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• Cash Position: $47.8 million in cash, cash equivalents, and marketable securities as of December 31, 2024.

• Revenue (Q4 2024): $2.9 million, an increase from $2.1 million in Q4 2023.

• Operating Expenses (Q4 2024): $7.8 million, a decrease from $8.2 million in Q4 2023.

• R&D Expenses (Q4 2024): $3.4 million, a decrease from $3.9 million in Q4 2023.

• G&A Expenses (Q4 2024): $4.4 million, consistent with Q4 2023.

• Loss from Operations (Q4 2024): $5.1 million, a decrease from $6.4 million in Q4 2023.

• Net Loss (Q4 2024): $3.3 million or $0.02 per share, compared to $4.8 million or $0.03 per share in Q4 2023.

• Total Revenue (Full Year 2024): $5.9 million, compared to $8.9 million in 2023.

• Total Operating Expenses (Full Year 2024): $31 million, a decrease from $33.7 million in 2023.

• R&D Expenses (Full Year 2024): $12.5 million, a decrease from $15.7 million in 2023.

• G&A Expenses (Full Year 2024): $18.2 million, an increase from $17.3 million in 2023.

• Net Loss (Full Year 2024): $18.6 million or $0.09 per share, compared to $21.5 million or $0.12 per share in 2023.

• Warning! GuruFocus has detected 4 Warning Signs with LCTX.

Release Date: March 10, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Lineage Cell Therapeutics Inc (LCTX) reported that their lead candidate, OpRegen, is progressing well in the Phase 2a GAlette study, with no impact from Roche's recent pipeline reductions.

• The company has secured RMAT designation for OpRegen, indicating a positive regulatory outlook.

• Lineage's manufacturing capabilities are highlighted as a competitive advantage, with scalable GMP production processes in place.

• The company has extended its cash runway into Q1 2027, supported by a recent financing strategy that includes milestone warrants.

• Lineage's OPC1 program for spinal cord injury is advancing with a new delivery device and improved manufacturing process, potentially expanding its clinical applications.

Negative Points

• Lineage Cell Therapeutics Inc (LCTX) has not received interim data from Roche's ongoing Phase 2a trial, creating uncertainty about the timing of future updates.

• The company's revenue increase is primarily driven by deferred collaboration revenue, indicating potential reliance on partnerships for financial growth.

• Operating expenses remain high, with a total of $31 million for the year, despite a decrease from the previous year.

• The net loss for the year was $18.6 million, reflecting ongoing financial challenges.

• There is significant competition in the RPE transplant space, with multiple companies reporting positive data, which could impact Lineage's market position.