Lineage Cell Therapeutics, Inc.
LCTX · Biological Products, (No Diagnostic Substances) · 249.3M shares · +9%/yr ↑ dilution · EDGAR filings ↗
Reference price $1.62 · est. market cap ~$405M — last insider purchase, 2026-03-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D45Sub-scale clinical-stage cell-therapy company reliant on a Roche partnership, with deep losses and minimal revenue.
Strengths
- OpRegen (RG6501) partnered worldwide with Roche/Genentech, providing non-dilutive funding and validation; ~11.5 quarters runway
- Strong liquidity ratios (current/quick 5.2) and AlloSCOPE manufacturing platform
Risks
- Deeply negative economics: net margin -436%, operating margin -252%, ROE -1.43, ROA -0.56 (19th pct)
- Pipeline is early (Phase 1/2a OPC1 single-arm safety only) and concentration risk in Israel-based manufacturing amid regional conflict
Notable findings
- Net lossNet loss (net margin -436.5%)
- Cash burnNegative free cash flow (-19.4M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +9%/yr over 2y (dilution, book value/share -40%)
- Revenue declineRevenue -73.9% YoY
- Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC, STATE STREET CORP +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-251.6%
Net margin
-436.5%
Return on equity
-142.6%
Return on assets
-56.4%
Revenue growth (QoQ)
-73.9%
Current ratio
5.2×
Free cash flow
-$19M
EBITDA
-$36M
Tangible book value
$2M
Cash & investments
$56M
Cash runway
12q
Stock comp / revenue
32.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-12 | Culley Brian M | Buy | 15K | $1.62 |
| 2026-02-11 | Culley Brian M | Option exercise | 31K | — |
| 2026-02-11 | Culley Brian M | Tax withheld | 13K | $1.80 |
| 2026-02-11 | Samuel George A. III | Option exercise | 6.1K | — |
| 2026-02-11 | Samuel George A. III | Tax withheld | 2.5K | $1.80 |
| 2025-12-19 | Culley Brian M | Grant | 8.9K | — |
| 2025-12-19 | Culley Brian M | Tax withheld | 334 | $1.68 |
| 2025-12-19 | Samuel George A. III | Grant | 1.7K | — |
| 2025-12-19 | Samuel George A. III | Tax withheld | 65 | $1.68 |
| 2025-02-11 | Samuel George A. III | Option exercise | 6.1K | — |
| 2025-02-11 | Samuel George A. III | Tax withheld | 2.4K | $0.65 |
| 2025-02-11 | Culley Brian M | Option exercise | 31K | — |
| 2025-02-11 | Culley Brian M | Tax withheld | 13K | $0.65 |
| 2025-01-27 | BROADWOOD PARTNERS, L.P. | Buy | 7.9M | $0.76 |
| 2025-01-27 | BROADWOOD PARTNERS, L.P. | Buy | 0 | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05975424 ↗ | LTFU Study of Subjects With Cervical SCI Who Received AST-OPC1 Spinal Cord Injuries | — | Active Not Recruiting | 2033-01-14 |
| NCT06841770 ↗ | A Study to Evaluate the Safety of a Delivery Device for Administering LCTOPC1 in Participants With Spinal Cord Injury Spinal Cord Injury Cervical, Spinal Cord Injury Thoracic | PHASE1 | Recruiting | 2027-08-10 |
| NCT05919563 ↗ | LTFU Study of Subjects Who Received GRNOPC1 Spinal Cord Injuries | — | Active Not Recruiting | 2026-12-12 |
| NCT02302157 ↗ | Dose Escalation Study of AST-OPC1 in Spinal Cord Injury Cervical Spinal Cord Injury, Spine Injury | PHASE1/PHASE2 | Completed | 2018-12-01 |
| NCT01217008 ↗ | Safety Study of GRNOPC1 in Spinal Cord Injury Spinal Cord Injury | PHASE1 | Completed | 2013-07-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (3)
- F. Hoffmann-La Roche Ltd
- Genentech, Inc.
- William Demant Invest A/S (WDI)
Suppliers (1)
- Factor Biosciences Limited
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-09 | 0001193125-26-269557 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001193125-26-219421 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001193125-26-219479 ↗ |
| 8-K | 2026-03-11 | 2026-03-11 | 0001193125-26-101167 ↗ |
| 10-K | 2026-03-05 | 2025-12-31 | 0001193125-26-093992 ↗ |
| 8-K | 2026-03-05 | 2026-03-05 | 0001193125-26-093948 ↗ |
| 8-K | 2025-11-28 | 2025-11-28 | 0001193125-25-302552 ↗ |
| 8-K | 2025-11-24 | 2025-11-20 | 0001193125-25-291979 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001193125-25-276249 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-269534 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-269599 ↗ |
| 8-K | 2025-08-26 | 2025-08-26 | 0000950170-25-111319 ↗ |