Lineage Cell Therapeutics, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Lineage Cell Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
5.92
3.46
4.99
3.52
1.83
4.34
14.7
8.95
9.5
14.6
Cost of revenue
0.36
0.17
0.3
0.41
0.39
1.43
0.73
0.67
0.33
Gross profit
5.57
3.29
4.69
3.1
1.44
2.92
14
8.27
9.17
Research and development
36.1
24
21
17.9
12.3
33.9
14
15.7
12.5
17.7
General and administrative
28.4
19.9
24.7
24
15.6
18.2
22.5
17.3
18.2
18.5
Operating expenses
64.5
43.9
46.5
42
27.9
52.1
36.5
33
Operating income
-59
-38.9
-41.8
-38.9
-26.4
-49.2
-22.5
-24.7
-21.5
-36.6
Interest income
1.69
1.04
Other non-operating income
77.6
15.6
-5.34
19.6
4.52
5.94
-3.29
1.45
2.9
-32
Pre-tax income
18.6
-23.3
-47.1
-19.2
-21.9
-43.3
-25.8
-23.3
-18.6
-68.6
Income tax
0.35
-7.41
-1.24
0.54
-1.8
0
-5.28
Net income to minority interests
-15
-3.31
-0.79
-0.12
-0.04
-0.25
-0.08
0.01
0.03
0.17
Net income
33.6
-20
-46
-11.7
-20.6
-43
-26.3
-21.5
-18.6
-63.5
EBITDA
-57.8
-38
-40.7
-37.9
-25.6
-48.5
-21.9
-24.2
-20.9
-35.9
EPS, basic
0.35
-0.17
-0.36
-0.08
-0.14
-0.26
-0.15
-0.12
-0.09
-0.28
EPS, diluted
0.34
-0.17
-0.36
-0.08
-0.14
-0.26
-0.15
-0.12
-0.09
-0.28
Shares, basic (weighted)
97.3
114
0.13
0.15
0.15
165
170
173
200
230
Shares, diluted (weighted)
99.6
114
0.13
0.15
0.15
0.16
170
173
200
230
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
22.1
36.8
23.6
9.5
32.6
55.7
11.4
35.4
45.8
40.8
Short-term investments
1.34
7.15
21.2
8.98
2.62
46.5
0.05
2.02
15
Receivables
0.34
0.14
0.05
0.04
50.6
0.3
0.75
0.64
0.89
Other current assets
1.78
1.4
1.9
2.86
2.43
2.35
1.83
2.2
2.55
2.49
Total current assets
25.6
42.6
36.4
57.5
44
112
60
38.4
51
59.2
Property, plant and equipment
5.53
5.53
5.84
8.18
5.63
4.87
5.67
2.25
2.25
2.57
Lease right-of-use assets
0.78
0.22
2.52
2.14
2.13
Goodwill
10.7
10.7
10.7
10.7
10.7
10.7
10.7
Intangible assets
10.2
6.9
3.13
48.2
47
46.8
46.7
46.6
46.5
31.7
Total assets
143
173
102
125
108
175
124
101
113
113
Accounts payable
1.59
0.94
2.36
2.43
2.61
3.54
2.39
2.05
1.17
2.34
Accrued liabilities
3.21
2.37
1.64
1.25
1.71
22.1
3.83
1.1
1.2
1.1
Deferred revenue
0.57
0.31
0.04
0.05
0.19
52.1
9.4
10.8
7.39
3.33
Total current liabilities
8.85
6.88
6.81
6.49
7.77
47.1
19
18
14
11.4
Long-term debt
0.12
0.02
Lease liabilities
1.85
3.87
2.51
1.94
2.86
1.98
1.3
1.53
Other non-current liabilities
0.01
0.03
0
0
Total liabilities
12.1
8.98
9.41
14.2
12.8
83.6
51.7
39
36.2
69.2
Retained earnings
-196
-216
-262
-273
-294
-337
-363
-385
-403
-467
Treasury stock
-2.89
Other comprehensive income
-0.74
0.45
1.43
-0.68
-3.67
-5.21
-3.57
-3.07
-2.88
-3.92
Shareholders' equity
118
163
92.2
113
96.2
92.2
73.3
63.4
78.4
44.5
Minority interests
12.6
1.62
-1.59
-1.71
-1.07
-1.32
-1.4
-1.4
-1.37
-1.2
Total equity
131
164
92.2
111
95.1
90.9
71.9
62
77
43.3
Total liabilities and equity
143
173
102
125
108
175
124
101
113
113
Shares outstanding
103
127
127
150
153
169
170
175
220
243
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
18.6
-23.3
-46.8
-11.8
-20.7
-43.3
-26.4
-21.5
-18.6
-63.4
Depreciation and amortization
1.18
0.95
1.08
1
0.82
0.66
0.58
0.56
0.59
0.7
Stock-based compensation
7.95
3.93
5.4
3.58
2.23
3.52
4.29
4.64
5.08
4.75
Deferred income tax
0
-1.24
0
-1.8
0
-5.28
Change in receivables
0.19
-0.17
0.05
0.47
0.29
-0.86
50.3
-0.45
0.11
-0.32
Change in inventory
0
Change in payables
0.01
1.3
1.1
-2.89
0.31
21.6
-18.7
-2.3
-1.68
2.27
Cash from operations
-42.3
-30.5
-30.9
-31.9
-19.8
-23.6
1.06
-28.6
-23.1
-18.9
Capital expenditures
-2.25
-1.33
-0.56
-0.44
-0.06
-0.34
-0.41
-0.67
-0.57
-0.52
Purchases of investments
-53.4
-16.4
-8.76
-14.9
Sales and maturities of investments
0
0.2
0.02
0
Cash from investing
-10.9
-10.2
11.8
17
13
9.75
-46.2
46.4
-2.31
-13.5
Debt repaid
-0.05
-0.1
-0.07
Stock issued
20.1
48.9
0.1
5.13
30.9
0.15
6.63
0.23
1.25
Cash from financing
32.8
55.4
5.77
0.62
29.9
36.9
1.63
6.42
35.9
27
Exchange rate effect
0.29
0.1
0.01
-0.87
-0.25
-0.1
0.4
Net change in cash
-20.1
14.8
-13.3
-14.3
23.1
23.1
-44.3
24.1
10.4
-5.03
Free cash flow
-44.6
-31.8
-31.4
-32.4
-19.8
-23.9
0.65
-29.2
-23.7
-19.4
Interest paid
0.09
0.16
0.16
0.03
0.02
0.01
0.01
0.01
0.01
0.03
Income taxes paid
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.03 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-205.2%
Operating income / revenue.
EBITDA margin
-199.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-246.6%
Net income / revenue.
FCF margin
-186.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-182.0%
Cash from operations / revenue.
Return on equity (ROE)
-53.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-30.4%
Net income / average total assets.
Return on invested capital (ROIC)
-90.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
156.8%
Research and development expense / revenue.
Stock-based pay / revenue
38.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
4.4%
Capital expenditures / revenue.
D&A / revenue
5.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
53.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-0.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
51.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-43.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-15.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-14.3%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-0.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-3.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
0.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
14.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
10.7%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
333.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
6.61x
Current assets / current liabilities.
Quick ratio
6.44x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
6.34x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.05
Revenue / diluted weighted shares.
FCF per share
-$0.09
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.09
Cash from operations / diluted weighted shares.
Book value per share
$0.24
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
19.9x
Market cap / revenue.
P/B
4.28x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
14.0x
Market cap / tangible book value, when positive.
EV/Sales
16.0x
Enterprise value / revenue.
FCF yield
-9.4%
Free cash flow / market cap.
Earnings yield
-12.4%
Net income / market cap (the inverse of P/E).
What was Lineage Cell Therapeutics, Inc.'s revenue in fiscal 2025?
Lineage Cell Therapeutics, Inc. reported revenue of $14.6M for fiscal 2025, 53.2% higher than the year before.
Was Lineage Cell Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $63.5M.
How much free cash flow did Lineage Cell Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $18.9M minus capital expenditures of $522.0K left free cash flow of -$19.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.