Lineage Cell Therapeutics Inc. (NYSEAMERICAN:LCTX) has announced its operating and financial results for the three months ended September 30, 2020.
Lineage posted revenue of $0.6 million
In Q3, the company’s total revenue was $0.6 million, which is primarily from royalties, research grants and licensing fees. There was a $0.2 million increase in product sales royalties and license fees offset by grant revenues because of the timing of grant-related activities and a $0.1 million decrease in research product and services sales.
The company has $38 million in cash, cash equivalents and investments at the end of the period. The cash balance includes note receivable payment proceeds of $24.6 million from Juvenescence Limited in August. At the end of the quarter Lineage’s marketable securities included unrestricted securities ownership in OncoCyte Corporation, Hadasit bio-Holdings Ltd and AgeX Therapeutics Inc. The company holds around 3.6 million OncoCyte shares valued at $5.6 million as of November 3.
Lineage advancing VAC2 program
Brian Culley, the company’s CEO, said that during the third quarter Lineage advanced all three of its clinical programs. The company reported new data on VAC2 and also moving closer to completion of enrolment in the OpRegen study. Culley said that they are looking forward to presenting latest OpRegen trial data at the 2020 Annual American Academy of Ophthalmology Meeting. Completion of patient enrolment in the phase1/2a OpRegen clinical study is expected by the end of the year.
Regarding VAC2, Culley said that the company is collaborating with Cancer Research UK and expects to complete patient enrolment in the VAC2 Phase 1 trial in NSCLC at the end of Q1 2021. The CEO also confirmed that Lineage made substantial progress with OPC1 and they are delighted to report details on the manufacturing improvements at the end of the year. Culley said that they are delighted with the product candidates, which will help patients with high unmet medical needs and lacking treatment alternatives. He confirmed that the company is in a better financial position to drive its clinical programs towards important milestones.