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Lineage Cell Therapeutics (LCTX) – 1Q22 Reported With Clinical Program Review

Health
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Friday, May 13, 2022

Lineage Cell Therapeutics (LCTX)
1Q22 Reported With Clinical Program Review

Lineage Cell Therapeutics is a clinical-stage biotechnology company developing novel cell therapies for unmet medical needs. Lineage’s programs are based on its robust proprietary cell-based therapy platform and associated in-house development and manufacturing capabilities. With this platform Lineage develops and manufactures specialized, terminally differentiated human cells from its pluripotent and progenitor cell starting materials. These differentiated cells are developed to either replace or support cells that are dysfunctional or absent due to degenerative disease or traumatic injury or administered as a means of helping the body mount an effective immune response to cancer. Lineage’s clinical programs are in markets with billion dollar opportunities and include five allogeneic (“off-the-shelf”) product candidates: (i) OpRegen, a retinal pigment epithelial cell therapy in Phase 1/2a development for the treatment of geographic atrophy secondary to age-related macular degeneration; (ii) OPC1, an oligodendrocyte progenitor cell therapy in Phase 1/2a development for the treatment of acute spinal cord injuries; (iii) VAC2, a dendritic cell therapy produced from Lineage’s VAC technology platform for immuno-oncology and infectious disease, currently in Phase 1 clinical development for the treatment of non-small cell lung cancer (iv) ANP1, an auditory neuronal progenitor cell therapy for the potential treatment of auditory neuropathy, and (v) PNC1, a photoreceptor neural cell therapy for the treatment of vision loss due to photoreceptor dysfunction or damage. For more information, please visit www.lineagecell.com or follow the company on Twitter @LineageCell.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Lineage Reported 1Q22.  Lineage Cell Therapies reported a loss of $7.1 million or $(0.04) per share.  Revenues included recognition of a portion of the payment from the Roche/Genentech collaboration, with revenue to be recognized each quarter as obligations under the agreement are completed. Total Operating Expenses included a $3.5 million accrual for a legal settlement.  Cash at the end of the quarter was $78.1 million.

Payment Under The OpRegen Collaboration Will Be Amortized Over The Course Of The Agreement.  In December 2021, Lineage made a collaborative agreement with Roche/Genentech for development and commercialization of OpRegen, its RPE cell transplant for age-related macular degeneration (dry AMD).  Lineage received $50 million in signing fees in January, with a portion going to its early collaborators and licensors.  Lineage will be recognizing the fee as revenue as its obligations under the agreement are met.  We expect uneven, milestone-driven recognition over the next several quarters….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

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