LCTX Lineage Cell Therapeutics, Inc.

Overview and Growth

Lineage Cell Therapeutics, Inc. generated $14.56M of revenue in fiscal 2025, with net loss of $63.53M and an operating cash outflow of $18.92M. The $14.56M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 53.2% from $9.50M in fiscal 2024, increasing the company’s operating scale. The company reported diluted EPS of -$0.28, adding a shareholder-level measure to the absolute income figures considered below. The diluted weighted-average share count was 230.12M, linking total earnings with the per-share result received by shareholders. Compared with 200.19M diluted shares in fiscal 2024, the current 230.12M base was 14.9% higher. The company employed $112.58M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.13x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The reported operating result was an operating loss of $36.62M, reflecting costs that exceeded gross profit. An operating margin of -251.6% reflected costs exceeding revenue-level gross profit by 251.6% of sales. After all below-operating-line items, the company recorded a net loss of $63.53M for the fiscal year. Net margin was -436.5%, reflecting a loss equal to 436.5% of reported revenue. The company reported negative EBITDA of $35.92M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The company reported a pretax loss of $68.65M, before the effect of income taxes. The pretax loss equaled 471.6% of revenue, measuring the pre-tax deficit against sales. The reported tax benefit was $5.28M, favorably bridging the pretax and after-tax results. Relative to period-end equity, the net loss represented 146.6%. The net loss equaled 56.4% of period-end assets, showing the deficit relative to the asset base. The net loss widened to $63.53M from $18.61M in fiscal 2024.

Liquidity and Capital Structure

The company held $112.58M of assets against $69.24M of liabilities and $43.35M of equity, revealing how the asset base was financed. Current assets were $59.16M against $11.37M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 5.2x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $40.79M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 358.9% of current liabilities, showing how much near-term coverage came from cash alone. Equity equaled 38.5% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 61.5%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 36.2%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 0.6% from $113.22M in fiscal 2024, leaving current total assets lower year over year. Reported equity changed 43.7% from $77.01M in fiscal 2024, placing the current capital base lower year over year. Compared with $45.79M in fiscal 2024, the current cash balance moved 10.9% and finished lower.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $18.92M, rather than cash generation from operations. The company spent $522.00K on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. The company recorded a $19.44M cash deficit after capital spending for the period. Relative to revenue, the post-investment cash deficit represented 133.6%. The free-cash-flow deficit equaled 17.3% of total assets, placing the cash shortfall against the company’s resource base. Cash absorbed by operations decreased from $23.09M in fiscal 2024 to $18.92M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.