Lineage Cell Therapeutics (LCTX) financial statements
Lineage Cell Therapeutics reported revenue of $15M in fiscal 2025, up 10.5% a year over 9 years.
Net income was -$64M and the operating margin -251.6%, against -995.6% in 2016.
Free cash flow was -$19M.
The diluted share count rose 131% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lineage Cell Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6M | $3M | $5M | $4M | $2M | $4M | $15M | $9M | $9M | $15M |
| Cost of revenue | $358,000 | $168,000 | $302,000 | $412,000 | $385,000 | $1M | $728,000 | $671,000 | $334,000 | — |
| Gross profit | $6M | $3M | $5M | $3M | $1M | $3M | $14M | $8M | $9M | — |
| Research and development | $36M | $24M | $21M | $18M | $12M | $34M | $14M | $16M | $12M | $18M |
| Selling, general and admin | $28M | $20M | $25M | $24M | $16M | $18M | $23M | $17M | $18M | $18M |
| Operating income | -$59M | -$39M | -$42M | -$39M | -$26M | -$49M | -$23M | -$25M | -$21M | -$37M |
| Pre-tax income | $19M | -$23M | -$47M | -$19M | -$22M | -$43M | -$26M | -$23M | -$19M | -$69M |
| Income tax | — | — | $346,000 | -$7M | -$1M | — | $541,000 | -$2M | $0 | -$5M |
| Net income | $34M | -$20M | -$46M | -$12M | -$21M | -$43M | -$26M | -$21M | -$19M | -$64M |
| EPS (diluted) | $0.34 | -$0.17 | -$0.36 | -$0.08 | -$0.14 | -$0.26 | -$0.15 | -$0.12 | -$0.09 | -$0.28 |
| Diluted shares | 100M | 114M | 127M | 146M | 150M | 165M | 170M | 173M | 200M | 230M |
| Gross margin | 94.0% | 95.1% | 93.9% | 88.3% | 78.9% | 67.2% | 95.0% | 92.5% | 96.5% | — |
| Operating margin | -995.6% | -1125.0% | -837.9% | -1106.0% | -1448.4% | -1133.6% | -153.2% | -276.5% | -226.1% | -251.6% |
| Net margin | 566.8% | -577.7% | -922.0% | -333.1% | -1130.8% | -991.0% | -178.7% | -240.2% | -195.9% | -436.5% |
Balance sheet
Fiscal years, from Lineage Cell Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $12M | $38M | $31M | $31M | $42M | $58M | $58M | $35M | $48M | $56M |
| Receivables | $344,000 | $139,000 | $51,000 | $44,000 | — | $51M | $297,000 | $745,000 | $638,000 | $891,000 |
| Total current assets | $26M | $43M | $36M | $58M | $44M | $112M | $60M | $38M | $51M | $59M |
| Property, plant and equipment | $6M | $6M | $6M | $8M | $6M | $5M | $6M | $2M | $2M | $3M |
| Goodwill | — | — | — | $11M | $11M | $11M | $11M | $11M | $11M | $11M |
| Total assets | $143M | $173M | $102M | $125M | $108M | $175M | $124M | $101M | $113M | $113M |
| Total current liabilities | $9M | $7M | $7M | $6M | $8M | $47M | $19M | $18M | $14M | $11M |
| Total liabilities | $12M | $9M | $9M | $14M | $13M | $84M | $52M | $39M | $36M | $69M |
| Shareholders' equity | $118M | $163M | $92M | $113M | $96M | $92M | $73M | $63M | $78M | $45M |
| Net debt | -$22M | -$37M | -$24M | -$9M | -$33M | -$56M | -$11M | -$35M | -$46M | -$41M |
Cash flow
Fiscal years, from Lineage Cell Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$42M | -$31M | -$31M | -$32M | -$20M | -$24M | $1M | -$29M | -$23M | -$19M |
| Capital spending | $2M | $1M | $556,000 | $440,000 | $64,000 | $340,000 | $413,000 | $674,000 | $565,000 | $522,000 |
| Free cash flow | -$45M | -$32M | -$31M | -$32M | -$20M | -$24M | $646,000 | -$29M | -$24M | -$19M |
| Stock-based compensation | $8M | $4M | $5M | $4M | $2M | $4M | $4M | $5M | $5M | $5M |
| Net borrowing | — | -$49,000 | -$101,000 | -$70,000 | — | — | — | — | — | — |
| Free cash flow margin | -752.6% | -920.9% | -630.3% | -921.4% | -1085.3% | -550.6% | 4.4% | -326.9% | -249.0% | -133.6% |
Questions
What was Lineage Cell Therapeutics's revenue in 2025?
$15M in fiscal 2025, from its 10-K filing.
How much free cash flow does Lineage Cell Therapeutics generate?
-$19M in fiscal 2025 (operating cash flow minus capital spending).
From Lineage Cell Therapeutics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.