Lineage Cell Therapeutics, Inc. (LCTX)
XASE:LCTX
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Lineage Therap
(NYSE MKT:LCTX)
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Rating:47Neutral
Price Target:
$1.50
▼(-12.28% Downside)
Action:Reiterated
Date:05/14/26
The score is held back primarily by weak financial fundamentals (large losses and ongoing cash burn) and bearish technicals (below major moving averages with negative MACD). The earnings call provides a meaningful offset via multi-year runway guidance and substantive operational progress, but valuation support is limited due to losses and no dividend.
Positive Factors
Scalable AlloSCOPE manufacturing platform
Lineage has demonstrated reproducible two-tier banking and an FDA-cleared final product, with mathematical potential to produce millions of vials. That durable manufacturing scaling lowers per-dose cost and supports an off-the-shelf allogeneic model, improving commercialization feasibility and margin leverage as volumes rise.
Negative Factors
Persistent cash burn and negative operating cash flow
Operating and free cash flows are materially negative on a trailing‑twelve‑month basis (about -$22M), reflecting ongoing R&D and scale-up spend. While free cash flow improved vs prior periods, the company remains reliant on external funding, milestone receipts or equity raises to sustain multi‑stage development and commercial scale.
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Positive Factors
Negative Factors
Scalable AlloSCOPE manufacturing platform
Lineage has demonstrated reproducible two-tier banking and an FDA-cleared final product, with mathematical potential to produce millions of vials. That durable manufacturing scaling lowers per-dose cost and supports an off-the-shelf allogeneic model, improving commercialization feasibility and margin leverage as volumes rise.
Read all positive factors
Lineage Therap (LCTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$321.59M
Dividend YieldN/A
Average Volume (3M)1.31M
Price to Earnings (P/E)―
Beta (1Y)1.09
Revenue Growth54.64%
EPS Growth-250.94%
CountryUS
Employees70
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.28
Shares Outstanding249,298,300
10 Day Avg. Volume1,433,693
30 Day Avg. Volume1,305,335
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)8.63
Price to Sales (P/S)26.40
P/FCF Ratio-19.77
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue20.00
Enterprise Value/Gross Profit20.41
Enterprise Value/Ebitda-6.14
Forecast
1Y Price Target
$6.25Price Target Upside265.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.07
Revenue Forecast (FY)$15.63M
Lineage Therap Business Overview & Revenue Model
Company Description
Lineage Cell Therapeutics, Inc., a clinical-stage biotechnology company, develops novel cell therapies for the treatment of degenerative diseases in the United States and internationally. The company develops OpRegen, a retinal pigment epithelium ...
How the Company Makes Money
Lineage primarily makes money through (1) collaboration and licensing arrangements and (2) grant and contract revenue; it does not primarily rely on product sales because it is a clinical-stage company and its lead programs are still in developmen...
Lineage Therap Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed substantial scientific and operational progress across Lineage's manufacturing platform and pipeline: AlloSCOPE advances, the launch and initial preclinical success of COR1, ILT1 scale-up milestones, completed engineering runs for ReSonance, device performance and site expansion for OPC1, SAB and clinical leadership hires, and partner validation for OpRegen (including multi-year vision durability and expansion to 17 sites). Financials show modest revenue, rising R&D and operating expenses, and a larger net loss year-over-year, but a cash runway into 2028 plus potential warrant proceeds and sizeable contingent Roche/Genentech milestones mitigate near-term funding concerns. Program risks remain — notably islet scale-up technical challenges, timing uncertainty tied to partners (OpRegen), and some earlier-stage setbacks (photoreceptor IP change, CIRM non-award) — however the volume and quality of operational and scientific milestones reported suggest progress materially outweighs current financial and program risks.Positive Updates
AlloSCOPE Manufacturing Platform Expansion
Successful expansion of the AlloSCOPE platform with two-tiered banking (master → working → clinical) demonstrated reproducible steps and FDA-cleared final product; company cites mathematical potential for millions of vials and cost-per-dose potentially in the hundreds of dollars, supporting allogeneic off-the-shelf strategies.
Negative Updates
Modest Revenue Base
Total revenue of ~$1.7M for Q1 FY26, an increase of $0.2M (+13.3%) vs $1.5M in Q1 FY25 — revenue remains small and primarily collaboration-driven.
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Q1-2026 Updates
Positive
Negative
AlloSCOPE Manufacturing Platform Expansion
Successful expansion of the AlloSCOPE platform with two-tiered banking (master → working → clinical) demonstrated reproducible steps and FDA-cleared final product; company cites mathematical potential for millions of vials and cost-per-dose potentially in the hundreds of dollars, supporting allogeneic off-the-shelf strategies.
Read all positive updates
Company Guidance
During the call management guided that Lineage entered Q1 with $53.4M in cash — expected to fund operations into 2028 — plus ~ $32M of potentially exercisable warrants (acceleration tied to an OpRegen multicenter disclosure) and eligibility for up to $615M of Roche‑Genentech milestones; they reiterated disciplined spending (targeting roughly $30M/year). Q1 results: total revenue ~$1.7M (vs $1.5M YA), operating expenses $9.3M (vs $8.0M), R&D $4.2M (vs $3.1M; increases driven by ~$300K OPC1, ~$200K ReSonance, ~$700K other preclinical), G&A $5.1M (vs $4.9M), loss from operations $7.6M (vs $6.5M), other income $2.8M (vs $2.4M), and net loss attributable to Lineage $4.8M (EPS $0.02 basic, $0.03 diluted; prior year $4.1M, $0.02). Operationally they highlighted scaling proof points for AlloSCOPE (100×100×100 illustrative banking multiplication = 1M vials, potential cost‑per‑dose in the hundreds of dollars), COR1 dosing needs of <2M corneal endothelial cells/patient, islet scale challenges (up to ~1B cells/patient; bioreactor upper limits cited ~10B cells/L implying ~80L scale for commercial viability) and ILT1 milestone progress (homogenized suspension process demonstrated at 0.5L, moving to multi‑liter); clinical updates included OpRegen durability (vision gains ≥3 years), Genentech opening 11 additional GAlette sites (total 17), OPC1 enrollment (30 patients across 2 Phase1/2 trials, 2 chronic treated with the first nearing 1‑year follow‑up), and ReSonance partnership funding up to $12M with 3 engineering runs completed ahead of GMP.Lineage Therap Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
66
Positive
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.78M | 14.56M | 9.50M | 8.95M | 14.70M | 3.90M |
| Gross Profit | 14.48M | 13.71M | 9.16M | 8.27M | 13.97M | 2.47M |
| EBITDA | -48.11M | -21.08M | -20.87M | -24.04M | -21.79M | -48.34M |
| Net Income | -64.21M | -63.53M | -18.61M | -21.49M | -26.27M | -43.02M |
Balance Sheet | ||||||
| Total Assets | 109.53M | 112.58M | 113.22M | 101.02M | 123.66M | 174.54M |
| Cash, Cash Equivalents and Short-Term Investments | 53.38M | 55.78M | 47.80M | 35.49M | 57.88M | 58.36M |
| Total Debt | 2.39M | 2.42M | 2.51M | 2.95M | 3.90M | 2.80M |
| Total Liabilities | 56.84M | 69.24M | 36.21M | 39.00M | 51.73M | 83.65M |
| Stockholders Equity | 53.88M | 44.55M | 78.38M | 63.42M | 73.34M | 92.22M |
Cash Flow | ||||||
| Free Cash Flow | -22.30M | -19.44M | -23.66M | -29.24M | 646.00K | -23.91M |
| Operating Cash Flow | -22.11M | -18.92M | -23.09M | -28.57M | 1.06M | -23.56M |
| Investing Cash Flow | -17.69M | -13.46M | -2.31M | 46.45M | -46.16M | 9.74M |
| Financing Cash Flow | 27.47M | 26.95M | 35.86M | 6.42M | 1.63M | 36.93M |
Lineage Therap Technical Analysis
Negative
1.71
Price Trends
1.49
Negative
1.61
Negative
1.58
Negative
Market Momentum
-0.08
Positive
42.37
Neutral
31.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LCTX, the sentiment is Negative. The current price of 1.71 is above the 20-day moving average (MA) of 1.39, above the 50-day MA of 1.49, and above the 200-day MA of 1.58, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 42.37 is Neutral, neither overbought nor oversold. The STOCH value of 31.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LCTX.
Lineage Therap Risk Analysis
Lineage Therap disclosed 79 risk factors in its most recent earnings report. Lineage Therap reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lineage Therap Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | $299.38M | ― | -7.34% | ― | 1.40% | 62.01% | |
52 Neutral | $772.30M | ― | -78.12% | ― | ― | 7.21% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.05B | ― | -130.06% | ― | ― | 21.76% | |
50 Neutral | $442.78M | -2.30 | -36.83% | ― | 383560.87% | 20.87% | |
49 Neutral | $36.12M | -1.10 | -64.17% | ― | -100.00% | 94.65% | |
47 Neutral | $321.59M | ― | -152.10% | ― | 54.64% | -250.94% |
* Healthcare Sector Average
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Lineage Therap Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
Lineage Therap Expands ATM Equity Offering Capacity
Positive
Mar 11, 2026
On March 11, 2026, Lineage Cell Therapeutics, Inc. filed a new prospectus supplement with the U.S. Securities and Exchange Commission to update its existing shelf registration, enabling ongoing at-the-market offerings of common shares through B. R...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.