UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (date of earliest event reported): November
10, 2014
BioTime,
Inc.
(Exact name of registrant as specified in its charter)
California
|
1-12830
|
94-3127919
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
1301
Harbor Bay Parkway
Alameda,
California 94502
(Address of principal executive offices)
(510)
521-3390
(Registrant's telephone number, including area
code)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Statements made in this Report that are not historical facts may
constitute forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially from
those discussed. Such risks and uncertainties include but are not
limited to those discussed in this report and in BioTime's other reports
filed with the Securities and Exchange Commission. Words such as
“expects,” “may,” “will,” “anticipates,” “intends,” “plans,” “believes,”
“seeks,” “estimates,” and similar expressions identify forward-looking
statements.
This Report and any accompanying exhibits shall be deemed “furnished”
and not “filed” under the Securities Exchange Act of 1934, as amended.
Section 2 - Financial Information
Item 2.02 - Results of Operations and Financial Condition
On November 10, 2014 BioTime, Inc. issued a press release announcing its
financial results for the three and nine months ended September 30, 2014
and recent business developments. A copy of the press release is
attached as Exhibit 99.1, which, in its entirety, is incorporated herein
by reference.
Section 9 - Financial Statements and Exhibits
Item 9.01 - Financial Statements and Exhibits.
Exhibit Number
|
Description
|
99.1
|
Press release dated November 10, 2014
|
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
BIOTIME, INC.
|
|
|
|
|
|
|
|
|
|
|
Date:
|
November
10, 2014
|
By
|
/s/ Robert W. Peabody
|
|
|
|
|
Senior Vice President,
|
|
|
|
Chief Operating Officer, and
|
|
|
|
Chief Financial Officer
|
Exhibit Number
|
Description
|
99.1
|
Press release dated November 10, 2014
|
Exhibit 99.1
BioTime
Reports Third Quarter Results and Recent Progress
-
Asterias
Biotherapeutics approved for listing on NYSE MKT
-
Asterias’
AST-OPC1 cleared by FDA for Phase 1/2a dose escalation clinical trial
for spinal cord injury
-
Cell
Cure Neuroscience’s OpRegen®
cleared by FDA for Phase 1/2a dose escalation clinical trial for the
dry form of age-related macular degeneration
-
Renevia™
cleared for pivotal trial in Europe for treatment of HIV-related
lipoatrophy
-
Premvia™
cleared by FDA as Class II medical device for wound management
-
BioTime
and its subsidiaries end October with $35 million in cash to fund
additional milestone achievements in 2015
ALAMEDA, Calif.--(BUSINESS WIRE)--November 10, 2014--BioTime, Inc. (NYSE
MKT: BTX), the leader in developing pluripotent stem-cell therapies and
other technologies designed to address major unmet medical needs, today
reported financial results for the third quarter and the nine months
ended September 30, 2014, and highlighted recent corporate
accomplishments.
“BioTime and its subsidiaries set in motion a rapid cadence of milestone
achievements in our clinical development of therapeutic and diagnostic
products during the third quarter,” said Dr. Michael D. West, CEO. “We
recently obtained authorization to begin our pivotal trial of Renevia™
in Europe for HIV-related lipoatrophy; our subsidiary Asterias
Biotherapeutics received clearance from the FDA to initiate a Phase 1/2a
dose escalation clinical trial of its product, AST-OPC1, in
patients with complete cervical spinal cord injury; our subsidiary Cell
Cure Neurosciences received clearance from the FDA for a Phase 1/2a dose
escalation clinical trial of its product, OpRegen®,
in patients with the dry form of age related macular degeneration; and
the FDA cleared BioTime’s Premvia™ as a Class II
medical device for the management of wounds. Also, BioTime’s subsidiary
OncoCyte expanded its large clinical studies of PanC-Dx™
biomarkers in the diagnosis of breast, bladder, and lung cancer. In
total, we now have six products for which seven clinical studies are
approved or underway. To date, the FDA has approved clinical trials of
only four pluripotent stem cell therapies, and two of those, OpRegen®
and AST-OPC1, belong to BioTime subsidiaries.”
“On the financial front, we raised $31 million in early October for
BioTime and certain of its subsidiaries through the sale of BioTime
common shares to several institutional investors. As a result, we
finished October with $35 million in cash and cash equivalents within
the BioTime family of companies to fund additional milestone
achievements during 2015. Additionally, our subsidiary Asterias arranged
non-dilutive financing for clinical trials of both of its lead products
by signing two agreements: one with the California Institute for
Regenerative Medicine (CIRM) for the previously announced $14.3 million
award to fund a Phase 1/2a clinical trial and process development of AST-OPC1,
and one with Cancer Research UK (CRUK) and its affiliate Cancer Research
Technology to conduct a Phase 1/2a clinical trial of AST-VAC2, a
product designed as an immunotherapy for non-small cell lung cancer. We
also added two experienced executives with strong track records of
shareholder value creation to our Board of Directors,” Dr. West
concluded.
Third Quarter and Recent Highlights
BioTime, Inc.
-
BioTime received authorization to begin its pivotal human clinical
trial of Renevia™ in Europe to treat HIV patients with
premature facial aging caused by lipoatrophy. In the trial, Renevia™
will be used to deliver fat-derived cells to the patient’s face where
there has been a loss of subdermal fat. Lipoatrophy is estimated to
occur in 35-50% of the 10 million HIV patients worldwide on
antiretroviral therapy.
-
Premvia™ was cleared for marketing by the FDA as a Class II
medical device for the management of wounds. Premvia™ is the
first FDA-cleared member of BioTime’s HyStem®
family of hydrogels, which are designed to mimic the natural
structures of the human body’s extracellular matrix.
-
Michael H. Mulroy and Stephen L. Cartt joined BioTime’s Board of
Directors. Mr. Mulroy and Mr. Cartt both had successful careers in
senior management at Questcor Pharmaceuticals, Inc. where Mr. Mulroy
served as Executive Vice President – Strategic Affairs and General
Counsel and Mr. Cartt served as Chief Operating Officer.
-
BioTime and certain of its subsidiaries raised $31 million through
sales of BioTime common shares in a registered direct offering.
Asterias Biotherapeutics, Inc. (Approximately 71% Owned by BioTime)
-
AST-OPC1 was cleared by the FDA for the initiation of a dose
escalation Phase 1/2a clinical trial in patients with complete
cervical spinal cord injury. A large portion of the cost of this trial
will be paid by grant support from the California Institute for
Regenerative Medicine (CIRM).
-
AST-VAC2, an immunotherapy treatment, will be the subject of a
Phase 1/2a clinical trial in patients with non-small cell lung cancer
in the UK, contingent on regulatory approval, through an agreement
entered into by Asterias and Cancer Research UK (CRUK) under which
CRUK will pay for the cost of the trial.
-
Asterias became the first of BioTime’s subsidiaries to be publicly
traded. Asterias common stock now trades on the NYSE MKT under the
ticker symbol AST.
Cell Cure Neurosciences Ltd. (Approximately 63% Owned by BioTime on a
Consolidated Basis)
-
OpRegen®, a therapy designed for patients with
the severe form of age-related macular degeneration (AMD) called
geographic atrophy, was cleared by the FDA for a Phase 1/2a clinical
trial. AMD is the leading cause of blindness in the aging US
population and many other developed countries around the world. There
is currently no FDA-approved therapy for the dry form of AMD.
OncoCyte Corporation (Approximately 75% Owned by BioTime)
-
OncoCyte Corporation and The Wistar Institute continued their
collaboration on a large, multi-site clinical study of blood-based
lung cancer diagnostic markers. Over 600 blood samples were obtained
from patients with a high-risk profile for development of lung cancer
at six clinical sites. Wistar investigators are currently assessing
gene expression patterns in blood cells of patients with malignant
versus non-malignant lung disease. The performance of gene markers
tested in the study in determining the presence or the progression of
disease in various categories of patients may determine the specific
nature of the lung cancer test that OncoCyte will develop.
-
OncoCyte expanded the clinical development of its urine-based bladder
cancer diagnostic test by initiating a multi-site clinical trial. The
trial will involve up to 1,200 patient samples obtained from at least
four large urology clinics located throughout the United States. The
multi-site clinical trial has been initiated in part due to positive
interim data from the ongoing study in pathology specimens.
-
OncoCyte entered into a collaboration with Abcodia Ltd. to develop
OncoCyte’s blood-based PanC-Dx™, a test for early
detection of breast cancer. OncoCyte will test the performance of PanC-Dx™
cancer markers in detecting breast cancer in a set of blood samples
taken from study subjects both before and after they developed breast
cancer. If the outcome of this initial study is promising, future
studies could proceed and expand into the use of a larger cohort to
assess PanC-Dx™ cancer markers in a case-controlled
longitudinal design.
LifeMap Solutions, Inc. (Approximately 75% Owned by BioTime on a
Consolidated Basis)
-
LifeMap Solutions strengthened its management team with the
appointment of Rafhael Cedeno as Chief Technology Officer and Head of
Product. Mr. Cedeno will be responsible for overseeing all aspects of
product development, including the integration of Mount Sinai’s
expertise and data into LifeMap Solutions’ products. In addition, Joel
Dudley, PhD, Rong Chen, PhD, and Elissa Levin from Mount Sinai’s Icahn
School of Medicine will work with LifeMap Solutions science team to
develop LifeMap Solutions’ mobile health products and services.
Third Quarter Financial Results
Revenue
For the three months ended September 30, 2014, on a consolidated basis,
total revenue was $1.2 million, up $0.5 million or 67% from $0.7 million
for the same period of 2013. The increase in revenue is primarily
attributable to increases in grant income and research products sales.
Expenses
Operating expenses for the three months ended September 30, 2014, on a
consolidated basis, were $13.1 million, compared to $10.7 million for
the same period of 2013. Research and development expenses were $8.8
million for the three months ended September 30, 2014, an increase of
approximately $2.4 million from $6.4 million during the same period of
2013. The increase in research and development expenses is largely
attributable to the amortization of intangible assets acquired by
Asterias from Geron Corporation and BioTime in October 2013, and the
ramp-up of the Asterias and LifeMap Solutions product development
programs. Expenses of the OncoCyte and Renevia™ clinical trial
programs were also a factor. General and administrative expenses
remained relatively flat when compared with the third quarter of 2013 at
$4.3 million.
Net Loss
Net loss attributable to BioTime for the three months ended September
30, 2014 declined to $8.3 million or $0.12 per share, compared to a net
loss of $9.0 million or $0.16 per share for the same period in 2013. The
decrease in net loss is primarily attributed to a $2.3 million deferred
income tax benefit recorded as of September 30, 2014. There was no
deferred income tax benefit recorded in the three months ended September
30, 2013. Net loss attributable to BioTime includes losses from BioTime
majority owned subsidiaries based upon BioTime’s percentage ownership of
those subsidiaries.
Year-to-Date Financial Results
Revenue
For the nine months ended September 30, 2014, on a consolidated basis,
total revenue was $3.4 million, up $0.9 million or 32% from $2.5 million
for the year ago period. The increase in revenue is primarily
attributable to a $0.9 million increase in grant income, primarily from
a grant awarded to BioTime’s subsidiary Cell Cure Neurosciences Ltd. by
Israel’s Office of the Chief Scientist.
Expenses
Operating expenses for the first nine months of 2014, on a consolidated
basis, were $39.0 million, compared to $28.7 million for the first nine
months of 2013. Research and development expenses for the nine months
ended September 30, 2014 increased to $26.3 million from $17.4 million
for the same period in 2013. The increase in research and development
expenses during the nine months ended September 30, 2014 is generally
attributable to the same factors that contributed to the increase during
the third quarter. General and administrative expenses for the nine
months ended September 30, 2014 were $12.8 million compared to $11.3
million for the same period of 2013. The increase in general and
administrative expenses reflects in part, the ramp-up of operations of
LifeMap Solutions and Asterias and a decline in spending by ESI.
Net Loss
Net loss attributable to BioTime for the nine months ended September 30,
2014 was $25.8 million or $0.41 per share, compared to a net loss of
$24.3 million or $0.45 per share for the same period in 2013. The
increase in net loss is primarily attributable to increased research and
development activity, primarily at Asterias, LifeMap Solutions, and
OncoCyte and in our clinical development of Renevia™. The
increase is offset to some extent by the $5.2 million income tax benefit
recorded as of September 30, 2014. There was no income tax benefit
recorded in the nine months ended September 30, 2013. Net loss
attributable to BioTime includes losses from BioTime’s majority owned
subsidiaries based upon BioTime’s percentage ownership of those
subsidiaries.
Balance Sheet and Subsequent Financing Events
Cash and cash equivalents, on a consolidated basis, totaled $7.4 million
as of September 30, 2014, compared with $5.5 million as of December 31,
2013. The cash on hand at September 30, 2014 includes $5.0 million held
by Asterias.
During the nine months ended September 30, 2014, BioTime and certain of
its subsidiaries raised approximately $31.8 million of equity capital
through the sale of BioTime common shares. Of that amount, approximately
$15.8 million was raised through sales in “at the market transactions,”
including $6.4 million from long-term BioTime investors. In addition,
BioTime raised $3.5 million of equity capital through the sale of 70,000
shares of a newly authorized Series A Convertible Preferred Stock to
private investors. The remaining $12.5 million was raised by BioTime’s
subsidiary Asterias in June 2014 through the sale of 5,000,000 BioTime
common shares, with warrants to purchase 5,000,000 shares of Asterias
common stock, to two private investors who are long-term BioTime
shareholders. Asterias raised an additional $0.5 million from the sale
of 200,000 shares of Asterias common stock to its newly appointed
President and Chief Executive Officer.
In addition to the above capital raise, during early October 2014,
BioTime and certain of its subsidiaries raised $31 million of cash
through the sale of BioTime common shares in transactions priced “at the
market.” As a result, BioTime and its subsidiaries had approximately $35
million in cash and cash equivalents as of October 31, 2014.
About BioTime
BioTime is a biotechnology company engaged in research and product
development in the field of regenerative medicine. Regenerative medicine
refers to therapies based on stem cell technology that are designed to
rebuild cell and tissue function lost due to degenerative disease or
injury. BioTime’s focus is on pluripotent stem cell technology based on
human embryonic stem (“hES”) cells and induced pluripotent stem (“iPS”)
cells. hES and iPS cells provide a means of manufacturing every cell
type in the human body and therefore show considerable promise for the
development of a number of new therapeutic products. BioTime’s
therapeutic and research products include a wide array of proprietary PureStem®
progenitors, HyStem® hydrogels, culture media,
and differentiation kits. Renevia™ (a HyStem®
product), is now in a pivotal trial in Europe as a biocompatible,
implantable hyaluronan and collagen-based matrix for cell delivery in
the treatment of HIV-related lipoatrophy. In addition, BioTime has
developed Hextend®, a blood plasma volume
expander for use in surgery, emergency trauma treatment and other
applications. Hextend® is manufactured and
distributed in the U.S. by Hospira, Inc. and in South Korea by CJ
HealthCare Corporation, under exclusive licensing agreements.
BioTime is also developing stem cell and other products for research,
therapeutic, and diagnostic use through its subsidiaries:
-
Asterias Biotherapeutics, Inc. is developing pluripotent stem-cell
based therapies in neurology and oncology, including AST-OPC1
oligodendrocyte progenitor cells in spinal cord injury, multiple
sclerosis and stroke, and AST-VAC2, an allogeneic dendritic cell-based
cancer vaccine. Asterias trades publicly on the NYSE MKT under the
symbol AST.
-
BioTime Asia, Ltd., a Hong Kong company, may offer and sell products
for research use for BioTime’s ESI BIO Division.
-
Cell Cure Neurosciences Ltd. is an Israel-based biotechnology company
focused on developing stem cell-based therapies for retinal and
neurological disorders. OpRegen® is currently
in a Phase I/IIa clinical trial for the treatment of the dry-form of
age-related macular degeneration.
-
ESI BIO is the research and product marketing division of BioTime,
providing stem cell researchers with products and technologies to
enable them to translate their work into the clinic, including PureStem®
progenitors and HyStem® hydrogels.
-
LifeMap Sciences, Inc. markets, sells, and distributes GeneCards®,
the leading human gene database, as part of an integrated database
suite that also includes the LifeMap Discovery®
database of embryonic development, stem cell research, and
regenerative medicine, and MalaCards, the human disease
database.
-
LifeMap Solutions, Inc. is a subsidiary of LifeMap Sciences focused on
developing mobile health (mHealth) products.
-
OncoCyte Corporation is developing products and technologies to
diagnose and treat cancer, including PanC-Dx™, with four
clinical studies currently underway.
-
OrthoCyte Corporation is developing therapies to treat orthopedic
disorders, diseases and injuries.
-
ReCyte Therapeutics, Inc. is developing therapies to treat a variety
of cardiovascular and related ischemic disorders, as well as products
for research using cell reprogramming technology.
BioTime stock is traded on the NYSE MKT, ticker BTX. For more
information, please visit www.biotimeinc.com or
connect with the company on Twitter, LinkedIn, Facebook, YouTube, and
Google+.
Forward-Looking Statements
Statements pertaining to future financial and/or operating results,
future growth in research, technology, clinical development, and
potential opportunities for BioTime and its subsidiaries, along with
other statements about the future expectations, beliefs, goals, plans,
or prospects expressed by management constitute forward-looking
statements. Any statements that are not historical fact (including, but
not limited to statements that contain words such as “will,” “believes,”
“plans,” “anticipates,” “expects,” “estimates”) should also be
considered to be forward-looking statements. Forward-looking statements
involve risks and uncertainties, including, without limitation, risks
inherent in the development and/or commercialization of potential
products, uncertainty in the results of clinical trials or regulatory
approvals, need and ability to obtain future capital, and maintenance of
intellectual property rights. Actual results may differ materially from
the results anticipated in these forward-looking statements and as such
should be evaluated together with the many uncertainties that affect the
business of BioTime and its subsidiaries, particularly those mentioned
in the cautionary statements found in BioTime's Securities and Exchange
Commission filings. BioTime disclaims any intent or obligation to update
these forward-looking statements.
To receive ongoing BioTime corporate communications, please click on the
following link to join our email alert list: http://news.biotimeinc.com
BIOTIME, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014
|
|
December 31,
|
|
|
(Unaudited)
|
|
|
2013
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
7,416,235
|
|
|
$
|
5,495,478
|
Inventory
|
|
|
253,567
|
|
|
|
178,694
|
Trade accounts and grants receivable, net
|
|
|
1,014,183
|
|
|
|
998,393
|
Prepaid expenses and other current assets
|
|
|
1,255,479
|
|
|
|
1,277,405
|
Total current assets
|
|
|
9,939,464
|
|
|
|
7,949,970
|
|
|
|
|
|
|
|
|
Equipment, net
|
|
|
2,758,456
|
|
|
|
2,997,733
|
Deferred license and consulting fees
|
|
|
364,208
|
|
|
|
444,833
|
Deposits
|
|
|
435,317
|
|
|
|
129,129
|
Other long-term assets
|
|
|
53,127
|
|
|
|
-
|
Intangible assets, net
|
|
|
42,104,092
|
|
|
|
46,208,085
|
TOTAL ASSETS
|
|
$
|
55,654,664
|
|
|
$
|
57,729,750
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
5,550,698
|
|
|
$
|
6,722,624
|
Capital lease liability, current portion
|
|
|
57,500
|
|
|
|
-
|
Related party convertible debt, net of discount
|
|
|
3,088
|
|
|
|
-
|
Deferred license and subscription revenue, current portion
|
|
|
177,574
|
|
|
|
235,276
|
Total current liabilities
|
|
|
5,788,860
|
|
|
|
6,957,900
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES
|
|
|
|
|
|
|
|
Capital lease, net of current portion
|
|
|
44,963
|
|
|
|
-
|
Deferred tax liability, net
|
|
|
10,787,141
|
|
|
|
8,277,548
|
Other long-term liabilities
|
|
|
79,108
|
|
|
|
231,981
|
Total long-term liabilities
|
|
|
10,911,212
|
|
|
|
8,509,529
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Preferred shares, no par value, authorized 2,000,000 shares as of
September 30, 2014 and December 31, 2013; 70,000 and nil issued and
outstanding as of September 30, 2014 and December 31, 2013,
respectively
|
|
|
3,500,000
|
|
|
|
-
|
Common shares, no par value, authorized 125,000,000 shares as of
September 30, 2014 and December 31, 2013; 73,690,302 issued and
68,291,760 outstanding as of September 30, 2014 and 67,412,139
issued and 56,714,424 outstanding at December 31, 2013
|
|
|
201,298,235
|
|
|
|
203,456,401
|
Contributed capital
|
|
|
59,934
|
|
|
|
93,972
|
Accumulated other comprehensive (loss)/income
|
|
|
(150,691)
|
|
|
|
62,899
|
Accumulated deficit
|
|
|
(171,606,642)
|
|
|
|
(145,778,547)
|
Treasury stock at cost: 5,398,542 and 10,697,715 shares at September
30, 2014 and at December 31, 2013, respectively
|
|
|
(22,119,467)
|
|
|
|
(43,033,957)
|
BioTime stockholders' equity
|
|
|
10,981,369
|
|
|
|
14,800,768
|
Non-controlling interest
|
|
|
27,973,223
|
|
|
|
27,461,553
|
Total stockholders' equity
|
|
|
38,954,592
|
|
|
|
42,262,321
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
55,654,664
|
|
|
$
|
57,729,750
|
|
|
|
|
|
|
|
|
BIOTIME, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License fees
|
|
$
|
285,157
|
|
|
$
|
382,767
|
|
|
$
|
880,740
|
|
|
$
|
1,094,843
|
Royalties from product sales
|
|
|
147,811
|
|
|
|
80,592
|
|
|
|
321,806
|
|
|
|
291,505
|
Grant income
|
|
|
647,580
|
|
|
|
160,431
|
|
|
|
1,863,310
|
|
|
|
941,226
|
Sale of research products and services
|
|
|
110,555
|
|
|
|
90,272
|
|
|
|
299,615
|
|
|
|
214,277
|
Total revenues
|
|
|
1,191,103
|
|
|
|
714,062
|
|
|
|
3,365,471
|
|
|
|
2,541,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
(230,901)
|
|
|
|
(206,678)
|
|
|
|
(614,080)
|
|
|
|
(570,237)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
960,202
|
|
|
|
507,384
|
|
|
|
2,751,391
|
|
|
|
1,971,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
(8,836,341)
|
|
|
|
(6,441,462)
|
|
|
|
(26,267,792)
|
|
|
|
(17,389,409)
|
General and administrative
|
|
|
(4,261,450)
|
|
|
|
(4,267,875)
|
|
|
|
(12,764,324)
|
|
|
|
(11,273,948)
|
Total operating expenses
|
|
|
(13,097,791)
|
|
|
|
(10,709,337)
|
|
|
|
(39,032,116)
|
|
|
|
(28,663,357)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(12,137,589)
|
|
|
|
(10,201,953)
|
|
|
|
(36,280,725)
|
|
|
|
(26,691,743)
|
OTHER INCOME/(EXPENSES):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expense)/income, net
|
|
|
(7,632)
|
|
|
|
509
|
|
|
|
(29,786)
|
|
|
|
2,033
|
(Loss)/gain on sale or write off of fixed assets
|
|
|
(133)
|
|
|
|
5,830
|
|
|
|
(8,709)
|
|
|
|
5,120
|
Other (expense)/income, net
|
|
|
(118,796)
|
|
|
|
(60,704)
|
|
|
|
165,135
|
|
|
|
(169,512)
|
Total other (expenses)/income, net
|
|
|
(126,561)
|
|
|
|
(54,365)
|
|
|
|
126,640
|
|
|
|
(162,359)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME TAX BENEFIT
|
|
|
(12,264,150)
|
|
|
|
(10,256,318)
|
|
|
|
(36,154,085)
|
|
|
|
(26,854,102)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax benefit
|
|
|
2,312,693
|
|
|
|
-
|
|
|
|
5,174,977
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
|
(9,951,457)
|
|
|
|
(10,256,318)
|
|
|
|
(30,979,108)
|
|
|
|
(26,854,102)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to non-controlling interest
|
|
|
1,683,532
|
|
|
|
1,253,150
|
|
|
|
5,151,013
|
|
|
|
2,583,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO BIOTIME, INC.
|
|
|
(8,267,925)
|
|
|
|
(9,003,168)
|
|
|
|
(25,828,095)
|
|
|
|
(24,270,521)
|
Dividends on preferred shares
|
|
|
(34,038)
|
|
|
|
-
|
|
|
|
(34,038)
|
|
|
|
-
|
Net loss attributable to common shareholders
|
|
|
(8,301,963)
|
|
|
|
(9,003,168)
|
|
|
|
(25,862,133)
|
|
|
|
(24,270,521)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on available-for-sale assets
|
|
|
(1,210)
|
|
|
|
-
|
|
|
|
(2,740)
|
|
|
|
-
|
Foreign currency translation (loss)/gain
|
|
|
(66,768)
|
|
|
|
7,016
|
|
|
|
(216,330)
|
|
|
|
184,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE LOSS
|
|
$
|
(8,335,903)
|
|
|
$
|
(8,996,152)
|
|
|
$
|
(26,047,165)
|
|
|
$
|
(24,086,211)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED NET LOSS PER COMMON SHARE
|
|
$
|
(0.12)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.41)
|
|
|
$
|
(0.45)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING: BASIC AND
DILUTED
|
|
|
67,920,853
|
|
|
|
55,621,564
|
|
|
|
62,594,212
|
|
|
|
53,545,834
|
CONTACT:
BioTime, Inc.
Judith Segall, 510-521-3390 ext. 301
jsegall@biotimemail.com
or
Investor
Contact:
EVC Group, Inc.
Brian Moore, 310-579-6199
bmoore@evcgroup.com
Gregory
Gin, 862-236-0673
ggin@evcgroup.com
Doug Sherk, 415-652-9100
dsherk@evcgroup.com
Brooklyn ImmunoTherapeut... (AMEX:BTX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Brooklyn ImmunoTherapeut... (AMEX:BTX)
Historical Stock Chart
From Apr 2023 to Apr 2024