, Suite 200 Carlsbad, CA 92008	Common	09/10/2025	80000	97472.00

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What did the Form 144 for LCTX disclose about insider sales?

The filing discloses a prior sale by Don M. Bailey of 80,000 shares on 09/10/2025 for $97,472 gross, and a proposed sale of 60,000 shares on 09/24/2025 with aggregate market value $96,024.

How were the 60,000 LCTX shares acquired prior to the proposed sale?

The 60,000 shares were acquired on 09/24/2025 by stock option exercise and paid for in cash.

Through which broker will the LCTX sale be executed?

The proposed sale is to be executed through Morgan Stanley Smith Barney LLC on the NYSE.

How material is the proposed sale relative to LCTX's outstanding shares?

The proposed 60,000-share sale represents a very small fraction of the reported 228,356,290 shares outstanding.

Does the filing assert any undisclosed material information?

The seller represents by signature that they do not know any material adverse information about the issuer that has not been publicly disclosed.