Lineage Cell Therapeutics, Inc. ( (LCTX) ) has released its Q3 earnings. Here is a breakdown of the information Lineage Cell Therapeutics, Inc. presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Lineage Cell Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing allogeneic cell therapies to address unmet medical needs, utilizing its proprietary cell-based technology platform. The company recently reported its third quarter 2024 financial results and business updates, highlighting significant advancements in its clinical and preclinical programs. Key achievements include the FDA granting Regenerative Medicine Advanced Therapy designation for its OpRegen program, as well as promising preclinical results for its ReSonance program. Furthermore, Lineage has been added to the 2024 Russell 3000 Index, reflecting its growing industry presence.
The third quarter of 2024 saw Lineage’s revenue increase to $3.8 million, up from $1.2 million in the same period last year, driven by collaboration revenue with Roche. Operating expenses decreased slightly to $7.6 million, and the company reported a reduced loss from operations of $3.8 million, compared to $6.7 million the previous year. Lineage ended the quarter with $32.7 million in cash and equivalents, which is expected to fund operations into the first quarter of 2026.
Lineage’s OpRegen program, developed in collaboration with Roche and Genentech, continues its Phase 2a clinical study, aiming to treat geographic atrophy secondary to age-related macular degeneration. The company also progresses its OPC1 program for spinal cord injury and its ReSonance program for sensorineural hearing loss, underscoring its commitment to advancing its cell transplant therapies.
Looking ahead, Lineage Cell Therapeutics remains focused on executing its strategic initiatives and advancing its clinical pipeline. The management is optimistic about creating value through continued innovation and technology application, positioning the company for further advancements in regenerative medicine.
