Lineage Cell Therapeutics (LCTX) – OpRegen Collaboration Advances As Pipeline Products Move Toward INDs

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Monday, August 15, 2022

Lineage Cell Therapeutics (LCTX)
OpRegen Collaboration Advances As Pipeline Products Move Toward INDs

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 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.

Quarterly Revenues Include Revenue Recognition.  Lineage Cell Reported a loss of $6.8 million or $(0.04) per share, in-line with our estimate of $4.6 million or $(0.03) per share.  Progress on the OpRegen collaboration with Roche/Genentech accounted for revenue of $4.1 million out of $4.6 million total revenues.  The company ended the quarter with $72.0 million in cash.

OpRegen Progress Allowed Revenue Recognition.  The OpRegen collaboration with Roche/Genentech brought in net fees of about $29 million, after allocation of amounts due to its licensors.  The amount is being amortized over the course of the agreement, with revenue recognized as obligations under the agreement are met.  Lineage recognized $4.1 million under the agreement in 2Q22 and a total of $9.0 million for the year to date.  This reflects progress on Chemistry and Manufacturing Controls (CMC), technology transfers, and manufacturing milestones….

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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