Lineage Cell Therapeutics, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant developments in revenue, operating expenses, and strategic initiatives.

For the three months ended September 30, 2024, Lineage generated total revenues of $3.779 million, a substantial increase of 203% compared to $1.246 million in the same period of 2023. This growth was primarily driven by collaboration revenues, which rose 254% to $3.386 million from $957,000 year-over-year. However, for the nine months ended September 30, 2024, total revenues decreased slightly by 3% to $6.631 million from $6.857 million in the prior year. The decline in nine-month revenues was attributed to a decrease in collaborative agreement revenues, which fell to $5.671 million from $5.949 million in 2023.

Operating expenses for the third quarter of 2024 totaled $7.619 million, down 4% from $7.951 million in the same quarter of 2023. For the nine-month period, operating expenses decreased by 9% to $22.999 million from $25.228 million in the previous year. The reduction in expenses was largely due to lower research and development costs, which decreased by 15% in Q3 2024 compared to the same quarter in 2023. General and administrative expenses, however, increased by 9% in Q3 2024, primarily due to higher personnel costs and stock-based compensation.

Lineage reported a net loss of $3.001 million for the three months ended September 30, 2024, significantly improved from a net loss of $7.158 million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $15.336 million, a decrease from $16.711 million in the prior year. The company’s accumulated deficit stood at $400.2 million as of September 30, 2024.

As of the end of the reporting period, Lineage had cash, cash equivalents, and marketable securities totaling $32.7 million. The company raised approximately $13.8 million in net proceeds through a registered direct offering of common shares in February 2024. Lineage also has $39.97 million remaining available for sale under its at-the-market offering program.

Strategically, Lineage continues to advance its lead program, OpRegen®, which received Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA in September 2024. The company is also pursuing additional funding for its unpartnered product candidate, OPC1, which is aimed at spinal cord injury recovery and has received partial funding from a $14.3 million grant from the California Institute for Regenerative Medicine.

Overall, Lineage Cell Therapeutics is navigating a challenging financial landscape while making progress in its clinical programs and strategic partnerships.