Revenue remains highly volatile due to sporadic milestone payments, contributing to a persistent negative operating margin that reached -178.2% in 2024Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Jun'98 | Jun'96 |
|---|
| Sales/Revenue | 14.78M | 14.56M | 9.5M | 8.95M | 14.7M | 3.9M | 773K | 1.48M | 1.42M | 1.79M | 2.25M | 2.53M | 1.95M | 2.86M | 1.69M | 4.35M | 3.68M | 1.93M | 1.5M | 1.05M | 1.16M | 903.2K | 688.38K | 556.42K | 387.02K | 151.92K | 52.49K | 1.04M | 300K | 100K | 100K |
| Revenue Growth % | 54.64% | 53.24% | 6.19% | -39.16% | 277.39% | 404.01% | -47.7% | 4.38% | -20.98% | -20.43% | -11.13% | 30.19% | -31.97% | 69% | -61.13% | 18.33% | 91.17% | 28.02% | 43.75% | -9.97% | 28.66% | 31.21% | 23.71% | 43.77% | 154.76% | 189.41% | -94.94% | 245.83% | 200% | 0% | 0% |
| Cost of Goods Sold | 298K | 845K | 334K | 671K | 728K | 1.43M | 385K | 412K | 302K | 168K | 358K | 1.11M | 837.05K | 792.66K | 434.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -75.46K | -59.54K | 0 | 0 | 0 |
| COGS % of Revenue | - | 5.81% | 3.52% | 7.5% | 4.95% | 36.6% | 49.81% | 27.88% | 21.33% | 9.38% | 15.9% | 43.69% | 43.01% | 27.71% | 25.65% | - | - | - | - | - | - | - | - | - | - | - | -143.75% | -5.74% | - | - | - |
| Gross Profit | 14.48M | 13.71M | 9.16M | 8.27M | 13.97M | 2.47M | 388K | 1.07M | 1.11M | 1.62M | 1.89M | 1.43M | 1.11M | 2.07M | 1.26M | 4.35M | 3.68M | 1.93M | 1.5M | 1.05M | 1.16M | 903.2K | 688.38K | 556.42K | 387.02K | 151.92K | 127.95K | 1.1M | 300K | 100K | 100K |
| Gross Margin % | 97.98% | 94.19% | 96.48% | 92.5% | 95.05% | 63.4% | 50.19% | 72.12% | 78.67% | 90.63% | 84.1% | 56.31% | 56.99% | 72.29% | 74.35% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 243.75% | 105.74% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 49.6% | 10.77% | -40.79% | 465.79% | 536.6% | -63.6% | -4.31% | -31.4% | -14.26% | 32.73% | 28.64% | -46.37% | 64.34% | -71.1% | 18.33% | 91.17% | 28.02% | 43.75% | -9.97% | 28.66% | 31.21% | 23.71% | 43.77% | 154.76% | 18.73% | -88.34% | 265.68% | 200% | 0% | 0% |
| Operating Expenses | 52.19M | 35.49M | 30.64M | 33.01M | 36.49M | 51.68M | 26.84M | 39.94M | 42.11M | 42.28M | 60.86M | 67.24M | 51.79M | 40.59M | 26.26M | 23.04M | 13.53M | 5.45M | 4.33M | 2.27M | 2.91M | 2.92M | 2.66M | 2.25M | 2.42M | 3.65M | 5.22M | 6.86M | 2.4M | 3.3M | 2.1M |
| OpEx % of Revenue | - | 243.82% | 322.59% | 369% | 248.21% | 1326.51% | 3471.54% | 2702.44% | 2973.8% | 2359.38% | 2702.53% | 2653.35% | 2660.95% | 1418.9% | 1551.17% | 529.1% | 367.7% | 282.86% | 287.7% | 216.85% | 250.76% | 323.47% | 386% | 403.7% | 625.72% | 2400.33% | 9941% | 660.89% | 800% | 3300% | 2100% |
| Selling, General & Admin | 18.69M | 18.46M | 18.17M | 17.3M | 22.51M | 18.21M | 15.57M | 24.03M | 24.73M | 19.92M | 28.43M | 29.13M | 17.56M | 15.56M | 10.37M | 9.34M | 5.64M | 2.48M | 2.62M | 1.3M | 1.49M | 1.4M | 1.48M | 1.26M | 1.32M | 1.96M | 1.78M | 1.9M | 700K | 1.2M | 2.1M |
| SG&A % of Revenue | - | 126.82% | 191.29% | 193.43% | 153.08% | 467.45% | 2014.36% | 1625.91% | 1746.19% | 1111.72% | 1262.26% | 1149.72% | 901.99% | 543.82% | 612.28% | 214.51% | 153.26% | 128.64% | 174.24% | 124.33% | 128.37% | 154.55% | 215.63% | 226.57% | 340.59% | 1291.06% | 3390.86% | 182.81% | 233.33% | 1200% | 2100% |
| Research & Development | 18.85M | 17.73M | 12.47M | 15.71M | 13.99M | 33.91M | 12.32M | 17.95M | 20.95M | 24.02M | 36.11M | 42.6M | 37.53M | 26.61M | 18.12M | 13.7M | 7.89M | 2.97M | 1.71M | 967.86K | 1.42M | 1.53M | 1.12M | 903.02K | 1.1M | 1.69M | 3.36M | 4.9M | 1.7M | 2.1M | 0 |
| R&D % of Revenue | - | 121.8% | 131.3% | 175.57% | 95.13% | 870.48% | 1593.4% | 1214.34% | 1479.87% | 1340.63% | 1603.29% | 1681.29% | 1928.34% | 930.07% | 1070.18% | 314.59% | 214.44% | 154.22% | 113.46% | 92.52% | 122.4% | 168.92% | 163.18% | 162.29% | 285.12% | 1109.27% | 6406.39% | 472.34% | 566.67% | 2100% | - |
| Other Operating Expenses | 812K | -699K | 0 | 0 | 0 | -445K | -1.05M | -2.04M | -1.31M | 1.45M | -403K | -160K | -374.71K | -209.18K | -317.71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49.52K | 82.52K | 0 | 0 | 75.46K | 59.54K | 0 | 0 | 0 |
| Operating Income | -37.71M | -21.78M | -21.48M | -24.73M | -22.52M | -49.21M | -26.45M | -38.88M | -41.8M | -38.9M | -58.97M | -65.81M | -50.68M | -55.99M | -25M | -18.69M | -9.85M | -3.52M | -2.82M | -1.22M | -1.75M | -2.02M | -1.97M | -1.69M | -2.03M | -3.49M | -5.09M | -5.76M | -2.1M | -3.2M | -2M |
| Operating Margin % | -255.14% | -149.62% | -226.11% | -276.5% | -153.17% | -1263.12% | -3421.35% | -2630.31% | -2951.62% | -2170.87% | -2618.43% | -2597.04% | -2603.95% | -1956.83% | -1476.82% | -429.1% | -267.7% | -182.85% | -187.7% | -116.85% | -150.76% | -223.47% | -286% | -303.7% | -525.72% | -2300.33% | -9697.25% | -555.15% | -700% | -3200% | -2000% |
| Operating Income Growth % | - | -1.4% | 13.16% | -9.83% | 54.24% | -86.07% | 31.97% | 6.98% | -7.44% | 34.03% | 10.4% | -29.85% | 9.47% | -123.93% | -33.79% | -89.67% | -179.87% | -24.72% | -130.91% | 30.22% | 13.21% | -2.52% | -16.51% | 16.95% | 41.78% | 31.35% | 11.62% | -174.27% | 34.38% | -60% | 20% |
| EBITDA | -36.98M | -21.08M | -20.87M | -24.04M | -21.79M | -48.34M | -24.41M | -35.88M | -38.52M | -35.61M | -54.21M | -59.48M | -42.27M | -52.03M | -22.17M | -16.32M | -8.92M | -3.49M | -2.81M | -1.41M | -1.73M | -2.01M | -919.96K | -879.24K | -1.53M | -3.2M | -5.01M | -5.7M | -2.2M | -3.4M | -2.1M |
| EBITDA Margin % | -250.25% | -144.82% | -219.7% | -268.76% | -148.22% | -1240.71% | -3157.57% | -2427.33% | -2720.48% | -1986.94% | -2407.19% | -2347.08% | -2171.85% | -1818.69% | -1309.45% | -374.76% | -242.46% | -181.06% | -186.59% | -134.94% | -148.48% | -222.77% | -133.64% | -158.02% | -394.78% | -2105.75% | -9553.5% | -549.41% | -733.33% | -3400% | -2100% |
| EBITDA Growth % | -78.46% | -1.01% | 13.19% | -10.32% | 54.92% | -98.04% | 31.97% | 6.87% | -8.19% | 34.32% | 8.85% | -40.7% | 18.76% | -134.73% | -35.83% | -82.89% | -156% | -24.23% | -98.77% | 18.18% | 14.25% | -118.71% | -4.63% | 42.45% | 52.24% | 36.21% | 12.02% | -159.1% | 35.29% | -61.9% | 22.22% |
| D&A (Non-Cash Add-back) | 723K | 699K | 609K | 692K | 727K | 873K | 2.04M | 3M | 3.27M | 3.3M | 4.76M | 6.33M | 8.41M | 3.95M | 2.83M | 2.37M | 928.78K | 34.59K | 16.75K | -189.23K | 26.51K | 6.37K | 1.05M | 810.58K | 506.75K | 295.61K | 75.46K | 59.54K | -100K | -200K | -100K |
| EBIT | -48.83M | -21.78M | -21.48M | -24.73M | -22.52M | -49.21M | -26.45M | -38.88M | -40.99M | -40.66M | -58.97M | -65.81M | -50.68M | -38.53M | -25M | -18.69M | -9.85M | -3.52M | -2.82M | -1.22M | -1.75M | -2.02M | -1.97M | -1.69M | -2.03M | -3.49M | -5.09M | -5.76M | -2.4M | -3.65M | -3.2M |
| Net Interest Income | 1.25M | 1.69M | 1.72M | 1.63M | 829K | 2K | 1.04M | 1.69M | 711K | -692K | -747K | -340K | -89K | -578 | 19.38K | 29.73K | -124.3K | -1.65M | -965.78K | 0 | -157.11K | -78.98K | 0 | -1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.25M | 1.69M | 1.72M | 1.63M | 829K | 2K | 1.04M | 1.69M | 0 | 0 | 0 | 0 | 2.05K | 0 | 0 | 29.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.87M | 692K | 747K | 340K | 91.05K | 26.09M | 305.18K | 0 | 124.3K | 1.65M | 965.78K | 0 | 157.11K | 78.98K | 0 | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -31.59M | -46.87M | 2.9M | 1.45M | -3.29M | 5.94M | 4.52M | 19.64M | -5.33M | 15.61M | 77.59M | 3.16M | -472.14K | -203.82K | -305.18K | 212.82K | -1.33M | -1.62M | -958.26K | -215.85K | -112.76K | -55.84K | -1.07M | -134.72K | -810.3K | 114.34K | 165.26K | 279.83K | 400K | 650K | 1.3M |
| Pretax Income | -69.29M | -68.65M | -18.58M | -23.28M | -25.81M | -43.27M | -21.92M | -19.23M | -47.13M | -23.29M | 18.62M | -62.65M | -51.15M | -56.19M | -25.31M | -18.47M | -12.06M | -3.49M | -2.82M | -1.21M | -1.71M | -2M | -1.94M | -651.46K | -2.01M | -3.38M | -4.93M | -5.48M | -2M | -3M | -1.9M |
| Pretax Margin % | -468.86% | -471.61% | -195.62% | -260.28% | -175.56% | -1110.63% | -2836.22% | -1301.35% | -3328.39% | -1299.61% | 826.86% | -2472.38% | -2628.21% | -1963.99% | -1494.85% | -424.22% | -327.77% | -181.29% | -187.2% | -115.23% | -146.94% | -220.91% | -281.3% | -117.08% | -520.38% | -2225.06% | -9382.43% | -528.18% | -666.67% | -3000% | -1900% |
| Income Tax | -5.28M | -5.11M | 0 | -1.8M | 541K | 0 | -1.24M | -7.41M | -346K | 0 | 0 | -4.52M | -7.38M | -3.28M | 0 | -2.38M | 3.42M | -60.22K | -15.04K | 388.16K | -88.71K | -46.28K | 1.08M | -2.08M | 789.65K | 49.89K | 0 | 0 | 100K | -200K | 100K |
| Effective Tax Rate % | 7.62% | 7.45% | 0% | 7.74% | -2.1% | 0% | 5.65% | 38.51% | 0.73% | 0% | 0% | 7.21% | 14.42% | 5.84% | 0% | 12.9% | -28.34% | 1.73% | 0.53% | -32.2% | 5.2% | 2.32% | -55.99% | 318.78% | -39.21% | -1.48% | 0% | 0% | -5% | 6.67% | -5.26% |
| Net Income | -64.21M | -63.53M | -18.61M | -21.49M | -26.27M | -43.02M | -20.65M | -11.71M | -45.99M | -19.98M | 33.57M | -46.99M | -36.41M | -43.88M | -21.43M | -16.52M | -11.18M | -5.14M | -3.78M | -1.44M | -1.86M | -2.07M | -3.09M | -1.74M | -2.84M | -3.66M | -4.93M | -5.48M | -2.1M | -3M | -2M |
| Net Margin % | -434.44% | -436.47% | -195.9% | -240.2% | -178.69% | -1104.18% | -2671.28% | -792.22% | -3247.88% | -1114.73% | 1490.76% | -1854.42% | -1870.75% | -1533.82% | -1265.64% | -379.25% | -303.91% | -267.19% | -251.42% | -137.48% | -160.46% | -229.66% | -448.2% | -313.09% | -735.09% | -2408.44% | -9382.43% | -528.18% | -700% | -3000% | -2000% |
| Net Income Growth % | -296.19% | -241.41% | 13.39% | 18.22% | 38.93% | -108.33% | -76.35% | 74.54% | -130.23% | -159.5% | 171.44% | -29.05% | 17.03% | -104.81% | -29.73% | -47.66% | -117.43% | -36.05% | -162.89% | 22.87% | 10.11% | 32.77% | -77.11% | 38.77% | 22.24% | 25.71% | 10.13% | -160.95% | 30% | -50% | 16.67% |
| Net Income (Continuing) | -64.01M | -63.53M | -18.58M | -21.48M | -26.35M | -43.27M | -20.68M | -11.83M | -46.78M | -23.29M | 18.62M | -58.13M | -43.78M | -52.91M | -25.31M | -18.44M | -12.19M | -5.14M | -3.78M | -1.44M | -1.86M | -2.07M | -3.09M | -1.74M | -2.84M | -3.66M | -4.93M | -5.48M | -2.1M | -3.5M | -3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.18M | -1.2M | -1.37M | -1.4M | -1.4M | -1.32M | -1.07M | -1.71M | -1.59M | 1.62M | 12.58M | 49.56M | 26.27M | 27.46M | 14.71M | 12.81M | 11.25M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.25 | -0.28 | -0.09 | -0.12 | -0.15 | -0.26 | -0.14 | -0.08 | -0.36 | -0.17 | 0.34 | -0.59 | -0.55 | -0.81 | -0.44 | -0.35 | -0.28 | -0.18 | -0.16 | -0.06 | -0.08 | -0.12 | -0.18 | -0.12 | -0.23 | -0.32 | -0.45 | -0.51 | -0.21 | -0.34 | -0.24 |
| EPS Growth % | -240.02% | -201.08% | 22.5% | 20% | 42.31% | -85.71% | -72.2% | 77.42% | -111.76% | -150% | 157.63% | -7.27% | 32.1% | -84.09% | -25.71% | -25% | -55.56% | -12.5% | -154.37% | 23.94% | 31.08% | 33.33% | -50% | 47.83% | 28.13% | 28.89% | 11.76% | -142.86% | 38.24% | -41.67% | 20% |
| EPS (Basic) | - | -0.28 | -0.09 | -0.12 | -0.15 | -0.26 | -0.14 | -0.08 | -0.36 | -0.17 | 0.35 | -0.59 | -0.55 | -0.81 | -0.44 | -0.35 | -0.28 | -0.18 | -0.16 | -0.06 | -0.08 | -0.12 | -0.18 | -0.12 | -0.23 | -0.32 | -0.45 | -0.51 | -0.21 | -0.34 | -0.26 |
| Diluted Shares Outstanding | 261.18M | 230.12M | 200.19M | 172.66M | 169.79M | 164.5M | 150.04M | 145.53M | 126.9M | 114.48M | 99.55M | 79.71M | 66.47M | 54.23M | 49.21M | 47.05M | 40.27M | 29.3M | 23.75M | 22.85M | 22.54M | 17.9M | 17.45M | 14.26M | 12.37M | 11.56M | 11.04M | 10.69M | 10M | 8.88M | 8.33M |
| Basic Shares Outstanding | 245.03M | 230.12M | 200.19M | 172.66M | 169.79M | 164.5M | 150.04M | 145.53M | 126.9M | 114.48M | 97.32M | 79.71M | 66.36M | 54.23M | 49.21M | 47.05M | 40.27M | 29.3M | 23.75M | 22.85M | 22.54M | 17.9M | 17.45M | 14.26M | 12.37M | 11.56M | 11.04M | 10.69M | 10M | 8.88M | 7.83M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Milestone-dependent revenue volatility
As reported in financial statements, LCTX exhibits highly erratic revenue growth, with quarterly fluctuations ranging from a 56.3% decline to a 130.4% surge, reflecting the company's reliance on sporadic milestone payments from its Roche/Genentech partnership rather than consistent, recurring commercial product sales or organic market expansion.
The revenue profile is inherently binary, tied strictly to the clinical progress of the OpRegen program. Investors should interpret these growth figures as indicators of contractual achievement rather than underlying commercial demand, which remains non-existent at this stage of the company's lifecycle.
Based on reported figures, LCTX maintains impressive gross margins frequently exceeding 95%, which suggests that the company's current revenue streams are primarily licensing-based and carry minimal direct costs, yet this structural efficiency is entirely overshadowed by the massive R&D and SG&A expenditures required for clinical development.
While the high gross margin is a positive signal for future scalability, it provides little insight into the eventual profitability of the cell therapy platform. The disparity between these margins and the negative operating income highlights the significant hurdle of transitioning from a licensing model to a commercial manufacturing entity.
According to recent SEC filings, LCTX's operating expenses consistently outpace gross profit, resulting in a persistent negative operating margin that reached -178.2% in 2024Q4, indicating that the company lacks the scale to absorb its fixed R&D and administrative overhead without relying on external capital infusions.
The inability to achieve operating leverage suggests that the current cost structure is rigid and tied to long-term clinical trial commitments. Until the company can demonstrate a decoupling of revenue growth from clinical milestones, the operating loss profile appears likely to remain a structural feature of the business.
As indicated by the income statement data, R&D remains the primary driver of cash burn, consistently consuming a significant portion of the company's resources to maintain cGMP-compliant manufacturing capabilities, which are essential for the development of its specialized cell therapy pipeline and the advancement of the Plexis delivery device.
The company's expense discipline appears focused on preserving the integrity of its proprietary differentiation platform, yet this necessitates a high fixed-cost base that is difficult to reduce. This cost structure leaves the company highly sensitive to any delays in clinical timelines, as the burn rate remains elevated regardless of revenue timing.
Based on the provided financial data, short-sellers would likely focus on the company's inability to generate consistent cash flow, noting that the reliance on Roche/Genentech milestones creates a precarious financial position where any clinical setback could necessitate dilutive equity raises to fund ongoing operations and secondary programs.
The lack of a diversified revenue base makes the company's long-term viability contingent on the success of a single partnership. Investors should monitor the cash runway closely, as the current burn rate suggests that the company may face significant liquidity pressure if milestone payments are delayed or if secondary assets fail to attract external funding.
Quick answers to the most common questions about buying LCTX stock.
For fiscal year 2025, Lineage Cell Therapeutics, Inc. (LCTX) reported total revenue of $14.6M. This represents a 14456.0% increase compared to $0.1M in 1996.
Lineage Cell Therapeutics, Inc. (LCTX) reported a net loss of $63.5M for the fiscal year ending 2025.
Lineage Cell Therapeutics, Inc. (LCTX) reported an operating income of $-21.8M, resulting in an operating profit margin of -149.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Lineage Cell Therapeutics, Inc. (LCTX) generated $13.7M in gross profit for the year, representing a gross profit margin of 94.2%. This demonstrates the company's core pricing power and production efficiency.