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Lineage Cell Therapeutics reported higher revenue but a much larger net loss for 2025 while extending its cash runway and advancing its cell therapy pipeline. Total revenues for the year ended December 31, 2025 were $14.6 million, up from $9.5 million in 2024, mainly from collaboration revenue with Roche and a new research collaboration with William Demant Invest.
Total operating expenses rose to $51.2 million, including a $14.8 million impairment of an intangible asset related to the VAC platform. A large non-cash fair value remeasurement expense of warrant liabilities contributed to other expense of $32.0 million, versus other income of $2.9 million in 2024. Net loss attributable to Lineage widened to $63.5 million, or $0.28 per share, compared to $18.6 million, or $0.09 per share.
As of December 31, 2025, cash, cash equivalents and marketable securities were $55.8 million. Together with approximately $5.4 million in warrant exercise proceeds in March 2026, management expects this to fund planned operations into the second quarter of 2028. Operationally, the company achieved its first OpRegen milestone under its collaboration with Roche and Genentech, reported positive 36‑month OpRegen Phase 1/2a data, demonstrated high-scale AlloSCOPE manufacturing, secured up to $12 million of planned ReSonance (ANP1) preclinical funding from William Demant Invest, and treated the first chronic spinal cord injury patient in the OPC1 DOSED study.
Culley Brian M reported multiple insider transaction types in a Form 4 filing for LCTX. The filing lists transactions totaling 75,369 shares at a weighted average price of $1.80 per share. Following the reported transactions, holdings were 240,516 shares.
Samuel George A. III reported multiple insider transaction types in a Form 4 filing for LCTX. The filing lists transactions totaling 14,652 shares at a weighted average price of $1.80 per share. Following the reported transactions, holdings were 31,063 shares.
Lineage Cell Therapeutics, Inc. reported an insider equity transaction by its President and CEO and Director, Brian M. Culley. On 12/19/2025, he earned 8,925 common shares upon vesting of restricted stock units that were granted on February 11, 2022, which were subject to performance conditions. These RSUs are settled in common shares on a one-for-one basis.
On the same date, 334 shares were withheld by the company at a price of $1.68 per share to cover statutory tax withholding obligations related to the vesting. After these transactions, Culley beneficially owned 222,135 common shares directly. The disclosure notes that this amount does not include unvested RSUs or shares that could be acquired through outstanding stock options.
Lineage Cell Therapeutics, Inc. reported an insider equity transaction by its General Counsel and Secretary, George A. Samuel III. On 12/19/2025, he acquired 1,735 common shares through the vesting of previously granted performance-based restricted stock units, which convert into common shares on a one-for-one basis. The company then withheld 65 shares at $1.68 per share to cover statutory tax obligations related to this vesting, with no shares sold on the open market.
Following these transactions, Samuel directly beneficially owned 27,490 common shares of Lineage Cell Therapeutics. The filing notes that this total does not include any unvested restricted stock units or shares that could be acquired through outstanding stock options that remained unexercised as of the report date.
Lineage Cell Therapeutics reported that it has withdrawn its June 2025 application for a CLIN2 clinical trial grant from the California Institute for Regenerative Medicine, which was intended to support continued development of its OPC1 cell therapy for spinal cord injuries. The withdrawal followed CIRM comments on the application received in late November 2025.
The company states that CIRM did not identify specific content deficiencies in the application and that, after discussions with CIRM representatives, it plans to submit a revised application in the next grant cycle currently scheduled for January 2026. Lineage also notes that this withdrawal and planned resubmission do not affect its current or planned OPC1 development work or the ongoing DOSED clinical study using a novel spinal cord delivery device in subacute and chronic spinal cord injury participants.
Lineage Cell Therapeutics announced that it has achieved the first development milestone under its collaboration and license agreement with Genentech and F. Hoffmann-La Roche for OpRegen, its lead cell therapy program for geographic atrophy secondary to age-related macular degeneration. Meeting this milestone on November 20, 2025, based on manufacturing and clinical progress in the Phase 2a GAlette trial, triggers a $5 million milestone payment to Lineage, expected within 30 days. Lineage reports that approximately 24.1% of this payment will be paid to the Israel Innovation Authority and 21.5% to Hadasit Medical Research and Development Ltd., under existing Israeli research and collaboration agreements tied to its subsidiary Cell Cure Neuroscience Ltd.
Lineage Cell Therapeutics (LCTX): Broadwood Partners, Broadwood Capital, and Neal C. Bradsher filed an amended Schedule 13D reporting updated ownership after the Issuer sold 12,000,000 common shares to Janus Henderson Investors in a block transaction under its at-the-market program, as described in a Form 8-K on November 12, 2025.
Broadwood Partners and Broadwood Capital each beneficially own 57,455,729 shares, representing 23.0% of the class. Mr. Bradsher beneficially owns 57,848,357 shares, or 23.1%, including stock options and warrants; he has sole voting and dispositive power over 392,628 shares and shared power over 57,455,729. Baselines reflect 250,222,274 and 250,527,274 shares outstanding, each as of the date hereof, as adjusted for the relevant derivative securities. No share transactions by the reporting persons occurred in the past sixty days. Purchases were funded by working capital and, for Mr. Bradsher, personal funds and director compensation.
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.