Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BIOTIME INC | |
Entity Central Index Key | 876343 | |
Current Fiscal Year End Date | -19 | |
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 | 83,266,153 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $25,829,533 | $29,486,909 |
Trade accounts and grants receivable, net | 866,180 | 1,041,856 |
Inventory | 299,308 | 266,022 |
Landlord receivable | 277,206 | 377,981 |
Prepaid expenses and other current assets | 1,271,895 | 1,231,789 |
Total current assets | 28,544,122 | 32,404,557 |
Equipment, net and construction in progress (see Note 4) | 2,864,669 | 2,857,846 |
Deferred license and consulting fees | 309,458 | 336,833 |
Deposits | 443,003 | 443,289 |
Other long-term assets | 7,916 | 9,985 |
Intangible assets, net | 37,534,302 | 38,848,396 |
TOTAL ASSETS | 69,703,470 | 74,900,906 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 6,322,407 | 6,803,173 |
Capital lease liability, current portion | 57,500 | 57,500 |
Related party convertible debt, net of discount | 169,908 | 60,237 |
Deferred grant income | 1,474,300 | 0 |
Deferred license and subscription revenue, current portion | 178,546 | 208,357 |
Total current liabilities | 8,202,661 | 7,129,267 |
LONG-TERM LIABILITIES | ||
Deferred tax liabilities, net | 3,337,662 | 4,514,362 |
Deferred rent liabilities, net of current portion | 34,967 | 97,280 |
Lease liability | 560,970 | 377,981 |
Capital lease, net of current portion | 17,307 | 31,290 |
Other long term liabilities | 38,119 | 27,961 |
Total long-term liabilities | 3,989,025 | 5,048,874 |
Commitments and contingencies | ||
SHAREHOLDERS' EQUITY | ||
Series A Convertible Preferred shares, no par value, authorized 2,000,000 shares as of March 31, 2015 and December 31, 2014; 70,000 issued and outstanding as of March 31, 2015 and December 31, 2014 | 3,500,000 | 3,500,000 |
Common shares, no par value, authorized 125,000,000 shares as of March 31, 2015 and December 31, 2014; 83,210,775 issued and 78,316,833 outstanding as of March 31, 2015 and 83,121,698 issued and 78,227,756 outstanding at December 31, 2014 | 234,751,802 | 234,842,998 |
Contributed capital | 7,145 | 7,145 |
Accumulated other comprehensive income | 238,820 | 185,835 |
Accumulated deficit | -192,357,575 | -182,190,207 |
Treasury stock at cost: 4,893,942 shares at March 31, 2015 and at December 31, 2014 | -19,889,788 | -19,889,788 |
BioTime, Inc. shareholders' equity | 26,250,404 | 36,455,983 |
Non-controlling interest | 31,261,380 | 26,266,782 |
Total shareholders' equity | 57,511,784 | 62,722,765 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $69,703,470 | $74,900,906 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
SHAREHOLDERS' EQUITY | ||
Series A Convertible Preferred Shares, par value (in dollars per share) | $0 | $0 |
Series A Convertible Preferred Shares, authorized (in shares) | 2,000,000 | 2,000,000 |
Series A Convertible Preferred Shares, issued (in shares) | 70,000 | 70,000 |
Series A Convertible Preferred shares outstanding (in shares) | 70,000 | 70,000 |
Common shares, par value (in dollars per share) | $0 | $0 |
Common shares, authorized (in shares) | 125,000,000 | 125,000,000 |
Common shares, issued (in shares) | 83,210,775 | 83,121,698 |
Common shares, outstanding (in shares) | 78,316,833 | 78,227,756 |
Treasury stock (in shares) | 4,893,942 | 4,893,942 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
REVENUES: | ||
License fees | $319,146 | $294,504 |
Royalties from product sales | 156,550 | 97,886 |
Grant income | 698,839 | 575,659 |
Sale of research products and services | 89,919 | 98,586 |
Total revenues | 1,264,454 | 1,066,635 |
Cost of sales | -264,167 | -131,914 |
Gross Profit | 1,000,287 | 934,721 |
OPERATING EXPENSES: | ||
Research and development | 9,323,510 | 8,405,393 |
General and administrative | 5,178,800 | 3,667,171 |
Total operating expenses | 14,502,310 | 12,072,564 |
Loss from operations | -13,502,023 | -11,137,843 |
OTHER INCOME/(EXPENSES): | ||
Interest expense, net | -25,461 | -8,384 |
Other income/(expense), net | -239,453 | 69,170 |
Total other income/(expenses), net | -264,914 | 60,786 |
LOSS BEFORE INCOME TAX BENEFITS | -13,766,937 | -11,077,057 |
Deferred income tax benefit | 1,176,882 | 1,349,026 |
NET LOSS | -12,590,055 | -9,728,031 |
Net loss attributable to non-controlling interest | 2,422,687 | 1,629,017 |
NET LOSS ATTRIBUTABLE TO BIOTIME, INC. | ($10,167,368) | ($8,099,014) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share) | ($0.13) | ($0.14) |
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING: BASIC AND DILUTED (in shares) | 78,261,788 | 58,257,427 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) [Abstract] | ||
NET LOSS | ($12,590,055) | ($9,728,031) |
Change in foreign currency translation and other comprehensive income/(loss) from equity investments: | ||
Unrealized loss on exchange translation in foreing subsidiaries | -53,323 | -104,590 |
Unrealized gain/(loss) on available-for-sale securities, net of taxes | 338 | -2,650 |
COMPREHENSIVE LOSS | -12,643,040 | -9,835,271 |
Less: Comprehensive loss attributable to non-controlling interest | 2,422,687 | 1,629,017 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO BIOTIME, INC. COMMON SHAREHOLDERS | ($10,220,353) | ($8,206,254) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss attributable to BioTime, Inc. | ($10,167,368) | ($8,099,014) |
Net loss attributable to non-controlling interest | -2,422,687 | -1,629,017 |
Adjustments to reconcile net loss attributable to BioTime, Inc. to net cash used in operating activities: | ||
Depreciation expense | 262,600 | 256,945 |
Amortization of intangible assets | 1,314,094 | 1,367,998 |
Amortization of deferred consulting fees | 0 | 16,279 |
Amortization of deferred license fees | 27,375 | 27,375 |
Amortization of deferred license, royalty and subscription revenues | 0 | -280 |
Amortization of prepaid rent in common stock | 21,146 | 21,146 |
Stock-based compensation | 1,914,407 | 801,554 |
Amortization of discount on related party convertible debt | 49,697 | 0 |
Accrued interest on convertible debt | 3,531 | 0 |
Loss on sale or write-off of equipment | 0 | 8,576 |
Deferred income tax benefit | -1,176,882 | -1,349,026 |
Deferred grant income | 1,474,300 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | -56,598 | -24,441 |
Grant receivable | 228,191 | 202,122 |
Inventory | -33,286 | -57,894 |
Prepaid expenses and other current assets | -60,769 | -375,224 |
Accounts payable and accrued liabilities | -365,175 | -1,276,211 |
Other long term liabilities | 10,727 | -185,717 |
Deferred rent liabilities | -62,313 | -5,040 |
Deferred revenues | -29,811 | -57,402 |
Net cash used in operating activities | -9,068,821 | -10,357,271 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of equipment | -77,007 | -231,921 |
Payments on construction in progress (see Note 4) | -296,382 | 0 |
Proceeds from the sale of equipment | 0 | 4,000 |
Security deposit paid, net | 0 | -299,697 |
Cash used in investing activities | -373,389 | -527,618 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercises of stock options | 346,713 | 58,500 |
Proceeds from sale of preferred stock | 0 | 3,500,000 |
Proceeds from issuance of common shares | 0 | 8,182,559 |
Fees paid on sale of common stock | 0 | -212,046 |
Proceeds from sale of treasury stock and subsidiary warrants | 0 | 599,472 |
Reimbursement from landlord on construction in progress (see Note 4) | 283,764 | 0 |
Repayment of capital lease obligation | -13,983 | 0 |
Proceeds from sale of common shares of subsidiary | 5,499,995 | 0 |
Fees paid on sale of common shares of subsidiary | -432,631 | 0 |
Net cash provided by financing activities | 5,683,858 | 12,128,485 |
Effect of exchange rate changes on cash and cash equivalents | 100,976 | -101,240 |
NET CHANGE IN CASH AND CASH EQUIVALENTS: | -3,657,376 | 1,142,356 |
CASH AND CASH EQUIVALENTS: | ||
At beginning of the period | 29,486,909 | 5,495,478 |
At end of the period | $25,829,533 | $6,637,834 |
Organization_Basis_of_Presenta
Organization, Basis of Presentation, and Liquidity | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Organization, Basis of Presentation, and Liquidity [Abstract] | ||||
Organization, Basis of Presentation, and Liquidity | 1 | Organization, Basis of Presentation, and Liquidity | ||
General – BioTime is a biotechnology company focused on 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 are developing stem cell products for research and therapeutic use. BioTime’s primary therapeutic products are based on its HyStem® hydrogel technology and include Renevia™ a product currently in clinical trials in Europe to facilitate cell transplantation; ReGlyde™ a product under development for tendon surgery applications; and Premvia™ for which 510(k) certification has been received for use in wound-management. Asterias Biotherapeutics, Inc. (“Asterias,” NYSE MKT: AST) is developing pluripotent stem-cell based therapies in neurology and oncology, including AST-OPC1 neural cells in spinal cord injury, and AST-VAC2, a pluripotent stem cell-derived cancer vaccine. OncoCyte Corporation (“OncoCyte”) is developing products and technologies to diagnose cancer. ES Cell International Pte Ltd. (“ESI”), a Singapore private limited company, is providing its National Institutes of Health (“NIH”) approved hES cell lines, manufactured under current good manufacturing practices (‘cGMP”), to pre-researchers focused on clinical applications through BioTime’s ESI BIO division. OrthoCyte Corporation (“OrthoCyte”) is developing therapies to treat orthopedic disorders, diseases and injuries. ReCyte Therapeutics, Inc. (“ReCyte Therapeutics”) is developing therapies to treat a variety of cardiovascular and related ischemic disorders, as well as related products for research. 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. Research products and services are marketed through LifeMap Sciences Inc. and BioTime’s ESI BIO division. LifeMap Sciences, Inc. (“LifeMap Sciences”) markets, sells and distributes GeneCards®, the leading human gene database and an integrated database suite that includes GeneCards®, the LifeMap Discovery® database of embryonic development, stem cell research and regenerative medicine, and MalaCards™, the human disease database, and the analysis tools VarElect™, a powerful, yet easy-to-use application for prioritizing gene variants resulting from next generation sequencing experiments, and GeneAnalytics™, a novel gene set analysis tool. LifeMap Sciences’ subsidiary LifeMap Solutions, Inc. (“LifeMap Solutions”) is developing mobile health software products in partnership with the Icahn Institute for Genomics and Multiscale Biology. | ||||
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 technologies 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. These products are developed internally or in conjunction with BioTime’s subsidiaries and marketed through BioTime’s ESI BIO division. Products for the research market generally can be sold without regulatory (United States Food and Drug Administration (“FDA”)) approval, 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 now derived primarily from research grants, from licensing fees and advertising from the marketing of the LifeMap Sciences database products, and from the sale of products for research. | ||||
The unaudited condensed consolidated interim balance sheet as of March 31, 2015, the unaudited condensed consolidated interim statements of operations and statements of comprehensive loss for the three months ended March 31, 2015 and 2014, and the unaudited condensed consolidated interim statements of cash flows for the three months ended March 31, 2015 and 2014 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 March 31, 2015 have been made. The consolidated balance sheet as of December 31, 2014 is derived from the Company’s annual audited financial statements as of that date. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the operating results anticipated for the full year of 2015. | ||||
Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted as permitted by regulations of the Securities and Exchange Commission (“SEC”) except for the consolidated balance sheet as of December 31, 2014, which was derived from audited financial statements. Certain previously furnished amounts have been reclassified to conform with presentations made during the current periods. It is suggested that these condensed consolidated interim financial statements be read in conjunction with the annual audited consolidated financial statements and notes thereto included in BioTime’s Annual Report on Form 10-K for the year ended December 31, 2014. | ||||
Use of estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. ("GAAP") 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. | ||||
Principles of consolidation – BioTime’s consolidated financial statements include the accounts of its subsidiaries. The following table reflects BioTime’s ownership, directly or through one or more subsidiaries, of the outstanding shares of its subsidiaries as of March 31, 2015. | ||||
BioTime | ||||
Subsidiary | Field of Business | Ownership | Country | |
Asterias Biotherapeutics, Inc. (NYSE MKT: AST) | Research, development and commercialization of human therapeutic products from stem cells, focused initially in the fields of neurology and oncology | 67.50% | USA | |
BioTime Asia, Limited | Stem cell products for research | 81% | Hong Kong | |
Cell Cure Neurosciences Ltd. | Age-related macular degeneration | 62.5%(1) | Israel | |
ES Cell International Pte Ltd | Stem cell products for research, including clinical grade cell lines produced under cGMP | 100% | Singapore | |
LifeMap Sciences, Inc. | Biomedical, gene, disease, and stem cell databases and tools | 75.80% | USA | |
LifeMap Sciences, Ltd. | Biomedical, gene, disease, and stem cell databases and tools | -2 | Israel | |
LifeMap Solutions, Inc. | Mobile health software | -2 | USA | |
OncoCyte Corporation | Cancer diagnostics | 75.30% | USA | |
OrthoCyte Corporation | Orthopedic diseases, including chronic back pain and osteoarthritis | 100%(3) | USA | |
ReCyte Therapeutics, Inc. | Vascular disorders, including cardiovascular-related diseases, ischemic conditions, vascular injuries | 94.80% | USA | |
Stem cell-derived endothelial and cardiovascular related progenitor cells that have applications in research, drug testing, and therapeutics | ||||
-1 | Includes shares owned by BioTime, Asterias, and ESI. | |||
-2 | LifeMap Sciences, Ltd. and LifeMap Solutions, Inc. are wholly-owned subsidiaries of LifeMap Sciences, Inc. | |||
-3 | Includes shares owned by BioTime and Asterias. | |||
All material intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements are presented in accordance with GAAP and with the accounting and reporting requirements of SEC Regulation S-X. As of March 31, 2015, BioTime consolidated Asterias, ReCyte Therapeutics, OncoCyte, OrthoCyte, ESI, Cell Cure Neurosciences, BioTime Asia, Limited (“BioTime Asia”), LifeMap Sciences, LifeMap Sciences, Ltd., and LifeMap Solutions, Inc. as BioTime has the ability to control their operating and financial decisions and policies through its ownership, and the non-controlling interest is reflected as a separate element of shareholders' equity on BioTime’s consolidated balance sheets. | ||||
Liquidity – Since inception, BioTime has incurred significant operating losses and has funded its operations primarily through the issuance of equity securities, payments from research grants, royalties from product sales and sales of research products and services. At March 31, 2015, BioTime had an accumulated deficit of $192,357,575, working capital of $20,341,461 and shareholders’ equity of $57,511,784. BioTime has evaluated its projected cash flows for it and its subsidiaries and believes that its cash and cash equivalents of $25,829,533 as of March 31, 2015, will be sufficient to fund its operations at least through 2015. However, clinical trials being conducted by BioTime’s subsidiaries, Asterias and Cell Cure Neurosciences will be funded in part with funds from grants and not from cash on hand. If Asterias or Cell Cure Neurosciences were to lose its grant funding it may be required to delay, postpone, or cancel its clinical trials or limit the number of clinical trial sites, or otherwise reduce or curtail its operations unless it is able to obtain from another source adequate financing that could be used for its clinical trial. | ||||
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 their products; the availability of ingredients used in their products; and the availability of reimbursement for the cost of their therapeutic and diagnostic products and medical devices (and related treatment) from government health administration authorities, private health coverage insurers, and other organizations. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2015 | ||
Summary of Significant Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies |
Revenue recognition – BioTime complies with ASC 605-10 and recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Grant income and the sale of research products and services are recognized as revenue when earned. Revenues from the sale of research products and services are primarily derived from the sale of hydrogels and stem cell products. Royalty revenues consist of product royalty payments. License fee revenues consist primarily of subscription and advertising revenue from LifeMap Sciences’ online databases and are recognized based upon respective subscription or advertising periods. Other license fees under certain license agreements were recognized during prior periods when earned and reasonably estimable. Royalties earned on product sales are recognized as revenue in the quarter in which the royalty reports are received from the licensee, 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. | ||
Cash and cash equivalents – BioTime considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||
Trade accounts and grants receivable, net – Net trade receivables amounted to approximately $605,800 and $549,300 and grants receivable amounted to approximately $260,300 and $492,600 as of March 31, 2015 and December 31, 2014, respectively. Net trade receivables include allowance for doubtful accounts of approximately $100,500 as of March 31, 2015 and December 31, 2014 for those amounts deemed uncollectible by BioTime. 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. | ||
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. | ||
Equipment, net and construction in progress – Equipment is stated at cost. Equipment and construction in progress is being depreciated using the straight-line method over a period of 36 to 120 months. Construction in progress is not depreciated until the underlying asset is placed into service. See Note 4. | ||
Intangible assets, net – Intangible assets with finite useful lives are amortized over their estimated useful lives and intangible assets with indefinite lives are not amortized but rather are tested at least annually for impairment. Acquired in-process research and development intangible assets are accounted for depending on whether they were acquired as part of an acquisition of a business, or as assets that do not constitute a business. When acquired in conjunction with the acquisition of a business, these assets are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts and are capitalized as an asset. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. However, when acquired in conjunction with an acquisition of assets that do not constitute a business (such as the acquisition of assets by Asterias from Geron Corporation), in accordance with the accounting rules in ASC 805-50, such intangible assets related to in-process research and development (“IPR&D”) are expensed upon acquisition. | ||
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 registered the BioTime common shares held by its subsidiaries for sale under the Securities Act of 1933, as amended (the “Securities Act”) to enhance the marketability of the shares. | ||
Warrants to purchase common stock – BioTime generally accounts for warrants issued in connection with equity financings as a component of equity. None of the warrants issued by BioTime as of March 31, 2015 include a conditional obligation to issue a variable number of shares; nor was there a deemed possibility that BioTime may need to settle the warrants in cash. | ||
Cost of sales – BioTime accounts for the cost of research products acquired for sale and any royalties paid as a result of any revenues in accordance with the terms of the respective licensing agreements as cost of sales on the consolidated statement of operations and comprehensive loss. | ||
Patent costs – Costs associated with obtaining patents on products or technology developed are expensed as research and development expenses when incurred. | ||
Reclassification – Certain prior year amounts have been reclassified to conform to the current year presentation. Trade and grant receivables are now reported separately from prepaid expenses and other current assets. | ||
Research and development – Research and development expenses consist of costs incurred for company-sponsored, collaborative and contracted research and development activities. These costs include direct and research-related overhead expenses including salaries, payroll taxes, consulting fees, research and laboratory fees, rent of research facilities, amortization of intangible assets, and license fees paid to third parties to acquire patents or licenses to use patents and other technology. BioTime expenses research and development costs as such costs are incurred. | ||
General and administrative - General and administrative expenses consist principally of compensation and related benefits, including stock-based compensation, for executive and corporate personnel; professional and consulting fees; and allocated overhead. | ||
Foreign currency translation gain and other comprehensive loss, foreign currency transaction gains and losses – In countries in which BioTime operates, where 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 or loss on the consolidated balance sheet. For the three months ended March 31, 2015 and 2014, other comprehensive loss includes losses of $52,985 and $107,240, respectively which is largely from foreign currency translation. | ||
For transactions denominated in other than the functional currency of BioTime, transactional gains and losses are recorded in other income and expense included in the consolidated statements of operations. For the three months ended March 31, 2015 and 2014, foreign currency transaction loss amounted to $205,149 and $10,212, respectively. | ||
Income taxes – BioTime accounts for income taxes in accordance with 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. Beginning October 1, 2013, Asterias began filing separate U.S. federal income tax returns but effectively BioTime combined Asterias’ tax provision with BioTime’s consolidated financial statements. For California, Asterias’ activity for 2013 and 2014 have been included in BioTime’s combined tax return. BioTime recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense, however, no amounts were accrued for the payment of interest and penalties as of March 31, 2015 and 2014. BioTime files a U.S. federal income tax return as well as various state and foreign income tax returns. In general, BioTime is no longer subject to tax examination by major taxing authorities for years before 2010. Although the statute is closed for purposes of assessing additional income and tax in those years, the taxing authorities may still make adjustments to the net operating loss and credit carryforwards used in open years. Therefore the statute should be considered open as it relates to the net operating loss and credit carryforwards. 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 year. | ||
An income tax benefit of approximately $1,177,000 was recorded for the three months ended March 31, 2015, of which approximately $1,251,000 of the benefit was related to federal offset by adjustment of $74,000 related to state taxes. For the same period in 2014, an income tax benefit of approximately $1,349,000 was recorded , of which approximately $1,151,000 of the benefit was related to federal and $198,000 was related to state taxes. | ||
Asterias established deferred tax liabilities primarily related to its acquisition of certain intellectual property. It is more likely than not that the Asterias deferred tax assets are fully realizable since these income tax benefits are expected to be available to offset such Asterias deferred tax liabilities. | ||
In June 2014, Asterias sold 5,000,000 BioTime shares which resulted in a taxable gain of approximately $10.3 million and a tax payable of $3.6 million. Asterias received the BioTime shares from BioTime as part of the consideration for the Asterias common stock and warrants issued to BioTime under an Asset Contribution Agreement among BioTime, Asterias, and Geron Corporation, a tax free transaction. This income tax liability was offset by available net operating losses, resulting in no cash income taxes due from that sale. This transaction was treated as a deemed distribution by Asterias and recorded against equity. | ||
Stock-based compensation – BioTime follows 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. Consistent with FASB guidelines, BioTime utilizes the Black-Scholes Merton option pricing model for valuing share-based payment awards. 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, derived from historical data on employee exercises and post-vesting employment termination behavior; and a risk-free interest 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 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 annually for impairment and 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 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 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. 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 of 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 the continued appropriateness of the 10 year estimated useful life for impairments that might occur earlier than the original expected useful lives. BioTime will review its amortization schedules for impairments that might occur earlier than the original expected useful lives. See Note 6. | ||
Loss per share – BioTime applies the two-class method for calculating basic earnings per share. Under the two-class method, net income, if any, will be reduced by preferred stock dividends and the residual amount is allocated between common stock and other participating securities based on their participation rights. Participating securities are comprised of Series A convertible preferred stock and participate in dividends, whether declared or not. Basic earnings per share is calculated by dividing net income or loss attributable to BioTime common shareholders by the weighted average number of shares of common stock outstanding, net of unvested restricted stock subject to repurchase by BioTime, if any, during the period. For periods in which BioTime reported a net loss, the participating securities are not contractually obligated to share in the losses of BioTime, and accordingly, no losses have been allocated to the participating securities. Diluted earnings per share is calculated by dividing the net income or loss attributable to BioTime common shareholders by the weighted average number of common shares outstanding, adjusted for the effects of potentially dilutive common stock, which are comprised of stock options and warrants, using the treasury-stock method, and convertible preferred stock, using the if-converted method. Because BioTime reported losses attributable to common stockholders for all periods presented, all potentially dilutive common stock are antidilutive for those periods. Diluted net loss per share for the three months ended March 31, 2015 and 2014 excludes any effect from 4,893,942 treasury shares, 4,266,605 options and 9,194,679 warrants and 10,546,137 treasury shares, 5,491,301 options and 9,751,615 warrants, respectively, because their inclusion 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. The carrying amounts of cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximate fair values because of the short-term nature of these items. | ||
Recently Issued Accounting Pronouncements – There have been no recent accounting pronouncements or changes in accounting pronouncments during the three months ended March 31, 2015, as compared to the recent accounting pronouncements described in the Comany's 2014 Annual Report on Form 10-K that are of significance or potential significance to the Company. | ||
Inventory
Inventory | 3 Months Ended | |
Mar. 31, 2015 | ||
Inventory [Abstract] | ||
Inventory | 3 | Inventory |
BioTime held $286,513 and $253,227 of inventory of finished products on-site at its corporate headquarters in Alameda, California at March 31, 2015 and December 31, 2014, respectively. Finished goods products of $12,795 were held by a third party on consignment at March 31, 2015 and December 31, 2014. |
Equipment_net_and_construction
Equipment, net and construction in progress | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equipment, net, and construction in progress [Abstract] | |||||||||
Equipment, net, and construction in progress | 4 | Equipment, net and construction in progress | |||||||
At March 31, 2015 and December 31, 2014, equipment, furniture and fixtures, and construction in progress were comprised of the following: | |||||||||
31-Mar-15 | December 31, | ||||||||
(Unaudited) | 2014 | ||||||||
Equipment, furniture and fixtures | $ | 4,928,857 | $ | 4,870,516 | |||||
Construction in progress | 606,641 | 405,730 | |||||||
Accumulated depreciation | (2,670,829 | ) | (2,418,400 | ) | |||||
Equipment net, and construction in progress | $ | 2,864,669 | $ | 2,857,846 | |||||
Equipment, furniture and fixtures, and construction in progress at March 31, 2015 include $115,000 financed by capital lease borrowings in June 2014 and $606,641 of construction in progress for Asterias’ Fremont facility. Depreciation expense amounted to $262,600 and $256,945 for the three months ended March 31, 2015 and 2014, respectively. The difference between the depreciation expense recognized in the consolidated statement of operations and the increase in accumulated depreciation of $252,429 in the consolidated balance sheet is partially attributed to the sale of partially depreciated assets and foreign currency rates. | |||||||||
Construction in progress | |||||||||
Construction in progress of $606,641 as of March 31, 2015 entirely relates to the improvements for Asterias' Fremont facility. Under the terms of the lease agreement, the landlord has provided Asterias with a tenant improvement allowance of $4,400,000, which Asterias is using to construct a laboratory and production facility that can be used to produce human embryonic stem cell and related products under cGMP. Of the $606,641, $560,970 qualify for reimbursement under the tenant improvement allowance. As of March 31, 2015, we received $283,764 from the landlord. The facility is expected to be substantially completed and placed into service in the third quarter of 2015. |
Intangible_assets_net
Intangible assets, net | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Intangible assets, net [Abstract] | |||||||||
Intangible assets, net | 5 | Intangible assets, net | |||||||
At March 31, 2015 and December 31, 2014, intangible assets and intangible assets net of amortization were comprised of the following: | |||||||||
31-Mar-15 | December 31, | ||||||||
(Unaudited) | 2014 | ||||||||
Intangible assets | $ | 52,562,549 | $ | 52,562,549 | |||||
Accumulated amortization | (15,028,247 | ) | (13,714,153 | ) | |||||
Intangible assets, net | $ | 37,534,302 | $ | 38,848,396 | |||||
BioTime amortizes its intangible assets generally over an estimated period of 10 years on a straight line basis. BioTime recognized $1,314,094 and $1,367,998 in amortization expense of intangible assets, included in research and development, during the three months ended March 31, 2015 and 2014, respectively. |
Royalty_Obligation_and_Deferre
Royalty Obligation and Deferred License Fees | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Royalty Obligation and Deferred License Fees [Abstract] | ||||
Royalty Obligation and Deferred License Fees | 6 | 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 of 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. | ||||
As of March 31, 2015, future amortization of deferred license fees described above was as follows: | ||||
Year Ended December 31, | Deferred | |||
License Fees | ||||
2015 | $82,125 | |||
2016 | 109,500 | |||
2017 | 109,500 | |||
2018 | 73,667 | |||
2019 | 24,083 | |||
Thereafter | 20,083 | |||
Total | $418,958 | |||
The current portion in the amount of $109,500 is included in prepaid expenses and other current assets. The noncurrent portion in the amount of $309,458 is included in deferred license and consulting fees. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities | 7 | Accounts Payable and Accrued Liabilities | |||||||
At March 31, 2015 and December 31, 2014, accounts payable and accrued liabilities consisted of the following: | |||||||||
31-Mar-15 | December 31, | ||||||||
(Unaudited) | 2014 | ||||||||
Accounts payable | $ | 2,707,437 | $ | 2,296,645 | |||||
Accrued expenses | 3,092,030 | 3,125,023 | |||||||
Accrued bonuses | 240,689 | 964,189 | |||||||
Other current liabilities | 282,251 | 417,316 | |||||||
Total | $ | 6,322,407 | $ | 6,803,173 |
Related_Party_Transactions_and
Related Party Transactions and Related Party Convertible Debt | 3 Months Ended | |
Mar. 31, 2015 | ||
Related Party Transactions and Related Party Convertible Debt [Abstract] | ||
Related Party Transactions and Related Party Convertible Debt | 8 | Related Party Transactions and Related Party Convertible Debt |
BioTime currently pays $5,050 per month for the use of approximately 900 square feet of office space in New York City, which is made available to BioTime on a month-by-month basis by one of its directors at his cost for use in conducting meetings and other business affairs. | ||
In February 2015, Asterias raised approximately $5.5 million in aggregate gross proceeds from the sale of 1,410,255 shares of Series A Common Stock at a price of $3.90 per share through an underwritten public offering and a private placement. Broadwood Partners, L.P., British & American Investment Trust PLC and Pedro Lichtinger purchased an aggregate of 1,025,640 of the shares. Broadwood Partners, L.P. is BioTime’s largest shareholder and one of its directors, Neal C. Bradsher, is President, and one of Asterias’ directors, Richard T. LeBuhn, is Senior Vice President, of Broadwood Capital, Inc., the investment manager of Broadwood Partners, L.P. Pedro Lichtinger is Asterias’ Chief Executive Officer and a member of its Board of Directors. British & American Investment Trust PLC is an affiliate of a stockholder of Asterias and BioTime. | ||
In July and September 2014, Cell Cure Neurosciences issued certain convertible notes (the “Convertible Notes”) to two Cell Cure Neurosciences shareholders other than BioTime in the principal amount of $470,876. One of the Cell Cure Neurosciences shareholders who acquired Convertible Notes is considered a related party. The functional currency of Cell Cure Neurosciences is the Israeli New Shekel, however the Convertible Notes are payable in United States dollars. The Convertible Notes bear a stated interest rate of 3% per annum. The total outstanding principal balance of the Convertible Notes, with accrued interest, is due and payable on various maturity dates in July and September 2017. The outstanding principal balance of the Convertible Notes with accrued interest is convertible into Cell Cure Neurosciences ordinary shares at a fixed conversion price of $20.00 per share, at the election of the holder, at any time prior to maturity. Any conversion of the Convertible Notes must be settled with Cell Cure Neurosciences ordinary shares and not with cash. The conversion feature of the Convertible Notes is not accounted for as an embedded derivative under the provisions of ASC 815, Derivatives and Hedging since it is not a freestanding financial instrument and the underlying Cell Cure Neurosciences ordinary shares are not readily convertible into cash. Accordingly, the Convertible Notes are accounted for under ASC 470-20, Debt with Conversion and Other Options. Under ASC 470-20, BioTime determined that a beneficial conversion feature (“BCF”) was present on the issuance dates of the Convertible Notes. | ||
A conversion feature is beneficial if, on the issuance dates, the effective conversion price is less than the fair value of the issuer’s capital stock. Since the effective conversion price of $20.00 per share is less than the estimated $41.00 per share fair value of Cell Cure Neurosciences ordinary shares on the dates the Convertible Notes were issued, a beneficial conversion feature equal to the intrinsic value is present. In accordance with ASC 470-20-30-8, if the intrinsic value of the BCF is greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF is limited to the amount of the proceeds allocated to the convertible instrument. The BCF is recorded as an addition to equity with a corresponding reduction to the carrying value of the convertible debt instrument. In the case of the Convertible Notes, this reduction represents a debt discount equal to the principal amount of $470,876 on the issuance dates. This debt discount will be amortized to interest expense using the effective interest method over the three-year term of the debt, representing an approximate effective annual interest rate of 23%. As of March 31, 2015, the carrying value of the Convertible Notes was $169,908, comprised of principal and accrued interest of $534,816, net of unamortized debt discount of $364,908. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | |
Mar. 31, 2015 | ||
Shareholders' Equity [Abstract] | ||
Shareholders' Equity | 9 | Shareholders' Equity |
Preferred Shares | ||
BioTime is authorized to issue 2,000,000 shares of preferred stock. 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, preferences, 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 March 31, 2015, BioTime had 70,000 outstanding shares of Series A Convertible Preferred Stock (“Series A Preferred Stock”). The Series A Preferred Stock carries a cumulative annual 3% preferred dividend or $1.50 per share, in preference to BioTime common shares. Each share of Series A Preferred Stock is convertible, at the election of the holder, into BioTime common shares at a conversion price of $4.00 per share, a current conversion ratio of 12.5 common shares for each share of Series A Preferred Stock. | ||
In addition to the preferred dividend, the Series A Preferred Stock will be entitled to participate with BioTime common shares in any dividends or distributions on common shares (other than dividends and distributions of common shares resulting in an adjustment of the conversion price) as if all shares of Series A Preferred Stock were then converted into common shares. | ||
All outstanding Series A Preferred Stock will automatically be converted into common shares on March 4, 2019, or if holders of a majority of the outstanding shares of Series A Preferred Stock, voting as a class, approve or consent to a conversion. The conversion price is subject to prorata adjustment in the event of a subdivision or reclassification of the common shares into a greater number of shares, a stock dividend paid in common shares, or a stock combination or reclassification of the common shares into a smaller number of shares. | ||
The Series A Preferred Stock will be entitled to vote with common shares on all matters submitted to common shareholders for approval. Each share of Series A Preferred Stock will be entitled to a number of votes equal to the number of common shares into which it could then be converted. The Series A Preferred Stock will also vote as a separate class on certain matters affecting those shares. | ||
In the event of a liquidation or dissolution of BioTime, holders of Series A Preferred Stock will be entitled to receive payment of any accrued but unpaid preferred dividends before any assets may be distributed to holders of common shares. After payment of the accrued dividends, the Series A Preferred Stock will participate with the common shares in the distribution of any assets available to shareholders, as if the Series A Preferred Stock was then converted into common shares. | ||
Common Shares | ||
BioTime is authorized to issue 125,000,000 common shares with no par value. As of March 31, 2015, BioTime had 83,210,775 issued and 78,316,833 outstanding common shares. As of December 31, 2014, BioTime had 83,121,698 issued and 78,227,756 outstanding common shares. The difference of 4,893,942 common shares as of March 31, 2015 and December 31, 2014 is attributed to shares held by BioTime subsidiaries which are accounted for as treasury stock on the condensed consolidated balance sheet. | ||
During the three months ended March 31, 2015 and 2014, BioTime granted 440,000 and 1,205,000 options, respectively, under its 2012 Equity Incentive Plan. | ||
During the three months ended March 31, 2015, 89,077 options and no warrants were exercised. |
Sales_of_BioTime_Common_Shares
Sales of BioTime Common Shares by Subsidiaries | 3 Months Ended | |
Mar. 31, 2015 | ||
Sales of BioTime Common Shares by Subsidiaries [Abstract] | ||
Sales of BioTime Common Shares by Subsidiaries | 10 | Sales of BioTime Common Shares by Subsidiaries |
Certain BioTime subsidiaries hold BioTime common shares that the subsidiaries received from BioTime in exchange for capital stock in the subsidiaries. The BioTime common shares held by subsidiaries are treated as treasury stock by BioTime and BioTime does not recognize a gain or loss on the sale of those shares by its subsidiaries. | ||
During June 2014, Asterias sold 5,000,000 of its BioTime common shares with warrants to purchase 5,000,000 shares of Asterias Series B common stock to two investors for $12,500,000 in cash. Broadwood Partners, L.P., purchased 1,000,000 of the BioTime common shares with 1,000,000 Asterias warrants and a trust previously established by George Karfunkel purchased 4,000,000 of the BioTime common shares with 4,000,000 Asterias warrants. |
Segment_Information
Segment Information | 3 Months Ended | |
Mar. 31, 2015 | ||
Segment Information [Abstract] | ||
Segment Information | 11 | Segment Information |
BioTime's executive management team, as a group, represents the entity's chief operating decision makers. To date, BioTime’s executive management team 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. |
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Mar. 31, 2015 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 12 | Subsequent Events |
In April 2015, Asterias received $1,062,023 from the California Institute for Regenerative Medicine as quarterly installment payment of a $14.3 million research grant awarded during 2014. | ||
On May 8, 2015, OncoCyte Corporation accepted subscriptions for 3,000,000 shares of its common stock to two for $3,300,000 in cash from two of its shareholders, including a subscription for 1,000,000 shares from George Karfunkel, a beneficial owner of more than 5% of the outstanding common shares of BioTime. Concurrently, BioTime purchased 3,000,000 shares of OncoCyte common stock in exchange for the cancelation of $3,300,000 of indebtedness owed to BioTime by OncoCyte, and OncoCyte delivered to BioTime a convertible promissory note (the “Note”) for an additional $3,300,000 of OncoCyte’s indebtedness to BioTime. The Note will bear interest at the rate of 1% per annum and will mature and be payable on November 30, 2016. BioTime will have the right to convert the principal amount of the Note plus accrued interest into shares of OncoCyte common stock at a conversion price of $1.10 per share commencing on the earliest of November 8, 2016, or six months after OncoCyte completes an initial underwritten public offering of its common stock, or upon the occurrence of an “Event of Default” as defined in the Note. An Event of Default includes a failure of OncoCyte to pay any amount due on the Note or the commencement of bankruptcy proceedings by or against OncoCyte or the occurrence of certain insolvency related events, the dissolution or liquidation of OncoCyte, or any material breach or default by OncoCyte under any loan agreement, promissory note, or other instrument evidencing indebtedness payable to a third party. The conversion price is subject to pro rata adjustment in the event of a stock split, combination, reclassification, or similar event. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Revenue recognition | Revenue recognition – BioTime complies with ASC 605-10 and recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured. Grant income and the sale of research products and services are recognized as revenue when earned. Revenues from the sale of research products and services are primarily derived from the sale of hydrogels and stem cell products. Royalty revenues consist of product royalty payments. License fee revenues consist primarily of subscription and advertising revenue from LifeMap Sciences’ online databases and are recognized based upon respective subscription or advertising periods. Other license fees under certain license agreements were recognized during prior periods when earned and reasonably estimable. Royalties earned on product sales are recognized as revenue in the quarter in which the royalty reports are received from the licensee, 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. |
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. |
Trade accounts and grants receivable, net | Trade accounts and grants receivable, net – Net trade receivables amounted to approximately $605,800 and $549,300 and grants receivable amounted to approximately $260,300 and $492,600 as of March 31, 2015 and December 31, 2014, respectively. Net trade receivables include allowance for doubtful accounts of approximately $100,500 as of March 31, 2015 and December 31, 2014 for those amounts deemed uncollectible by BioTime. 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 |
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. |
Equipment, net | Equipment, net and construction in progress – Equipment is stated at cost. Equipment and construction in progress is being depreciated using the straight-line method over a period of 36 to 120 months. Construction in progress is not depreciated until the underlying asset is placed into service. See Note 4. |
Intangible assets, net | Intangible assets, net – Intangible assets with finite useful lives are amortized over their estimated useful lives and intangible assets with indefinite lives are not amortized but rather are tested at least annually for impairment. Acquired in-process research and development intangible assets are accounted for depending on whether they were acquired as part of an acquisition of a business, or as assets that do not constitute a business. When acquired in conjunction with the acquisition of a business, these assets are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts and are capitalized as an asset. If and when development is complete, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time. However, when acquired in conjunction with an acquisition of assets that do not constitute a business (such as the acquisition of assets by Asterias from Geron Corporation), in accordance with the accounting rules in ASC 805-50, such intangible assets related to in-process research and development (“IPR&D”) are expensed upon acquisition. |
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 registered the BioTime common shares held by its subsidiaries for sale under the Securities Act of 1933, as amended (the “Securities Act”) to enhance the marketability of the shares. |
Warrants to purchase common stock | Warrants to purchase common stock – BioTime generally accounts for warrants issued in connection with equity financings as a component of equity. None of the warrants issued by BioTime as of March 31, 2015 include a conditional obligation to issue a variable number of shares; nor was there a deemed possibility that BioTime may need to settle the warrants in cash. |
Cost of sales | Cost of sales – BioTime accounts for the cost of research products acquired for sale and any royalties paid as a result of any revenues in accordance with the terms of the respective licensing agreements as cost of sales on the consolidated statement of operations and comprehensive loss. |
Patent costs | Patent costs – Costs associated with obtaining patents on products or technology developed are expensed as research and development expenses when incurred. |
Reclassification | Reclassification – Certain prior year amounts have been reclassified to conform to the current year presentation. Trade and grant receivables are now reported separately from prepaid expenses and other current assets. |
Research and development | Research and development – Research and development expenses consist of costs incurred for company-sponsored, collaborative and contracted research and development activities. These costs include direct and research-related overhead expenses including salaries, payroll taxes, consulting fees, research and laboratory fees, rent of research facilities, amortization of intangible assets, and license fees paid to third parties to acquire patents or licenses to use patents and other technology. BioTime expenses research and development costs as such costs are incurred. |
General and administrative | General and administrative - General and administrative expenses consist principally of compensation and related benefits, including stock-based compensation, for executive and corporate personnel; professional and consulting fees; and allocated overhead. |
Foreign currency translation gain and other comprehensive loss | Foreign currency translation gain and other comprehensive loss, foreign currency transaction gains and losses – In countries in which BioTime operates, where 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 or loss on the consolidated balance sheet. For the three months ended March 31, 2015 and 2014, other comprehensive loss includes losses of $52,985 and $107,240, respectively which is largely from foreign currency translation. |
For transactions denominated in other than the functional currency of BioTime, transactional gains and losses are recorded in other income and expense included in the consolidated statements of operations. For the three months ended March 31, 2015 and 2014, foreign currency transaction loss amounted to $205,149 and $10,212, respectively. | |
Income taxes | Income taxes – BioTime accounts for income taxes in accordance with 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. Beginning October 1, 2013, Asterias began filing separate U.S. federal income tax returns but effectively BioTime combined Asterias’ tax provision with BioTime’s consolidated financial statements. For California, Asterias’ activity for 2013 and 2014 have been included in BioTime’s combined tax return. BioTime recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense, however, no amounts were accrued for the payment of interest and penalties as of March 31, 2015 and 2014. BioTime files a U.S. federal income tax return as well as various state and foreign income tax returns. In general, BioTime is no longer subject to tax examination by major taxing authorities for years before 2010. Although the statute is closed for purposes of assessing additional income and tax in those years, the taxing authorities may still make adjustments to the net operating loss and credit carryforwards used in open years. Therefore the statute should be considered open as it relates to the net operating loss and credit carryforwards. 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 year. |
An income tax benefit of approximately $1,177,000 was recorded for the three months ended March 31, 2015, of which approximately $1,251,000 of the benefit was related to federal offset by adjustment of $74,000 related to state taxes. For the same period in 2014, an income tax benefit of approximately $1,349,000 was recorded , of which approximately $1,151,000 of the benefit was related to federal and $198,000 was related to state taxes. | |
Asterias established deferred tax liabilities primarily related to its acquisition of certain intellectual property. It is more likely than not that the Asterias deferred tax assets are fully realizable since these income tax benefits are expected to be available to offset such Asterias deferred tax liabilities. | |
In June 2014, Asterias sold 5,000,000 BioTime shares which resulted in a taxable gain of approximately $10.3 million and a tax payable of $3.6 million. Asterias received the BioTime shares from BioTime as part of the consideration for the Asterias common stock and warrants issued to BioTime under an Asset Contribution Agreement among BioTime, Asterias, and Geron Corporation, a tax free transaction. This income tax liability was offset by available net operating losses, resulting in no cash income taxes due from that sale. This transaction was treated as a deemed distribution by Asterias and recorded against equity. | |
Stock-based compensation | Stock-based compensation – BioTime follows 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. Consistent with FASB guidelines, BioTime utilizes the Black-Scholes Merton option pricing model for valuing share-based payment awards. 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, derived from historical data on employee exercises and post-vesting employment termination behavior; and a risk-free interest 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 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 annually for impairment and 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 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 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. 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 of 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 the continued appropriateness of the 10 year estimated useful life for impairments that might occur earlier than the original expected useful lives. BioTime will review its amortization schedules for impairments that might occur earlier than the original expected useful lives. See Note 6. |
Loss per share | Loss per share – BioTime applies the two-class method for calculating basic earnings per share. Under the two-class method, net income, if any, will be reduced by preferred stock dividends and the residual amount is allocated between common stock and other participating securities based on their participation rights. Participating securities are comprised of Series A convertible preferred stock and participate in dividends, whether declared or not. Basic earnings per share is calculated by dividing net income or loss attributable to BioTime common shareholders by the weighted average number of shares of common stock outstanding, net of unvested restricted stock subject to repurchase by BioTime, if any, during the period. For periods in which BioTime reported a net loss, the participating securities are not contractually obligated to share in the losses of BioTime, and accordingly, no losses have been allocated to the participating securities. Diluted earnings per share is calculated by dividing the net income or loss attributable to BioTime common shareholders by the weighted average number of common shares outstanding, adjusted for the effects of potentially dilutive common stock, which are comprised of stock options and warrants, using the treasury-stock method, and convertible preferred stock, using the if-converted method. Because BioTime reported losses attributable to common stockholders for all periods presented, all potentially dilutive common stock are antidilutive for those periods. Diluted net loss per share for the three months ended March 31, 2015 and 2014 excludes any effect from 4,893,942 treasury shares, 4,266,605 options and 9,194,679 warrants and 10,546,137 treasury shares, 5,491,301 options and 9,751,615 warrants, respectively, because their inclusion 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. The carrying amounts of cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximate fair values because of the short-term nature of these items. |
Recently issued accounting pronouncements | Recently Issued Accounting Pronouncements – There have been no recent accounting pronouncements or changes in accounting pronouncments during the three months ended March 31, 2015, as compared to the recent accounting pronouncements described in the Comany's 2014 Annual Report on Form 10-K that are of significance or potential significance to the Company. |
Organization_Basis_of_Presenta1
Organization, Basis of Presentation and Liquidity (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Organization, Basis of Presentation, and Liquidity [Abstract] | ||||
BioTime's ownership of outstanding shares of its subsidiaries | The following table reflects BioTime’s ownership, directly or through one or more subsidiaries, of the outstanding shares of its subsidiaries as of March 31, 2015. | |||
BioTime | ||||
Subsidiary | Field of Business | Ownership | Country | |
Asterias Biotherapeutics, Inc. (NYSE MKT: AST) | Research, development and commercialization of human therapeutic products from stem cells, focused initially in the fields of neurology and oncology | 67.50% | USA | |
BioTime Asia, Limited | Stem cell products for research | 81% | Hong Kong | |
Cell Cure Neurosciences Ltd. | Age-related macular degeneration | 62.5%(1) | Israel | |
ES Cell International Pte Ltd | Stem cell products for research, including clinical grade cell lines produced under cGMP | 100% | Singapore | |
LifeMap Sciences, Inc. | Biomedical, gene, disease, and stem cell databases and tools | 75.80% | USA | |
LifeMap Sciences, Ltd. | Biomedical, gene, disease, and stem cell databases and tools | -2 | Israel | |
LifeMap Solutions, Inc. | Mobile health software | -2 | USA | |
OncoCyte Corporation | Cancer diagnostics | 75.30% | USA | |
OrthoCyte Corporation | Orthopedic diseases, including chronic back pain and osteoarthritis | 100%(3) | USA | |
ReCyte Therapeutics, Inc. | Vascular disorders, including cardiovascular-related diseases, ischemic conditions, vascular injuries | 94.80% | USA | |
Stem cell-derived endothelial and cardiovascular related progenitor cells that have applications in research, drug testing, and therapeutics | ||||
-1 | Includes shares owned by BioTime, Asterias, and ESI. | |||
-2 | LifeMap Sciences, Ltd. and LifeMap Solutions, Inc. are wholly-owned subsidiaries of LifeMap Sciences, Inc. | |||
-3 | Includes shares owned by BioTime and Asterias. |
Equipment_net_and_construction1
Equipment, net and construction in progress (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equipment, net, and construction in progress [Abstract] | |||||||||
Equipment, furniture and fixtures | At March 31, 2015 and December 31, 2014, equipment, furniture and fixtures, and construction in progress were comprised of the following: | ||||||||
31-Mar-15 | December 31, | ||||||||
(Unaudited) | 2014 | ||||||||
Equipment, furniture and fixtures | $ | 4,928,857 | $ | 4,870,516 | |||||
Construction in progress | 606,641 | 405,730 | |||||||
Accumulated depreciation | (2,670,829 | ) | (2,418,400 | ) | |||||
Equipment net, and construction in progress | $ | 2,864,669 | $ | 2,857,846 |
Intangible_assets_net_Tables
Intangible assets, net (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Intangible assets, net [Abstract] | |||||||||
Intangible assets | At March 31, 2015 and December 31, 2014, intangible assets and intangible assets net of amortization were comprised of the following: | ||||||||
31-Mar-15 | December 31, | ||||||||
(Unaudited) | 2014 | ||||||||
Intangible assets | $ | 52,562,549 | $ | 52,562,549 | |||||
Accumulated amortization | (15,028,247 | ) | (13,714,153 | ) | |||||
Intangible assets, net | $ | 37,534,302 | $ | 38,848,396 |
Royalty_Obligation_and_Deferre1
Royalty Obligation and Deferred License Fees (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Royalty Obligation and Deferred License Fees [Abstract] | ||||
Amortization of deferred license fees | As of March 31, 2015, future amortization of deferred license fees described above was as follows: | |||
Year Ended December 31, | Deferred | |||
License Fees | ||||
2015 | $82,125 | |||
2016 | 109,500 | |||
2017 | 109,500 | |||
2018 | 73,667 | |||
2019 | 24,083 | |||
Thereafter | 20,083 | |||
Total | $418,958 |
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | |||||||||
Accounts payable and accrued liabilities | At March 31, 2015 and December 31, 2014, accounts payable and accrued liabilities consisted of the following: | ||||||||
31-Mar-15 | December 31, | ||||||||
(Unaudited) | 2014 | ||||||||
Accounts payable | $ | 2,707,437 | $ | 2,296,645 | |||||
Accrued expenses | 3,092,030 | 3,125,023 | |||||||
Accrued bonuses | 240,689 | 964,189 | |||||||
Other current liabilities | 282,251 | 417,316 | |||||||
Total | $ | 6,322,407 | $ | 6,803,173 |
Organization_Basis_of_Presenta2
Organization, Basis of Presentation and Liquidity (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling Interest [Line Items] | |||||
Accumulated deficit | ($192,357,575) | ($182,190,207) | |||
Shareholders' equity | 57,511,784 | 62,722,765 | |||
Cash and cash equivalents | 25,829,533 | 29,486,909 | 6,637,834 | 5,495,478 | |
Parent [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Accumulated deficit | -192,357,575 | ||||
Working capital | 20,341,461 | ||||
Shareholders' equity | 57,511,784 | ||||
Cash and cash equivalents | $25,829,533 | ||||
Asterias Biotherapeutics, Inc. | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | 67.50% | ||||
BioTime Asia, Limited [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | 81.00% | ||||
Cell Cure Neurosciences, Ltd. [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | 62.50% | [1] | |||
ES Cell International Pte., Ltd. [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | 100.00% | ||||
LifeMap Sciences, Inc. [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | 75.80% | ||||
LifeMap Sciences, Ltd. [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | 0.00% | [2] | |||
LifeMap Solutions, Inc. [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | 0.00% | [2] | |||
OncoCyte Corporation [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | 75.30% | ||||
OrthoCyte Corporation [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | 100.00% | [3] | |||
ReCyte Therapeutics, Inc. [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | 94.80% | ||||
[1] | Includes shares owned by BioTime, Asterias, and ESI. | ||||
[2] | LifeMap Sciences, Ltd. and LifeMap Solutions, Inc. are wholly-owned subsidiaries of LifeMap Sciences, Inc. | ||||
[3] | Includes shares owned by BioTime and Asterias. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ||||
Trade receivable | $605,800 | $549,300 | ||
Grants receivable | 260,300 | 492,600 | ||
Allowance for doubtful accounts | 100,500 | 100,500 | ||
Property, Plant and Equipment [Line Items] | ||||
Foreign currency gain (loss) included in comprehensive loss | -53,167 | -107,240 | ||
Foreign currency transaction gain (loss) | -205,149 | -10,212 | ||
Income Taxes [Abstract] | ||||
Accrued interest and penalties | 0 | 0 | ||
Deferred income tax benefit | -1,176,882 | -1,349,026 | ||
Deferred income tax benefit, federal | 1,251,000 | 1,151,000 | ||
Deferred income tax benefit, state taxes | 74,000 | 198,000 | ||
Number of shares sold by subsidiary (in shares) | 5,000,000 | |||
Taxable gain on sale of subsidiary shares | 10,300,000 | |||
Tax payable on sale of subsidiary shares | $3,600,000 | |||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset, useful life | 10 years | |||
Treasury Shares [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) | 4,893,942 | 10,546,137 | ||
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) | 4,266,605 | 5,491,301 | ||
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) | 9,194,679 | 9,751,615 | ||
Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset, useful life | 10 years | |||
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 |
Inventory_Details
Inventory (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Inventory [Abstract] | ||
Inventory of finished products on-site | $286,513 | $253,227 |
Inventory held by third party on consignment | $12,795 | $12,795 |
Equipment_net_and_construction2
Equipment, net and construction in progress (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | |
Equipment, furniture and fixtures [Abstract] | ||||
Equipment, furniture and fixtures | $4,928,857 | $4,870,516 | ||
Construction in progress | 606,641 | 405,730 | ||
Accumulated depreciation | -2,670,829 | -2,418,400 | ||
Equipment net, and construction in progress | 2,864,669 | 2,857,846 | ||
Equipment, furniture , and fixtures included in capital lease borrowings | 115,000 | |||
Leasehold improvements for Asterias' facility | 606,641 | |||
Depreciation expense | 262,600 | 256,945 | ||
Increase in accumulated depreciation | 252,429 | |||
Tenant improvement allowance under lease agreement | 4,400,000 | |||
Amount qualifying for reimbursement under the tenant improvement allowance | 560,970 | |||
Reimbursement from landlord on construction in progress | $283,764 | $0 |
Intangible_assets_net_Details
Intangible assets, net (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Intangible assets, net [Abstract] | |||
Intangible assets | $52,562,549 | $52,562,549 | |
Accumulated amortization | -15,028,247 | -13,714,153 | |
Intangible assets, net | 37,534,302 | 38,848,396 | |
Intangible assets, useful life | 10 years | ||
Amortization of intangible assets | $1,314,094 | $1,367,998 |
Royalty_Obligation_and_Deferre2
Royalty Obligation and Deferred License Fees (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Royalty Obligation and Deferred License Fees [Abstract] | |
Intangible assets, useful life | 10 years |
Amortization of deferred license fees [Abstract] | |
2015 | $82,125 |
2016 | 109,500 |
2017 | 109,500 |
2018 | 73,667 |
2019 | 24,083 |
Thereafter | 20,083 |
Total | 418,958 |
Prepaid expenses in other current assets | 109,500 |
Deferred license and consulting fees in noncurrent assets | $309,458 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable | $2,707,437 | $2,296,645 |
Accrued expenses | 3,092,030 | 3,125,023 |
Accrued bonuses | 240,689 | 964,189 |
Other accrued liabilities | 282,251 | 417,316 |
Accounts payable and accrued liabilities | $6,322,407 | $6,803,173 |
Related_Party_Transactions_and1
Related Party Transactions and Related Party Convertible Debt (Details) (USD $) | 3 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 28, 2015 | |
sqft | |||
Related Party Transaction [Line Items] | |||
Rent per month | $5,050 | ||
Area of office space (in square feet) | 900 | ||
Proceeds from issuance of common shares | 0 | 8,182,559 | |
Asterias Biotherapeutics, Inc. | Series A Common Stock [Member] | |||
Related Party Transaction [Line Items] | |||
Proceeds from issuance of common shares | 5,500,000 | ||
Shares sold (in shares) | 1,410,255 | ||
Stock price (in dollars per share) | $3.90 | ||
Number of shares purchased (in shares) | 1,025,640 | ||
Cell Cure Neurosciences, Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Number of Cell Cure Neurosciences investors | 2 | ||
Stated interest rate (in hundredths) | 3.00% | ||
Conversion price (in dollars per share) | $20 | ||
Estimated fair market value (in dollars per share) | $41 | ||
Principal and accumulated interest | 470,876 | ||
Accrued interest is payable period | 3 years | ||
Effective annual interest rate (in hundredths) | 23.00% | ||
Carrying value of convertible notes | 169,908 | ||
Amount of convertible note | 534,816 | ||
Unamortized debt discount | $364,908 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Preferred Shares [Abstract] | |||
Preferred shares, shares authorized (in shares) | 2,000,000 | 2,000,000 | |
Series A Convertible Preferred shares outstanding (in shares) | 70,000 | 70,000 | |
Common Shares [Abstract] | |||
Common shares, authorized (in shares) | 125,000,000 | 125,000,000 | |
Common shares, par value (in dollars per share) | $0 | $0 | |
Common shares, shares issued (in shares) | 83,210,775 | 83,121,698 | |
Common shares, shares outstanding (in shares) | 78,316,833 | 78,227,756 | |
Treasury stock (in shares) | 4,893,942 | 4,893,942 | |
Stock options granted (in shares) | 440,000 | 1,205,000 | |
Options exercised (in shares) | 89,077 | ||
Warrants exercised (in shares) | 0 | ||
Series A Preferred Stock [Member] | |||
Preferred Shares [Abstract] | |||
Series A Convertible Preferred shares outstanding (in shares) | 70,000 | ||
Preferred stock dividend rate (in hundredths) | 3.00% | ||
Preferred share dividend (in dollars per shares) | $1.50 | ||
Share conversion price (in dollars per share) | $4 | ||
Common stock conversion ratio | 12.5 |
Sales_of_BioTime_Common_Shares1
Sales of BioTime Common Shares by Subsidiaries (Details) (USD $) | 1 Months Ended | 3 Months Ended |
Jun. 30, 2014 | Mar. 31, 2015 | |
Investor | ||
Related Party Transaction [Line Items] | ||
Number of shares sold (in shares) | 5,000,000 | |
Asterias Biotherapeutics [Member] | BioTime Common Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Number of shares sold (in shares) | 5,000,000 | |
Number of investors | 2 | |
Proceeds from sale of BioTime stock | $12,500,000 | |
Asterias Biotherapeutics [Member] | Asterias Series B Common Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Number of shares purchased (in shares) | 5,000,000 | |
Broadwood Partners, LP [Member] | BioTime Common Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Number of shares purchased (in shares) | 1,000,000 | |
Broadwood Partners, LP [Member] | Asterias Warrants [Member] | ||
Related Party Transaction [Line Items] | ||
Number of warrants issued (in shares) | 1,000,000 | |
George Karfunkel [Member] | BioTime Common Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Number of shares purchased (in shares) | 4,000,000 | |
George Karfunkel [Member] | Asterias Warrants [Member] | ||
Related Party Transaction [Line Items] | ||
Number of warrants issued (in shares) | 4,000,000 |
Segment_Information_Details
Segment Information (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Information [Abstract] | |
Number of operating segments | 1 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 30, 2015 | 8-May-15 | |
Investor | ||||
Subsequent Event [Line Items] | ||||
Revenue from grants | $698,839 | $575,659 | ||
Subsequent Event [Member] | Asterias Biotherapeutics [Member] | CIRM [Member] | ||||
Subsequent Event [Line Items] | ||||
Revenue from grants | 1,062,023 | |||
Grants receivable | 14,300,000 | |||
Subsequent Event [Member] | OncoCyte Corporation [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of stock, number of shares issued in transaction (in shares) | 3,000,000 | |||
Sale of stock, number of shareholders | 2 | |||
Sale of stock consideration received | 3,300,000 | |||
Common stock purchased in exchange for cancelation of indebtedness (in shares) | 3,000,000 | |||
Common stock purchased in exchange for cancelation of indebtedness, value | 3,300,000 | |||
Subsequent Event [Member] | OncoCyte Corporation [Member] | George Karfunkel [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of stock, number of shares issued in transaction (in shares) | 1,000,000 | |||
Ownership percentage on outstanding common shares (in hundredths) | 5.00% | |||
Subsequent Event [Member] | OncoCyte Corporation [Member] | Convertible Promissory Note [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock purchased in exchange for cancelation of indebtedness, value | $3,300,000 | |||
Debt instrument interest rate (in hundredths) | 1.00% | |||
Debt instrument maturity date | 30-Nov-16 | |||
Debt instrument conversion price (in hundredths) | $1.10 |