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Lineage Cell Therapeutics, Inc. (LCTX) 10-Year Financial Performance & Capital Metrics

LCTX • • Industrial / General
HealthcareBiotechnologyAutoimmune & Inflammatory DiseasesOphthalmology & Ocular Diseases
AboutLineage Cell Therapeutics, Inc., a clinical-stage biotechnology company, develops novel cell therapies for the treatment of degenerative diseases in the United States and internationally. The company develops OpRegen, a retinal pigment epithelium cell replacement therapy, which is in Phase I/IIa clinical trial for the treatment of the dry age-related macular degeneration; OPC1, an oligodendrocyte progenitor cell therapy that is in Phase I/IIa multicenter clinical trial for the treatment of acute spinal cord injuries; and VAC2, an allogeneic cancer immunotherapy of antigen-presenting dendritic cells, which is in Phase I clinical trial to treat non-small cell lung cancer. It also offers Renevia, a facial aesthetics product. In addition, the company engages in the research and development of therapeutic products for retinal diseases, neurological diseases, and disorders and oncology. Lineage Cell Therapeutics, Inc. has a collaboration with Orbit Biomedical, Ltd. The company was formerly known as BioTime, Inc. and changed its name to Lineage Cell Therapeutics, Inc. in August 2019. Lineage Cell Therapeutics, Inc. was incorporated in 1990 and is headquartered in Carlsbad, California.Show more
  • Revenue $9M +6.2%
  • EBITDA -$21M +13.2%
  • Net Income -$19M +13.4%
  • EPS (Diluted) -0.09 +22.5%
  • Gross Margin 96.48% +4.3%
  • EBITDA Margin -219.7% +18.3%
  • Operating Margin -226.11% +18.2%
  • Net Margin -195.9% +18.4%
  • ROE -26.77% +16.6%
  • ROIC -50.92% -29.0%
  • Debt/Equity 0.03 -31.4%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Momentum leader: RS Rating 93 (top 7%)
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 45.1%

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Shares diluted 15.9% in last year
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y17.18%
5Y45.08%
3Y34.59%
TTM24.05%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-236.42%

EPS CAGR

10Y-
5Y-
3Y-
TTM-167.57%

ROCE

10Y Avg-37.34%
5Y Avg-27.34%
3Y Avg-23.11%
Latest-23.56%

Peer Comparison

Ophthalmology & Ocular Diseases
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Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+2.53M2.25M1.79M1.42M1.48M773K3.9M14.7M8.95M9.5M
Revenue Growth %0.3%-0.11%-0.2%-0.21%0.04%-0.48%4.04%2.77%-0.39%0.06%
Cost of Goods Sold+1.11M358K168K302K412K385K1.43M728K671K334K
COGS % of Revenue0.44%0.16%0.09%0.21%0.28%0.5%0.37%0.05%0.08%0.04%
Gross Profit+1.43M1.89M1.62M1.11M1.07M388K2.47M13.97M8.27M9.16M
Gross Margin %0.56%0.84%0.91%0.79%0.72%0.5%0.63%0.95%0.92%0.96%
Gross Profit Growth %0.29%0.33%-0.14%-0.31%-0.04%-0.64%5.37%4.66%-0.41%0.11%
Operating Expenses+67.24M60.86M42.28M42.11M39.94M26.84M51.68M36.49M33.01M30.64M
OpEx % of Revenue26.53%27.03%23.59%29.74%27.02%34.72%13.27%2.48%3.69%3.23%
Selling, General & Admin29.13M28.43M19.92M24.73M24.03M15.57M18.21M22.51M17.3M18.17M
SG&A % of Revenue11.5%12.62%11.12%17.46%16.26%20.14%4.67%1.53%1.93%1.91%
Research & Development42.6M36.11M24.02M20.95M17.95M12.32M33.91M13.99M15.71M12.47M
R&D % of Revenue16.81%16.03%13.41%14.8%12.14%15.93%8.7%0.95%1.76%1.31%
Other Operating Expenses-160K-403K1.45M-1.31M-2.04M-1.05M-445K000
Operating Income+-65.81M-58.97M-38.9M-41.8M-38.88M-26.45M-49.21M-22.52M-24.73M-21.48M
Operating Margin %-25.97%-26.18%-21.71%-29.52%-26.3%-34.21%-12.63%-1.53%-2.77%-2.26%
Operating Income Growth %-0.3%0.1%0.34%-0.07%0.07%0.32%-0.86%0.54%-0.1%0.13%
EBITDA+-59.48M-54.21M-35.61M-38.52M-35.88M-24.41M-48.34M-21.79M-24.04M-20.87M
EBITDA Margin %-23.47%-24.07%-19.87%-27.2%-24.27%-31.58%-12.41%-1.48%-2.69%-2.2%
EBITDA Growth %-0.41%0.09%0.34%-0.08%0.07%0.32%-0.98%0.55%-0.1%0.13%
D&A (Non-Cash Add-back)6.33M4.76M3.3M3.27M3M2.04M873K727K692K609K
EBIT-65.81M-58.97M-40.66M-40.99M-38.88M-26.45M-49.21M-22.52M-24.73M-21.48M
Net Interest Income+-340K-747K-692K711K1.69M1.04M2K829K1.63M1.72M
Interest Income00001.69M1.04M2K829K1.63M1.72M
Interest Expense340K747K692K10.87M000000
Other Income/Expense3.16M77.59M15.61M-5.33M19.64M4.52M5.94M-3.29M1.45M2.9M
Pretax Income+-62.65M18.62M-23.29M-47.13M-19.23M-21.92M-43.27M-25.81M-23.28M-18.58M
Pretax Margin %-24.72%8.27%-13%-33.28%-13.01%-28.36%-11.11%-1.76%-2.6%-1.96%
Income Tax+-4.52M00-346K-7.41M-1.24M0541K-1.8M0
Effective Tax Rate %0.75%1.8%0.86%0.98%0.61%0.94%0.99%1.02%0.92%1%
Net Income+-46.99M33.57M-19.98M-45.99M-11.71M-20.65M-43.02M-26.27M-21.49M-18.61M
Net Margin %-18.54%14.91%-11.15%-32.48%-7.92%-26.71%-11.04%-1.79%-2.4%-1.96%
Net Income Growth %-0.29%1.71%-1.6%-1.3%0.75%-0.76%-1.08%0.39%0.18%0.13%
Net Income (Continuing)-58.13M18.62M-23.29M-46.78M-11.83M-20.68M-43.27M-26.35M-21.48M-18.58M
Discontinued Operations0000000000
Minority Interest49.56M12.58M1.62M-1.59M-1.71M-1.07M-1.32M-1.4M-1.4M-1.37M
EPS (Diluted)+-0.590.34-0.17-0.36-0.08-0.14-0.26-0.15-0.12-0.09
EPS Growth %-0.07%1.58%-1.5%-1.12%0.77%-0.72%-0.86%0.42%0.2%0.23%
EPS (Basic)-0.590.35-0.17-0.36-0.08-0.14-0.26-0.15-0.12-0.09
Diluted Shares Outstanding79.71M99.55M114.48M126.9M145.53M150.04M164.5M169.79M172.66M200.19M
Basic Shares Outstanding79.71M97.32M114.48M126.9M145.53M150.04M164.5M169.79M172.66M200.19M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+47.24M25.65M42.62M36.36M57.52M44M111.55M60M38.44M51M
Cash & Short-Term Investments42.98M22.71M38.17M30.74M30.72M41.56M58.36M57.88M35.49M47.8M
Cash Only42.23M22.09M36.84M23.59M9.5M32.59M55.74M11.36M35.44M45.79M
Short-Term Investments753K627K1.34M7.15M21.22M8.98M2.62M46.52M50K2.02M
Accounts Receivable1.65M1.16M3.05M3.72M24.74M4K50.84M297K745K638K
Days Sales Outstanding236.95187.52620.42958.646.11K1.894.76K7.3730.424.52
Inventory1K000000000
Days Inventory Outstanding0.33---------
Other Current Assets567K0002.06M001.83M2.2M2.55M
Total Non-Current Assets+47.42M116.92M130.62M65.3M67.96M63.95M63M63.66M62.58M62.22M
Property, Plant & Equipment7.54M5.53M5.53M5.83M8.18M5.63M4.87M5.67M4.77M4.39M
Fixed Asset Turnover0.34x0.41x0.32x0.24x0.18x0.14x0.80x2.59x1.88x2.16x
Goodwill000010.67M10.67M10.67M10.67M10.67M10.67M
Intangible Assets33.59M10.21M6.9M3.13M48.25M47.03M46.82M46.69M46.56M46.54M
Long-Term Investments4.67M100.04M117.17M33.73M100K00581K00
Other Non-Current Assets1.3M1.03M1.02M505K764K616K630K627K577K614K
Total Assets+94.66M142.57M173.24M101.66M125.48M107.95M174.54M123.66M101.02M113.22M
Asset Turnover0.03x0.02x0.01x0.01x0.01x0.01x0.02x0.12x0.09x0.08x
Asset Growth %0.26%0.51%0.22%-0.41%0.23%-0.14%0.62%-0.29%-0.18%0.12%
Total Current Liabilities+12.46M8.85M6.88M6.81M6.49M7.77M47.12M18.98M17.96M13.98M
Accounts Payable2.8M1.59M938K2.36M2.43M2.61M3.54M2.39M2.05M1.17M
Days Payables Outstanding922.561.62K2.04K2.85K2.15K2.48K906.871.2K1.12K1.28K
Short-Term Debt95K932K152K70K1.22M523K0000
Deferred Revenue (Current)1000K572K797K42K45K193K1000K1000K1000K1000K
Other Current Liabilities3.38M3.65M2.5M1.65M1.25M1.97M2.54M3.83M3.12M0
Current Ratio3.79x2.90x6.20x5.34x8.86x5.66x2.37x3.16x2.14x3.65x
Quick Ratio3.79x2.90x6.20x5.34x8.86x5.66x2.37x3.16x2.14x3.65x
Cash Conversion Cycle-685.28---------
Total Non-Current Liabilities+5.75M3.21M2.1M2.6M7.74M5.05M36.53M32.75M21.04M22.23M
Long-Term Debt544K1.15M18K0000000
Capital Lease Obligations4.43M1.7M1.15M1.96M3.94M2.54M1.97M2.94M2.07M1.36M
Deferred Tax Liabilities158K50K003.31M2.08M2.08M2.08M273K273K
Other Non-Current Liabilities166K58K930K644K277K437K30K2K06.16M
Total Liabilities18.21M12.06M8.98M9.41M14.23M12.82M83.65M51.73M39M36.21M
Total Debt+5.1M3.98M1.53M2.27M5.17M3.83M2.8M3.9M2.95M2.51M
Net Debt-37.13M-18.11M-35.3M-21.32M-4.33M-28.76M-52.94M-7.46M-32.49M-43.27M
Debt / Equity0.07x0.03x0.01x0.02x0.05x0.04x0.03x0.05x0.05x0.03x
Debt / EBITDA----------
Net Debt / EBITDA----------
Interest Coverage-193.56x-78.94x-56.22x-3.84x------
Total Equity+76.45M130.51M164.26M92.25M111.25M95.13M90.9M71.94M62.02M77.01M
Equity Growth %0.22%0.71%0.26%-0.44%0.21%-0.14%-0.04%-0.21%-0.14%0.24%
Book Value per Share0.961.311.430.730.760.630.550.420.360.38
Total Shareholders' Equity26.89M117.93M162.64M93.84M112.96M96.2M92.22M73.34M63.42M78.38M
Common Stock274.34M317.88M378.49M354.27M387.06M393.94M434.53M440.28M451.34M484.72M
Retained Earnings-229.18M-196.32M-216.3M-261.86M-273.42M-294.08M-337.1M-363.37M-384.86M-403.46M
Treasury Stock-18.03M-2.89M00000000
Accumulated OCI-237K-738K451K1.43M-681K-3.67M-5.21M-3.57M-3.07M-2.88M
Minority Interest49.56M12.58M1.62M-1.59M-1.71M-1.07M-1.32M-1.4M-1.4M-1.37M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-44.54M-42.33M-30.52M-30.88M-31.95M-19.75M-23.56M1.06M-28.57M-23.09M
Operating CF Margin %-17.58%-18.79%-17.03%-21.81%-21.62%-25.55%-6.05%0.07%-3.19%-2.43%
Operating CF Growth %-0.15%0.05%0.28%-0.01%-0.03%0.38%-0.19%1.04%-27.97%0.19%
Net Income-58.13M18.62M-23.29M-46.78M-11.83M-20.68M-43.27M-26.35M-21.49M-18.61M
Depreciation & Amortization6.33M4.76M3.3M3.27M3M2.04M873K727K692K609K
Stock-Based Compensation11.05M7.95M3.93M5.4M3.58M2.23M3.52M4.29M4.64M5.08M
Deferred Taxes-4.52M-4.52M-17.57M-346K-7.41M-1.24M-6M0-1.8M0
Other Non-Cash Items-2.58M-68.4M640K6.93M-17.34M-3.47M202K3.73M195K-1.4M
Working Capital Changes3.31M-741K2.48M638K-1.96M1.37M21.11M18.67M-10.8M-8.77M
Change in Receivables-248K-39K-172K46K467K287K-857K50.31M-446K106K
Change in Inventory-75K-75K1.3M122K2.88M-308K-72K000
Change in Payables1.67M12K1.3M1.1M-2.88M308K21.64M-18.7M-2.29M-1.68M
Cash from Investing+-7.44M-10.89M-10.22M11.82M16.96M13.04M9.74M-46.16M46.45M-2.31M
Capital Expenditures-5.33M-2.53M-1.33M-3.29M-440K-64K-354K-413K-674K-565K
CapEx % of Revenue2.1%1.12%0.74%2.32%0.3%0.08%0.09%0.03%0.08%0.06%
Acquisitions----------
Investments----------
Other Investing-859K13K188K-8K65K41K14K-45.75M00
Cash from Financing+64.78M32.78M55.39M5.77M617K29.86M36.93M1.63M6.42M35.86M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid000-34.41M-182K00000
Share Repurchases----------
Other Financing15.47M324K-3.57M35.77M1.01M24.79M6.14M1.53M-37K58K
Net Change in Cash----------
Free Cash Flow+-49.88M-44.85M-31.84M-34.17M-32.39M-19.82M-23.91M646K-29.24M-23.66M
FCF Margin %-19.68%-19.92%-17.77%-24.13%-21.91%-25.64%-6.14%0.04%-3.27%-2.49%
FCF Growth %-0.27%0.1%0.29%-0.07%0.05%0.39%-0.21%1.03%-46.26%0.19%
FCF per Share-0.63-0.45-0.28-0.27-0.22-0.13-0.150.00-0.17-0.12
FCF Conversion (FCF/Net Income)0.95x-1.26x1.53x0.67x2.73x0.96x0.55x-0.04x1.33x1.24x
Interest Paid0000000000
Taxes Paid0000000000

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-67.53%32.44%-13.55%-35.86%-11.51%-20.01%-46.25%-32.27%-32.08%-26.77%
Return on Invested Capital (ROIC)-135.07%-58.3%-24.18%-31.36%-32.79%-22.89%-70.76%-32.98%-39.46%-50.92%
Gross Margin56.31%84.1%90.63%78.67%72.12%50.19%63.4%95.05%92.5%96.48%
Net Margin-1854.42%1490.76%-1114.73%-3247.88%-792.22%-2671.28%-1104.18%-178.69%-240.2%-195.9%
Debt / Equity0.07x0.03x0.01x0.02x0.05x0.04x0.03x0.05x0.05x0.03x
Interest Coverage-193.56x-78.94x-56.22x-3.84x------
FCF Conversion0.95x-1.26x1.53x0.67x2.73x0.96x0.55x-0.04x1.33x1.24x
Revenue Growth30.19%-11.13%-20.43%-20.98%4.38%-47.7%404.01%277.39%-39.16%6.19%

Revenue by Segment

2018201920202021202220232024
Collaboration Revenues----13.37M7.59M8.15M
Collaboration Revenues Growth------43.23%7.39%
Royalties----1.34M--
Royalties Growth-------
Royalty---2.78M---
Royalty Growth-------
Reimbursements Cost Sharing Payments---545K---
Reimbursements Cost Sharing Payments Growth-------
Upfront License Fees---452K---
Upfront License Fees Growth-------
Event Based Development Milestones---123K---
Event Based Development Milestones Growth-------
Grant--1.05M----
Grant Growth-------
Royalties From Product Sales and License Fees392K1.22M773K----
Royalties From Product Sales and License Fees Growth-211.48%-36.69%----
Grant Revenue3.57M2.04M-----
Grant Revenue Growth--42.97%-----
Sale of Research Products and Services333K257K-----
Sale of Research Products and Services Growth--22.82%-----
Subscription and Advertisement Revenues691K------
Subscription and Advertisement Revenues Growth-------

Revenue by Geography

2018201920202021202220232024
UNITED STATES--1.16M3.9M14.7M--
UNITED STATES Growth---235.78%277.48%--
Foreign3.18M1.42M666K446K---
Foreign Growth--55.31%-53.20%-33.03%---
United States1.8M2.09M-----
United States Growth-15.96%-----

Frequently Asked Questions

Growth & Financials

Lineage Cell Therapeutics, Inc. (LCTX) reported $10.8M in revenue for fiscal year 2024. This represents a 148% increase from $4.4M in 2011.

Lineage Cell Therapeutics, Inc. (LCTX) grew revenue by 6.2% over the past year. This is steady growth.

Lineage Cell Therapeutics, Inc. (LCTX) reported a net loss of $67.7M for fiscal year 2024.

Dividend & Returns

Lineage Cell Therapeutics, Inc. (LCTX) has a return on equity (ROE) of -26.8%. Negative ROE indicates the company is unprofitable.

Lineage Cell Therapeutics, Inc. (LCTX) had negative free cash flow of $20.9M in fiscal year 2024, likely due to heavy capital investments.

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