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Mar 31, 2024
Lineage Q1 2024 Earnings Report
Lineage reported first quarter 2024 financial results, highlighted by a new services agreement with Genentech to support the OpRegen program and advancements in their pipeline.
Key Takeaways
Lineage Cell Therapeutics reported a decrease in revenue compared to the same period last year, primarily due to lower collaboration and licensing revenue. Operating expenses also decreased, driven by reductions in R&D spending across multiple programs. The company's cash position is expected to support operations into Q3 2025.
Established a new services agreement with Genentech to support the ongoing development of the OpRegen program.
Reported long-term visual benefits from a single administration of OpRegen at the 2024 Retinal Cell & Gene Therapy Innovation Summit.
Presented OpRegen preclinical results at the 2024 Association for Research in Vision and Ophthalmology Annual Meeting.
Startup activities are underway for the OPC1 clinical study.
Lineage
Lineage
Forward Guidance
Lineage anticipates benefits from the new services agreement with Genentech, commencement of the DOSED clinical study for OPC1, and sufficient cash to support planned operations into Q3 2025.
Positive Outlook
- The new services agreement with Genentech is expected to advance the OpRegen program.
- The DOSED clinical study for OPC1 is anticipated to commence.
- Cash, cash equivalents, and marketable securities are expected to support planned operations into the third quarter of 2025.
- The early-stage pipeline has the potential to create value.
- Positive clinical data from long-term follow-up of patients from the Phase 1/2a clinical study of OpRegen
Challenges Ahead
- The company may need to allocate cash to unexpected events and expenses, causing it to be used more quickly than expected.
- Clinical trials of product candidates may not commence, progress, or be completed as expected due to factors within and outside of the company's control.
- Positive findings in early clinical and/or nonclinical studies may not be predictive of success in subsequent studies.
- OpRegen may never be proven to provide durable anatomical functional improvements in dry-AMD patients.
- Competing alternative therapies may adversely impact the commercial potential of OpRegen.