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Lineage Cell Therapeutics, Inc. (LCTX) stock

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NYSE: LCTX NYSE Biotechnology Next results ~November 5, 2026

C+ Fundamentals grade

Lineage Cell Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Lineage Cell Therapeutics, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Lineage Cell Therapeutics, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling1 purchase and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds56 adding, 61 cuttingOf 22 active managers that changed their stake, 6 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Lineage Cell Therapeutics files

Where Lineage Cell Therapeutics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $13m, up 19.9% on a year earlier, slower than the 54.6% growth a quarter earlier. Free-cash-flow margin rose to -186.4% from -212.1% a year earlier. Operating margin widened to -205.2% from -322.8%. The diluted share count is up 11.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks.

Our model value for Lineage Cell Therapeutics is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Lineage Cell Therapeutics, Inc.'s trailing-twelve-month revenue grew 19.9% year on year, with a free-cash-flow margin of -186.4%. Where it stands out: gross margin of 97.2% ranks 9 of 75 biotechnology companies we cover.

Current signal Net income rising while operating cash flow falls: TTM net income grew 21.1% while operating cash flow fell 5.6% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 19.9% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 117.6 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Growth slowing. The growth rate is 34.8 points lower than a quarter earlier.
  • Loss-making. Operating margin is -205.2%: costs exceed revenue.
  • Burning cash. Free cash flow was -186.4% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 38.8% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 11.9% in a year.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.01 against an average estimate of -$0.03: beat by 133.3%
Revenue
$1m, down 61.3% on a year earlier
Share reaction
-3.5% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate -$0.04

Lineage Cell Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.0%
  • 1 week+1.0%
  • 1 month+8.6%
  • This year-39.5%
  • 1 year-47.4%
  • 5 years-61.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$13.1M
Operating margin
-205.2%
Net margin
-246.6%
EPS (TTM, diluted)
$-0.13

Growth

Revenue growth
+19.9%
Change in growth rate
−34.8 pts
Share count change
+11.9%

Cash

Free cash flow (TTM)
-$24.4M
FCF margin
-186.4%
Stock pay % of revenue
38.8%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Lineage Cell Therapeutics, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Lineage Cell Therapeutics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.1 ~$0.1–$0.2 Left out: out of range vs price (0.15x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.2 ~$0.2–$0.8 Left out: out of range vs price (0.20x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lineage Cell Therapeutics, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$3.31$3.16$1.88$0.91$0.89$1.76$2.45$1.17$1.09$0.50$1.67$1.01
Market value$264m$314m$215m$115m$130m$264m$403m$199m$188m$100m$384m$250m
+ Net debt (− = net cash)−$42m−$20m−$37m−$24m−$9m−$33m−$56m−$11m−$35m−$46m−$41m−$37m
Enterprise value$222m$294m$179m$92m$120m$231m$347m$187m$153m$54m$344m$212m
Multiples
Price / sales 37.5x53.1x62.3x23.2x36.8x144.6x92.8x13.5x21.0x10.5x26.4x19.1x
Price / earnings —9.4x——————————
Price / free cash flow ———————n/m————
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

21 /100

Weak moat

How hard Lineage Cell Therapeutics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -25.2% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 95.3%, moving by 7.1 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -550.4%; its worst year was -1461.8%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -454.1% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 326.7% over five years; stock-based pay has been a median 73.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (26 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $2m and EPS of −$0.04 (range −$0.04 to −$0.03) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.07 +70% $15m +4%
Next −$0.14 −112% $17m +11%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.5% on 90 days ago. In the last 30 days, 0 analysts raised Lineage Cell Therapeutics, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Lineage Cell Therapeutics, Inc., last 90 days
−$0.15 −$0.10 −$0.05 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.07 Current fiscal year, 60 days ago: −$0.07 Current fiscal year, 30 days ago: −$0.06 Current fiscal year, 7 days ago: −$0.06 Current fiscal year, Now: −$0.07 −$0.07 Next fiscal year, 90 days ago: −$0.09 Next fiscal year, 60 days ago: −$0.09 Next fiscal year, 30 days ago: −$0.10 Next fiscal year, 7 days ago: −$0.10 Next fiscal year, Now: −$0.14 −$0.14

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.07−$0.09
60 days ago −$0.07−$0.09
30 days ago −$0.06−$0.10
7 days ago −$0.06−$0.10
Now −$0.07−$0.14

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.03 $0.01 +133.3%
Dec 2025 −$0.04 $0.00 +100.0%
Sept 2025 −$0.03 −$0.13 −358.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026

No numeric guidance in Lineage Cell Therapeutics, Inc.'s latest earnings release (filed August 6, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

7 analysts, Oct 2026
Buy686%
Hold114%
Sell00%

Monthly trend

  1. Oct 20261517
  2. Sep 20261517
  3. Aug 20261517
  4. Jul 20261517

Counts of recommendations published by analysts covering Lineage Cell Therapeutics, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
17.0%
of tradable shares
Days to cover
15.4
at average volume
Short interest, 1 month
−12%
to October 15, 2026
Held by institutions
48%
of shares
Held by insiders
4.9%
of shares
Employees
72
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −47.4%

$1.92 on October 31, 2025 to $1.01

ThenNowEffect
Revenue (last 12 months) $11m $13m +19.9%
P/S multiple 38.9x 19.1x −50.9%
Share count 221m 247m −10.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −13.7%

$1.17 on November 3, 2023 to $1.01

ThenNowEffect
Revenue (last 12 months) $11m $13m +24.3%
P/S multiple 18.9x 19.1x +0.9%
Share count 170m 247m −31.2%

Biggest factor: share count. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LCTX+39%−52%−7%−54%+234%−40%
Industry peers (median)−36%−57%−18%−28%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LCTX50%50%42%33%67%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LCTX−43%−59%−41%−66%−46%−54%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 89% from December 30, 2015 to April 8, 2025. Getting back needed a 806% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.90 – $1.96
From 52-week high
−48.5%
vs 50-day average
−0.5%
vs 200-day average
−23.7%
Volatility (1 year)
55%
Beta vs S&P 500
1.20

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±4.2%
After a week
3 up, 9 down
typical move ±10.5%
After a month
4 up, 8 down
typical move ±20.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −3.5% +0.5% −7.0% −5.3%
May 12, 2026 −2.3% +0.4% −8.4% −2.3%
March 5, 2026 −5.1% −1.9% −19.0% −21.0%
November 6, 2025 −3.3% −1.0% −1.1% −7.1%
August 12, 2025 +2.0% +1.4% +22.8% +27.7%
May 13, 2025 −4.2% +0.8% +2.1% +45.8%
March 10, 2025 0.0% −3.5% −5.7% −26.4%
November 14, 2024 −5.5% −1.9% −34.1% −45.1%
August 8, 2024 +3.4% +2.8% −1.1% +3.4%
May 9, 2024 +0.9% +0.7% −8.6% −19.8%
March 7, 2024 +15.0% +0.4% +2.7% +30.1%
November 9, 2023 −5.5% +0.8% −13.6% −10.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Lineage Cell Therapeutics, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lineage Cell Therapeutics, Inc.
$5M $10M $15M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $8.8M Revenue (TTM), FY23 Q4: $8.9M Revenue (TTM), FY24 Q1: $8M Revenue (TTM), FY24 Q2: $6.2M Revenue (TTM), FY24 Q3: $8.7M Revenue (TTM), FY24 Q4: $9.5M Revenue (TTM), FY25 Q1: $9.6M Revenue (TTM), FY25 Q2: $10.9M Revenue (TTM), FY25 Q3: $10.8M Revenue (TTM), FY25 Q4: $14.6M Revenue (TTM), FY26 Q1: $14.8M Revenue (TTM), FY26 Q2: $13.1M $13.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $8.8M
FY23 Q4 $8.9M
FY24 Q1 $8M
FY24 Q2 $6.2M
FY24 Q3 $8.7M
FY24 Q4 $9.5M
FY25 Q1 $9.6M
FY25 Q2 $10.9M
FY25 Q3 $10.8M
FY25 Q4 $14.6M
FY26 Q1 $14.8M
FY26 Q2 $13.1M
Revenue growth, TTM YoY Lineage Cell Therapeutics, Inc.
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -31.4% Revenue growth, TTM YoY, FY23 Q4: -33.9% Revenue growth, TTM YoY, FY24 Q1: -32.5% Revenue growth, TTM YoY, FY24 Q2: -41.2% Revenue growth, TTM YoY, FY24 Q3: -0.6% Revenue growth, TTM YoY, FY24 Q4: 6.2% Revenue growth, TTM YoY, FY25 Q1: 19.4% Revenue growth, TTM YoY, FY25 Q2: 76.4% Revenue growth, TTM YoY, FY25 Q3: 24.1% Revenue growth, TTM YoY, FY25 Q4: 53.2% Revenue growth, TTM YoY, FY26 Q1: 54.6% Revenue growth, TTM YoY, FY26 Q2: 19.9% 19.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -31.4%
FY23 Q4 -33.9%
FY24 Q1 -32.5%
FY24 Q2 -41.2%
FY24 Q3 -0.6%
FY24 Q4 6.2%
FY25 Q1 19.4%
FY25 Q2 76.4%
FY25 Q3 24.1%
FY25 Q4 53.2%
FY26 Q1 54.6%
FY26 Q2 19.9%
Operating margin (TTM) Lineage Cell Therapeutics, Inc.
-600% -400% -200% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -285.1% Operating margin (TTM), FY23 Q4: -276.5% Operating margin (TTM), FY24 Q1: -309.3% Operating margin (TTM), FY24 Q2: -413.8% Operating margin (TTM), FY24 Q3: -260.7% Operating margin (TTM), FY24 Q4: -226.1% Operating margin (TTM), FY25 Q1: -223.1% Operating margin (TTM), FY25 Q2: -322.8% Operating margin (TTM), FY25 Q3: -325.3% Operating margin (TTM), FY25 Q4: -251.6% Operating margin (TTM), FY26 Q1: -255.1% Operating margin (TTM), FY26 Q2: -205.2% -205.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -285.1%
FY23 Q4 -276.5%
FY24 Q1 -309.3%
FY24 Q2 -413.8%
FY24 Q3 -260.7%
FY24 Q4 -226.1%
FY25 Q1 -223.1%
FY25 Q2 -322.8%
FY25 Q3 -325.3%
FY25 Q4 -251.6%
FY26 Q1 -255.1%
FY26 Q2 -205.2%
FCF margin (TTM) Lineage Cell Therapeutics, Inc.
-400% -300% -200% -100% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -358.2% FCF margin (TTM), FY23 Q4: -326.9% FCF margin (TTM), FY24 Q1: -295.3% FCF margin (TTM), FY24 Q2: -361.0% FCF margin (TTM), FY24 Q3: -264.4% FCF margin (TTM), FY24 Q4: -249.0% FCF margin (TTM), FY25 Q1: -238.8% FCF margin (TTM), FY25 Q2: -212.1% FCF margin (TTM), FY25 Q3: -193.0% FCF margin (TTM), FY25 Q4: -133.6% FCF margin (TTM), FY26 Q1: -152.9% FCF margin (TTM), FY26 Q2: -186.4% -186.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -358.2%
FY23 Q4 -326.9%
FY24 Q1 -295.3%
FY24 Q2 -361.0%
FY24 Q3 -264.4%
FY24 Q4 -249.0%
FY25 Q1 -238.8%
FY25 Q2 -212.1%
FY25 Q3 -193.0%
FY25 Q4 -133.6%
FY26 Q1 -152.9%
FY26 Q2 -186.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 2 4 4 4 4 5 7 6 3 5 4 2 4 15 9 9 15 13
Gross profit — 4 4 3 4 4 6 6 3 5 3 1 3 14 8 9 — —
EBITDA −3 −10 −18 −25 −55 −50 −65 −58 −38 −41 −38 −26 −49 −22 −24 −21 −36 −26
Operating income −4 −10 −19 −25 −56 −51 −66 −59 −39 −42 −39 −26 −49 −23 −25 −21 −37 −27
Net income −5 −11 −17 −21 −44 −36 −47 34 −20 −46 −12 −21 −43 −26 −21 −19 −64 −32
Diluted EPS −$0.18 −$0.28 −$0.35 −$0.44 −$0.81 −$0.55 −$0.59 $0.34 −$0.17 −$0.36 −$0.08 −$0.14 −$0.26 −$0.15 −$0.12 −$0.09 −$0.28 −$0.13
Growth (year on year)
Revenue — +92.6% +19.6% −11.7% +13.2% +18.3% +34.2% −15.8% −41.6% +44.2% −29.5% −48.1% +137.7% +238.7% −39.2% +6.2% +53.2% +19.9%
Net income — — — — — — — — −159.5% — — — — — — — — —
Diluted EPS — — — — — — — — −150.0% — — — — — — — — —
Margins
Gross margin — 99.3% 98.2% 88.9% 82.1% 84.0% 84.3% 94.0% 95.1% 93.9% 88.3% 78.9% 67.2% 95.0% 92.5% 96.5% — —
EBITDA margin −181.1% −262.0% −413.0% −628.7% <−999% −946.4% −920.0% −975.6% <−999% −816.2% <−999% <−999% <−999% −149.2% −270.2% −219.9% −246.8% −199.6%
Operating margin −182.9% −265.7% −421.4% −638.5% <−999% −966.5% −935.3% −995.6% <−999% −837.9% <−999% <−999% <−999% −153.2% −276.5% −226.1% −251.6% −205.2%
Net margin −267.2% −301.6% −372.5% −547.2% −989.7% −694.4% −667.9% 566.8% −577.7% −922.0% −333.1% <−999% −991.0% −178.7% −240.2% −195.9% −436.5% −246.6%
Free-cash-flow margin −224.5% −214.5% −328.2% −512.9% −716.9% −750.1% −650.7% −752.6% −920.9% −630.3% −921.4% <−999% −550.6% 4.4% −326.9% −249.0% −133.6% −186.4%
Cash flow
Cash from operations −4 −8 −14 −20 −30 −39 −45 −42 −31 −31 −32 −20 −24 1 −29 −23 −19 −24
Capital spending 0 0 1 0 2 0 1 2 1 1 0 0 0 0 1 1 1 1
Free cash flow −4 −8 −15 −20 −32 −39 −46 −45 −32 −31 −32 −20 −24 1 −29 −24 −19 −24
Stock-based pay 0 1 2 2 3 4 11 8 4 5 4 2 4 4 5 5 5 5
Free cash flow after stock pay −5 −9 −16 −22 −35 −44 −57 −53 −36 −37 −36 −22 −27 −4 −34 −29 −24 −29
Balance sheet
Cash 12 33 22 4 5 29 42 22 37 24 9 33 56 11 35 46 41 37
Total debt 0 0 0 0 0 0 0 2 0 — 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −12 −33 −22 −4 −5 −29 −42 −20 −37 −24 −9 −33 −56 −11 −35 −46 −41 −37
Diluted shares — 40m 47m 49m 54m 66m 80m 100m 114m 127m 146m 150m 165m 170m 173m 200m 230m 247m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $106m
Short-term assets $53mLonger-term assets $53m
What it owes, and who funded it · $107m
Short-term liabilities $8mLonger-term liabilities $38mShareholders' equity $61m
  • Short-term assets cover short-term liabilities $53m of assets due within a year against $8m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $53m short-term assets against $38m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Lineage Cell Therapeutics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+11.9%
year over year
R&D spending
156.8%
of revenue
Days sales outstanding
22 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated LCTX ALEC SRZN KROS HYFT RLAY Median
Revenue, last 12 months $13m $14m $12m $15m $11m $10m $56m
Revenue growth, last 12 months 19.9% −82.9% −8.8% −93.6% 47.8% 23.9% 12.6%
Revenue growth, 3-year average 7.5% −48.6% — — — 122.3% 13.7%
Revenue growth, latest quarter −61.3% −57.8% 408.6% −100.0% — −48.3% 10.2%
Gross margin 97.2% — — — 58.8% — 82.9%
Operating margin −205.2% −912.4% −385.3% −682.3% — <−999% −189.4%
Operating margin, 3-year average −313.9% −472.3% — <−999% — <−999% −363.5%
Net margin −246.6% −850.1% <−999% −559.2% −89.7% <−999% −169.8%
Cash from operations / revenue −182.0% <−999% −302.0% −322.7% −80.1% <−999% −168.0%
Free-cash-flow margin −186.4% <−999% −303.9% −326.1% −82.7% <−999% −162.4%
Free-cash-flow margin, 3-year average −253.2% −600.8% — <−999% — <−999% −310.0%
Stock pay / revenue 38.8% 120.9% 60.9% 153.8% 8.2% 466.8% 20.0%
Change in share count 11.9% 9.7% — −31.6% 38.9% 12.4% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 19.9% 12.6% 78 of 172
Change in growth rate Growth -34.8pp -0.1pp 135 of 172
Gross margin Profitability 97.2% 82.4% 9 of 75
Operating margin Profitability -205.2% -189.4% 93 of 175
Net margin Profitability -246.6% -157.3% 104 of 180
Free-cash-flow margin Cash generation -186.4% -145.4% 97 of 176
Stock pay as % of revenue Cash generation 38.8% 19.2% 109 of 179
Change in share count Balance sheet 11.9% 7.9% 97 of 156
Days sales outstanding Balance sheet 22 days 75 days 13 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Collaboration Revenues $13.6M 93.5% ▲ 67.0%
Event Based Milestones and Other Collaborative Revenue $7.2M 52.6% —
Upfront License Fees $6.4M 47.4% ▼ 20.9%
Royalties License and Other Revenues $947,000 6.5% ▼ 29.9%

From Lineage Cell Therapeutics, Inc.'s 10-K filed March 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$153M
Institutions reporting
129
Shares held vs prior quarter
▲ 4.3%
Positions opened / closed
32 / 32

Top buyers and sellers, Q2 2026: 56 institutions bought and 61 sold ; the biggest buyer was Blackrock, Inc (+9.3M shares) and the biggest seller Armistice Capital, LLC (−3.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Broadwood Capital Inc $64.9M 49.6M 42.5% 0.0%
Blackrock, Inc. $17.3M 13.2M 11.3% ▲ 241.2%
Vanguard Capital Management LLC $11.9M 9.1M 7.8% ▲ 8.9%
Defender Capital, Llc. $8.6M 6.6M 5.7% ▼ 1.9%
Geode Capital Management, LLC $6.9M 5.3M 4.5% ▲ 110.0%
Raffles Associates LP $6.8M 5.2M 4.5% ▼ 3.1%
Fifth Third Bancorp $6M 4.6M 3.9% 0.0%
Millennium Management LLC $4M 3.0M 2.6% ▼ 45.7%
State Street Corp $3M 2.3M 2.0% ▲ 112.3%
Vanguard Fiduciary Trust Co $2.2M 1.7M 1.4% ▲ 26.0%
Northern Trust Corp $2.2M 1.7M 1.4% ▲ 231.9%
Morgan Stanley $1.9M 1.5M 1.3% ▼ 21.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lineage Cell Therapeutics, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $24,450 1 trade by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $24,450 net buying
Insider Date Trade Shares Price Value
Culley Brian M President and CEO March 12, 2026 Buy 15,000 $1.63 $24,450

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 12, 2026
  • March 5, 2026
  • November 6, 2025
  • August 12, 2025
  • May 13, 2025

Recent SEC filings

Data status

When each part of this page on Lineage Cell Therapeutics, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lineage Cell Therapeutics, Inc. in brief

What does Lineage Cell Therapeutics, Inc. do?
Lineage Cell Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Lineage Cell Therapeutics, Inc.'s stock ticker?
Lineage Cell Therapeutics, Inc. trades under the ticker LCTX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lineage Cell Therapeutics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lineage Cell Therapeutics, Inc. reported revenue of $13.1M, 19.9% higher than a year earlier, according to its SEC filings.
What is Lineage Cell Therapeutics, Inc.'s free cash flow?
Lineage Cell Therapeutics, Inc.'s free-cash-flow margin is -186.4% of revenue over the trailing twelve months, ranking 97 of the 176 biotechnology companies we cover.
Who are Lineage Cell Therapeutics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Broadwood Capital Inc, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Lineage Cell Therapeutics, Inc.'s market cap?
On November 2, 2026, Lineage Cell Therapeutics, Inc.'s market capitalisation was about $250M and net debt of -$37.4M. Market figures come from third-party market data and may be delayed.
Who are Lineage Cell Therapeutics, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Lineage Cell Therapeutics, Inc. are Alector, Inc., Surrozen, Inc., Keros Therapeutics, Inc., Mindwalk Holdings Corp. and Relay Therapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Lineage Cell Therapeutics, Inc.'s.
Are insiders buying or selling Lineage Cell Therapeutics, Inc. stock?
Over the last 12 months, Lineage Cell Therapeutics, Inc.'s directors and officers reported 1 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Lineage Cell Therapeutics, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Lineage Cell Therapeutics, Inc. announces its own schedule.