Start here if you're new
what it is
Lineage Cell Therapeutics develops cell therapies for eye disease, cancer, and traumatic injury.
how it gets paid
Last year Lctx made $15M in revenue. OpRegen collaboration was the main engine at $8M, or 53% of sales.
why it's growing
Revenue grew 53.2% last year. $8M matters because it was 116% above last year.
what just happened
The latest quarter brought $8M of revenue and a -$0.28 EPS loss.
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
-$0.09 fy2024 eps est
$10M fy2024 rev est
n/a operating margin
xvary composite: 47/100 — below average
What they do
Lineage Cell Therapeutics develops cell therapies for eye disease, cancer, and traumatic injury.
Roche and Genentech back OpRegen®, the lead program. That is one collaboration versus 77 employees. You are buying a cell-therapy platform (starter cells turned into specialized cells) that already has partner money behind it.
How they make money
$15M
annual revenue · their business grew +53.2% last year
OpRegen collaboration
$8M
Research grants
$3M
Immunomic collaboration
$2M
Other collaborations and platform revenue
$2M
The products that matter
lead retinal cell therapy
OpRegen
core thesis
OpRegen is carrying most of the equity story. With only $10M of estimated revenue across the company, positive clinical progress here matters more than almost any accounting line.
lead asset
partner and milestone income
Collaboration revenue
$15M · +53.2%
This is where the reported revenue shows up. It grew 53.2%, but it is still partner-driven income, not proof of a commercial franchise you can model with confidence.
lumpy cash source
everything beyond the lead program
Clinical pipeline
second shot on goal
Biotech decks always want you to believe there is more than one asset. Until another program starts carrying real weight, you should treat LCTX as one main bet with optionality attached.
optionality
Key numbers
-$0.09
fy2024 eps est
$10M
fy2024 rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $2M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for LCTX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The latest quarter brought $8M of revenue and a -$0.28 EPS loss.
Revenue was up 116% vs. prior year. The company still posted a wide loss, so growth has not reached profit yet.
$8M
revenue
-$0.28
eps
n/a
n/a
the number that mattered
$8M matters because it was 116% above last year, but EPS was still -$0.28.
source: company earnings report, 2026
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What could go wrong
the #1 risk is OpRegen clinical disappointment. That is the risk name, and it is company-specific for a reason.
med
OpRegen fails to earn the valuation
With a $401M market cap and only $10M of estimated revenue, LCTX is priced on future clinical value. If OpRegen data disappoint, the market does not have much else to lean on.
This risk sits against almost the entire investment case. That is what a lead-asset biotech looks like.
med
Cash burn forces new capital at the wrong time
The company has just $2M of long-term debt, which helps. The catch is that debt is not the main constraint here — time is. If milestones slip, equity financing gets more likely.
For existing holders, that means dilution risk before the thesis has fully played out.
med
Thin revenue leaves no operating cushion
A $10M revenue estimate does not give you much room for error. If collaboration payments fade or get delayed, the P&L offers little protection while trials keep costing money.
This risk exposes most of the current business model to partnership timing instead of durable product demand.
With $10M of estimated revenue, no P/E, and a 5 / 100 price stability score, bad data and funding pressure would hit the same weak spot: confidence.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings update
Use the next update to judge runway language, not just the headline numbers. For a company this early, management tone around milestones matters because the income statement is still thin.
trend
whether OpRegen is still carrying the story
If every shareholder question still circles back to one program, nothing fundamental has changed. A broader thesis starts when another asset matters or the lead asset gets materially de-risked.
risk
dilution pressure
Watch for any sign that timelines are stretching while revenue stays small. In a pre-commercial biotech, time and dilution tend to meet each other.
metric
35/100 earnings predictability
That score tells you the reported numbers are still noisy. If it improves, the business is getting easier to underwrite. If it falls, the story gets even more event-driven.
Analyst rankings
short-term outlook
mixed
target coverage is thin. in human-speak, there is no clean consensus telling you where this should trade next.
risk profile
volatile
a 1.3 beta and 5 / 100 price stability score point the same way. you should expect larger swings than you would get from a mature healthcare name.
chart momentum
catalyst-led
this stock moves more on clinical read-throughs and financing expectations than on smooth technical trends.
earnings predictability
35/100
translation: one quarter can look fine and the next can look broken because partnership revenue does not arrive on a consumer-products schedule.
source: institutional data
Institutional activity
institutional ownership data for LCTX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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