Lineage Cell Therapeutics Inc
lineagecell.comWhat Do They Do?
Develops cell replacement therapies for patients with retinal disease, spinal cord injury and hearing loss, and works with pharmaceutical and biotechnology partners on their development.
10-K for FY2025, filed Mar 5, 2026We are a clinical-stage biotechnology company developing cell replacement therapies to treat serious medical conditions. Certain diseases…View ↗
The cells we have or may seek to manufacture are intended to replace the same type of cells that the patient has lost, or which have become…View ↗
Our lead program, OpRegen, is being developed under a worldwide collaboration with Roche and Genentech for the treatment of GA secondary to…View ↗
How Do They Make Money?
Partners pay for licenses and research work, with collaboration income earned as Lineage performs the work and additional payments tied to specified milestones. Royalties are tied to product sales, while service-agreement income is earned as services are provided.
10-K for FY2025, filed Mar 5, 2026Roche Agreement - From the inception of the December 2021 Roche Agreement through the quarter ending September 30, 2025 the total…View ↗
In the fourth quarter of 2025, the achievement of the first milestone under the agreement in the amount of $5.0 million resulted in a…View ↗
WDI Agreement - In August 2025, the Company entered into a multi-year, multi-phase research collaboration agreement (the RCA) with WDI.…View ↗
Revenues from royalties, licenses and service agreements are recognized as revenue in the period earned and are generated from royalty and…View ↗
OpRegen is our lead cell therapy program. We currently have a collaboration and license agreement with Roche, pursuant to which we license…View ↗
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10-K for FY2025, filed Mar 5, 2026
FY2025 revenue by product or service ↗
$14.6M
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10-K for FY2025, filed Mar 5, 2026
$14.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Collaboration Revenues
Recurring
10-K for FY2025, filed Mar 5, 2026 |
93%
FY2022: 91%
|
Collaboration Revenues, FY2025
$13.6M Sources
|
Recurring |
|
Royalties, License and Other Revenues
Licensed
|
6.5%
FY2022: 9.1%
|
Royalties, License and Other Revenues, FY2025
$947K Sources
|
Licensed |
Who Are Their Customers?
Lineage works directly with pharmaceutical and biotechnology partners through collaboration and research agreements, including Roche for OpRegen and WDI for ReSonance; it also has a gene-editing partnership with Factor Biosciences.
10-K for FY2025, filed Mar 5, 2026We are a clinical-stage biotechnology company developing cell replacement therapies to treat serious medical conditions. Certain diseases…View ↗
ReSonanceTM (ANP1), an allogeneic auditory neuron progenitor cell transplant therapy currently in preclinical development under…View ↗
RND1, a novel hypoimmune induced pluripotent stem cell line being evaluated under a gene editing partnership with Factor Biosciences…View ↗
WDI Agreement - In August 2025, the Company entered into a multi-year, multi-phase research collaboration agreement (the RCA) with WDI.…View ↗
Do Revenues Turn Into Profits?
No. It lost $63.5M in FY2025.
10-K for FY2025, filed Mar 5, 2026
−$36.6MView ↗
10-K for FY2025, filed Mar 5, 2026
−$63.5MView ↗
10-K for FY2025, filed Mar 5, 2026
−$19.4MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
$1.5MView ↗
- ▲ Now profitable
- vs −$30.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
Growing. Revenue grew 3.4x in 4 years, from $4.3M in FY2021 to $14.6M in FY2025, about 36% a year.
Portfolio emphasis
The older portfolio included a dendritic-cell cancer immunotherapy program alongside cell-replacement candidates. The latest pipeline description focuses on replacement-cell programs for eye, spinal cord, hearing and metabolic conditions.
10-K for FY2022, filed Mar 9, 2023 10-K for FY2025, filed Mar 5, 2026VAC, an allogeneic cancer immunotherapy comprised of antigen-presenting dendritic cells. One of the VAC product candidates, VAC2, is…View ↗
We are a clinical-stage biotechnology company developing cell replacement therapies to treat serious medical conditions. Certain diseases…View ↗
OpRegen (designated as RG6501 by Roche and Genentech), an allogeneic RPE cell replacement therapy currently in Phase 2a development under a…View ↗
OPC1, an allogeneic oligodendrocyte progenitor cell therapy currently in Phase 1/2a development for the treatment of spinal cord injuries…View ↗
ReSonanceTM (ANP1), an allogeneic auditory neuron progenitor cell transplant therapy currently in preclinical development under…View ↗
ILT1, an allogeneic cell transplant research initiative focused on addressing the issue of large-scale production of undifferentiated…View ↗
Who Do They Compete With?
Competes with Abbvie, Century Therapeutics, Bayer, Regeneron Pharmaceuticals, Santen Pharmaceuticals, Sana Biotechnology, jCyte, Astellas Pharma, and Apellis Pharmaceuticals
10-K for FY2025, filed Mar 5, 2026As mentioned above, some of our competitors have substantially greater financial and other resources than we have, such as larger research…View ↗
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