International Stem Cell Corp (OTC QX: ISCO) is a biotechnology company that develops human stem cell-based therapies and manufactures human cell culture products for research use. Revenue comes from two activities: commercial sales of cell culture products through its LCT subsidiary, and advancement of proprietary therapeutic programs funded by equity and debt financing rather than product royalties or partnerships. LCT produces over 200 human cell culture products, including frozen primary cells, stem cells, and growth media, sold to pharmaceutical, academic, and government research organizations. On the therapeutic side, ISCO's most advanced program is ISC-hpNSC, parthenogenetic stem cell-derived neural stem cells for Parkinson's disease, which completed Phase 1 enrollment with 12 subjects as of April 2019; full Phase 1 results are expected in the second half of 2026. The company holds exclusive licenses from Astellas Pharma covering parthenogenesis, single blastomere, and other stem cell technologies. ISCO operates from San Diego, California, carries an accumulated stockholders' deficit, and has never paid a cash dividend as of the 10-K filed March 30, 2026.

Revenue model

Commercial product sales from LCT's human cell culture catalog (cells, media, reagents) sold transactionally to research organizations; therapeutic programs are pre-revenue and funded through equity and debt issuance.

Products and services

LCT subsidiary: over 200 human cell culture products including frozen primary cells, stem cells, and optimized growth media/reagents, including Xeno-free formulations. Therapeutic pipeline: ISC-hpNSC (parthenogenetic neural stem cells) for Parkinson's disease in Phase 1; stroke program also referenced. Proprietary parthenogenesis-based pluripotent stem cell platform with licensed SCNT, iPS, and single blastomere technologies.

Customers and end markets

Research scientists at pharmaceutical companies, academic institutions, and government research organizations purchasing cell culture products. Therapeutic end market targets Parkinson's disease patients and potentially stroke patients, with no approved product as of the filing date.

Value-chain role

Upstream cell biology platform: manufactures and supplies human cells and culture reagents to research markets; also acts as clinical-stage drug developer for neural stem cell therapies. Holds licenses from Astellas Pharma (originally sourced partly from University of Massachusetts) for key IP.

Geographic exposure

Headquartered and manufactured in San Diego, California. LCT products sold domestically and internationally per the 10-K filed March 30, 2026; no further geographic revenue breakdown supported by the filing excerpts.

Source: SEC 10-K, filed 2026-03-30

Industry: Pharmaceutical Preparations Peers: ACTAVIA LIFE SCIENCES, INC. Allena Pharmaceuticals, Inc. GlobeStar Therapeutics Corp Qrons Inc. Histogen Inc. NovAccess Global Inc.