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Lineage Cell Therapeutics, Inc. (LCTX+3.27%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $3,779,000, an increase from $1,246,000 in the same quarter the previous year. This increase is primarily attributed to collaboration revenues recognized under the Roche Agreement.
Research and development expenses for the quarter were $3,171,000, down from $3,741,000 in the previous year, with the decrease mainly due to reduced expenses related to the OPC1 program.
General and administrative expenses rose to $4,410,000 from $4,041,000 in the previous year, driven by increased personnel costs and stock-based compensation.
The company reported a net loss of $3,001,000 for the quarter, compared to a net loss of $7,158,000 in the same quarter of the previous year.
Lineage's cash, cash equivalents, and marketable securities totaled $32,700,000 as of September 30, 2024. The company raised approximately $13,800,000 in net proceeds through a registered direct offering in February 2024.
The filing details the company's collaboration with F. Hoffmann-La Roche Ltd (RHHBY+1.05%) and Genentech, Inc. for the OpRegen program, which is in a Phase 2a clinical trial for treating geographic atrophy secondary to age-related macular degeneration.
Lineage continues to develop its pipeline of cell therapy programs, including OPC1 for spinal cord injury, ANP1 for hearing loss, and PNC1 for vision loss.
The company acknowledges potential impacts from the ongoing Israel-Hamas war, as its manufacturing operations are based in Israel, though operations have not been materially affected as of the filing date.
Lineage anticipates needing additional capital to fund operations and may seek this through various financing options, including equity offerings and collaborations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lineage Cell Therapeutics, Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.