[March 16, 2017] |
|
BioTime, Inc. Reports Fourth Quarter and Fiscal Year 2016 Financial Results and Recent Corporate Accomplishments
BioTime, Inc. (NYSE MKT and TASE: BTX), a clinical-stage biotechnology
company developing and commercializing products addressing degenerative
diseases, today reported financial results for the fourth quarter and
year ended December 31, 2016.
"I'm happy with the tremendous progress we made last year in all three
of our strategic objectives, clinical development, simplification and
unlocking value of non-core programs," said Adi Mohanty, Co-Chief
Executive Officer. "We still have more to do, and are well on our way to
transforming the company in 2017."
"This year is shaping up to be the year of data with top line data from
our registrational trial for Renevia® in Europe planned for mid-year,
data from OpRegen® in Dry AMD to be reported in early May at ARVO and
then again in the second half of the year, final validation data from
our affiliate OncoCyte on its lung cancer diagnostic leading to a
commercial launch in the second half of the year and additional data on
OPC-1 for spinal cord injury from our affiliate Asterias and several
other data reports from our other pipeline products. These data events
and our planned actions to simplify the company while unlocking value
will lead to continued positive transformation of BioTime," concluded
Mr. Mohanty.
Highlights
Clinical Progress
Renevia® (adipose cells + cell delivery
matrix)
-
Positive early Renevia data presented at the International Federation
for Adipose Therapeutics and Science meeting (IFATS) meeting in
November. The data related to the treatment of the initial 9 run-in
patients for BioTime's ongoing pivotal clinical trial in Europe
assessing the efficacy of Renevia for the treatment of HIV-associated
lipoatrophy. In December, achieved the recruitment milestone of 50
patients enrolled in the trial. Data from the run-in portion of the
study (N=9) indicated that adipose progenitor cells (fat cells),
obtained from a liposuction aspirate, remained viable and were
observed to proliferate when combined with Renevia hydrogel. Analysis
suggests that the grafts retain volume over the assessment period, and
the treating physician observed incremental volume was retained in
patients who had progressed to the one-year follow-up evaluation. In
addition, there were encouraging signs of new tissue regeneration
observed. No serious adverse events were noted during the run-in
portion of the study.
-
Additional positive data from the pivotal trial would allow the
Company to launch a commercial product in about a year and provide
support for future studies of Renevia in certain broader indications
of fat tissue deficits in various medical aesthetics applications,
such as age-related and trauma-related facial fat loss.
-
Top-line clinical trial results are expected to be read out mid-2017.
If the data are positive, the Company plans to submit an application
for CE Mark approval in Europe at the end of 2017.
OpRegen® (retinal pigment epithelial cells)
-
Presented positive early OpRegen data at the International Symposium
on Ocular Pharmacology and Therapeutics (ISOPT) in December. The data
from the first cohort in the Phase I/IIa clinical trial of OpRegen in
the advanced form of dry age-related macular degeneration (dry-AMD).
The data suggest that OpRegen is safe and well tolerated. Imaging data
from a patient who completed one-year of post-treatment clinical
assessment suggests that the graft can survive for at least 12 months.
-
Enrollment in the second cohort, in which patients are receiving a
higher and more clinically meaningful 200,000 cell dose started in
2016. The Company intends to approach the DSMB in the second quarter
of this year for approval to begin administering the next higher
500,000 cell dose to the third cohort, and if approved, also begin the
fourth cohort before year end.
-
An abstract with data from the first and second cohorts in the ongoing
trial has been accepted for poster presentation at the annual meeting
for the Association for Research in Vision and Ophthalmology (ARVO),
which will take place in Baltimore, MD, May 7- 11.
-
The Company is expanding the trial to U.S. sites and recently
announced that two of the top retinal surgeons will be enrolling
patients at their centers of excellence.
AST-OPC1 (oligodendrocyte progenitor cells)
-
In November, BioTime's affiliate, Asterias (NYSE MKT: AST) reported
the successful administration of the highest dose of 20 million cells
of AST-OPC1 to a patient with complete cervical spinal cord injury
(SCI) as part of the SCiStar Phase I/IIa clinical trial. In January
2017, they announced positive efficacy results that showed additional
motor function improvement at 6-months and 9-months following
administration of 10 million AST-OPC1 cells in 6 AIS-A patients with
complete cervical SCIAsterias plans to initiate discussions with the
FDA in mid-2017 to determine the most appropriate clinical and
regulatory path forward for AST-OPC1.
Liquid Biopsy (lung cancer confirmatory test)
-
In early March, BioTime's affiliate, OncoCyte (NYSE MKT: OCX) reported
successful completion of a critical step in the development of its
lung cancer diagnostic test by locking the prediction algorithm. The
cancer diagnostic, has been selected for presentation in a poster
discussion session at the 2017 American Thoracic Society (ATS)
International Conference that will take place May 19-24 in Washington,
D.C.
-
The lung cancer diagnostic test targets a multi-billion dollar market
opportunity. On March 6, 2017, OncoCyte announced the successful
completion of the study and that it has locked the prediction
algorithm of the test. Based on the study results, OncoCyte announced
that it will begin ramping-up its commercial capabilities in
anticipation of the potential commercial launch of the test. OncoCyte
will initiate a clinical validation phase for the diagnostic. During
this phase, OncoCyte will also continue to carry out analytical
validation studies to refine its operational stage laboratory
processes, and will apply for certification of its CLIA diagnostic
testing lab. Upon CLIA certification, OncoCyte will conduct a small
CLIA lab validation study to demonstrate that the full assay system
utilized in the CLIA lab provides the same results on clinical samples
as those obtained in the R&D lab. OncoCyte will then begin a clinical
validation study on a new set of at least 300 blinded prospectively
collected blood samples to confirm whether the sensitivity and
specificity of the test remain within commercial parameters in a CLIA
operational setting. Assuming successful completion of these steps,
OncoCyte anticipates launching the test commercially in the second
half of 2017.
Simplification and Unlocking Value
Subsidiary Deconsolidation
-
In February, OncoCyte financials were deconsolidated from BioTime's
consolidated financial statements. This will be reflected in BioTime's
future quarterly and annual consolidated financial statements,
beginning February 18, 2017.
Business Development
-
In February, BioTime announced that it expanded its ophthalmology
portfolio with the acquisition of a world-wide license to
ophthalmology-related intellectual (IP) property assets from University
of Pittsburgh. The technology was developed in part in
collaboration with BioTime scientists. The IP includes composition and
methodologies to develop 3-D retinal tissue constructs from
pluripotent cells for their implantation in patients with advanced
stages of retinal degeneration.
-
BioTime continues to leverage and develop its delivery technology
platforms. The Company's Hystem® technology is being used
to deliver Renevia. ReGylde™ is in preclinical development
as a device for viscosupplementation and a combination product for
drug delivery in osteoarthritis. Delivery is a third area of focus for
the Company, in addition to aesthetics and ophthalmology.
Management
-
BioTime expanded its senior management team with the appointments of
Jim Knight as Senior Vice President of Corporate Development, in
October, and Stephana Patton, Ph.D., J.D., as General Counsel, in
February. These industry veterans further strengthen the BioTime
management team, complementing other management team additions, such
as Oscar Cuzzani, M.D., Ph.D., Vice President of Clinical Development.
Dr. Cuzzani joined in February 2016.
Operations
-
In January, the Company announced the opening of a new, state-of-the
art, cGMP manufacturing facility in Jerusalem Bio Park on the campus
of Hadassah University Hospital in Jerusalem. This facility has the
capabilities to produce multiple cell therapy products.
Financial
-
In February, the Company successfully completed a public equity
offering raising net proceeds of approximately $18.7 million. The
raise was completed on attractive terms involving modest discounts and
no warrants. It followed a similarly successful raise in June of 2016.
Cash Position and Marketable Securities:
Cash and cash equivalents totaled $22.1 million as of December 31, 2016,
compared to $42.2 million as of December 31, 2015, which included
Asterias' cash and cash equivalents of $11.2 million. Based on the March
15, 2017 closing prices of Asterias and OncoCyte common stock owned by
BioTime, the combined market value of these securities was $152 million
on that date.
Revenues: Total revenues were $1.1 million for the fourth
quarter, compared to $1.5 million in the fourth quarter of 2015.
Asterias' total revenues included in the fourth quarter of 2015
were $0.6 million as compared to none in 2016 due to the deconsolidation
in May 2016. Total revenues for 2016 were $5.9 million compared to $7.0
million in 2015, which included revenues of Asterias of $2.4 million and
$3.6 million, respectively. BioTime's operating revenues are currently
generated primarily from research grants, advertising from the marketing
of online database products, sales of research products and royalties
and licensing fees.
R&D Expenses: Research and development expenses were $7.0
million for the fourth quarter, compared to $12.8 million for the
comparable period in 2015. For 2016, research and development expenses
were $36.1 million compared to $42.6 million in 2015. The year over year
decrease in research and development expenses of $6.5 million was
primarily attributable to the deconsolidation of Asterias which
contributed to $8.6 million of the decrease as shown below. This
decrease was offset by an increase of $1.2 million in BioTime research
and development programs and $0.9 million in OncoCyte expenses related
to cancer diagnostics.
The tables below show BioTime's research and development expenses, by
program and by company, for the three months ended December 31, 2016 and
2015, and for the years then ended.
|
|
|
|
Three Months Ended December 31 $000's
|
Company
|
|
Program
|
|
2016
|
|
2015
|
BioTime and ESI
|
|
PureStem® progenitor and pluripotent cell lines,
and related research products
|
|
$
|
1,427
|
|
|
$
|
1,609
|
BioTime
|
|
Hydrogel products, Renevia® and other HyStem
® products and research
|
|
|
1,011
|
|
|
|
1,273
|
BioTime
|
|
Hextend®
|
|
|
12
|
|
|
|
18
|
Cell Cure
|
|
OpRegen®
|
|
|
1,653
|
|
|
|
1,357
|
OrthoCyte
|
|
Orthopedic therapy
|
|
|
144
|
|
|
|
122
|
ReCyte Therapeutics
|
|
Cardiovascular therapy
|
|
|
262
|
|
|
|
231
|
Subtotal therapeutic projects
|
|
|
|
|
4,509
|
|
|
|
4,610
|
|
|
|
|
|
|
|
|
|
|
Asterias
|
|
Pluripotent cell therapy programs
|
|
|
-
|
|
|
|
5,483
|
|
|
|
|
|
|
|
|
|
|
LifeMap Sciences
|
|
Databases and mobile health products
|
|
|
1,099
|
|
|
|
1,459
|
OncoCyte
|
|
Cancer diagnostics
|
|
|
1,405
|
|
|
|
1,236
|
Subtotal non-therapeutic projects
|
|
|
|
|
2,504
|
|
|
|
2,695
|
|
|
|
|
|
|
|
|
|
|
Total research and development expenses
|
|
|
|
$
|
7,013
|
|
|
$
|
12,788
|
|
|
|
|
|
|
|
|
|
Year Ended December 31 $000's
|
Company
|
|
Program
|
|
2016
|
|
2015
|
BioTime and ESI
|
|
PureStem® progenitor and pluripotent cell lines,
and related research products
|
|
$
|
6,060
|
|
|
$
|
5,196
|
BioTime
|
|
Renevia® and other HyStem ®
products and research
|
|
|
3,856
|
|
|
|
4,047
|
BioTime
|
|
Hextend®
|
|
|
54
|
|
|
|
59
|
Cell Cure
|
|
OpRegen®
|
|
|
4,803
|
|
|
|
4,086
|
OrthoCyte
|
|
Orthopedic therapy
|
|
|
606
|
|
|
|
590
|
ReCyte Therapeutics
|
|
Cardiovascular therapy
|
|
|
949
|
|
|
|
1,142
|
Subtotal therapeutic projects
|
|
|
|
|
16,328
|
|
|
|
15,120
|
|
|
|
|
|
|
|
|
|
|
Asterias
|
|
Pluripotent cell therapy programs
|
|
|
8,684
|
|
|
|
17,322
|
|
|
|
|
|
|
|
|
|
|
LifeMap Sciences
|
|
Databases and mobile health products
|
|
|
5,348
|
|
|
|
5,251
|
OncoCyte
|
|
Cancer diagnostics
|
|
|
5,746
|
|
|
|
4,911
|
Subtotal non-therapeutic projects
|
|
|
|
|
11,094
|
|
|
|
10,162
|
|
|
|
|
|
|
|
|
|
|
Total research and development expenses
|
|
|
|
$
|
36,106
|
|
|
$
|
42,604
|
|
|
|
|
|
|
|
|
|
|
G&A Expenses: The tables below show BioTime's general and
administrative expenses, by program and by company, for the three months
ended December 31, 2016 and 2015, and for the years then ended. General
and administrative expenses were $5.3 million for the fourth quarter,
compared to $10.2 million for the fourth quarter of 2015. The decrease
was primarily due to the May 2016 deconsolidation of Asterias financial
results which contributed by $2.9 million of G&A recorded in the fourth
quarter of 2015. The remaining decrease of approximately $2.0 million in
the fourth quarter of 2016 was principally due to lower stock-based
compensation. Year over year G&A was relatively unchanged at $28.4
million and $29.1 million, respectively.
|
|
Three Months Ended December 31 $000's
|
Company
|
|
2016
|
|
2015
|
BioTime
|
|
$
|
2,331
|
|
|
$
|
3,573
|
Cell Cure
|
|
|
266
|
|
|
|
211
|
OrthoCyte
|
|
|
322
|
|
|
|
422
|
ReCyte Therapeutics
|
|
|
106
|
|
|
|
413
|
Subtotal therapeutic entities
|
|
|
3,025
|
|
|
|
4,619
|
|
|
|
|
|
|
|
|
Asterias
|
|
|
-
|
|
|
|
2,942
|
|
|
|
|
|
|
|
|
LifeMap Sciences
|
|
|
665
|
|
|
|
1,094
|
OncoCyte
|
|
|
1,653
|
|
|
|
1,568
|
Subtotal non-therapeutic entities
|
|
|
2,318
|
|
|
|
2,662
|
Total general and administrative expenses
|
|
$
|
5,343
|
|
|
$
|
10,223
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31 $000's
|
Company
|
|
2016
|
|
2015
|
BioTime
|
|
$
|
8,958
|
|
|
$
|
9,761
|
Cell Cure
|
|
|
1,185
|
|
|
|
655
|
OrthoCyte
|
|
|
570
|
|
|
|
583
|
ReCyte Therapeutics
|
|
|
581
|
|
|
|
760
|
ESI
|
|
|
276
|
|
|
|
245
|
Subtotal therapeutic entities
|
|
|
11,570
|
|
|
|
12,003
|
|
|
|
|
|
|
|
|
Asterias
|
|
|
7,561
|
|
|
|
7,711
|
|
|
|
|
|
|
|
|
LifeMap Sciences
|
|
|
3,385
|
|
|
|
5,142
|
OncoCyte
|
|
|
5,910
|
|
|
|
4,278
|
Subtotal non-therapeutic entities
|
|
|
9,295
|
|
|
|
9,420
|
Total general and administrative expenses
|
|
$
|
28,426
|
|
|
$
|
29,134
|
|
|
|
|
|
|
|
|
Net Income (loss) attributable to BioTime: Net loss
attributable to BioTime was $5.1 million, or ($0.05) per basic and
diluted common share for the three months ended December 31, 2016,
compared to $13.4 million, or ($0.15) per basic and diluted common share
due primarily to the deconsolidation of Asterias in May 2016. For 2016,
net income attributable to BioTime was $33.6 million, or $0.35 per basic
and $0.34 per diluted common share, compared to net loss attributable to
BioTime of $47.4 million, or ($0.59) per basic and diluted common share.
The 2016 net income attributable to BioTime was primarily due to the
$49.0 million gain on deconsolidation of Asterias and the $34.4 million
gain recognized from the increase in the market value of the Asterias
shares owned by BioTime from May 13, 2016, the date of the
deconsolidation, through the end of the year.
Conference Call and Webcast Details
BioTime is hosting a conference call and webcast today, Thursday, March
16, 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://www.biotimeinc.com/.
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 13656362.
Additionally, the archived webcast will be available on the "Events &
Presentations" page of the "Investors & Media" section on the company's
website at http://www.biotimeinc.com/.
About BioTime
BioTime is a clinical-stage biotechnology company focused on developing
and commercializing products addressing degenerative diseases. Our
clinical programs are based on two platform technologies: pluripotent
stem cells and cell/drug delivery platform technologies. The foundation
of our core therapeutic technology platform is pluripotent cells that
are capable of becoming any of the cell types in the human body. The
foundation of our cell delivery platform is its HyStem® cell and drug
delivery matrix technology. The Company's current clinical programs are
targeting three primary sectors, aesthetics, ophthalmology and cell/drug
delivery. We also have significant equity holdings in two publicly
traded companies, Asterias Biotherapeutics, Inc. ("Asterias") and
OncoCyte Corporation ("OncoCyte"), which we founded and which, until
recently, were our majority-owned consolidated subsidiaries.
BioTime common stock is traded on the NYSE MKT and TASE under the symbol
BTX. For more information, please visit www.biotimeinc.com or
connect with the company on Twitter, LinkedIn, Facebook, YouTube,
and Google+.
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 future financial and/or
operating results, future growth in research, technology, clinical
development, and potential opportunities for BioTime, Inc. and its
subsidiaries and affiliates, 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, Inc. and its
subsidiaries and affiliates, 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.
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 CONSOLIDATED
STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER
SHARE DATA)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Years Ended
|
December 31,
|
December 31,
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
Grant income
|
|
$
|
325
|
|
|
|
$
|
906
|
|
|
|
$
|
3,671
|
|
|
|
$
|
4,502
|
|
Royalties from product sales and license fees
|
|
|
81
|
|
|
|
|
88
|
|
|
|
|
544
|
|
|
|
|
719
|
|
Subscription and advertisement revenues
|
|
|
272
|
|
|
|
|
337
|
|
|
|
|
972
|
|
|
|
|
1,357
|
|
Sale of research products and services
|
|
|
405
|
|
|
|
|
130
|
|
|
|
|
736
|
|
|
|
|
458
|
|
Total revenues
|
|
|
1,083
|
|
|
|
|
1,461
|
|
|
|
|
5,923
|
|
|
|
|
7,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
20
|
|
|
|
|
(155
|
)
|
|
|
|
(358
|
)
|
|
|
|
(1,107
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
1,103
|
|
|
|
|
1,306
|
|
|
|
|
5,565
|
|
|
|
|
5,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
(7,013
|
)
|
|
|
|
(12,788
|
)
|
|
|
|
(36,106
|
)
|
|
|
|
(42,604
|
)
|
General and administrative
|
|
|
(5,343
|
)
|
|
|
|
(10,223
|
)
|
|
|
|
(28,426
|
)
|
|
|
|
(29,134
|
)
|
Total operating expenses
|
|
|
(12,356
|
)
|
|
|
|
(23,011
|
)
|
|
|
|
(64,532
|
)
|
|
|
|
(71,738
|
)
|
Loss from operations
|
|
|
(11,253
|
)
|
|
|
|
(21,705
|
)
|
|
|
|
(58,967
|
)
|
|
|
|
(65,809
|
)
|
OTHER INCOME/(EXPENSES):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(234
|
)
|
|
|
|
(133
|
)
|
|
|
|
(747
|
)
|
|
|
|
(340
|
)
|
BioTime's share of losses and impairment in equity method investment
in Ascendance
|
|
|
(3,482
|
)
|
|
|
|
(35
|
)
|
|
|
|
(4,671
|
)
|
|
|
|
(35
|
)
|
Gain on deconsolidation of Asterias
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
49,048
|
|
|
|
|
-
|
|
Gain on equity method investment in Asterias at fair value
|
|
|
7,829
|
|
|
|
|
-
|
|
|
|
|
34,361
|
|
|
|
|
-
|
|
Gain on investment
|
|
|
-
|
|
|
|
|
3,694
|
|
|
|
|
-
|
|
|
|
|
3,694
|
|
Other income/(expense), net
|
|
|
(601
|
)
|
|
|
|
245
|
|
|
|
|
(403
|
)
|
|
|
|
(160
|
)
|
Total other income/(expense), net
|
|
|
3,512
|
|
|
|
|
3,771
|
|
|
|
|
77,588
|
|
|
|
|
3,159
|
|
INCOME (LOSS) BEFORE INCOME TAX BENEFIT
|
|
|
(7,741
|
)
|
|
|
|
(17,934
|
)
|
|
|
|
18,621
|
|
|
|
|
(62,650
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax benefit
|
|
|
-
|
|
|
|
|
1,120
|
|
|
|
|
-
|
|
|
|
|
4,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
|
(7,741
|
)
|
|
|
|
(16,814
|
)
|
|
|
|
18,621
|
|
|
|
|
(58,134
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to non-controlling interest
|
|
|
2,665
|
|
|
|
|
3,382
|
|
|
|
|
14,951
|
|
|
|
|
11,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO BIOTIME, INC.
|
|
|
(5,076
|
)
|
|
|
|
(13,432
|
)
|
|
|
|
33,572
|
|
|
|
|
(46,991
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on preferred shares
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(415
|
)
|
NET INCOME (LOSS) ATTRIBUTABLE TO BIOTIME, INC. COMMON
SHAREHOLDERS
|
|
|
(5,076
|
)
|
|
|
|
(13,432
|
)
|
|
|
|
33,572
|
|
|
|
|
(47,406
|
)
|
NET INCOME (LOSS) PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
$
|
(0.05
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
$
|
0.35
|
|
|
|
$
|
(0.59
|
)
|
DILUTED
|
|
$
|
(0.05
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
$
|
0.34
|
|
|
|
$
|
(0.59
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
102,775
|
|
|
|
|
89,414
|
|
|
|
|
97,316
|
|
|
|
|
79,711
|
|
DILUTED
|
|
|
102,775
|
|
|
|
|
89,414
|
|
|
|
|
99,553
|
|
|
|
|
79,711
|
|
|
BIOTIME, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS (IN THOUSANDS)
|
|
|
|
|
|
|
|
|
December 31,
|
December 31,
|
2016
|
2015
|
ASSETS
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
22,088
|
|
|
$
|
42,229
|
Available for sale securities
|
|
|
627
|
|
|
|
753
|
Trade accounts and grants receivable, net
|
|
|
446
|
|
|
|
1,078
|
Landlord receivable
|
|
|
200
|
|
|
|
567
|
Receivable from affiliates
|
|
|
511
|
|
|
|
-
|
Prepaid expenses and other current assets
|
|
|
1,777
|
|
|
|
2,610
|
Total current assets
|
|
|
25,649
|
|
|
|
47,237
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net and construction in progress
|
|
|
5,529
|
|
|
|
7,539
|
Deferred license fees
|
|
|
118
|
|
|
|
322
|
Deposits and other long-term assets
|
|
|
1,031
|
|
|
|
1,299
|
Equity method investment in Asterias, at fair value
|
|
|
100,039
|
|
|
|
-
|
Equity method investment in Ascendance
|
|
|
-
|
|
|
|
4,671
|
Intangible assets, net
|
|
|
10,206
|
|
|
|
33,592
|
TOTAL ASSETS
|
|
$
|
142,572
|
|
|
$
|
94,660
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
7,144
|
|
|
$
|
9,377
|
Capital lease liability, current portion
|
|
|
202
|
|
|
|
38
|
Promissory notes, current portion
|
|
|
99
|
|
|
|
95
|
Related party convertible debt, net of discount, current portion
|
|
|
833
|
|
|
|
-
|
Deferred grant income
|
|
|
-
|
|
|
|
2,513
|
Deferred license and subscription revenue, current portion
|
|
|
572
|
|
|
|
439
|
Total current liabilities
|
|
|
8,850
|
|
|
|
12,462
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES
|
|
|
|
|
|
|
|
Deferred revenues, net of current portion
|
|
|
308
|
|
|
|
615
|
Deferred rent liabilities, net of current portion
|
|
|
50
|
|
|
|
158
|
Lease liability
|
|
|
1,386
|
|
|
|
4,400
|
Capital lease liability, net of current portion
|
|
|
310
|
|
|
|
26
|
Related party convertible debt, net of discount
|
|
|
1,032
|
|
|
|
324
|
Promissory notes, net of current portion
|
|
|
120
|
|
|
|
220
|
Other long term liabilities
|
|
|
8
|
|
|
|
8
|
TOTAL LIABILITIES
|
|
|
12,064
|
|
|
|
18,213
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Series A Convertible preferred shares, no par value, 2,000 shares
authorized; none issued and outstanding as of December 31, 2016
and 2015, respectively
|
|
|
-
|
|
|
|
-
|
Common stock, no par value, authorized 150,000 shares; issued and
outstanding shares; 103,396 shares issued and 102,776 outstanding as
of December 31, 2016 and 94,894 issued and 90,421 outstanding as of
December 31, 2015
|
|
|
317,878
|
|
|
|
273,979
|
Accumulated other comprehensive loss
|
|
|
(738)
|
|
|
|
(237)
|
Accumulated deficit
|
|
|
(196,321)
|
|
|
|
(229,893)
|
Treasury stock at cost: 620 and 4,473 shares at December 31, 2016
and 2015, respectively
|
|
|
(2,891)
|
|
|
|
(18,033)
|
BioTime, Inc. shareholders' equity
|
|
|
117,928
|
|
|
|
25,816
|
Noncontrolling interest
|
|
|
12,580
|
|
|
|
50,631
|
Total shareholders' equity
|
|
|
130,508
|
|
|
|
76,447
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
142,572
|
|
|
$
|
94,660
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170316006292/en/
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