- Over $40M in recent funding
- Renevia advancing toward anticipated
regulatory approval in Europe
- OpRegen advancing in clinical
trials
- AgeX distribution expected to be
completed by early second quarter 2018
BioTime, Inc. (NYSE American: BTX), a late stage clinical
biotechnology company developing and commercializing products
addressing degenerative diseases, today reported financial results
for the third quarter ended September 30, 2017.
“BioTime achieved several significant milestones during the
third quarter, both in its clinical programs and in the execution
of its corporate strategy,” said Adi Mohanty, Co-Chief Executive
Officer. “With the additional positive long-term data from our EU
Renevia trial, and the expansion of the OpRegen trial into the
U.S., physicians and patients that may benefit from these products
are one step closer to approved therapies.”
“BioTime successfully secured over $40 million in funding
including a public equity offering, which will enable the
advancement of our clinical programs into the middle of 2019,”
continued Mr. Mohanty.
Corporate Highlights
- AgeX completed a $10 million financing,
which is expected to fund its operations well into 2019.
- BioTime Board of Directors approved a
distribution of some or all of the shares of AgeX
Therapeutics, Inc. owned by BioTime to BioTime’s
shareholders. The Board also authorized management to work with
investment banks and other financial institutions to finalize and
implement the strategy for taking AgeX public, which may include a
tax-free distribution.
- BioTime successfully completed a public
equity offering raising net proceeds of approximately $26.7
million. The raise was completed on attractive terms and included
both new and existing investors.
- BioTime was awarded two grants, one
from the Israel Innovation Authority and one from the National
Institutes of Health, totaling approximately $3.6 million.
Clinical Progress
Renevia®
- BioTime announced positive secondary
and additional positive long-term data from the Renevia® pivotal
trial. Treated patients retained an average 70% of the transplanted
volume at 12 months and 64% at 18 months. The results thus far are
encouraging and the long-term performance exceeded management
expectations. All Renevia® transplants were shown to be well
tolerated and there were no device-related serious adverse events
noted during this trial.
- BioTime announced that an
investigator-led clinical trial successfully treated its first
patient in a study of Premvia™, in combination with stromal
vascular fraction cells, for the treatment of volume loss in the
face, as was done in the Renevia® pivotal trial. This clinical
trial is studying Premvia™ in a cosmetic application. Premvia™ has
510(k) clearance in the U.S. for wound management. BioTime expects
to file for CE Mark in Europe under the name Renevia® for the
treatment of facial lipoatrophy in HIV patients early next
year.
OpRegen® (dry-AMD)
- Awarded a $2 million grant from the
Israel Innovation Authority (IIA) for further development of
OpRegen® for Dry age-related macular degeneration. To date the IIA
has provided grants totaling approximately $12 million.
- Successful defense of two key patents
providing protection to OpRegen®. The patents were upheld during an
opposition proceeding in March. In September, we announced the
successful conclusion of the appeals. The two European patents
(EP2554661 and EP2147094), cover the proprietary directed
differentiation methods to produce pluripotent stem cell-derived
cell replacement therapies being developed to treat retinal
degenerative diseases, such as age-related macular
degeneration.
Vision Restoration Program
- Awarded a grant of up to $1.6
million from the Small Business Innovation
Research program of the National Institutes of Health.
The grant provides funding to further develop BioTime’s innovative,
next generation vision restoration program for more advanced
retinal diseases and injuries, which severely impact the quality of
life for millions of people with no treatment option. This
initiative aims at improving vision in people affected by
blindness, whether caused by retinal injuries, age-related macular
degeneration, retinitis pigmentosa or other causes.
AST-OPC1 (oligodendrocyte progenitor cells)
- Asterias Biotherapeutics announced new
12-month data from the first efficacy cohort in the company’s
ongoing Phase 1/2a SCiStar study designated to evaluate safety and
efficacy of AST-OPC1 in spinal cord injury. The 12-month data
showed 67% of Cohort 2 subjects have recovered 2 or more motor
levels on at least one side through 12 months, which is more than
double the rates of recovery seen in both matched historical
controls and published data in a similar population. Also, the FDA
granted the company’s request for AST-OPC1 to be designated a
Regenerative Medicine Advanced Therapy under the 21st Century
Cures Act.
AST-VAC2 (patient specific cancer vaccine)
- Asterias Biotherapeutics announced that
the Medicines and Healthcare Products Regulatory Agency and
the NHS Research Ethics Committee have provided the necessary
approvals to initiate the first-in-human clinical trial of AST-VAC2
in the United Kingdom. The trial, which is being sponsored and
managed by Cancer Research UK, will examine the safety,
tolerability, immunogenicity and activity of AST-VAC2 in non-small
cell lung cancer patients and is expected to be initiated later
this year.
Liquid Biopsy (lung cancer confirmatory blood test)
- OncoCyte received Clinical Laboratory
Improvements Amendments (CLIA) certification of registration from
the Centers for Medicare and Medicaid Services. In addition,
OncoCyte’s laboratory has passed inspection by the California
Department of Public Health and is now fully licensed and
operational. Clinical validation study initiated.
- OncoCyte announced positive results
from the Analytical Validation Study of its liquid biopsy lung
cancer diagnostic test, DetermaVU™.
Simplification and Unlocking
Value
New Subsidiary AgeX Therapeutics, Inc.
- BioTime Board of Directors approved a
distribution of some or all of the shares of AgeX
Therapeutics, Inc. owned by BioTime to BioTime’s
shareholders. The Board also authorized management to work with
investment banks and other financial institutions to finalize and
implement the strategy for taking AgeX public, which may include a
tax-free distribution.
Third Quarter Financial
Results
Cash Position and Marketable Securities: Cash, cash
equivalents and available for sale securities totaled $18.2 million
as of September 30, 2017, compared to $15.8 million as
of June 30, 2017. On October 17, 2017, we completed a public
offering of our common stock in which we issued 11,057,693 shares
of our common stock for aggregate net cash proceeds of $26.7
million, after deducting commissions, discounts and estimated
offering expenses.
Value of Holdings in Public Affiliates: At September
30, 2017, BioTime held common stock in publicly-traded
affiliates valued at $184.7 million. This amount was the
market value of BioTime’s 21.7 million shares in Asterias
Biotherapeutics (NYSE American: AST) and 14.7 million shares
in OncoCyte (NYSE American: OCX).
Revenues: BioTime’s revenue is generated primarily
from research grants, licensing fees and royalties, and
subscription and advertising from the marketing of online database
products. Total revenue was $1.7 million for the third
quarter of 2017, compared to $1.5 million in the third
quarter of 2016.
Operating Expenses: Operating expenses for the third
quarter of 2017 were $11.1 million. On an adjusted basis, operating
expenses were $8.6 million, of which $6.5 million was mainly
attributable to our clinical programs, while $2.1 million in
expenses were related to AgeX.
Our operating expenses for the nine months ended September 30,
2017 were $33.4 million. Adjusted operating expenses were $26.8
million for this period, including $18.3 million spent on our
clinical and early stage programs.
The reconciliation between GAAP and non-GAAP operating expenses
by entity, is provided in the financial tables included with this
earnings release.
R&D Expenses: Research and development expenses
were $6.6 million for the third quarter of 2017, compared
to $6.4 million for the comparable period in 2016, a
decrease of $0.2 million.
G&A Expenses: General and administrative
expenses were $4.6 million for the third quarter of 2017
compared to $4.6 million for the comparable period in
2016.
Net Income or loss attributable to BioTime: Net
income attributable to BioTime was $14.3 million,
or $0.12 per basic and diluted common share for the three
months ended September 30, 2017, compared to net income
of $31.2 million, or $0.30 per basic and diluted
common share for the three months ended September 30, 2016. For the
nine months ended September 30, 2017, net income attributable to
BioTime was $52.0 million, or $0.47 per diluted common share,
compared to $38.6 million, or $0.39 per share for the nine months
ended September 30, 2016. Results in each period were primarily
driven by noncash deconsolidation gains and noncash gains and
losses in the changes in share prices of our public affiliate
investments in Asterias and OncoCyte common stock.
Conference Call and Webcast Details
BioTime is hosting a conference call and webcast
today, Thursday, November 9, at 4:30 p.m. Eastern
Time / 1:30 p.m. Pacific Time to discuss the results
and recent corporate developments. The conference call dial-in
number in the U.S./Canada is 1-877-407-0784. For international
participants outside the U.S./Canada, the dial-in number is
1-201-689-8560. For all callers, please refer to the “BioTime, Inc.
Conference Call.” The live webcast can be accessed on the “Events
& Presentations” page of the “Investors & Media” section on
the company’s website at
http://investor.biotimeinc.com/phoenix.zhtml?c=83805&p=irol-calendar.
A replay of the conference call will be available for seven
business days beginning about two hours after the conclusion of the
live call, by calling toll-free from U.S./Canada: 1-844-512-2921;
international callers dial 1-412-317-6671. Use the Conference ID
13671848. Additionally, the archived webcast will be available on
the “Events & Presentations” page of the “Investors &
Media” section on the company’s website at
http://investor.biotimeinc.com/phoenix.zhtml?c=83805&p=irol-calendar.
About Renevia®
Renevia® is an investigational medical device that is being
developed as an alternative for whole adipose tissue transfer (fat
grafting) procedures. Renevia’s® hydrogel polymer network
provides the requisite amino acid sequences for adipose stromal
vascular cell attachment and may support proliferation,
localization and adipogenic differentiation. Renevia® is part
of the Hystem® hydrogel family of proprietary injectable matrices,
which are designed to facilitate the survival and growth of
transplanted cells.
About OpRegen®
OpRegen®, which is being studied for the treatment of the dry
form of AMD, consists of a suspension of Retinal Pigment Epithelial
(RPE) cells that are delivered subretinally during a simple
intraocular injection. RPE cells are essential components of the
back lining of the retina, and function to help nourish the retina
including photoreceptors. A proprietary process that drives the
differentiation of human pluripotent stem cells is used to generate
high purity OpRegen® RPE cells. OpRegen® RPE cells are also
“xeno-free," meaning that no animal products are used at any point
in the derivation and production process. The avoidance of the use
of animal products eliminates some potential safety concerns.
Preclinical studies in rats have shown that following a single
subretinal injection of OpRegen®, the cells can rapidly organize
into its natural monolayer structure in the subretinal space and
survive throughout the lifetime of the animal. OpRegen® is
designed to be an “off-the-shelf” allogeneic (non-patient specific)
product. Unlike treatments that require multiple, frequent
injections into the eye, it is expected that OpRegen® would be
administered in a single procedure. OpRegen® was granted Fast Track
designation from the FDA, which allows more frequent
interactions with the agency, and eligibility for accelerated
approval and priority review. OpRegen® is a registered trademark
of Cell Cure Neurosciences Ltd., a majority-owned subsidiary
of BioTime, Inc.
About Premvia™
Approved Uses
Premvia™ is indicated for the management of wounds
including: partial-thickness, full-thickness, tunneling wounds,
pressure ulcers, venous ulcers, diabetic ulcers, chronic vascular
ulcers, donor skin graft sites, post-Moh’s surgery, post-laser
surgery, podiatric wounds, wound dehiscence, abrasions,
lacerations, second degree burns, skin tears, and draining
wounds.
Contraindications
- Premvia is contraindicated for patients
with severe allergies, indicated by a history of anaphylaxis or
presence of multiple severe allergies.
- Premvia is specifically contraindicated
for patients with known allergies to products containing either
hyaluronan or collagen derivatives.
- Premvia is not indicated for use in
third degree burns.
Important Safety Information
- Complications that may arise from wound
management products may include: infection, chronic inflammation,
allergic reaction, excessive redness, pain, or swelling. If any of
these complications are present, product should be removed from the
wound area.
- Federal law restricts this device to
sale by or on the order of a physician or practitioner.
- Only the vial contents are sterile –
outside of vials are not sterile.
- Do not add additional components or
additives to Premvia™.
About BioTime
BioTime is a late stage clinical biotechnology company focused
on developing and commercializing products addressing degenerative
diseases. The Company’s current clinical programs are targeting
three primary sectors, aesthetics, ophthalmology and cell and drug
delivery. Its clinical programs are based on two platform
technologies: pluripotent cells, which can become any type of cell
in the human body, and cell/drug delivery. Renevia®, a cell
delivery product, met its primary endpoint in an EU pivotal
clinical trial for the treatment of facial lipoatrophy in HIV
patients earlier this year. Submission for approval of Renevia® in
the EU is expected to be early 2018, with possible approval and
commercial launch in 2018. There were no device related serious
adverse events reported. OpRegen®, a retinal pigment epithelium
transplant therapy, is in a Phase I/IIa multicenter trial for the
treatment of dry age-related macular degeneration, the leading
cause of blindness in developing countries. There were no related
serious adverse events reported. BioTime also has significant
equity holdings in two publicly traded companies, Asterias
Biotherapeutics, Inc. (NYSE American: AST) and OncoCyte Corporation
(NYSE American: OCX), and a private company, AgeX Therapeutics,
Inc.
BioTime common stock is traded on the NYSE American and
TASE under the symbol BTX. For more information, please
visit www.biotime.com or connect with the company
on Twitter, LinkedIn, Facebook, YouTube,
and Google+.
To receive ongoing BioTime corporate communications, please
click on the following link to join the Company’s email alert list:
http://news.biotime.com.
Forward-Looking Statements
Certain statements contained in this release are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements pertaining to
product technology, clinical development, regulatory approval
timelines, the success of potential cosmetic applications and
potential opportunities for BioTime, Inc. 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 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, Inc. and its subsidiaries,
particularly those mentioned in the cautionary statements found in
more detail in the “Risk Factors” section of its Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC
(copies of which may be obtained at www.sec.gov). Subsequent events
and developments may cause these forward-looking statements to
change. BioTime specifically disclaims any obligation or intention
to update or revise these forward-looking statements as a result of
changed events or circumstances that occur after the date of this
release, except as required by applicable law.
BIOTIME, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(IN THOUSANDS)
September 30, 2017 December 31,
(Unaudited) 2016 ASSETS CURRENT ASSETS Cash
and cash equivalents $ 16,662 $ 22,088 Available for sale
securities 1,511 627 Grants and other accounts receivable 1,420 646
Receivable from affiliates, net 2,278 511 Prepaid expenses and
other current assets 1,354 1,777 Total
current assets 23,225 25,649
Property, plant and equipment, net 5,423 5,529
Deposits and other long-term assets
1,005 1,149 Equity method investment in OncoCyte, at fair value
110,790 - Equity method investment in Asterias, at fair value
73,942 100,039 Intangible assets, net 7,482
10,206 TOTAL ASSETS $ 221,867 $ 142,572
LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 5,360 $ 7,144 Capital
lease liability, current portion - 202 Promissory notes, current
portion 126 99 Related party convertible debt, net of discount 13
833 Deferred revenues, current portion 513 572
Total current liabilities 6,012 8,850
LONG-TERM LIABILITIES
Deferred revenues, net of current portion 77 308 Deferred rent
liabilities, net of current portion 91 50 Lease liability 1,257
1,386 Capital lease liability, net of current and other liabilities
- 310 Related party convertible debt, net of discount - 1,032
Promissory notes, net of current portion 44 120 Deferred tax
liability 4,845 -
Other long-term liabilities
554 8 TOTAL LIABILITIES 12,880
12,064 Commitments and contingencies
SHAREHOLDERS’ EQUITY Preferred shares, no par value,
authorized 2,000 shares; none issued and outstanding as of
September 30, 2017 and December 31, 2016 - - Common shares, no par
value, 150,000 shares authorized; 115,804 shares issued and
outstanding as of September 30, 2017, and 103,396 shares issued and
102,776 shares outstanding as of December 31, 2016 342,508 317,878
Accumulated other comprehensive income (loss) 141 (738 )
Accumulated deficit (144,363 ) (196,321 ) Treasury stock at cost:
no shares as of September 30, 2017; 620 shares as of December 31,
2016 - (2,891 ) BioTime, Inc. shareholders’
equity 198,286 117,928
Noncontrolling interest
10,701 12,580 Total shareholders’
equity 208,987 130,508 TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY $ 221,867 $ 142,572
BIOTIME, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE
DATA)
(UNAUDITED)
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2017 2016 2017 2016
REVENUES: Grant income $ 1,225 $ 1,109 $ 1,236 $ 3,346
Royalties from product sales and license fees 86 177 277 463
Subscription and advertisement revenues 376 69 940 700 Sale of
research products 1 144 6 331 Total
revenues 1,688 1,499 2,459 4,840 Cost of sales (52 ) (58 )
(114 ) (378 )
Gross Profit 1,636 1,441 2,345
4,462
OPERATING EXPENSES: Research and development
(6,562 ) (6,422 ) (19,327 ) (29,093 ) General and administrative
(4,587 ) (4,574 ) (14,111 ) (23,083 )
Total operating expenses (11,149 ) (10,996 )
(33,438 ) (52,176 ) Gain on sale of assets - -
1,754 - Loss from operations (9,513 )
(9,555 ) (29,339 ) (47,714 )
OTHER
INCOME/(EXPENSES): Interest expense, net (10 ) (167 ) (729 )
(513 ) Gain on equity method investment in OncoCyte at fair value
34,485 - 39,620 - Gain (loss) on equity method investment in
Asterias at fair value (3,262 ) 40,015 (26,097 ) 26,532 Gain on
deconsolidation of OncoCyte - - 71,697 - Gain on deconsolidation of
Asterias - - - 49,048 Loss on extinguishment of related party
convertible debt (2,799 ) - (2,799 ) - BioTime's share of losses in
equity method investment in Ascendance Biotechnology, Inc. - (855 )
- (1,189 ) Other income (expenses), net (143 ) (173 )
1,202 197 Total other income, net 28,271
38,820 82,894 74,075 INCOME BEFORE INCOME
TAXES 18,758 29,265 53,555 26,361 Deferred income tax
expense (4,772 ) - (4,772 ) -
NET INCOME 13,986 29,265 48,783 26,361 Net loss attributable
to noncontrolling interests 335 1,934 3,175
12,286
NET INCOME ATTRIBUTABLE TO BIOTIME,
INC. $ 14,321 $ 31,199 $ 51,958 $ 38,647 NET INCOME PER
COMMON SHARE ATTRIBUTABLE TO BIOTIME, INC.: BASIC $ 0.12 $ 0.30 $
0.47 $ 0.40 DILUTED $ 0.12 $ 0.30 $ 0.47 $ 0.39 WEIGHTED
AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING: BASIC
115,288 102,711 110,989 95,484 DILUTED
115,298 103,613 111,124 99,073
BIOTIME, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Nine Months Ended September 30, 2017
2016 CASH FLOWS FROM OPERATING
ACTIVITIES: Net income attributable to BioTime, Inc. $ 51,958 $
38,647 Net loss allocable to noncontrolling interests (3,175 )
(12,286 ) Adjustments to reconcile net income attributable to
BioTime, Inc. to net cash used in operating activities: Gain on
deconsolidation of Asterias - (49,048 ) Gain on deconsolidation of
OncoCyte (71,697 ) - Unrealized (gain) loss on equity method
investment in Asterias at fair value 26,097 (26,532 ) Unrealized
gain on equity method investment in OncoCyte at fair value (39,620
) - Deferred income tax expense 4,772 - Depreciation expense,
including amortization of leasehold improvements 670 996
Amortization of intangible assets 1,766 2,935
Amortization of deferred license fees
(166
)
1,191
Stock-based compensation 2,903 6,303 Subsidiary shareholder expense
for subsidiary warrants 531 3,125 Amortization of discount on
related party convertible debt 640 264 BioTime's share of losses in
equity method investment in Ascendance - 1,189 Foreign currency
remeasurement (gain) or loss and other (1,511 ) 802 Gain on sale of
assets (1,754 ) - Loss on extinguishment of related party
convertible debt 2,799 -
Changes in operating assets and liabilities: Accounts and grants
receivable, net (905 ) (955 )
Deferred revenue and other liabilities
(279 )
509
Receivables from affiliates, net of payables 760 - Prepaid expenses
and other current assets 93 (1,013 ) Accounts payable and accrued
liabilities 1,276
399
Net cash used in operating activities (24,842
) (33,474 )
CASH FLOWS FROM INVESTING
ACTIVITIES: Deconsolidation of cash and cash equivalents of
OncoCyte (8,898 ) - Deconsolidation of cash and cash equivalents of
Asterias - (8,376 ) Purchase of equipment and other assets (930 )
(1,860 ) Payments on construction in progress - (278 ) Proceeds
from sale of assets and other 186 34
Cash used in investing activities (9,642 ) (10,480 )
CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from
issuance of common shares 20,125 20,125 Fees paid on sale of common
shares (1,623 ) (1,515 ) Proceeds from sale of common shares of
subsidiary 9,968 - Proceeds from exercises of stock options 29
2,015 Reimbursement from landlord on construction in progress 198
451 Shares retired to pay for employees’ taxes (38 ) - Repayment of
capital lease obligation (31 ) (104 ) Proceeds from sale of common
shares and warrants of subsidiary - 10,721 Fees paid on sale of
common shares and warrants of subsidiary - (904 ) Proceeds from
issuance of related party convertible debt 384
1,150 Net cash provided by financing activities
29,012 31,939 Effect of exchange rate
changes on cash and cash equivalents 46 237
NET DECREASE IN CASH AND CASH EQUIVALENTS
(5,426 ) (11,778 )
CASH AND CASH EQUIVALENTS: At beginning
of the period 22,088 42,229 At end of
the period $ 16,662 $ 30,451
Non-GAAP Financial Measures
This earnings release includes operating expenses prepared in
accordance with accounting principles generally accepted in the
United States (GAAP) and includes operating expenses, by entity,
prepared in accordance with GAAP. This earnings release also
includes certain historical non-GAAP operating expenses and
non-GAAP operating expenses, by entity. In particular, BioTime has
provided both (a) non-GAAP total operating expenses, adjusted to
exclude noncash stock-based and other compensation and depreciation
and amortization expense, and (b) non-GAAP operating expenses, by
entity, to exclude those same noncash charges by the respective
entities for consistency. Non-GAAP financial measures are not meant
to be considered in isolation or as a substitute for comparable
financial measures prepared in accordance with GAAP. However,
BioTime believes the presentation of non-GAAP total operating
expenses and non-GAAP operating expenses, by entity, when viewed in
conjunction with our GAAP total operating expenses, and GAAP
operating expenses by entity, respectively, is helpful in
understanding BioTime’s ongoing operating expenses and its programs
within various entities, including BioTime’s programs in clinical
development.
Furthermore, management uses these non-GAAP financial measures
in the aggregate and on an entity basis to establish budgets and
operational goals, to manage BioTime’s business and to evaluate its
performance and its programs in clinical development.
BIOTIME, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURE
ADJUSTED OPERATING EXPENSES
Amounts In Thousands
For the Three MonthsEnded
September 30,2017 (unaudited)
For the Nine MonthsEnded
September 30,2017 (unaudited)
GAAP Operating Expenses - as reported $ 11,149
$ 33,438 Stock-based and other noncash
compensation expense (1) (1,711 ) (4,179 ) Depreciation and
amortization expense (1) (831 ) (2,436 )
Non-GAAP Operating Expenses, as adjusted $ 8,607 $
26,823
GAAP Operating Expenses - by entity
BioTime and subsidiaries other than AgeX Therapeutics, Inc. $ 8,875
$ 24,022 AgeX Therapeutics Inc. and subsidiaries 2,264 6,693
LifeMap Solutions, Inc. 10 1,335 OncoCyte results for the period
from January 1 through February 16, 2017 -
1,388
GAAP Operating Expenses - by entity
$ 11,149 $ 33,438
Non-GAAP Operating Expenses - as adjusted, by entity BioTime
and subsidiaries other than AgeX Therapeutics, Inc. (2) $ 6,459 $
18,275 AgeX Therapeutics Inc. and subsidiaries (3) 2,138 6,237
LifeMap Solutions (4) 10 1,126 OncoCyte results for the period from
January 1 through February 16, 2017 (5) -
1,185 Non-GAAP Operating Expenses - as adjusted, by
entity $ 8,607 $ 26,823 (1) Noncash
charges (2) BioTime, Inc. includes Cell Cure Neurosciences Ltd., ES
Cell International Pte. Ltd. and OrthoCyte Corporation. The GAAP
and non-GAAP operating expenses do not include $1.4 million in
grants receivable as of September 30, 2017 as grants are revenues
for the Company. (3) AgeX Therapeutics, Inc. includes LifeMap
Sciences Inc., LifeMap Sciences Ltd., and ReCyte Therapeutics, Inc.
and certain R&D departments related to AgeX projects that were
transferred from BioTime to AgeX effective July 1, 2017 (4)
Entities whose operating expenses will not recur in the future (5)
OncoCyte’s results for the period from January 1 through February
16, 2017, the date immediately before the OncoCyte Deconsolidation
included in BioTime’s consolidated results, which are not going to
recur
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171109006496/en/
Investor Contact:BioTime, Inc.David Nakasone,
510-871-4188dnakasone@biotimeinc.comorMedia Contact:JQA Partners,
Inc.Jules Abraham, 917-885-7378jabraham@jqapartners.com
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