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Jun 30, 2025
Lineage Q2 2025 Earnings Report
Lineage posted higher revenue in Q2 2025 driven by collaboration income but reported a wider net loss due to a non-recurring impairment charge.
Key Takeaways
Lineage Cell Therapeutics recorded $2.8 million in revenue, up from $1.4 million in the prior-year quarter, primarily from collaborations. However, the company incurred a $30.5 million net loss due to a $14.8 million impairment on an intangible asset and a $12.7 million fair value adjustment on warrant liabilities.
Q2 revenue rose to $2.8 million, mainly from deferred collaboration revenue with Roche.
R&D expenses increased slightly to $3.1 million, reflecting preclinical program activities.
The company recorded a $14.8 million impairment charge on its VAC platform asset.
Cash and cash equivalents at quarter-end stood at $42.3 million, supporting operations into Q1 2027.
Revenue by Segment
Forward Guidance
Lineage expects its cash and equivalents of $42.3 million to support operations into Q1 2027, with continued progress in partnerships and clinical programs.
Positive Outlook
- Q2 revenue nearly doubled YoY due to collaboration agreements.
- Cash runway extended into Q1 2027.
- Manufacturing platform can support millions of doses from a single cell line.
- Strong ongoing collaboration with Roche and Genentech.
- OPC1 study advances with successful chronic SCI patient dosing.
Challenges Ahead
- Significant $14.8 million impairment charge impacted operating results.
- Net loss increased over fivefold YoY to $30.5 million.
- Warrant liability remeasurement resulted in $12.7 million expense.
- Decline in royalties and licensing fees YoY.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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