Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'BIOTIME INC | ' |
Entity Central Index Key | '0000876343 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 67,202,678 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $6,717,343 | $4,349,967 |
Inventory | 61,132 | 55,316 |
Prepaid expenses and other current assets | 1,900,913 | 2,774,196 |
Total current assets | 8,679,388 | 7,179,479 |
Equipment, net | 2,905,842 | 1,348,554 |
Deferred license and consulting fees | 583,208 | 669,326 |
Deposits | 126,152 | 64,442 |
Intangible assets, net | 18,559,074 | 20,486,792 |
TOTAL ASSETS | 30,853,664 | 29,748,593 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued liabilities | 4,201,098 | 3,989,962 |
Deferred grant income | 47,349 | 0 |
Deferred license and subscription revenue, current portion | 349,849 | 400,870 |
Total current liabilities | 4,598,296 | 4,390,832 |
LONG-TERM LIABILITIES | ' | ' |
Deferred license revenue, net of current portion | 644,273 | 768,678 |
Deferred rent, net of current portion | 42,095 | 57,214 |
Other long term liabilities | 200,582 | 237,496 |
Total long-term liabilities | 886,950 | 1,063,388 |
Commitments and contingencies | ' | ' |
EQUITY | ' | ' |
Preferred Shares, no par value, authorized 2,000,000 and 1,000,000 shares respectively, as of September 30, 2013 and December 31, 2012; none issued | 0 | 0 |
Common shares, no par value, authorized 125,000,000 and 75,000,000 shares respectively, as of September 30, 2013 and December 31, 2012; 57,938,220 issued and 55,622,934 outstanding at September 30, 2013 and 51,183,318 issued and 49,383,209 outstanding as of December 31, 2012 | 149,008,287 | 119,821,243 |
Contributed capital | 93,972 | 93,972 |
Accumulated other comprehensive income/(loss) | 124,740 | -59,570 |
Accumulated deficit | -126,166,233 | -101,895,712 |
Treasury stock at cost: 2,315,286 and 1,800,109 shares at September 30, 2013 and at December 31, 2012, respectively | -10,120,653 | -8,375,397 |
Total shareholders' equity | 12,940,113 | 9,584,536 |
Noncontrolling interest | 12,428,305 | 14,709,837 |
Total equity | 25,368,418 | 24,294,373 |
TOTAL LIABILITIES AND EQUITY | $30,853,664 | $29,748,593 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
EQUITY | ' | ' |
Preferred Shares, par value (in dollars per share) | $0 | $0 |
Preferred Shares, authorized (in shares) | 2,000,000 | 1,000,000 |
Preferred Shares, issued (in shares) | 0 | 0 |
Common shares, par value (in dollars per share) | $0 | $0 |
Common shares, authorized (in shares) | 125,000,000 | 75,000,000 |
Common shares, issued (in shares) | 57,938,220 | 51,183,318 |
Common shares, outstanding (in shares) | 55,622,934 | 49,383,209 |
Treasury stock (in shares) | 2,315,286 | 1,800,109 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
REVENUES: | ' | ' | ' | ' |
License fees | $382,767 | $337,633 | $1,094,843 | $549,521 |
Royalties from product sales | 80,592 | 133,946 | 291,505 | 407,803 |
Grant income | 160,431 | 441,630 | 941,226 | 1,518,086 |
Sale of research products | 90,272 | 90,342 | 214,277 | 217,380 |
Total revenues | 714,062 | 1,003,551 | 2,541,851 | 2,692,790 |
Cost of sales | -206,678 | -169,734 | -570,237 | -273,916 |
Total revenues, net | 507,384 | 833,817 | 1,971,614 | 2,418,874 |
EXPENSES: | ' | ' | ' | ' |
Research and development | -6,441,462 | -4,545,470 | -17,389,409 | -13,323,410 |
General and administrative | -4,267,875 | -2,234,905 | -11,273,948 | -7,037,807 |
Total expenses | -10,709,337 | -6,780,375 | -28,663,357 | -20,361,217 |
Loss from operations | -10,201,953 | -5,946,558 | -26,691,743 | -17,942,343 |
OTHER INCOME/(EXPENSES): | ' | ' | ' | ' |
Interest income, net | 509 | 5,624 | 2,033 | 17,321 |
Gain/(loss) on sale of fixed assets | 5,830 | -1,451 | 5,120 | -4,997 |
Other income/(expense), net | -60,704 | 18,766 | -169,512 | -223,899 |
Total other income/(expense), net | -54,365 | 22,939 | -162,359 | -211,575 |
NET LOSS | -10,256,318 | -5,923,619 | -26,854,102 | -18,153,918 |
Less: Net loss attributable to the non-controlling interest | 1,253,150 | 965,605 | 2,583,581 | 2,763,169 |
NET LOSS ATTRIBUTABLE TO BIOTIME, INC. | -9,003,168 | -4,958,014 | -24,270,521 | -15,390,749 |
Foreign currency translation gain (loss) | 7,016 | -15,777 | 184,310 | -74,635 |
COMPREHENSIVE NET LOSS | $8,996,152 | ($4,973,791) | ($24,086,211) | ($15,465,384) |
BASIC AND DILUTED LOSS PER COMMON SHARE (in dollars per share) | ($0.16) | ($0.10) | ($0.45) | ($0.31) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC AND DILUTED (in shares) | 55,621,564 | 49,291,177 | 53,545,834 | 49,196,804 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss attributable to BioTime, Inc. | ($24,270,521) | ($15,390,749) |
Adjustments to reconcile net loss attributable to BioTime, Inc. to net cash used in operating activities: | ' | ' |
Depreciation expense | 419,630 | 283,637 |
Amortization of intangible asset | 1,927,718 | 1,764,382 |
Amortization of deferred license and royalty revenues | -124,882 | -112,708 |
Amortization of deferred grant income | 0 | -261,777 |
Amortization of deferred consulting fees | 48,838 | 582,186 |
Amortization of deferred license and royalty fees | 82,125 | 82,129 |
Amortization of deferred rent | -6,669 | -8,143 |
Stock-based compensation | 2,375,354 | 1,441,135 |
Reduction in receivables from the reversal of revenues | 0 | 205,926 |
Write-off of security deposit | 0 | -3,634 |
(Gain)/loss on sale/write-off of fixed assets, net | -5,120 | 4,997 |
Net loss allocable to non-controlling interest | -2,583,581 | -2,763,169 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | -66,310 | -459,555 |
Grant receivable | 932,925 | 584,744 |
Inventory | -5,816 | -5,794 |
Prepaid expenses and other current assets | 284,785 | 140,220 |
Other long-term assets | -15,000 | 0 |
Accounts payable and accrued liabilities | 177,631 | -699,155 |
Other long term liabilities | -48,322 | -16,686 |
Deferred subscription revenues | -50,544 | -108,056 |
Deferred grant income | 46,080 | 56,630 |
Net cash used in operating activities | -20,881,679 | -14,683,440 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of equipment | -1,976,042 | -205,135 |
Cash acquired in connection with merger | 0 | 292,387 |
Proceeds from the sale of fixed assets | 30,900 | 4,500 |
Security deposit paid | -61,923 | -529 |
Net cash provided by (used in) investing activities | -2,007,065 | 91,223 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from exercise of stock options from employees | 0 | 286,552 |
Financing fees paid upon issuance of common shares | -748,072 | 0 |
Proceeds from the issuance of common shares | 23,810,421 | 0 |
Proceeds from the sale of treasury stock | 1,819,500 | 0 |
Proceeds from the sale of common shares of subsidiary | 255,502 | 0 |
Net cash provided by financing activities | 25,137,351 | 286,552 |
Effect of exchange rate changes on cash and cash equivalents | 118,769 | -75,885 |
NET CHANGE IN CASH AND CASH EQUIVALENTS: | 2,367,376 | -14,381,550 |
Cash and cash equivalents at beginning of period | 4,349,967 | 22,211,897 |
Cash and cash equivalents at end of period | 6,717,343 | 7,830,347 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Cash paid during the period for interest | 61 | 315 |
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING AND INVESTING ACTIVITIES: | ' | ' |
Common shares acquired in connection with investment in subsidiary as part of Share Exchange and Contribution Agreement | 0 | 2,001,762 |
Common shares issued for consulting services | 173,100 | 0 |
Common shares issued for rent | 253,758 | 0 |
Common shares issued as part of merger | $0 | $1,802,684 |
Organization_Basis_of_Presenta
Organization, Basis of Presentation, and Summary of Select Significant Accounting Policies | 9 Months Ended | ||
Sep. 30, 2013 | |||
Organization, Basis of Presentation, and Summary of Select Significant Accounting Policies [Abstract] | ' | ||
Organization, Basis of Presentation, and Summary of Select Significant Accounting Policies | ' | ||
1 | Organization, Basis of Presentation, and Summary of Select Significant Accounting Policies | ||
General – BioTime is a biotechnology company engaged in two areas of biomedical research and product development. BioTime's primary focus is in the field of regenerative medicine; specifically human embryonic stem (“hES”) cell and induced pluripotent stem (“iPS”) cell technology. 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. 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 and its subsidiaries plan to develop stem cell products for research and therapeutic use. Asterias Biotherapeutics, Inc. (“Asterias,” formerly known as BioTime Acquisition Corporation) entered into an Asset Contribution Agreement with us and Geron Corporation to acquire certain assets from Geron Corporation that had been used in Geron’s human embryonic stem cell research and development programs, and to acquire certain assets from us. See Notes 9 and 12. The contributed assets will provide Asterias with cell lines from which Asterias expects to select product candidates for development as products for human therapeutic use in one or more of the following fields: neurology, oncology, orthopedics, and heart failure and myocardial infarction. OncoCyte Corporation (“OncoCyte”) is developing products and technologies to diagnose and treat cancer. ES Cell International Pte Ltd. (“ESI”), a Singapore private limited company, developed hES cell lines and may market those cell lines and other BioTime research products in over-seas markets as part of BioTime’s ESI BIO division. OrthoCyte Corporation (“OrthoCyte”) is developing therapies to treat orthopedic disorders, diseases and injuries. ReCyte Therapeutics, Inc., formerly known as Embryome Sciences, Inc. (“ReCyte Therapeutics”), is developing therapies to treat a variety of cardiovascular and related ischemic disorders, as well as products for research using cell reprogramming technology. Cell Cure Neurosciences Ltd. (“Cell Cure Neurosciences”), is an Israel-based biotechnology company focused on developing stem cell-based therapies for retinal and neurological disorders, including the development of retinal pigment epithelial cells for the treatment of macular degeneration, and treatments for multiple sclerosis. LifeMap Sciences, Inc. (“LifeMap Sciences”) markets, sells and distributes GeneCards®, the leading human gene database, and is developing an integrated database suite to complement GeneCards® that will also include the LifeMap™ database of embryonic development, stem cell research and regenerative medicine, and MalaCards, the human disease database. LifeMap Sciences will also market BioTime research products and PanDaTox, a database that can be used to identify genes and intergenic regions that are unclonable in E. coli, to aid in the discovery of new antibiotics and biotechnologically beneficial functional genes. LifeMap Sciences plans to commence research into the identification and development of novel cell lines for therapeutic products, including research on PureStem™ human embryonic progenitor cells (“hEPC”) using the LifeMap Sciences proprietary discovery platform, with the goal of identifying those hEPC that have greatest potential for use in the development of cell-based therapies for degenerative diseases. Asterias Biotherapeutics, Inc. (“Asterias,” formerly known as BioTime Acquisition Corporation) was incorporated on September 24, 2012. Asterias was incorporated to explore opportunities to acquire assets and businesses in the field of stem cells and regenerative medicine. | |||
BioTime is focusing a portion of its efforts in the field of regenerative medicine on the development and sale of advanced human stem cell products and technology that can be used by researchers at universities and other institutions, at companies in the bioscience and biopharmaceutical industries, and at other companies that provide research products to companies in those industries. Products for the research market generally can be sold without approval from the United States Food and Drug Administration (the “FDA”) and comparable foreign regulatory agencies, and are therefore relatively near-term business opportunities when compared to therapeutic products. | |||
BioTime previously developed blood plasma volume expanders and related technology for use in surgery, emergency trauma treatment and other applications. | |||
BioTime’s operating revenues are derived primarily from licensing fees and advertising from the marketing of the LifeMap Sciences database products, from royalties and licensing fees related to the sale of its plasma volume expander product, Hextend®, and from the sale of products for research. | |||
The unaudited condensed consolidated interim balance sheet as of September 30, 2013, the unaudited condensed consolidated interim statements of operations and comprehensive loss for the three and nine months ended September 30, 2013 and 2012, and the unaudited condensed consolidated interim statements of cash flows for the nine months ended September 30, 2013 and 2012 have been prepared by BioTime’s management in accordance with the instructions from Form 10-Q and Regulation S-X. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2013 have been made. The condensed consolidated balance sheet as of December 31, 2012 is derived from BioTime’s annual audited financial statements as of that date. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the operating results anticipated for the full year of 2013. | |||
Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted as permitted by regulations of the Securities and Exchange Commission (“SEC”) except for the condensed consolidated balance sheet as of December 31, 2012, which was derived from audited financial statements. Certain previously furnished amounts have been reclassified to conform with presentations made during the current periods. These condensed consolidated interim financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto included in BioTime’s Form 10-K for the year ended December 31, 2012. | |||
Principles of consolidation – BioTime’s consolidated financial statements include the accounts of its subsidiaries. The following table reflects BioTime’s ownership of the outstanding shares of its subsidiaries. | |||
Subsidiary | BioTime Ownership | Country | |
Asterias Biotherapeutics, Inc. | 96.7%(1) | USA | |
ReCyte Therapeutics, Inc. (formerly Embryome Sciences, Inc.) | 94.80% | USA | |
OncoCyte Corporation | 75.30% | USA | |
OrthoCyte Corporation | 100% | USA | |
ES Cell International Pte Ltd. | 100% | Singapore | |
BioTime Asia, Limited | 81% | Hong Kong | |
Cell Cure Neurosciences Ltd. | 62.50% | Israel | |
LifeMap Sciences, Inc. | 73.20% | USA | |
LifeMap Sciences, Ltd. | -2 | Israel | |
-1 | BioTime’s percentage ownership was reduced to approximately 71.6% when Asterias issued common stock to BioTime and Geron Corporation upon consummation of the asset contribution transaction under the Asset Contribution Agreement, and sold common stock and warrants to a private investor for cash in a related transaction, on October 1, 2013. See Notes 9 and 12 to financial statements. | ||
-2 | LifeMap Sciences, Ltd. is a wholly-owned subsidiary of LifeMap Sciences, Inc. | ||
All material intercompany accounts and transactions have been eliminated in consolidation. As of September 30, 2013 and as of December 31, 2012, we consolidated the financial results of Asterias, ReCyte Therapeutics, OncoCyte, BioTime Asia, OrthoCyte, LifeMap, ESI, and Cell Cure Neurosciences as we have the ability to control their operating and financial decisions and policies through our ownership. We reflect the non-controlling interest as a separate element of equity on our condensed consolidated balance sheet. | |||
Certain significant risks and uncertainties – The operations of BioTime and its subsidiaries are subject to a number of factors that can affect their operating results and financial condition. Such factors include but are not limited to, the following: the results of clinical trials of their respective therapeutic product and medical device candidates; their ability to obtain FDA and foreign regulatory approval to market their respective therapeutic and medical device product candidates; their ability to develop new stem cell research products and technologies; competition from products manufactured and sold or being developed by other companies; the price and demand for their products; their ability to obtain additional financing and the terms of any such financing that may be obtained; their ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products; the availability of ingredients used in their products; and the availability of reimbursement for the cost of their therapeutic products and medical devices (and related treatment) from government health administration authorities, private health coverage insurers, and other organizations. | |||
Use of estimates – The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Revenue recognition – BioTime complies with SEC Staff Accounting Bulletin guidance on revenue recognition. Royalty revenues consist of product royalty payments. License fee revenues consist of fees under license agreements and are recognized when earned and reasonably estimable and also include subscription and advertising revenue from our online databases based upon respective subscription and advertising periods. BioTime recognizes revenue in the quarter in which the royalty reports are received, rather than the quarter in which the sales took place. When BioTime is entitled to receive up- front nonrefundable licensing or similar fees pursuant to agreements under which BioTime has no continuing performance obligations, the fees are recognized as revenues when collection is reasonably assured. When BioTime receives up-front nonrefundable licensing or similar fees pursuant to agreements under which BioTime does have continuing performance obligations, the fees are deferred and amortized ratably over the performance period. If the performance period cannot be reasonably estimated, BioTime amortizes nonrefundable fees over the life of the contract until such time that the performance period can be more reasonably estimated. Milestone payments, if any, related to scientific or technical achievements are recognized in income when the milestone is accomplished if (a) substantive effort was required to achieve the milestone, (b) the amount of the milestone payment appears reasonably commensurate with the effort expended, and (c) collection of the payment is reasonably assured. Grant income and the sale of research products are recognized as revenue when earned. Revenues from the sale of research products are primarily derived from the sale of hydrogels and stem cell products. | |||
Cash and cash equivalents – BioTime considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||
Accounts receivable and allowance for doubtful accounts – Trade accounts receivable and grants receivable are presented in the prepaid expenses and other current assets line item of the consolidated balance sheet. Total trade receivables amounted to approximately $461,000 and $395,000 and grants receivable amounted to approximately $143,000 and $1,062,000 as of September 30, 2013 and December 31, 2012, respectively. Some of these amounts are deemed uncollectible; as such BioTime recognized allowance for doubtful accounts in the amount of $116,816 as of September 30, 2013 and December 31, 2012. BioTime evaluates the collectability of its receivables based on a variety of factors, including the length of time receivables are past due and significant one- time events and historical experience. An additional reserve for individual accounts will be recorded if BioTime becomes aware of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. | |||
Concentrations of credit risk – Financial instruments that potentially subject BioTime to significant concentrations of credit risk consist primarily of cash and cash equivalents. BioTime limits the amount of credit exposure of cash balances by maintaining its accounts in high credit quality financial institutions. Cash equivalent deposits with financial institutions may occasionally exceed the limits of insurance on bank deposits; however, BioTime has not experienced any losses on such accounts. | |||
Equipment – Equipment is stated at cost. Equipment is being depreciated using the straight-line method over a period of 36 to 120 months. See Note 3. | |||
Inventory – Inventories are stated at the lower of cost or market. Cost, which includes amounts related to materials, labor, and overhead, is determined in a manner which approximates the first-in, first-out (“FIFO”) method. | |||
Treasury stock – BioTime accounts for BioTime common shares issued to subsidiaries for future potential working capital needs as treasury stock on the consolidated balance sheet. BioTime has the intent and ability to register any unregistered shares to support the marketability of the shares. | |||
Patent costs – Costs associated with obtaining patents on products or technology developed are expensed as general and administrative expenses when incurred. This accounting is in compliance with guidance promulgated by the Financial Accounting Standards Board (the “FASB”) regarding goodwill and other intangible assets. | |||
Reclassification – Certain prior year amounts have been reclassified to conform to the current year presentation. | |||
Research and development – BioTime complies with FASB requirements governing accounting for research and development costs. Research and development costs are expensed when incurred, and consist principally of salaries, payroll taxes, consulting fees, research and laboratory fees, and license fees paid to acquire patents or licenses to use patents and other technology from third parties. | |||
Foreign currency translation gain/loss and Comprehensive net loss – In countries in which BioTime operates, and the functional currency is other than the U.S. dollar, assets and liabilities are translated using published exchange rates in effect at the consolidated balance sheet date. Revenues and expenses and cash flows are translated using an approximate weighted average exchange rate for the period. Resulting translation adjustments are recorded as a component of accumulated other comprehensive income/(loss) on the consolidated balance sheet. For the three and nine months ended September 30, 2013, comprehensive net loss includes foreign currency translation gain of $7,016 and $184,310, respectively. Comprehensive net loss in the same periods in 2012 includes foreign currency translation loss of $15,777 and $74,635, respectively. | |||
Income taxes – BioTime accounts for income taxes in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) requirements, which prescribe the use of the asset and liability method, whereby deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect. Valuation allowances are established when necessary to reduce deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will not be realized. The FASB guidance also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not sustainable upon examination by taxing authorities. BioTime recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2013 and December 31, 2012. BioTime files its income tax returns in the U.S. federal and various state and local and foreign jurisdictions. Generally, BioTime is no longer subject to income tax examinations by major taxing authorities for years before 2009. Any potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, state and local and foreign tax laws. Management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. | |||
Stock-based compensation – BioTime adopted accounting standards governing share-based payments, which require the measurement and recognition of compensation expense for all share-based payment awards made to directors and employees, including employee stock options, based on estimated fair values. In March 2005, the SEC issued additional guidelines which provide supplemental implementation guidance for valuation of share- based payments. BioTime has applied the provisions of this guidance in such valuations as well. Consistent with those guidelines, BioTime utilizes the Black-Scholes Merton option pricing model. BioTime's determination of fair value of share-based payment awards on the date of grant using that option- pricing model is affected by BioTime's stock price as well as by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, BioTime's expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The expected term of options granted is derived from historical data on employee exercises and post-vesting employment termination behavior. The risk-free rate is based on the U.S. Treasury rates in effect during the corresponding period of grant. Although the fair value of employee stock options is determined in accordance with recent FASB guidance, changes in the subjective assumptions can materially affect the estimated value. | |||
Impairment of long-lived assets – BioTime’s long-lived assets, including intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an impairment indicator is present, BioTime will evaluate recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment will be recognized is measured by the amount by which the carrying amount exceeds the estimated fair value of the assets. | |||
Deferred license and consulting fees – Deferred license and consulting fees consist of the value of warrants issued to third parties for services and to the minority shareholder in BioTime Asia for consulting services, and deferred license fees paid to acquire rights to use the proprietary technologies of third parties. The value of the warrants is being amortized over the period the services are being provided, and the license fees are being amortized over the estimated useful lives of the licensed technologies or licensed research products. See Note 5. | |||
Loss per share – Basic net loss per share is computed by dividing net loss attributable to BioTime, Inc. by the weighted-average number of common shares outstanding for the period. Diluted net loss per share reflects the weighted-average number of common shares outstanding plus the potential effect of dilutive securities or contracts which are convertible to common shares, such as options and warrants (using the treasury stock method) and shares issuable in future periods, except in cases where the effect would be anti-dilutive. Diluted loss per share for the three and nine months ended September 30, 2013 and 2012 excludes any effect from 4,655,884 options and 1,751,615 warrants, and 3,492,135 options and 556,613 warrants, respectively, as the inclusion of those options and warrants would be antidilutive. | |||
Fair value of financial instruments – The fair value of BioTime’s assets and liabilities, which qualify as financial instruments under FASB guidance regarding disclosures about fair value of financial instruments, approximate the carrying amounts presented in the accompanying consolidated balance sheets. |
Inventory
Inventory | 9 Months Ended | |
Sep. 30, 2013 | ||
Inventory [Abstract] | ' | |
Inventory | ' | |
2 | Inventory | |
BioTime held $48,209 and $41,494 of inventory of finished products on-site at its corporate headquarters in Alameda, California at September 30, 2013 and December 31, 2012, respectively. Finished goods products of $12,923 and $13,822 were held by a third party on consignment at September 30, 2013 and December 31, 2012, respectively. |
Equipment
Equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equipment [Abstract] | ' | ||||||||
Equipment | ' | ||||||||
3 | Equipment | ||||||||
At September 30, 2013 and December 31, 2012, equipment, furniture and fixtures were comprised of the following: | |||||||||
30-Sep-13 | December 31, | ||||||||
(unaudited) | 2012 | ||||||||
Equipment, furniture and fixtures | $ | 4,093,517 | $ | 2,098,812 | |||||
Accumulated depreciation | (1,187,675 | ) | (750,258 | ) | |||||
Equipment, net | $ | 2,905,842 | $ | 1,348,554 | |||||
Depreciation expense amounted to $419,630 and $283,637 for the nine months ended September 30, 2013 and 2012, respectively. The difference of $17,787 between the depreciation expense recognized in the condensed consolidated statement of operations and the increase in accumulated depreciation of $437,417 per the condensed consolidated balance sheet is primarily attributable to the impact of foreign currency conversion rates for the depreciation of assets held by foreign subsidiaries. |
Intangible_assets
Intangible assets | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Intangible assets [Abstract] | ' | ||||||||
Intangible assets | ' | ||||||||
4 | Intangible assets | ||||||||
At September 30, 2013 and December 31, 2012, intangible assets and intangible assets net of amortization were comprised of the following: | |||||||||
30-Sep-13 | December 31, | ||||||||
(unaudited) | 2012 | ||||||||
Intangible assets | $ | 25,702,909 | $ | 25,702,909 | |||||
Accumulated amortization | (7,143,835 | ) | (5,216,117 | ) | |||||
Intangible assets, net | $ | 18,559,074 | $ | 20,486,792 | |||||
BioTime amortizes its intangible assets over an estimated period of 10 years on a straight line basis. BioTime recognized $1,927,718 and $1,764,382 in amortization expense of intangible assets during the nine months ended September 30, 2013 and 2012, respectively. |
Royalty_Obligation_and_Deferre
Royalty Obligation and Deferred License Fees | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Royalty Obligation and Deferred License Fees [Abstract] | ' | ||||
Royalty Obligation and Deferred License Fees | ' | ||||
5 | Royalty Obligation and Deferred License Fees | ||||
BioTime amortizes deferred license fees over the estimated useful lives of the licensed technologies or licensed research products. BioTime is applying a 10 year estimated useful life to the technologies and products that it is currently licensing. The estimation of the useful life any technology or product involves a significant degree of inherent uncertainty, since the outcome of research and development or the commercial life a new product cannot be known with certainty at the time that the right to use the technology or product is acquired. BioTime will review its amortization schedules for impairments that might occur earlier than the original expected useful lives. | |||||
On January 3, 2008, BioTime entered into a Commercial License and Option Agreement with Wisconsin Alumni Research Foundation (“WARF”). The WARF license permits BioTime to use certain patented and patent pending technology belonging to WARF, as well as certain stem cell materials, for research and development purposes, and for the production and marketing of products used as research tools, including in drug discovery and development. BioTime or ReCyte Therapeutics will pay WARF royalties on the sale of products and services using the technology or stem cells licensed from WARF. The royalty will range from 2% to 4%, depending on the kind of products sold. The royalty rate is subject to certain reductions if BioTime also becomes obligated to pay royalties to a third party in order to sell a product. BioTime paid licensing fees, totaling $295,000 in cash and BioTime stock, and reimbursed WARF for certain costs associated with preparing, filing, and maintaining the licensed patents. In addition, BioTime pays WARF $25,000 annually as a license maintenance fee. The licensing fees less the amortized portion were included in deferred license fees in BioTime’s condensed consolidated balance sheet as of September 30, 2013 and December 31, 2012. | |||||
On July 10, 2008, ReCyte Therapeutics entered into a License Agreement with Advanced Cell Technology, Inc. (“ACT”), under which ReCyte Therapeutics acquired exclusive worldwide rights to use ACT’s “ACTCellerate” technology for methods to accelerate the isolation of novel cell strains from pluripotent stem cells. ReCyte Therapeutics paid ACT a $250,000 license fee. ReCyte Therapeutics has assigned its rights under the License Agreement to BioTime. BioTime will pay an 8% royalty on sales of products, services, and processes that utilize the licensed technology. Once a total of $1,000,000 of royalties has been paid, no further royalties will be due. The license will expire in twenty years or upon the expiration of the last to expire of the licensed patents, whichever is later. The $250,000 license fee less the amortized portion is included in deferred license fees in BioTime’s condensed consolidated balance sheet as of September 30, 2013 and December 31, 2012. | |||||
On August 15, 2008, ReCyte Therapeutics entered into a License Agreement and a Sublicense Agreement with ACT under which ReCyte Therapeutics acquired world-wide rights to use an array of ACT technology (the “ACT License”) and technology licensed by ACT from affiliates of Kirin Pharma Company, Limited (the “Kirin Sublicense”). The ACT License and Kirin Sublicense permit the commercialization of products in human therapeutic and diagnostic product markets. | |||||
The technology licensed by ReCyte Therapeutics covers methods to transform cells of the human body, such as skin cells, into an embryonic state in which the cells will be pluripotent. Under the ACT License, ReCyte Therapeutics paid ACT a $200,000 license fee and will pay a 5% royalty on sales of products, services, and processes that utilize the licensed ACT technology, and 20% of any fees or other payments (other than equity investments, research and development costs, loans and royalties) received by ReCyte Therapeutics from sublicensing the ACT technology to third parties. Once a total of $600,000 of royalties has been paid, no further royalties will be due. The license will expire in twenty years or upon the expiration of the last-to-expire of the licensed patents, whichever is later. The $200,000 license fee payment less the amortized portion is included in deferred license fees in BioTime’s condensed consolidated balance sheet as of September 30, 2013 and December 31, 2012. | |||||
Under the Kirin Sublicense, ReCyte Therapeutics has paid ACT a $50,000 license fee and will pay a 3.5% royalty on sales of products, services, and processes that utilize the licensed ACT technology, and 20% of any fees or other payments (other than equity investments, research and development costs, loans and royalties) received by ReCyte Therapeutics from sublicensing the Kirin Technology to third parties. ReCyte Therapeutics will also pay to ACT or to an affiliate of Kirin Pharma Company, Limited (“Kirin”), annually, the amount, if any, by which royalties payable by ACT under its license agreement with Kirin are less than the $50,000 annual minimum royalty due. Those payments by ReCyte Therapeutics will be credited against other royalties payable to ACT under the Kirin Sublicense. The license will expire upon the expiration of the last to expire of the licensed patents, or May 9, 2016 if no patents are issued. The $50,000 license fee payment less the amortized portion is included in deferred license fees in BioTime’s condensed consolidated balance sheet as of September 30, 2013 and December 31, 2012. | |||||
On February 29, 2009, ReCyte Therapeutics entered into a Stem Cell Agreement with Reproductive Genetics Institute (“RGI”). In partial consideration of the rights and licenses granted to ReCyte Therapeutics by RGI, BioTime issued to RGI 32,259 common shares, having a market value of $50,000 on the effective date of the Stem Cell Agreement. This $50,000 payment less the amortized portion is included in deferred license fees in BioTime’s condensed consolidated balance sheet as of September 30, 2013 and December 31, 2012. | |||||
As of September 30, 2013, future amortization of deferred license fees described above was as follows: | |||||
Year Ended | Deferred License | ||||
December 31, | Fees | ||||
2013 | $ | 27,375 | |||
2014 | 109,500 | ||||
2015 | 109,500 | ||||
2016 | 109,500 | ||||
2017 | 109,500 | ||||
Thereafter | 101,333 | ||||
Total | $ | 566,708 |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities | ' | ||||||||
6 | Accounts Payable and Accrued Liabilities | ||||||||
At September 30, 2013 and December 31, 2012, accounts payable and accrued liabilities consisted of the following: | |||||||||
30-Sep-13 | December 31, | ||||||||
(unaudited) | 2012 | ||||||||
Accounts payable | $ | 2,202,410 | $ | 1,168,077 | |||||
Accrued bonuses | 250,000 | 497,843 | |||||||
Other accrued liabilities | 1,748,688 | 2,324,042 | |||||||
$ | 4,201,098 | $ | 3,989,962 |
Equity
Equity | 9 Months Ended | |
Sep. 30, 2013 | ||
Equity [Abstract] | ' | |
Equity | ' | |
7 | Equity | |
Warrants | ||
BioTime has issued warrants to purchase its common shares as payments for services and in connection to certain business acquisitions. At September 30, 2013, 1,751,615 warrants to purchase common shares with a weighted average exercise price of $6.59 and a weighted average remaining contractual life of 1.87 years were outstanding. At December 31, 2012, warrants to purchase 556,613 common shares with a weighted average exercise price of $10.00 and a weighted average remaining contractual life of 1.32 years were outstanding. | ||
Preferred Shares | ||
BioTime is authorized to issue 2,000,000 preferred shares. The shareholders approved the increase in the number of authorized preferred shares from 1,000,000 to 2,000,000 in May 2013. The preferred shares may be issued in one or more series as the board of directors may by resolution determine. The board of directors is authorized to fix the number of shares of any series of preferred shares and to determine or alter the rights, references, privileges, and restrictions granted to or imposed on the preferred shares as a class, or upon any wholly unissued series of any preferred shares. The board of directors may, by resolution, increase or decrease (but not below the number of shares of such series then outstanding) the number of shares of any series of preferred shares subsequent to the issue of shares of that series. | ||
As of September 30, 2013 BioTime has no issued and outstanding preferred shares. | ||
Common Shares | ||
BioTime is authorized to issue 125,000,000 common shares with no par value. The shareholders approved the increase in the number of authorized common shares from 75,000,000 to 125,000,000 in May 2013. As of September 30, 2013, BioTime had issued 57,938,220 common shares and had 55,622,934 common shares outstanding. The difference between the issued and outstanding number of common shares reflects the treasury stock treatment, for financial reporting purposes, of BioTime common shares held by its subsidiaries. | ||
During the nine months ended September 30, 2013, BioTime raised gross proceeds of $11,571,953 from the sale of 2,594,156 BioTime common shares at a weighted average price of $4.46 per share in the open market through our Controlled Equity Offering facility with Cantor Fitzgerald & Co. and through the sale of BioTime shares held by BioTime’s majority owned subsidiaries, LifeMap Sciences and Cell Cure Neurosciences. The proceeds of the sale of BioTime shares by its subsidiaries belong to those subsidiaries. | ||
In January 2013, BioTime and a private investor entered into a Stock and Warrant Purchase Agreement under which the investor agreed to invest $5,000,000 in BioTime by purchasing, in two tranches, an aggregate of 1,350,000 BioTime common shares and warrants to purchase approximately 650,000 additional BioTime common shares. The first tranche of $2,000,000 was funded on January 14, 2013, and BioTime issued to the investor 540,000 common shares and 259,999 warrants. BioTime received the second tranche of $3,000,000 on April 10, 2013 at which time BioTime issued to the investor 810,000 common shares, and warrants to purchase an additional 389,999 common shares at an exercise price of $5.00 per share. | ||
In June 2013, BioTime sold 2,180,016 common shares and 545,004 warrants to purchase common shares for gross proceeds of $9,057,967 under the Stock and Warrant Purchase Agreement entered between BioTime and certain investors. The common shares and warrants to purchase common shares were sold in "units" with each unit consisting of one common share and one-quarter of a warrant, at an offering price of $4.155 per unit. The warrants have an initial exercise price of $5.00 per share and are exercisable during the three year period beginning on the date of issuance, June 6, 2013. | ||
During the nine months ended September 30, 2013, no options or warrants were exercised. | ||
During the nine months ended September 30, 2013 and 2012, BioTime recognized stock-based compensation expenses of $2,375,354 and $1,441,135, respectively, due to stock options granted to employees, directors, and outside consultants. During the nine months ended September 30, 2013 and 2012, BioTime granted 1,575,000 and 280,000 options, respectively, under its 2012 Equity Incentive Plan and its 2002 Stock Option Plan. Asterias granted 2,880,000 and nil options, respectively under its 2013 Equity Incentive Plan; OrthoCyte granted nil and 300,000 options, respectively under its 2010 Stock Option Plan; OncoCyte granted 80,000 and nil options, respectively under its 2011 Stock Option Plan; ReCyte granted 200,000 and 550,000 options, respectively under its 2011 Stock Option Plan; LifeMap Sciences granted nil and 217,143 options, respectively under its 2011 Stock Option Plan; and BioTime Asia did not grant any options in either periods. | ||
Option on LifeMap Sciences Common Stock Held by BioTime | ||
As a condition to the sale of BioTime shares and warrants under the terms of a Stock and Warrant Purchase Agreement during June 2013, BioTime entered into an Option Agreement with certain investors. Under the Option Agreement, each investor has an option to purchase a number of shares of common stock that BioTime holds in its subsidiary LifeMap Sciences, initially equal to the number of warrants that the investors purchased from BioTime. The options to purchase shares of LifeMap Sciences common stock may be exercised at a price of $4.00 per share in lieu of exercising the warrants to purchase BioTime common shares. The exercise of an option by an investor will require the cancellation of one BioTime warrant for each share of LifeMap Sciences common stock (as adjusted to reflect any stock dividend, stock split, reverse stock split or other certain other transactions) purchased by the investor, so that an investor will have to choose between purchasing BioTime common shares and LifeMap Sciences common stock when they exercise either the warrants or the options. The right of a holder of an option to exercise its option is subject to the availability of an exemption from registration under the Securities Act of 1933, as amended. |
Merger_with_XenneX_Inc
Merger with XenneX, Inc | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Merger with XenneX, Inc. [Abstract] | ' | ||||
Merger with XenneX, Inc. | ' | ||||
8 | Merger with XenneX, Inc. | ||||
On May 18, 2012, BioTime completed the acquisition of XenneX, Inc. (“XenneX”) through a merger of XenneX into LifeMap Sciences. Through the merger, XenneX stockholders received, in the aggregate, 1,429,380 shares of LifeMap Sciences common stock, which represented approximately 13.7% of the LifeMap Sciences common stock outstanding upon the closing of the transaction. XenneX shareholders also received approximately 448,429 BioTime common shares as part of the transaction. Through the merger, LifeMap Sciences acquired all of XenneX's assets, including cash, accounts receivables, prepaid assets, licenses, and assumed XenneX’s obligations, which at May 18, 2012 totaled approximately $572,826 and primarily consisted of trade payables, deferred subscription revenues, and distributions due to former XenneX shareholders. | |||||
The merger is being accounted for under the acquisition method of accounting. In accordance with ASC 805, the total purchase consideration is allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of May 18, 2012. BioTime amortizes intangibles over their useful lives, which BioTime estimates to be 10 years. In accordance with ASC 805, BioTime does not amortize goodwill. The purchase price was allocated using the information currently available, and may be adjusted after obtaining more information regarding, among other things, asset valuations, liabilities assumed, and revisions of preliminary estimates. | |||||
The total purchase price of $4,304,099 is being allocated as indicated: | |||||
Components of the purchase price: | |||||
BioTime common shares | $ | 1,802,684 | |||
LifeMap Sciences common shares | 2,501,415 | ||||
Total purchase price | $ | 4,304,099 | |||
Preliminary allocation of purchase price: | |||||
Assets acquired and liabilities assumed: | |||||
Cash | $ | 292,387 | |||
Other current assets | 311,118 | ||||
Intangible assets | 4,273,420 | ||||
Current liabilities | (294,572 | ) | |||
Cash distributable to sellers | (278,254 | ) | |||
Net assets acquired | $ | 4,304,099 | |||
The fair value of the BioTime shares issued was $4.02, the closing price as reported on the NYSE MKT on May 18, 2012, the date the merger was finalized. The fair value of the LifeMap Sciences shares issued was $1.75 as determined by negotiation between BioTime, LifeMap Sciences and XenneX and its stockholders and is consistent with an internal valuation analysis completed by BioTime. |
Asset_Contribution_Agreement
Asset Contribution Agreement | 9 Months Ended | |
Sep. 30, 2013 | ||
Asset Contribution Agreement [Abstract] | ' | |
Asset Contribution Agreement | ' | |
9 | Asset Contribution Agreement | |
On January 4, 2013, BioTime and Asterias entered into an Asset Contribution Agreement with Geron Corporation (“Geron”) pursuant to which BioTime and Geron will concurrently contribute certain assets to Asterias in exchange for shares of Asterias common stock. Closing of the asset contribution transaction occurred on October 1, 2013. | ||
Pursuant to the Asset Contribution Agreement, Geron agreed to contribute certain assets related to its discontinued stem cell research and development programs, including certain patents and know-how related to human embryonic stem cells; certain biological materials and reagents; certain laboratory equipment; certain contracts; and certain product clinical trials, in exchange for shares of Asterias common stock, and BioTime has agreed to contribute 8,902,077 common shares; warrants to subscribe for and purchase 8,000,000 additional common shares; $5,000,000 in cash; 10% of the shares of common stock of OrthoCyte Corporation issued and outstanding on the date of the Asset Contribution Agreement; 6% of the ordinary shares of our subsidiary Cell Cure Neurosciences issued and outstanding on the date of the Asset Contribution Agreement; and a quantity of certain human hES cell lines produced under cGMP, and a non-exclusive, world-wide, royalty-free license to use those hES cell lines and certain patents pertaining to stem cell differentiation technology, in exchange for Asterias common stock and warrants to purchase Asterias common stock. | ||
Asterias also entered into a Stock and Warrant Purchase Agreement with a private investor, pursuant to which the investor agreed to contribute $5,000,000 in cash to Asterias for 2,136,000 shares of Asterias Series B common stock, and warrants to purchase 350,000 additional shares of Asterias Series B common stock, in conjunction with the closing of the asset contribution transaction under the Asset Contribution Agreement. | ||
Asterias agreed to assume all obligations and liabilities in connection with the assets contributed by Geron, to the extent such obligations and liabilities arise after the closing date of the Asset Contribution Agreement, including certain obligations and liabilities to provide follow-up procedures with patients who participated in Geron’s clinical trials. | ||
Geron has agreed to distribute to its stockholders on a pro rata basis the shares of Asterias Series A common stock received in the asset contribution transaction following the closing under the Asset Contribution Agreement. Following that distribution by Geron, Asterias will distribute to the holders of its Series A common stock on a pro rata basis the 8,000,000 BioTime warrants t received under the Asset Contribution Agreement. | ||
Asterias also agreed to issue to BioTime warrants to purchase 3,150,000 shares of Asterias Series B common stock, and to issue to the private investor warrants to purchase 350,000 shares of Asterias Series B common stock (the “Asterias Warrants”). The Asterias Warrants will have an exercise price of $5.00 per share and a term of three years. The exercise price per share and number of shares that may be purchased upon the exercise of the Asterias Warrants will be subject to adjustment in the event of any Asterias stock split, reverse stock split, stock dividend, reclassification of shares and certain other transactions. | ||
The Asterias Series A and Series B common stock will be identical in most respects, however, Asterias will be entitled to make certain distributions or pay dividends, other than stock dividends, on its Series A common stock, without making a distribution or paying a dividend on its Series B common stock. The Asterias Series B common stock may be converted into Asterias Series A common stock, on a share for share basis, at Asterias’ election, only after Geron distributes to its stockholders the Asterias Series A common stock issued under the Asset Contribution Agreement and Asterias subsequently distributes to the Asterias Series A common stock holders the 8,000,000 BioTime warrants contributed by BioTime under the Asset Contribution Agreement. |
Segment_Information
Segment Information | 9 Months Ended | |
Sep. 30, 2013 | ||
Segment Information [Abstract] | ' | |
Segment Information | ' | |
10 | Segment Information | |
BioTime's executive management team represents its chief decision maker. To date, BioTime's management has viewed BioTime's operations as one segment that includes, the research and development of therapeutic products for oncology, orthopedics, retinal and neurological diseases and disorders, blood and vascular system diseases and disorders, blood plasma volume expansion, diagnostic products for the early detection of cancer, and hydrogel products that may be used in surgery, and products for human embryonic stem cell research. As a result, the financial information disclosed materially represents all of the financial information related to BioTime's sole operating segment. |
Unaudited_Pro_Forma_Interim_Fi
Unaudited Pro Forma Interim Financial Information - Nine Months Ended September 30, 2013 and 2012 | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Unaudited Pro Forma Interim Financial Information - Nine Months Ended September 30, 2013 and 2012 [Abstract] | ' | ||||||||
Unaudited Pro Forma Interim Financial Information - Nine Months Ended September 30, 2013 and 2012 | ' | ||||||||
11 | Unaudited Pro Forma Interim Financial Information – Nine Months Ended September 30, 2013 and 2012 | ||||||||
The following unaudited pro forma information gives effect to the merger with XenneX as if the merger took place on January 1, 2012. Thepro forma information does not necessarily reflect the results of operations that would have occurred had the entities been a single company during the periods presented. | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
(Unaudited) | (Unaudited) | ||||||||
Revenues | $ | 2,541,851 | $ | 2,984,436 | |||||
Net loss available to common shareholders | $ | (24,270,521 | ) | $ | (15,288,233 | ) | |||
Net loss per common share – basic and diluted | $ | (0.45 | ) | $ | -0.31 |
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Sep. 30, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
12 | Subsequent Events | |
Asset Contribution Agreement | ||
The contribution of assets to Asterias by BioTime and Geron under the Asset Contribution Agreement was completed on October 1, 2013. See Note 9. Asterias issued 6,537,779 shares of its Series A common stock to Geron and 21,773,340 shares of Asterias Series B common stock and warrants to purchase an additional 3,150,000 shares of Asterias Series B common stock to BioTime. | ||
Concurrently with the close of the asset contribution under the Asset Contribution Agreement, Asterias issued 2,136,000 shares of its Series B Common Stock and warrants to purchase 350,000 additional shares of Series B common stock to the private investor for $5,000,000 in cash pursuant to the Stock and Warrant Purchase Agreement. | ||
As a result of the consummation of the asset contribution transaction and the sale of Series B common stock and warrants to the private investor on October 1, 2013, BioTime now owns approximately 71.6% of the outstanding Asterias common stock, Geron now owns approximately 21.4% of the outstanding Asterias common stock, and the private investor now owns approximately 7.0%, of the outstanding Asterias common stock. Pursuant to the Asset Contribution Agreement, Geron has agreed to distribute its shares of Asterias Series A common stock to its stockholders on a pro rata basis. | ||
In connection with its acquisition of the stem cell assets from Geron on October 1, 2013, Asterias entered into a Royalty Agreement with Geron pursuant to which Asterias agreed to pay Geron a 4% royalty on net sales (as defined in the Royalty Agreement), by Asterias or any of its affiliates or sales agents, of any products that are developed and commercialized covered by the patents contributed by Geron. In the case of sales of such products by a person other than Asterias or one of its affiliates or sales agents, Asterias will be required to pay Geron 50% of all royalties and cash payments received by Asterias or by its affiliate in respect of a product sale. | ||
In addition, on October 1, 2013, Asterias received from Geron an exclusive sublicense of certain patents owned by the University of Colorado; University License Equity Holdings, Inc. relating to telomerase (the “Telomerase Sublicense”). The Telomerase Sublicense entitles Asterias to use the sublicensed patents in the development of certain immunological treatments for cancer. Under the Telomerase Sublicense, Asterias paid Geron an up-front license fee and will pay a small annual license maintenance fee, and a small royalty on sales of any products that Asterias may develop and commercialize covered by the sublicensed patents | ||
Non-Exclusive License Agreement | ||
On October 7, 2013, Asterias entered into a Non-Exclusive License Agreement with the Wisconsin Alumni Research Foundation (“WARF”) under which Asterias was granted a worldwide non-exclusive license to use certain WARF patents and WARF-owned embryonic stem cell lines in the development and commercialization of therapeutic, diagnostic and research products. The licensed patents include patents covering primate embryonic stem cells as compositions of matter, as well as methods for growth and differentiation of primate embryonic stem cells. In consideration of the rights licensed to Asterias, Asterias has agreed to pay WARF an upfront license fee, payments upon the attainment of specified clinical development milestones, royalties on sales of commercialized products, and, subject to certain exclusions, a percentage of any payments that Asterias may receive from any sublicenses that it may grant to use the licensed patents or stem cell lines. | ||
Sales of Common Shares | ||
Subsequent to September 30, 2013 BioTime raised approximately $3.2 million of additional equity through the sale of 840,267 common shares through a Controlled Equity Offering sales agreement with Cantor Fitzgerald & Co. | ||
These condensed consolidated financial statements were approved by management and the Board of Directors, and were issued on November 12, 2013. Subsequent events have been evaluated through that date. |
Organization_Basis_of_Presenta1
Organization, Basis of Presentation, and Summary of Select Significant Accounting Policies (Policies) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Organization, Basis of Presentation, and Summary of Select Significant Accounting Policies [Abstract] | ' | ||
General | ' | ||
General – BioTime is a biotechnology company engaged in two areas of biomedical research and product development. BioTime's primary focus is in the field of regenerative medicine; specifically human embryonic stem (“hES”) cell and induced pluripotent stem (“iPS”) cell technology. 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. 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 and its subsidiaries plan to develop stem cell products for research and therapeutic use. Asterias Biotherapeutics, Inc. (“Asterias,” formerly known as BioTime Acquisition Corporation) entered into an Asset Contribution Agreement with us and Geron Corporation to acquire certain assets from Geron Corporation that had been used in Geron’s human embryonic stem cell research and development programs, and to acquire certain assets from us. See Notes 9 and 12. The contributed assets will provide Asterias with cell lines from which Asterias expects to select product candidates for development as products for human therapeutic use in one or more of the following fields: neurology, oncology, orthopedics, and heart failure and myocardial infarction. OncoCyte Corporation (“OncoCyte”) is developing products and technologies to diagnose and treat cancer. ES Cell International Pte Ltd. (“ESI”), a Singapore private limited company, developed hES cell lines and may market those cell lines and other BioTime research products in over-seas markets as part of BioTime’s ESI BIO division. OrthoCyte Corporation (“OrthoCyte”) is developing therapies to treat orthopedic disorders, diseases and injuries. ReCyte Therapeutics, Inc., formerly known as Embryome Sciences, Inc. (“ReCyte Therapeutics”), is developing therapies to treat a variety of cardiovascular and related ischemic disorders, as well as products for research using cell reprogramming technology. Cell Cure Neurosciences Ltd. (“Cell Cure Neurosciences”), is an Israel-based biotechnology company focused on developing stem cell-based therapies for retinal and neurological disorders, including the development of retinal pigment epithelial cells for the treatment of macular degeneration, and treatments for multiple sclerosis. LifeMap Sciences, Inc. (“LifeMap Sciences”) markets, sells and distributes GeneCards®, the leading human gene database, and is developing an integrated database suite to complement GeneCards® that will also include the LifeMap™ database of embryonic development, stem cell research and regenerative medicine, and MalaCards, the human disease database. LifeMap Sciences will also market BioTime research products and PanDaTox, a database that can be used to identify genes and intergenic regions that are unclonable in E. coli, to aid in the discovery of new antibiotics and biotechnologically beneficial functional genes. LifeMap Sciences plans to commence research into the identification and development of novel cell lines for therapeutic products, including research on PureStem™ human embryonic progenitor cells (“hEPC”) using the LifeMap Sciences proprietary discovery platform, with the goal of identifying those hEPC that have greatest potential for use in the development of cell-based therapies for degenerative diseases. Asterias Biotherapeutics, Inc. (“Asterias,” formerly known as BioTime Acquisition Corporation) was incorporated on September 24, 2012. Asterias was incorporated to explore opportunities to acquire assets and businesses in the field of stem cells and regenerative medicine. | |||
BioTime is focusing a portion of its efforts in the field of regenerative medicine on the development and sale of advanced human stem cell products and technology that can be used by researchers at universities and other institutions, at companies in the bioscience and biopharmaceutical industries, and at other companies that provide research products to companies in those industries. Products for the research market generally can be sold without approval from the United States Food and Drug Administration (the “FDA”) and comparable foreign regulatory agencies, and are therefore relatively near-term business opportunities when compared to therapeutic products. | |||
BioTime previously developed blood plasma volume expanders and related technology for use in surgery, emergency trauma treatment and other applications. | |||
BioTime’s operating revenues are derived primarily from licensing fees and advertising from the marketing of the LifeMap Sciences database products, from royalties and licensing fees related to the sale of its plasma volume expander product, Hextend®, and from the sale of products for research. | |||
The unaudited condensed consolidated interim balance sheet as of September 30, 2013, the unaudited condensed consolidated interim statements of operations and comprehensive loss for the three and nine months ended September 30, 2013 and 2012, and the unaudited condensed consolidated interim statements of cash flows for the nine months ended September 30, 2013 and 2012 have been prepared by BioTime’s management in accordance with the instructions from Form 10-Q and Regulation S-X. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2013 have been made. The condensed consolidated balance sheet as of December 31, 2012 is derived from BioTime’s annual audited financial statements as of that date. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the operating results anticipated for the full year of 2013. | |||
Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted as permitted by regulations of the Securities and Exchange Commission (“SEC”) except for the condensed consolidated balance sheet as of December 31, 2012, which was derived from audited financial statements. Certain previously furnished amounts have been reclassified to conform with presentations made during the current periods. These condensed consolidated interim financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto included in BioTime’s Form 10-K for the year ended December 31, 2012. | |||
Principles of consolidation | ' | ||
Principles of consolidation – BioTime’s consolidated financial statements include the accounts of its subsidiaries. The following table reflects BioTime’s ownership of the outstanding shares of its subsidiaries. | |||
Subsidiary | BioTime Ownership | Country | |
Asterias Biotherapeutics, Inc. | 96.7%(1) | USA | |
ReCyte Therapeutics, Inc. (formerly Embryome Sciences, Inc.) | 94.80% | USA | |
OncoCyte Corporation | 75.30% | USA | |
OrthoCyte Corporation | 100% | USA | |
ES Cell International Pte Ltd. | 100% | Singapore | |
BioTime Asia, Limited | 81% | Hong Kong | |
Cell Cure Neurosciences Ltd. | 62.50% | Israel | |
LifeMap Sciences, Inc. | 73.20% | USA | |
LifeMap Sciences, Ltd. | -2 | Israel | |
-1 | BioTime’s percentage ownership was reduced to approximately 71.6% when Asterias issued common stock to BioTime and Geron Corporation upon consummation of the asset contribution transaction under the Asset Contribution Agreement, and sold common stock and warrants to a private investor for cash in a related transaction, on October 1, 2013. See Notes 9 and 12 to financial statements. | ||
-2 | LifeMap Sciences, Ltd. is a wholly-owned subsidiary of LifeMap Sciences, Inc. | ||
All material intercompany accounts and transactions have been eliminated in consolidation. As of September 30, 2013 and as of December 31, 2012, we consolidated the financial results of Asterias, ReCyte Therapeutics, OncoCyte, BioTime Asia, OrthoCyte, LifeMap, ESI, and Cell Cure Neurosciences as we have the ability to control their operating and financial decisions and policies through our ownership. We reflect the non-controlling interest as a separate element of equity on our condensed consolidated balance sheet. | |||
Certain significant risks and uncertainties | ' | ||
Certain significant risks and uncertainties – The operations of BioTime and its subsidiaries are subject to a number of factors that can affect their operating results and financial condition. Such factors include but are not limited to, the following: the results of clinical trials of their respective therapeutic product and medical device candidates; their ability to obtain FDA and foreign regulatory approval to market their respective therapeutic and medical device product candidates; their ability to develop new stem cell research products and technologies; competition from products manufactured and sold or being developed by other companies; the price and demand for their products; their ability to obtain additional financing and the terms of any such financing that may be obtained; their ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products; the availability of ingredients used in their products; and the availability of reimbursement for the cost of their therapeutic products and medical devices (and related treatment) from government health administration authorities, private health coverage insurers, and other organizations. | |||
Use of estimates | ' | ||
Use of estimates – The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Revenue recognition | ' | ||
Revenue recognition – BioTime complies with SEC Staff Accounting Bulletin guidance on revenue recognition. Royalty revenues consist of product royalty payments. License fee revenues consist of fees under license agreements and are recognized when earned and reasonably estimable and also include subscription and advertising revenue from our online databases based upon respective subscription and advertising periods. BioTime recognizes revenue in the quarter in which the royalty reports are received, rather than the quarter in which the sales took place. When BioTime is entitled to receive up- front nonrefundable licensing or similar fees pursuant to agreements under which BioTime has no continuing performance obligations, the fees are recognized as revenues when collection is reasonably assured. When BioTime receives up-front nonrefundable licensing or similar fees pursuant to agreements under which BioTime does have continuing performance obligations, the fees are deferred and amortized ratably over the performance period. If the performance period cannot be reasonably estimated, BioTime amortizes nonrefundable fees over the life of the contract until such time that the performance period can be more reasonably estimated. Milestone payments, if any, related to scientific or technical achievements are recognized in income when the milestone is accomplished if (a) substantive effort was required to achieve the milestone, (b) the amount of the milestone payment appears reasonably commensurate with the effort expended, and (c) collection of the payment is reasonably assured. Grant income and the sale of research products are recognized as revenue when earned. Revenues from the sale of research products are primarily derived from the sale of hydrogels and stem cell products. | |||
Cash and cash equivalents | ' | ||
Cash and cash equivalents – BioTime considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||
Accounts receivable and allowance for doubtful accounts | ' | ||
Accounts receivable and allowance for doubtful accounts – Trade accounts receivable and grants receivable are presented in the prepaid expenses and other current assets line item of the consolidated balance sheet. Total trade receivables amounted to approximately $461,000 and $395,000 and grants receivable amounted to approximately $143,000 and $1,062,000 as of September 30, 2013 and December 31, 2012, respectively. Some of these amounts are deemed uncollectible; as such BioTime recognized allowance for doubtful accounts in the amount of $116,816 as of September 30, 2013 and December 31, 2012. BioTime evaluates the collectability of its receivables based on a variety of factors, including the length of time receivables are past due and significant one- time events and historical experience. An additional reserve for individual accounts will be recorded if BioTime becomes aware of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. | |||
Concentrations of credit risk | ' | ||
Concentrations of credit risk – Financial instruments that potentially subject BioTime to significant concentrations of credit risk consist primarily of cash and cash equivalents. BioTime limits the amount of credit exposure of cash balances by maintaining its accounts in high credit quality financial institutions. Cash equivalent deposits with financial institutions may occasionally exceed the limits of insurance on bank deposits; however, BioTime has not experienced any losses on such accounts. | |||
Equipment | ' | ||
Equipment – Equipment is stated at cost. Equipment is being depreciated using the straight-line method over a period of 36 to 120 months. See Note 3. | |||
Inventory | ' | ||
Inventory – Inventories are stated at the lower of cost or market. Cost, which includes amounts related to materials, labor, and overhead, is determined in a manner which approximates the first-in, first-out (“FIFO”) method. | |||
Treasury stock | ' | ||
Treasury stock – BioTime accounts for BioTime common shares issued to subsidiaries for future potential working capital needs as treasury stock on the consolidated balance sheet. BioTime has the intent and ability to register any unregistered shares to support the marketability of the shares. | |||
Patent costs | ' | ||
Patent costs – Costs associated with obtaining patents on products or technology developed are expensed as general and administrative expenses when incurred. This accounting is in compliance with guidance promulgated by the Financial Accounting Standards Board (the “FASB”) regarding goodwill and other intangible assets. | |||
Reclassification | ' | ||
Reclassification – Certain prior year amounts have been reclassified to conform to the current year presentation. | |||
Research and development | ' | ||
Research and development – BioTime complies with FASB requirements governing accounting for research and development costs. Research and development costs are expensed when incurred, and consist principally of salaries, payroll taxes, consulting fees, research and laboratory fees, and license fees paid to acquire patents or licenses to use patents and other technology from third parties. | |||
Foreign currency translation gain/loss and Comprehensive net loss | ' | ||
Foreign currency translation gain/loss and Comprehensive net loss – In countries in which BioTime operates, and the functional currency is other than the U.S. dollar, assets and liabilities are translated using published exchange rates in effect at the consolidated balance sheet date. Revenues and expenses and cash flows are translated using an approximate weighted average exchange rate for the period. Resulting translation adjustments are recorded as a component of accumulated other comprehensive income/(loss) on the consolidated balance sheet. For the three and nine months ended September 30, 2013, comprehensive net loss includes foreign currency translation gain of $7,016 and $184,310, respectively. Comprehensive net loss in the same periods in 2012 includes foreign currency translation loss of $15,777 and $74,635, respectively. | |||
Income taxes | ' | ||
Income taxes – BioTime accounts for income taxes in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) requirements, which prescribe the use of the asset and liability method, whereby deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect. Valuation allowances are established when necessary to reduce deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will not be realized. The FASB guidance also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not sustainable upon examination by taxing authorities. BioTime recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of September 30, 2013 and December 31, 2012. BioTime files its income tax returns in the U.S. federal and various state and local and foreign jurisdictions. Generally, BioTime is no longer subject to income tax examinations by major taxing authorities for years before 2009. Any potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, state and local and foreign tax laws. Management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. | |||
Stock-based compensation | ' | ||
Stock-based compensation – BioTime adopted accounting standards governing share-based payments, which require the measurement and recognition of compensation expense for all share-based payment awards made to directors and employees, including employee stock options, based on estimated fair values. In March 2005, the SEC issued additional guidelines which provide supplemental implementation guidance for valuation of share- based payments. BioTime has applied the provisions of this guidance in such valuations as well. Consistent with those guidelines, BioTime utilizes the Black-Scholes Merton option pricing model. BioTime's determination of fair value of share-based payment awards on the date of grant using that option- pricing model is affected by BioTime's stock price as well as by assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, BioTime's expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The expected term of options granted is derived from historical data on employee exercises and post-vesting employment termination behavior. The risk-free rate is based on the U.S. Treasury rates in effect during the corresponding period of grant. Although the fair value of employee stock options is determined in accordance with recent FASB guidance, changes in the subjective assumptions can materially affect the estimated value. | |||
Impairment of long-lived assets | ' | ||
Impairment of long-lived assets – BioTime’s long-lived assets, including intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an impairment indicator is present, BioTime will evaluate recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment will be recognized is measured by the amount by which the carrying amount exceeds the estimated fair value of the assets. | |||
Deferred license and consulting fees | ' | ||
Deferred license and consulting fees – Deferred license and consulting fees consist of the value of warrants issued to third parties for services and to the minority shareholder in BioTime Asia for consulting services, and deferred license fees paid to acquire rights to use the proprietary technologies of third parties. The value of the warrants is being amortized over the period the services are being provided, and the license fees are being amortized over the estimated useful lives of the licensed technologies or licensed research products. See Note 5. | |||
Loss per share | ' | ||
Loss per share – Basic net loss per share is computed by dividing net loss attributable to BioTime, Inc. by the weighted-average number of common shares outstanding for the period. Diluted net loss per share reflects the weighted-average number of common shares outstanding plus the potential effect of dilutive securities or contracts which are convertible to common shares, such as options and warrants (using the treasury stock method) and shares issuable in future periods, except in cases where the effect would be anti-dilutive. Diluted loss per share for the three and nine months ended September 30, 2013 and 2012 excludes any effect from 4,655,884 options and 1,751,615 warrants, and 3,492,135 options and 556,613 warrants, respectively, as the inclusion of those options and warrants would be antidilutive. | |||
Fair value of financial instruments | ' | ||
Fair value of financial instruments – The fair value of BioTime’s assets and liabilities, which qualify as financial instruments under FASB guidance regarding disclosures about fair value of financial instruments, approximate the carrying amounts presented in the accompanying consolidated balance sheets. |
Organization_Basis_of_Presenta2
Organization, Basis of Presentation, and Summary of Select Significant Accounting Policies (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Organization, Basis of Presentation, and Summary of Select Significant Accounting Policies [Abstract] | ' | ||
BioTime's ownership of outstanding shares of its subsidiaries | ' | ||
The following table reflects BioTime’s ownership of the outstanding shares of its subsidiaries. | |||
Subsidiary | BioTime Ownership | Country | |
Asterias Biotherapeutics, Inc. | 96.7%(1) | USA | |
ReCyte Therapeutics, Inc. (formerly Embryome Sciences, Inc.) | 94.80% | USA | |
OncoCyte Corporation | 75.30% | USA | |
OrthoCyte Corporation | 100% | USA | |
ES Cell International Pte Ltd. | 100% | Singapore | |
BioTime Asia, Limited | 81% | Hong Kong | |
Cell Cure Neurosciences Ltd. | 62.50% | Israel | |
LifeMap Sciences, Inc. | 73.20% | USA | |
LifeMap Sciences, Ltd. | -2 | Israel | |
-1 | BioTime’s percentage ownership was reduced to approximately 71.6% when Asterias issued common stock to BioTime and Geron Corporation upon consummation of the asset contribution transaction under the Asset Contribution Agreement, and sold common stock and warrants to a private investor for cash in a related transaction, on October 1, 2013. See Notes 9 and 12 to financial statements. | ||
-2 | LifeMap Sciences, Ltd. is a wholly-owned subsidiary of LifeMap Sciences, Inc. |
Equipment_Tables
Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equipment [Abstract] | ' | ||||||||
Equipment, furniture and fixtures | ' | ||||||||
At September 30, 2013 and December 31, 2012, equipment, furniture and fixtures were comprised of the following: | |||||||||
30-Sep-13 | December 31, | ||||||||
(unaudited) | 2012 | ||||||||
Equipment, furniture and fixtures | $ | 4,093,517 | $ | 2,098,812 | |||||
Accumulated depreciation | (1,187,675 | ) | (750,258 | ) | |||||
Equipment, net | $ | 2,905,842 | $ | 1,348,554 |
Intangible_assets_Tables
Intangible assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Intangible assets [Abstract] | ' | ||||||||
Intangible assets | ' | ||||||||
At September 30, 2013 and December 31, 2012, intangible assets and intangible assets net of amortization were comprised of the following: | |||||||||
30-Sep-13 | December 31, | ||||||||
(unaudited) | 2012 | ||||||||
Intangible assets | $ | 25,702,909 | $ | 25,702,909 | |||||
Accumulated amortization | (7,143,835 | ) | (5,216,117 | ) | |||||
Intangible assets, net | $ | 18,559,074 | $ | 20,486,792 |
Royalty_Obligation_and_Deferre1
Royalty Obligation and Deferred License Fees (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Royalty Obligation and Deferred License Fees [Abstract] | ' | ||||
Amortization of deferred license fees | ' | ||||
As of September 30, 2013, future amortization of deferred license fees described above was as follows: | |||||
Year Ended | Deferred License | ||||
December 31, | Fees | ||||
2013 | $ | 27,375 | |||
2014 | 109,500 | ||||
2015 | 109,500 | ||||
2016 | 109,500 | ||||
2017 | 109,500 | ||||
Thereafter | 101,333 | ||||
Total | $ | 566,708 |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ||||||||
Accounts payable and accrued liabilities | ' | ||||||||
At September 30, 2013 and December 31, 2012, accounts payable and accrued liabilities consisted of the following: | |||||||||
30-Sep-13 | December 31, | ||||||||
(unaudited) | 2012 | ||||||||
Accounts payable | $ | 2,202,410 | $ | 1,168,077 | |||||
Accrued bonuses | 250,000 | 497,843 | |||||||
Other accrued liabilities | 1,748,688 | 2,324,042 | |||||||
$ | 4,201,098 | $ | 3,989,962 |
Merger_with_XenneX_Inc_Tables
Merger with XenneX, Inc (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Merger with XenneX, Inc. [Abstract] | ' | ||||
Components and Allocation of Purchase Price | ' | ||||
The total purchase price of $4,304,099 is being allocated as indicated: | |||||
Components of the purchase price: | |||||
BioTime common shares | $ | 1,802,684 | |||
LifeMap Sciences common shares | 2,501,415 | ||||
Total purchase price | $ | 4,304,099 | |||
Preliminary allocation of purchase price: | |||||
Assets acquired and liabilities assumed: | |||||
Cash | $ | 292,387 | |||
Other current assets | 311,118 | ||||
Intangible assets | 4,273,420 | ||||
Current liabilities | (294,572 | ) | |||
Cash distributable to sellers | (278,254 | ) | |||
Net assets acquired | $ | 4,304,099 |
Unaudited_Pro_Forma_Interim_Fi1
Unaudited Pro Forma Interim Financial Information - Nine Months Ended September 30, 2013 and 2012 (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Unaudited Pro Forma Interim Financial Information - Nine Months Ended September 30, 2013 and 2012 [Abstract] | ' | ||||||||
Unaudited Pro Forma Information | ' | ||||||||
The following unaudited pro forma information gives effect to the merger with XenneX as if the merger took place on January 1, 2012. Thepro forma information does not necessarily reflect the results of operations that would have occurred had the entities been a single company during the periods presented. | |||||||||
Nine Months Ended September 30, | |||||||||
2013 | 2012 | ||||||||
(Unaudited) | (Unaudited) | ||||||||
Revenues | $ | 2,541,851 | $ | 2,984,436 | |||||
Net loss available to common shareholders | $ | (24,270,521 | ) | $ | (15,288,233 | ) | |||
Net loss per common share – basic and diluted | $ | (0.45 | ) | $ | -0.31 |
Organization_Basis_of_Presenta3
Organization, Basis of Presentation, and Summary of Select Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ||
Trade accounts receivable | $461,000 | ' | $461,000 | ' | $395,000 | ||
Grants receivable | 143,000 | ' | 143,000 | ' | 1,062,000 | ||
Allowance for doubtful accounts | 116,816 | ' | 116,816 | ' | 116,816 | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ||
Foreign currency translation gain (loss) | $7,016 | ($15,777) | $184,310 | ($74,635) | ' | ||
Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ||
Equipment useful life | ' | ' | '36 months | ' | ' | ||
Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ||
Equipment useful life | ' | ' | '120 months | ' | ' | ||
ReCyte Therapeutics, Inc. [Member] | ' | ' | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ||
BioTime Ownership (in hundredths) | 94.80% | ' | 94.80% | ' | ' | ||
OncoCyte Corporation [Member] | ' | ' | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ||
BioTime Ownership (in hundredths) | 75.30% | ' | 75.30% | ' | ' | ||
OrthoCyte Corporation [Member] | ' | ' | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ||
BioTime Ownership (in hundredths) | 100.00% | ' | 100.00% | ' | ' | ||
ES Cell International Pte., Ltd. [Member] | ' | ' | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ||
BioTime Ownership (in hundredths) | 100.00% | ' | 100.00% | ' | ' | ||
BioTime Asia, Limited [Member] | ' | ' | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ||
BioTime Ownership (in hundredths) | 81.00% | ' | 81.00% | ' | ' | ||
Cell Cure Neurosciences, Ltd. [Member] | ' | ' | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ||
BioTime Ownership (in hundredths) | 62.50% | ' | 62.50% | ' | ' | ||
LifeMap Sciences, Inc. [Member] | ' | ' | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ||
BioTime Ownership (in hundredths) | 73.20% | ' | 73.20% | ' | ' | ||
LifeMap Sciences, Ltd. [Member] | ' | ' | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ||
BioTime Ownership (in hundredths) | 0.00% | [1] | ' | 0.00% | [1] | ' | ' |
Asterias Biotherapeutics [Member] | ' | ' | ' | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ||
BioTime Ownership (in hundredths) | 96.70% | [2] | ' | 96.70% | [2] | ' | ' |
Ownership percentage upon completion of the asset contribution agreement (in hundredths) | 71.60% | ' | 71.60% | ' | ' | ||
Stock Options [Member] | ' | ' | ' | ' | ' | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ||
Anti-dilutive shares excluded from computation of diluted loss per share (in shares) | 4,655,884 | 3,492,135 | 4,655,884 | 3,492,135 | ' | ||
Warrants [Member] | ' | ' | ' | ' | ' | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ||
Anti-dilutive shares excluded from computation of diluted loss per share (in shares) | 1,751,615 | 556,613 | 1,751,615 | 556,613 | ' | ||
[1] | LifeMap Sciences, Ltd. is a wholly-owned subsidiary of LifeMap Sciences, Inc. | ||||||
[2] | BioTimebs percentage ownership was reduced to approximately 71.6% when Asterias issued common stock to BioTime and Geron Corporation upon consummation of the Asset Contribution and sold common stock and warrants to a private investor for cash in a related transaction on October 1, 2013. See Notes 9 and 12 to financial statements. |
Inventory_Details
Inventory (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Inventory [Abstract] | ' | ' |
Inventory of finished products on-site | $48,209 | $41,494 |
Inventory held by third party on consignment | $12,923 | $13,822 |
Equipment_Details
Equipment (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Equipment, furniture and fixtures [Abstract] | ' | ' | ' |
Equipment, furniture and fixtures | $4,093,517 | ' | $2,098,812 |
Accumulated depreciation | -1,187,675 | ' | -750,258 |
Equipment, net | 2,905,842 | ' | 1,348,554 |
Depreciation expense | 419,630 | 283,637 | ' |
Variance between depreciation expense and increase in accumulated depreciation | 17,787 | ' | ' |
Accumulated depreciation per balance sheet | $437,417 | ' | ' |
Intangible_assets_Details
Intangible assets (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Intangible assets, net [Abstract] | ' | ' | ' |
Intangible assets | $25,702,909 | ' | $25,702,909 |
Accumulated amortization | -7,143,835 | ' | -5,216,117 |
Intangible assets, net | 18,559,074 | ' | 20,486,792 |
Intangible assets, useful life | '10 years | ' | ' |
Amortization of intangible asset | $1,927,718 | $1,764,382 | ' |
Royalty_Obligation_and_Deferre2
Royalty Obligation and Deferred License Fees (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, useful life | '10 years |
Common shares issued (in shares) | 1,350,000 |
Amortization of deferred license fees [Abstract] | ' |
2013 | $27,375 |
2014 | 109,500 |
2015 | 109,500 |
2016 | 109,500 |
2017 | 109,500 |
Thereafter | 101,333 |
Total | 566,708 |
WARF [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amended license agreement amount | 295,000 |
Annual license maintenance fee | 25,000 |
WARF [Member] | Minimum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Royalty rate on sale of products and services (in hundredths) | 2.00% |
WARF [Member] | Maximum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Royalty rate on sale of products and services (in hundredths) | 4.00% |
Advanced Cell Technology, Inc. [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, useful life | '20 years |
Royalty rate on sale of products and services (in hundredths) | 8.00% |
Licensing fees paid | 250,000 |
Maximum royalty payments | 1,000,000 |
Advanced Cell Technology Inc., with Kirin Sublicense I [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Intangible assets, useful life | '20 years |
Royalty rate on sale of products and services (in hundredths) | 5.00% |
Licensing fees paid | 200,000 |
Maximum royalty payments | 600,000 |
Fees for sublicense (in hundredths) | 20.00% |
Advanced Cell Technology Inc., with Kirin Sublicense II [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Royalty rate on sale of products and services (in hundredths) | 3.50% |
Licensing fees paid | 50,000 |
Fees for sublicense (in hundredths) | 20.00% |
Annual minimum royalty due | 50,000 |
Reproductive Genetics Institute [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Common shares issued (in shares) | 32,259 |
Common shares issued, market value | $50,000 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Accounts Payable and Accrued Liabilities [Abstract] | ' | ' |
Accounts payable | $2,202,410 | $1,168,077 |
Accrued bonuses | 250,000 | 497,843 |
Other accrued liabilities | 1,748,688 | 2,324,042 |
Accounts payable and accrued liabilities | $4,201,098 | $3,989,962 |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Tranche | Tranche | |||
Warrants [Abstract] | ' | ' | ' | ' |
Warrants outstanding (in shares) | 1,751,615 | 1,751,615 | ' | 556,613 |
Weighted average exercise price (in dollars per share) | $6.59 | $6.59 | ' | $10 |
Weighted average remaining contractual life | ' | '1 year 10 months 13 days | ' | '1 year 3 months 25 days |
Preferred Shares [Abstract] | ' | ' | ' | ' |
Preferred shares, shares authorized (in shares) | 2,000,000 | 2,000,000 | ' | 1,000,000 |
Preferred shares, issued and outstanding (in shares) | 0 | 0 | ' | ' |
Common Shares [Abstract] | ' | ' | ' | ' |
Common shares, authorized (in shares) | 125,000,000 | 125,000,000 | ' | 75,000,000 |
Common shares, par value (in dollars per share) | $0 | $0 | ' | $0 |
Common shares, shares issued (in shares) | 57,938,220 | 57,938,220 | ' | 51,183,318 |
Common shares, shares outstanding (in shares) | 55,622,934 | 55,622,934 | ' | 49,383,209 |
Options exercised (in shares) | 0 | ' | ' | ' |
Stock-based compensation expense | ' | $2,375,354 | $1,441,135 | ' |
Stock options granted (in shares) | ' | 1,575,000 | 280,000 | ' |
Gross proceeds from issuance of common shares | ' | 11,571,953 | ' | ' |
Shares issued in the open market (in shares) | ' | 2,594,156 | ' | ' |
Price per share (in dollars per share) | $4.46 | $4.46 | ' | ' |
Proceeds from issuance of stock and warrants to private investor | ' | 5,000,000 | ' | ' |
Number of tranches | 2 | 2 | ' | ' |
Common shares issued to private investors (in shares) | ' | 1,350,000 | ' | ' |
Warrants issued to private investors (in shares) | ' | 650,000 | ' | ' |
Initial exercise price of unit (in dollars per share) | $6.59 | $6.59 | ' | $10 |
Life of warrants | ' | '3 years | ' | ' |
Warrants exercised (in shares) | ' | 0 | ' | ' |
Price per share of options to purchase company (in dollars per share) | $4 | $4 | ' | ' |
Asterias Biotherapeutics [Member] | ' | ' | ' | ' |
Common Shares [Abstract] | ' | ' | ' | ' |
Shares issued in the open market (in shares) | ' | 8,902,077 | ' | ' |
Asterias Biotherapeutics [Member] | 2013 Equity Incentive Plan [Member] | ' | ' | ' | ' |
Common Shares [Abstract] | ' | ' | ' | ' |
Stock options granted (in shares) | ' | 2,880,000 | 0 | ' |
OrthoCyte Corporation [Member] | 2010 Stock Option Plan [Member] | ' | ' | ' | ' |
Common Shares [Abstract] | ' | ' | ' | ' |
Stock options granted (in shares) | ' | 0 | 300,000 | ' |
OncoCyte Corporation [Member] | 2011 Stock Option Plan [Member] | ' | ' | ' | ' |
Common Shares [Abstract] | ' | ' | ' | ' |
Stock options granted (in shares) | ' | 80,000 | 0 | ' |
ReCyte Therapeutics, Inc. [Member] | 2011 Stock Option Plan [Member] | ' | ' | ' | ' |
Common Shares [Abstract] | ' | ' | ' | ' |
Stock options granted (in shares) | ' | 200,000 | 550,000 | ' |
LifeMap Sciences, Inc. [Member] | 2011 Stock Option Plan [Member] | ' | ' | ' | ' |
Common Shares [Abstract] | ' | ' | ' | ' |
Stock options granted (in shares) | ' | 0 | 217,143 | ' |
BioTime Asia, Limited [Member] | ' | ' | ' | ' |
Common Shares [Abstract] | ' | ' | ' | ' |
Stock options granted (in shares) | ' | 0 | 0 | ' |
Tranche one [Member] | ' | ' | ' | ' |
Common Shares [Abstract] | ' | ' | ' | ' |
Proceeds from issuance of stock and warrants to private investor | ' | 2,000,000 | ' | ' |
Common shares issued to private investors (in shares) | ' | 540,000 | ' | ' |
Warrants issued to private investors (in shares) | ' | 259,999 | ' | ' |
Tranche two [Member] | ' | ' | ' | ' |
Common Shares [Abstract] | ' | ' | ' | ' |
Proceeds from issuance of stock and warrants to private investor | ' | 3,000,000 | ' | ' |
Common shares issued to private investors (in shares) | ' | 810,000 | ' | ' |
Warrants issued to private investors (in shares) | ' | 389,999 | ' | ' |
Certain investors [Member] | ' | ' | ' | ' |
Warrants [Abstract] | ' | ' | ' | ' |
Weighted average exercise price (in dollars per share) | $5 | $5 | ' | ' |
Common Shares [Abstract] | ' | ' | ' | ' |
Price per share (in dollars per share) | $5 | $5 | ' | ' |
Proceeds from issuance of stock and warrants to private investor | ' | $9,057,967 | ' | ' |
Common shares issued to private investors (in shares) | ' | 2,180,016 | ' | ' |
Warrants issued to private investors (in shares) | ' | 545,004 | ' | ' |
Number of shares in a unit (in shares) | 1 | 1 | ' | ' |
Number of warrants in a unit (in shares) | 0.025 | 0.025 | ' | ' |
Offering price of unit (in dollars per share) | $4.16 | $4.16 | ' | ' |
Initial exercise price of unit (in dollars per share) | $5 | $5 | ' | ' |
Merger_with_XenneX_Inc_Details
Merger with XenneX, Inc (Details) (Merger with XenneX, Inc. [Member], USD $) | 9 Months Ended | |
Sep. 30, 2013 | 18-May-12 | |
Business Acquisition [Line Items] | ' | ' |
Liabilities assumed | ' | $572,826 |
Intangible assets, useful life | '10 years | ' |
Components of the purchase price [Abstract] | ' | ' |
Total purchase price | ' | 4,304,099 |
Assets acquired and liabilities assumed [Abstract] | ' | ' |
Cash | ' | 292,387 |
Other current assets | ' | 311,118 |
Intangible assets | ' | 4,273,420 |
Current liabilities | ' | -294,572 |
Cash distributable to sellers | ' | -278,254 |
Net assets acquired | ' | 4,304,099 |
Fair value of shares issued (in dollar per share) | ' | $4.02 |
LifeMap Sciences, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Equity interests issued (in shares) | 1,429,380 | ' |
Subsequent event, percentage of common shares outstanding issued in transaction (in hundredths) | 13.70% | ' |
Components of the purchase price [Abstract] | ' | ' |
Common shares | ' | 2,501,415 |
Assets acquired and liabilities assumed [Abstract] | ' | ' |
Fair value of shares issued (in dollar per share) | ' | $1.75 |
BioTime, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Equity interests issued (in shares) | 448,429 | ' |
Components of the purchase price [Abstract] | ' | ' |
Common shares | ' | $1,802,684 |
Asset_Contribution_Agreement_D
Asset Contribution Agreement (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Asset Contribution Agreement [Line Items] | ' | ' | ' |
Stock issued during period (in shares) | 2,594,156 | ' | ' |
Number of warrants to be issued by Asterias to Series A common shareholders (in shares) | 8,000,000 | ' | ' |
Proceeds from issuance of common shares to a private investor | $23,810,421 | $0 | ' |
Exercise price of warrant (in dollars per share) | $6.59 | ' | $10 |
Common Class B [Member] | ' | ' | ' |
Asset Contribution Agreement [Line Items] | ' | ' | ' |
Stock issued during period (in shares) | 2,136,000 | ' | ' |
Number of warrants issued (in shares) | 350,000 | ' | ' |
Proceeds from issuance of common shares to a private investor | 5,000,000 | ' | ' |
Asterias Biotherapeutics [Member] | ' | ' | ' |
Asset Contribution Agreement [Line Items] | ' | ' | ' |
Stock issued during period (in shares) | 8,902,077 | ' | ' |
Number of warrants issued (in shares) | 8,000,000 | ' | ' |
Amount of contribution from investor | $5,000,000 | ' | ' |
Asterias Biotherapeutics [Member] | Common Class B [Member] | ' | ' | ' |
Asset Contribution Agreement [Line Items] | ' | ' | ' |
Number of warrants issued (in shares) | 3,150,000 | ' | ' |
Exercise price of warrant (in dollars per share) | $5 | ' | ' |
Warrant expiration term | '3 years | ' | ' |
OrthoCyte Corporation [Member] | ' | ' | ' |
Asset Contribution Agreement [Line Items] | ' | ' | ' |
Percentage of subsidiary stock contributed (in hundredths) | 10.00% | ' | ' |
Cell Cure Neurosciences, Ltd. [Member] | ' | ' | ' |
Asset Contribution Agreement [Line Items] | ' | ' | ' |
Percentage of subsidiary stock contributed (in hundredths) | 6.00% | ' | ' |
Segment_Information_Details
Segment Information (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Information [Abstract] | ' |
Number of operating segments | 1 |
Unaudited_Pro_Forma_Interim_Fi2
Unaudited Pro Forma Interim Financial Information - Nine Months Ended September 30, 2013 and 2012 (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Unaudited Pro Forma Interim Financial Information - Nine Months Ended September 30, 2013 and 2012 [Abstract] | ' | ' |
Revenues | $2,541,851 | $2,984,436 |
Net loss available to common shareholders | ($24,270,521) | $15,288,233 |
Net loss per common share - basic and diluted (in dollars per share) | ($0.45) | ($0.31) |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 01, 2013 | Oct. 01, 2013 | Oct. 01, 2013 | Oct. 01, 2013 | Oct. 01, 2013 | Oct. 01, 2013 | |
Series B common stock [Member] | Asterias Biotherapeutics [Member] | Asterias Biotherapeutics [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Series B common stock [Member] | Series B common stock [Member] | Asterias Biotherapeutics [Member] | Asterias Biotherapeutics [Member] | Geron [Member] | Geron [Member] | ||||||
Series B common stock [Member] | Series A common stock [Member] | ||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares held (in shares) | ' | ' | ' | ' | ' | ' | ' | 21,773,340 | ' | ' | 6,537,779 |
Number of warrants issued (in shares) | ' | ' | 350,000 | 8,000,000 | 3,150,000 | ' | 350,000 | ' | 3,150,000 | ' | ' |
Stock issued during period (in shares) | 2,594,156 | ' | 2,136,000 | 8,902,077 | ' | 840,267 | 2,136,000 | ' | ' | ' | ' |
Proceeds from issuance of common shares to a private investor | $23,810,421 | $0 | $5,000,000 | ' | ' | ' | $5,000,000 | ' | ' | ' | ' |
Bio Time potential ownership (in hundredths) | ' | ' | ' | 71.60% | ' | ' | ' | 71.60% | ' | ' | ' |
Geron ownership (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.40% | ' |
Percentage of equity interest owned by private investor (in hundredths) | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' |
Percentage of royalty sales (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' |
Percentage of royalty to be paid incase sales made by others (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Stock issued value during period | $11,571,953 | ' | ' | ' | ' | $3,200,000 | ' | ' | ' | ' | ' |