BioTime, Inc. (NYSE MKT and TASE:BTX) today reported financial results
for the third quarter ended September 30, 2015 and provided an update on
its recent accomplishments.
“During the third quarter, BioTime and its family of companies achieved
significant progress on multiple fronts,” said Adi Mohanty, BioTime’s
co-Chief Executive Officer. “We are delivering on our commitment to
reduce the complexity of our operations while progressively unlocking
the value of our subsidiaries for BioTime shareholders. An important
step forward in this effort was the announcement that OncoCyte
Corporation, our cancer diagnostics subsidiary, had filed a Form 10
Registration Statement with the Securities and Exchange Commission for
our planned distribution of OncoCyte common stock to our shareholders.
On the financial front, we strengthened our capital position through the
sale of $34.0 million of BioTime common shares to institutional
investors in September and early October. At the same time, we continued
to advance the clinical development of our products that are aimed at
addressing large unmet patient needs. We also announced several
collaborations with leading medical and academic institutions, as well
as a major corporate partnership to develop bone grafting products. All
the while, we’ve continued to evolve the management of the company
toward an organization that is structured to support later-stage
clinical trials and commercial products.”
“BioTime continues to strengthen its leadership position in regenerative
medicine on many fronts,” said Dr. Michael D. West, BioTime’s co-Chief
Executive Officer. “During the third quarter, BioTime’s ESI-BIO division
launched its new technology platform that provides a more complete and
accurate model to study the effects of drugs and therapeutic compounds
on vascular network formation. The recently announced formation of
Ascendance Biotechnology, Inc. by combining ESI-BIO with Hepregen
Corporation has the potential to offer an enhanced, broad portfolio of
products and services to the rapidly growing and largest segment of the
research product market. Our proprietary PureStem®
technology for the production of industrial-scale pure stem cells is the
basis for the collaboration between our subsidiary OrthoCyte Corporation
and Heraeus Medical GmbH for the development of bone grafting therapies.
This collaboration represents validation for our human embryonic
progenitor cell technology as we continue to develop other products
based on PureStem®.”
Third Quarter and Recent Highlights
Corporate Developments
-
On November 5, 2015, BioTime and Hepregen Corporation formed
Ascendance Biotechnology, Inc., a new self-funding company that
combines Hepregen’s cellular micro-patterning drug and chemical
screening technologies with BioTime’s ESI-BIO research products and
proprietary stem cell technologies.
-
BioTime’s Board of Directors appointed Adi Mohanty to serve with
Michael D. West as co-Chief Executive Officer. Dr. West will lead
BioTime’s science, technology development, and intellectual property
activities with a particular focus on growing the Company’s discovery
and pre-clinical product development programs. Mr. Mohanty will lead
the Company’s advanced clinical development programs and
commercialization strategies, as well as assume leadership of its
corporate and administrative activities. Mr. Mohanty has served as
BioTime’s Chief Operating Officer since December 2014.
-
BioTime raised approximately $34.0 million during the third quarter
and early October through sales of common shares to a select group of
U.S. investors, and certain investment funds in Israel that hold
shares of companies that are included within Tel Aviv Stock Exchange
indexes.
-
BioTime’s subsidiary OncoCyte Corporation filed a Form 10 Registration
Statement with the Securities and Exchange Commission for BioTime’s
planned distribution of OncoCyte common stock to BioTime common
shareholders. BioTime expects that the distribution will provide
OncoCyte with greater access to capital markets in order to obtain its
own financing for its operations, separately from BioTime financings.
The distribution will also allow BioTime and OncoCyte to each focus on
its own strategic priorities relating to its own management, capital
structure, business model, and financial goals. BioTime’s plan is to
effect the distribution to BioTime shareholders in late 2015, subject
to certain conditions. BioTime expects to continue to own a majority
of the outstanding common stock in OncoCyte immediately after the
distribution.
-
OncoCyte Corporation appointed Cavan Redmond, former CEO of WebMD
Health Corp. and Group President of Pfizer, as an independent member
of its Board of Directors. Mr. Redmond is a seasoned healthcare
strategist who has held a number of global leadership positions and
has over 25 years of corporate strategy experience.
-
On November 2, 2015, BioTime’s subsidiary Asterias Biotherapeutics,
Inc. (NYSE MKT: AST) announced the appointment of Georgia Erbez as
Chief Financial Officer, effective November 9, 2015. Ms. Erbez is a
seasoned financial executive with experience in the areas of capital
resource development and business development. Previously, Ms. Erbez
served as a financial consultant to numerous biotechnology companies.
Prior to that, she served as Chief Financial Officer, Secretary, and
Treasurer of Raptor Pharmaceutical Corp.
-
BioTime's common shares began trading on the Tel Aviv Stock Exchange
(TASE) under the ticker symbol BTX on September 8, 2015. BioTime’s
shares were included in six major TASE equity indexes: TA-75, TA-100,
TA-BlueTech, TA-Composite, TA-Tech-Elite, and TA-Biomed. BioTime’s
shares will continue to be listed on the NYSE MKT, subject to the
rules and regulations of the NYSE MKT applicable to listed companies.
Cell Therapies
-
Cell Cure Neurosciences Ltd. received Fast Track designation from the
U.S. Food and Drug Administration (FDA) for OpRegen®
for the treatment of the dry form of age-related macular degeneration
(AMD), a leading cause of blindness in an aging population. The Fast
Track designation confers benefits to a drug sponsor, including more
frequent communication with FDA on the drug development plan, clinical
trial design, potential eligibility for Accelerated Approval and
Priority Review, and a rolling regulatory review. OpRegen®
is a cell-based therapeutic product consisting of retinal pigment
epithelial (RPE) cells.
-
In August, Asterias Biotherapeutics, Inc. concluded recruitment of the
initial safety cohort of the SCiStar Phase 1/2a dose-escalation
clinical trial of AST-OPC1 (oligodendrocyte progenitor cells) for
complete cervical spinal cord injury (SCI), in which three patients
were administered a low dose of 2 million AST-OPC1 cells. The results
of the study continue to support a robust safety profile for AST-OPC1,
with no serious adverse events observed in any of the three treated
patients to date.
-
In October, following review of the 30-day post-injection safety data
from the initial safety cohort, the Data Monitoring Committee
recommended dose escalation of AST-OPC1 to the second cohort in the
Phase 1/2a clinical trial. Recruitment for the second cohort has
commenced, with a planned enrollment of five patients who will each
receive 10 million cells of AST-OPC1.
-
Asterias announced the publication of preclinical data in Regenerative
Medicine that supports the safety and use of AST-OPC1 as a
treatment for SCI. The preclinical results showed that AST-OPC1 cells
did not cause any adverse clinical observations, toxicities,
allodynia, or tumors. AST-OPC1 exhibited robust persistence and
limited migration within the thoracic and cervical spinal cord. In
addition, AST-OPC1 demonstrated nerve growth-stimulating properties
and remyelinating properties that supported restoration of function in
animal models.
-
Asterias announced a collaboration with the UK-based Cell Therapy
Catapult to advance the development of large-scale manufacturing
processes for AST-VAC2, Asterias’ allogeneic dendritic cell
immunotherapy. Under the agreement, the Cell Therapy Catapult will
streamline and scale manufacturing processes for AST-VAC2 to support
advanced clinical trials and eventual commercialization of AST-VAC2.
Asterias has an ongoing partnership with Cancer Research UK to execute
the first stage of AST-VAC2 clinical development, under which Cancer
Research UK will sponsor and manage a Phase 1/2a clinical trial of
AST-VAC2 in non-small cell lung carcinoma.
-
BioTime’s subsidiary OrthoCyte Corporation and Heraeus Medical entered
into exclusive development and worldwide licensing agreements for the
development of innovative bone grafting therapies to address
orthopedic unmet needs based on the use of BioTime’s proprietary PureStem®
human embryonic progenitor cell technology.
Cell Delivery Technology
-
Patient enrollment is ongoing in BioTime’s pivotal clinical trial in
Europe of Renevia™ for HIV-associated lipoatrophy. As planned,
an additional clinical trial site in Barcelona was recently opened.
BioTime currently expects completion of trial enrollment in the first
half of 2016. There have been no serious adverse events observed in
any of the treated patients to date.
Cancer Diagnostics Platform
-
The Wistar Institute and BioTime subsidiary OncoCyte Corporation
expanded their collaboration to continue to develop a simple,
non-invasive, highly sensitive and specific, blood-based diagnostic
test designed to aid physicians in the early detection of lung cancer.
The expanded collaboration follows the presentation at the American
Thoracic Society International Conference in May 2015 of interim
results from a large clinical trial, which showed that OncoCyte’s
blood-based diagnostic test for non-invasive detection of lung cancer
demonstrated a high level of observed sensitivity and specificity.
Dependent on achieving successful scientific and technical results at
this stage of development, OncoCyte and Wistar will conduct final
validation of the diagnostic test with the goal of completing that
work in 2016 to enable OncoCyte to commercially launch the lung
diagnostic test.
Other Products
-
ESI-BIO, the stem cell products division of BioTime, Inc., launched
its new technology platform, VascuNet™ Pericyte Co-Culture
Assay, designed to give pharmaceutical drug screeners and researchers
new standardized in vitro assays that provide a stable,
clinically relevant angiogenesis model with greater physiological
relevance and accuracy not currently obtainable by other vascular
network systems.
-
The Icahn School of Medicine at Mount Sinai and LifeMap Solutions, a
digital-health subsidiary of BioTime, Inc., announced initial results
and new features to enhance clinical impact for their free Asthma
Health app. The app enables individuals with asthma to participate in
a large-scale medical research study by simply using their Apple
iPhones. The app’s newest features will help enable Asthma Health
study participants to use the app with their physicians.
-
LifeMap Sciences, Inc. announced that its next-generation sequencing
(NGS) analysis and interpretation tools, VarElect, the NGS
phenotyper, and GeneAnalytics™, a novel gene set analysis tool,
have been licensed by SciLifeLab. The LifeMap NGS tools will be used
by SciLifeLab, a leading provider of molecular biosciences services to
leading biomedical research institutions and companies, to enhance the
bioinformatics analysis services that it provides across Sweden.
Financial Results
Revenue
BioTime’s operating revenues are currently generated from the following
sources: research grants, licensing fees, and royalties from the sale of Hextend®;
advertising from the marketing of the LifeMap Sciences online database
products; and from the sale of hydrogels and stem cell products for
research.
Total consolidated revenues for the third quarter were $2.3 million, up
$1.1 million from $1.2 million for the same period one year ago. Total
consolidated revenues for the nine months ended September 30, 2015 were
$5.6 million, up $2.2 million from $3.4 million for the same period one
year ago. The increase in revenues is primarily attributable to
increases in grant income primarily from Israel’s Office of the Chief
Scientist and the California Institute for Regenerative Medicine, and
from sales of research products and services.
Expenses
Consolidated operating expenses for the third quarter were $19.0
million, compared to $13.1 million for the same period in 2014. Research
and development expenses for the third quarter were $11.4 million,
compared to $8.8 million in the third quarter a year ago. The increase
is in part a result of increased expense primarily related to regulatory
and clinical trials of Asterias’ AST-OPC1, and OncoCyte’s cancer
diagnostic tests. General and administrative expenses for the third
quarter were $7.5 million, compared to $4.3 million in the third quarter
a year ago. The increase is in part a result of increased staffing at
BioTime, OncoCyte, and LifeMap Sciences’ subsidiary LifeMap Solutions.
Operating expenses for the nine months ended September 30, 2015 were
$48.7 million, compared to expenses of $39.0 million for the same period
of 2014. Excluding Asterias’ operating expense of $17.0 million, the
expenses of BioTime and its other subsidiaries, including OncoCyte and
the ESI-BIO operations that are now part of Ascendance, totaled $31.7
million. The increase in operating expenses is primarily attributable to
increases in staffing and increased expenditures for the Asterias,
OncoCyte, and LifeMap Solutions product development programs, offset in
part by a reduction in development expenses for BioTime’s HyStem®
hydrogel and the OrthoCyte and ReCyte Therapeutics product development
programs.
Net Loss
Net loss attributable to BioTime for the three months ended September
30, 2015 was $13.6 million, including deferred income tax benefits of
$948,000. For the same period in 2014, net loss was $8.3 million,
including deferred income tax benefits of $2.3 million. On a per share
basis, net loss for the third quarter in 2015 was $0.18 per share,
compared to a net loss of $0.12 per share for the same period in 2014.
Net loss attributable to BioTime common shareholders for the nine months
ended September 30, 2015 was $33.6 million or $0.43 per share, compared
to a net loss of $25.8 million or $0.41 per share for the same period in
2014. The increase in net loss is primarily attributed to increased
expenditures for the Asterias, OncoCyte, and LifeMap Solutions product
development programs, offset in part by a reduction in development
expenses for BioTime’s HyStem® hydrogel and the
OrthoCyte and ReCyte Therapeutics product development programs. This
increase in net loss is also to some extent offset by the $3.4 million
income tax benefit recorded as of September 30, 2015 and $5.2 million in
the same period in 2014.
Net losses attributable to BioTime include losses from BioTime
majority-owned subsidiaries based upon BioTime’s percentage ownership of
those subsidiaries.
Balance Sheet
Cash and cash equivalents totaled $29.4 million as of September 30,
2015, compared to $29.5 million as of December 31, 2014. The cash on
hand as of September 30, 2015 includes $24.8 million held by Asterias,
OncoCyte, and other subsidiaries.
During October 2015, BioTime raised an additional $25.5 million and
BioTime’s subsidiary OncoCyte raised an additional $771,000 of equity
capital through the sale of 8.4 million BioTime common shares, combined,
to certain investors. As a result, BioTime had approximately $52.0
million in cash and cash equivalents as of October 31, 2015.
About BioTime
BioTime, Inc., a pioneer in regenerative medicine, is a clinical-stage
biotechnology company. BioTime and its subsidiaries are leveraging their
industry-leading experience in pluripotent stem cell technology and a
broad intellectual property portfolio to facilitate the development and
use of cell-based therapies and gene marker-based molecular diagnostics
for major diseases and degenerative conditions for which there presently
are no cures. The lead clinical programs of BioTime and its subsidiaries
include OpRegen®, currently in a Phase I/IIa trial for
the treatment of the dry form of age-related macular degeneration;
AST-OPC1, currently in a Phase I/IIa trial for spinal cord injuries; Renevia™,
currently in a pivotal trial in Europe as an injectable matrix for the
engraftment of transplanted cells to treat HIV-related lipoatrophy; and
cancer diagnostics, nearing the completion of initial clinical studies
for the detection of lung, bladder, and breast cancers. AST-VAC2, a
cancer vaccine, is in the pre-clinical trial stage.
BioTime’s subsidiaries include the publicly traded Asterias
Biotherapeutics, Inc. (NYSE MKT: AST), developing pluripotent stem
cell-based therapies in neurology and oncology, including AST-OPC1 and
AST-VAC2; Cell Cure Neurosciences Ltd., developing stem cell-based
therapies for retinal and neurological disorders, including OpRegen®;
OncoCyte Corporation, developing cancer diagnostics; LifeMap Sciences,
Inc., developing and marketing an integrated online database resource
for biomedical and stem cell research; LifeMap Solutions, Inc., a
subsidiary of LifeMap Sciences, developing mobile health (mHealth)
products; ES Cell International Pte Ltd, which has developed
cGMP-compliant human embryonic stem cell lines that are being marketed
by BioTime for research purposes under the ESI-BIO branding program;
OrthoCyte Corporation, developing therapies to treat orthopedic
disorders, diseases, and injuries; and ReCyte Therapeutics, Inc.,
developing therapies to treat a variety of cardiovascular and related
ischemic disorders.
BioTime common stock is traded on the NYSE MKT and TASE under the symbol
BTX. For more information, please visit www.biotimeinc.com or
connect with the company on Twitter, LinkedIn, Facebook, YouTube,
and Google+.
FORWARD-LOOKING STATEMENTS
Statements pertaining to future financial and/or operating results,
future growth in research, technology, clinical development, and
potential opportunities for BioTime and its subsidiaries, along with
other statements about the future expectations, beliefs, goals, plans,
or prospects expressed by management constitute forward-looking
statements. Any statements that are not historical fact (including, but
not limited to statements that contain words such as “will,” “believes,”
“plans,” “anticipates,” “expects,” “estimates”) should also be
considered to be forward-looking statements. Forward-looking statements
involve risks and uncertainties, including, without limitation, risks
inherent in the development and/or commercialization of potential
products, uncertainty in the results of clinical trials or regulatory
approvals, need and ability to obtain future capital, and maintenance of
intellectual property rights. Actual results may differ materially from
the results anticipated in these forward-looking statements and as such
should be evaluated together with the many uncertainties that affect the
business of BioTime and its subsidiaries, particularly those mentioned
in the cautionary statements found in BioTime’s Securities and Exchange
Commission filings. BioTime disclaims any intent or obligation to update
these forward-looking statements.
To receive ongoing BioTime corporate communications, please click on the
following link to join our email alert list: http://news.biotimeinc.com.
|
BIOTIME, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(IN THOUSANDS, EXCEPT PER SHARE DATA)
|
(UNAUDITED)
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
REVENUES:
|
|
|
|
|
|
|
|
|
Subscription and advertisement revenues
|
|
$
|
343
|
|
|
$
|
285
|
|
|
$
|
1,020
|
|
|
$
|
880
|
|
Royalties from product sales
|
|
|
357
|
|
|
|
148
|
|
|
|
631
|
|
|
|
322
|
|
Grant income
|
|
|
1,466
|
|
|
|
648
|
|
|
|
3,596
|
|
|
|
1,863
|
|
Sale of research products and services
|
|
|
140
|
|
|
|
110
|
|
|
|
328
|
|
|
|
300
|
|
Total revenues
|
|
|
2,306
|
|
|
|
1,191
|
|
|
|
5,575
|
|
|
|
3,365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
(432
|
)
|
|
|
(231
|
)
|
|
|
(957
|
)
|
|
|
(614
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
1,874
|
|
|
|
960
|
|
|
|
4,618
|
|
|
|
2,751
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
(11,433
|
)
|
|
|
(8,836
|
)
|
|
|
(29,816
|
)
|
|
|
(26,268
|
)
|
General and administrative
|
|
|
(7,545
|
)
|
|
|
(4,262
|
)
|
|
|
(18,911
|
)
|
|
|
(12,764
|
)
|
Total operating expenses
|
|
|
(18,978
|
)
|
|
|
(13,098
|
)
|
|
|
(48,727
|
)
|
|
|
(39,032
|
)
|
Loss from operations
|
|
|
(17,104
|
)
|
|
|
(12,138
|
)
|
|
|
(44,109
|
)
|
|
|
(36,281
|
)
|
OTHER INCOME/(EXPENSE):
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(12
|
)
|
|
|
(7
|
)
|
|
|
(207
|
)
|
|
|
(30
|
)
|
Other income/(expense), net
|
|
|
(573
|
)
|
|
|
(119
|
)
|
|
|
(408
|
)
|
|
|
157
|
|
Total other income/(expense), net
|
|
|
(585
|
)
|
|
|
(126
|
)
|
|
|
(615
|
)
|
|
|
127
|
|
LOSS BEFORE INCOME TAX BENEFIT
|
|
|
(17,689
|
)
|
|
|
(12,264
|
)
|
|
|
(44,724
|
)
|
|
|
(36,154
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax benefit
|
|
|
948
|
|
|
|
2,313
|
|
|
|
3,395
|
|
|
|
5,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
|
(16,741
|
)
|
|
|
(9,951
|
)
|
|
|
(41,329
|
)
|
|
|
(30,979
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to non-controlling interest
|
|
|
3,115
|
|
|
|
1,683
|
|
|
|
7,762
|
|
|
|
5,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO BIOTIME, INC.
|
|
|
(13,626
|
)
|
|
|
(8,268
|
)
|
|
(33,567`)
|
|
|
(25,828
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on preferred shares
|
|
|
(363
|
)
|
|
|
(34
|
)
|
|
|
(415
|
)
|
|
|
(34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO BIOTIME, INC. COMMON SHAREHOLDERS
|
|
$
|
(13,989
|
)
|
|
$
|
(8,302
|
)
|
|
$
|
(33,982
|
)
|
|
$
|
(25,862
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED NET LOSS PER COMMON SHARE
|
|
$
|
(0.18
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.43
|
)
|
|
$
|
(0.41
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF COMMON STOCK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OUTSTANDING: BASIC AND DILUTED
|
|
|
79,224
|
|
|
|
67,921
|
|
|
|
78,619
|
|
|
|
62,594
|
|
|
|
|
|
|
|
|
|
|
|
|
BIOTIME, INC. AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(IN THOUSANDS)
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
29,378
|
|
|
$
|
29,487
|
|
Trade accounts and grants receivable, net
|
|
|
944
|
|
|
|
1,042
|
|
Inventory
|
|
|
260
|
|
|
|
266
|
|
Landlord receivable
|
|
|
1,525
|
|
|
|
378
|
|
Loan receivable
|
|
|
506
|
|
|
|
-
|
|
Prepaid expenses and other current assets
|
|
|
1,752
|
|
|
|
1,232
|
|
Total current assets
|
|
|
34,365
|
|
|
|
32,405
|
|
|
|
|
|
|
|
|
|
|
Equipment, net and construction in progress
|
|
|
6,781
|
|
|
|
2,858
|
|
Deferred license fees
|
|
|
352
|
|
|
|
337
|
|
Deposits and other long-term assets
|
|
|
455
|
|
|
|
453
|
|
Intangible assets, net
|
|
|
34,906
|
|
|
|
38,848
|
|
TOTAL ASSETS
|
|
$
|
76,859
|
|
|
$
|
74,901
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
7,793
|
|
|
$
|
6,803
|
|
Capital lease liability, current portion
|
|
|
46
|
|
|
|
58
|
|
Promissory notes, current portion
|
|
|
95
|
|
|
-
|
|
Related party convertible debt, net of discount
|
|
|
255
|
|
|
|
60
|
|
Deferred grant income
|
|
|
1,869
|
|
|
|
-
|
|
Deferred license and subscription revenue, current portion
|
|
|
278
|
|
|
|
208
|
|
Total current liabilities
|
|
|
10,336
|
|
|
|
7,129
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES
|
|
|
|
|
|
Deferred tax liabilities, net
|
|
|
1,119
|
|
|
|
4,515
|
|
Deferred rent liabilities, net of current portion
|
|
|
95
|
|
|
|
97
|
|
Lease liability
|
|
|
4,089
|
|
|
|
378
|
|
Capital lease liability, net of current portion
|
|
|
-
|
|
|
|
31
|
|
Promissory notes, net of current portion
|
|
|
268
|
|
|
-
|
|
Other long-term liabilities
|
|
|
18
|
|
|
|
28
|
|
Total long-term liabilities
|
|
|
5,589
|
|
|
|
5,049
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Series A Convertible Preferred Stock, no par value, authorized
2,000 shares as of September 30, 2015 and December 31, 2014; none
and 70 issued and outstanding as of September 30, 2015 and
December 31, 2014, respectively
|
|
|
-
|
|
|
|
3,500
|
|
Common stock, no par value, authorized 125,000 shares as of
September 30, 2015 and December 31, 2014; 86,764 issued and 82,045
outstanding as of September 30, 2015 and 83,122 issued and 78,228
outstanding at December 31, 2014
|
|
|
248,069
|
|
|
|
234,850
|
|
Accumulated other comprehensive income/(loss)
|
|
|
(87
|
)
|
|
|
186
|
|
Accumulated deficit
|
|
|
(215,757
|
)
|
|
|
(182,190
|
)
|
Treasury stock at cost: 4,719 and 4,894 shares at September 30,
2015 and at December 31, 2014, respectively
|
|
|
(19,182
|
)
|
|
|
(19,890
|
)
|
BioTime, Inc. shareholders' equity
|
|
|
13,043
|
|
|
|
36,456
|
|
Non-controlling interest
|
|
|
47,891
|
|
|
|
26,267
|
|
Total shareholders' equity
|
|
|
60,934
|
|
|
|
62,723
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
76,859
|
|
|
$
|
74,901
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151109005772/en/
Copyright Business Wire 2015