Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BIOTIME INC | |
Entity Central Index Key | 876,343 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 83,281,139 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 31,465 | $ 29,487 |
Trade accounts and grants receivable, net | 979 | 1,042 |
Inventory | 297 | 266 |
Landlord receivable | 2,771 | 378 |
Prepaid expenses and other current assets | 1,492 | 1,232 |
Total current assets | 37,004 | 32,405 |
Equipment, net and construction in progress (see Note 4) | 5,652 | 2,858 |
Deferred license fees | 282 | 337 |
Deposits | 446 | 443 |
Other long-term assets | 6 | 10 |
Intangible assets, net | 36,220 | 38,848 |
TOTAL ASSETS | 79,610 | 74,901 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 6,604 | 6,803 |
Capital lease liability, current portion | 58 | 58 |
Related party convertible debt, net of discount (see Note 8) | 238 | 60 |
Deferred grant income | 1,932 | 0 |
Deferred license and subscription revenue, current portion | 360 | 208 |
Total current liabilities | 9,192 | 7,129 |
LONG-TERM LIABILITIES | ||
Deferred tax liabilities, net | 2,067 | 4,515 |
Deferred rent liabilities, net of current portion | 36 | 97 |
Lease liability | 3,331 | 378 |
Capital lease, net of current portion | 3 | 31 |
Other long-term liabilities | 30 | 28 |
Total long-term liabilities | $ 5,467 | $ 5,049 |
Commitments and contingencies (Note 8) | ||
SHAREHOLDERS' EQUITY | ||
Series A Convertible Preferred Stock, no par value, authorized 2,000 shares as of June 30, 2015 and December 31, 2014; 70 issued and outstanding as of June 30, 2015 and December 31, 2014 | $ 3,500 | $ 3,500 |
Common stock, no par value, authorized 125,000 shares as of June 30, 2015 and December 31, 2014; 83,281 issued and 78,387 outstanding as of June 30, 2015 and 83,122 issued and 78,228 outstanding at December 31, 2014 | 235,555 | 234,850 |
Accumulated other comprehensive income/(loss) | (131) | 186 |
Accumulated deficit | (202,055) | (182,190) |
Treasury stock at cost: 4,894 shares at June 30, 2015 and at December 31, 2014 | (19,890) | (19,890) |
BioTime, Inc. shareholders' equity | 16,979 | 36,456 |
Non-controlling interest | 47,972 | 26,267 |
Total shareholders' equity | 64,951 | 62,723 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 79,610 | $ 74,901 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands | Jun. 30, 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 | 2,000 |
Series A Convertible Preferred Shares, issued (in shares) | 70 | 70 |
Series A Convertible Preferred shares outstanding (in shares) | 70 | 70 |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, authorized (in shares) | 125,000 | 125,000 |
Common shares, issued (in shares) | 83,281 | 83,122 |
Common shares, outstanding (in shares) | 78,387 | 78,228 |
Treasury stock (in shares) | 4,894 | 4,894 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUES: | ||||
License fees | $ 357 | $ 300 | $ 676 | $ 594 |
Royalties from product sales | 117 | 76 | 274 | 174 |
Grant income | 1,437 | 640 | 2,130 | 1,216 |
Sale of research products and services | 98 | 91 | 188 | 189 |
Total revenues | 2,009 | 1,107 | 3,268 | 2,173 |
Cost of sales | (260) | (252) | (525) | (383) |
Gross Profit | 1,749 | 855 | 2,743 | 1,790 |
OPERATING EXPENSES: | ||||
Research and development | (9,059) | (9,081) | (18,383) | (17,470) |
General and administrative | (6,186) | (4,836) | (11,365) | (8,503) |
Total operating expenses | (15,245) | (13,917) | (29,748) | (25,973) |
Loss from operations | (13,496) | (13,062) | (27,005) | (24,183) |
OTHER INCOME/(EXPENSE): | ||||
Interest income/(expense), net | 4 | (10) | (79) | (18) |
Other income, net | 225 | 165 | 35 | 234 |
Total other income, net | 229 | 155 | (44) | 216 |
LOSS BEFORE INCOME TAX BENEFIT | (13,267) | (12,907) | (27,049) | (23,967) |
Deferred income tax benefit | 1,271 | 1,513 | 2,448 | 2,862 |
NET LOSS | (11,996) | (11,394) | (24,601) | (21,105) |
Net loss attributable to non-controlling interest | 2,305 | 1,874 | 4,736 | 3,496 |
NET LOSS ATTRIBUTABLE TO BIOTIME, INC. | (9,691) | (9,520) | (19,865) | (17,609) |
Dividends on preferred shares | (52) | (34) | (52) | (34) |
NET LOSS ATTRIBUTABLE TO BIOTIME, INC. COMMON SHAREHOLDERS | $ (9,743) | $ (9,554) | $ (19,917) | $ (17,643) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE (in dollars per share) | $ (0.12) | $ (0.16) | $ (0.25) | $ (0.29) |
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING: BASIC AND DILUTED (in shares) | 78,362 | 61,498 | 78,312 | 59,887 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) [Abstract] | ||||
NET LOSS | $ (11,996) | $ (11,394) | $ (24,601) | $ (21,105) |
Change in foreign currency translation and other comprehensive income/(loss) from equity investments: | ||||
Foreign currency translation loss | (317) | (41) | (318) | (148) |
Unrealized gain/(loss) on available-for-sale securities, net of taxes | 0 | 1 | 1 | (1) |
COMPREHENSIVE LOSS | (12,313) | (11,434) | (24,918) | (21,254) |
Less: Comprehensive loss attributable to non-controlling interest | (2,305) | (1,874) | (4,736) | (3,496) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO BIOTIME, INC BEFORE PREFERRED STOCK DIVIDEND | (10,008) | (9,560) | (20,182) | (17,758) |
Dividends on preferred shares | (52) | (34) | (52) | (34) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO BIOTIME, INC. COMMON SHAREHOLDERS | $ (10,060) | $ (9,594) | $ (20,234) | $ (17,792) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss attributable to BioTime, Inc. | $ (19,865) | $ (17,609) |
Net loss attributable to non-controlling interest | (4,736) | (3,496) |
Adjustments to reconcile net loss attributable to BioTime, Inc. to net cash used in operating activities: | ||
Depreciation expense | 512 | 523 |
Amortization of intangible assets | 2,628 | 2,736 |
Amortization of deferred consulting fees | 0 | 19 |
Amortization of deferred license fees | 55 | 55 |
Amortization of prepaid rent in common stock | 42 | 42 |
Stock-based compensation | 3,700 | 2,212 |
Amortization of discount on related party convertible debt | 119 | 0 |
Accrued interest on related party convertible debt | 9 | 0 |
Loss on sale or write-off of equipment | 0 | 21 |
Write-off for uncollectible receivables | 0 | (16) |
Deferred income tax benefit | (2,448) | (2,862) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 4 | (37) |
Grant receivable | 65 | (133) |
Inventory | (30) | (79) |
Prepaid expenses and other current assets | (301) | (315) |
Accounts payable and accrued liabilities | (811) | (2,035) |
Other long-term liabilities | 1 | (186) |
Deferred grant income | 1,930 | 0 |
Deferred rent liabilities | (61) | (10) |
Deferred revenues | 151 | 35 |
Net cash used in operating activities | (19,036) | (21,135) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of equipment | (305) | (405) |
Payments on construction in progress (see Note 4) | (2,518) | 0 |
Proceeds from the sale of equipment | 0 | 4 |
Security deposit paid, net | (3) | (306) |
Cash used in investing activities | (2,826) | (707) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercises of stock options | 621 | 220 |
Proceeds from sale of preferred stock | 0 | 3,500 |
Proceeds from issuance of common shares | 0 | 14,724 |
Fees paid on sale of common shares | 0 | (302) |
Proceeds from exercise of warrants | 19 | 0 |
Proceeds from sale of treasury stock and subsidiary warrants | 11,700 | 13,582 |
Reimbursement from landlord on construction in progress (see Note 4) | 560 | 0 |
Proceeds from issuance of related party convertible debt (see Note 8) | 188 | 0 |
Repayment of capital lease obligation | (28) | 0 |
Proceeds from sale of common shares of subsidiaries | 11,586 | 468 |
Fees paid on sale of common shares of subsidiary | (597) | 0 |
Proceeds from exercise of subsidiary stock options | 23 | 0 |
Net cash provided by financing activities | 24,072 | 32,192 |
Effect of exchange rate changes on cash and cash equivalents | (232) | (123) |
NET CHANGE IN CASH AND CASH EQUIVALENTS: | 1,978 | 10,227 |
CASH AND CASH EQUIVALENTS: | ||
At beginning of the period | 29,487 | 5,495 |
At end of the period | $ 31,465 | $ 15,722 |
Organization, Basis of Presenta
Organization, Basis of Presentation, and Liquidity | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Basis of Presentation, and Liquidity [Abstract] | |
Organization, Basis of Presentation, and Liquidity | 1. Organization, Basis of Presentation, and Liquidity General – HyStem ® Renevia ESI BIO ESI BIO GeneCards ® GeneCards ® LifeMap Discovery ® MalaCards VarElect GeneAnalytics 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 Until 2008, BioTime principally 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 June 30, 2015, the unaudited condensed consolidated interim statements of operations and statements of comprehensive loss for the three and six months ended June 30, 2015 and 2014, and the unaudited condensed consolidated interim statements of cash flows for the six months ended June 30, 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 June 30, 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 and six months ended June 30, 2015 are not necessarily indicative of the operating results anticipated for any other interim period or 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 to 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 Principles of consolidation Subsidiary Field of Business BioTime Ownership Country Asterias Biotherapeutics, Inc. (NYSE MKT: AST) Therapeutic products derived from pluripotent stem cells, and immunotherapy products. Clinical programs include: AST-OPC1 for spinal cord injury, AST-VAC1 for acute mylegenous leukemia, and 58.0% USA Cell Cure Neurosciences Ltd. Products to treat age related macular degeneration (“AMD”) and neurological diseases. Lead product OpRegen ® 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 77.1% USA LifeMap Sciences, Ltd. Biomedical, gene, disease, and stem cell databases and tools (2) Israel LifeMap Solutions, Inc. Mobile health software applications (2) USA OncoCyte Corporation Developing proprietary non-invasive, liquid biopsy and diagnostics for lung, breast and bladder cancers 71.7% USA OrthoCyte Corporation Orthopedic diseases and injuries, including chronic back pain and osteoarthritis 100.0%(3) USA ReCyte Therapeutics, Inc. Research and development involved in stem cell-derived endothelial and cardiovascular related progenitor cells for the treatment of vascular disorders, ischemic conditions and brown adipocytes for type-2 diabetes and obesity 94.8% USA (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. As of June 30, 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 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 Certain significant risks and uncertainties |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Revenue recognition Cash and cash equivalents Trade accounts and grants receivable, net Concentrations of credit risk Inventory – Equipment, net and construction in progress Intangible assets, net Treasury stock – Warrants to purchase common stock Cost of sales Patent costs – Reclassification Research and development General and administrative Foreign currency translation and other comprehensive loss, foreign currency transaction gains and losses – 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 condensed consolidated statements of operations. Foreign currency transaction gain amounted to $283,000 and $77,000, respectively, for the three and six months ended June 30, 2015, and $152,000 and $141,000, respectively for the three and six months ended June 30, 2014. Income taxes – An income tax benefit of approximately $2.4 million was recorded for the six months ended June 30, 2015, of which approximately $2.6 million of the benefit was related to federal, offset by $154,000 related to state taxes. For the same period in 2014, an income tax benefit of approximately $2.86 million was recorded, of which approximately $2.44 million of the benefit was related to federal and $420,000 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 that 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 – Impairment of long-lived assets – Deferred license fees Loss per share Fair value of financial instruments Recently Issued Accounting Pronouncements |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2015 | |
Inventory [Abstract] | |
Inventory | 3. Inventory Inventories, net consisted of the following: BioTime held $284,000 and $253,000 of raw materials and finished goods products on-site at its corporate headquarters in Alameda, California at June 30, 2015 and December 31, 2014, respectively. Finished goods products of $13,000 were held by a third party on consignment at June 30, 2015 and December 31, 2014. |
Equipment, net and construction
Equipment, net and construction in progress | 6 Months Ended |
Jun. 30, 2015 | |
Equipment, net and construction in progress [Abstract] | |
Equipment, net and construction in progress | 4. Equipment, net and construction in progress At June 30, 2015 and December 31, 2014, equipment, furniture and fixtures, and construction in progress were comprised of the following (in thousands): June 30, 2015 (Unaudited) December 31, 2014 Equipment, furniture and fixtures $ 5,196 $ 4,871 Construction in progress 3,415 406 Accumulated depreciation (2,959) (2,419) Equipment, net and construction in progress $ 5,652 $ 2,858 Equipment, furniture and fixtures, and construction in progress at June 30, 2015 include $115,000 financed by capital lease borrowings in June 2014 and $3.4 million of construction in progress for Asterias’ Fremont facility. Depreciation expense amounted to $512,000 and $523,000 for the six months ended June 30, 2015 and 2014, respectively. The difference between the depreciation expense recognized in the consolidated statement of operations and the increase in accumulated depreciation of $541,000 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 $3.4 million as of June 30, 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 $4.4 million, 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 $3.4 million, $3.3 million qualifies for reimbursement under the tenant improvement allowance. As of June 30, 2015, we received $560,000 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 | 6 Months Ended |
Jun. 30, 2015 | |
Intangible assets, net [Abstract] | |
Intangible assets, net | 5. Intangible assets, net At June 30, 2015 and December 31, 2014, intangible assets and intangible assets net of amortization were comprised of the following (in thousands): June 30, 2015 (Unaudited) December 31, 2014 Intangible assets $ 52,562 $ 52,562 Accumulated amortization (16,342) (13,714) Intangible assets, net $ 36,220 $ 38,848 BioTime amortizes its intangible assets generally over an estimated period of 10 years on a straight-line basis. BioTime recognized $2.6 million and $2.7 million in amortization expense of intangible assets, included in research and development, during the six months ended June 30, 2015 and 2014, respectively. |
Deferred License Fees
Deferred License Fees | 6 Months Ended |
Jun. 30, 2015 | |
Deferred License Fees [Abstract] | |
Deferred License Fees | 6. 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 periodically reviews its amortization schedules for impairments that might occur earlier than the original expected useful lives. As of June 30, 2015, future amortization of deferred license fees described above was as follows (in thousands): Year Ended December 31, Deferred License Fees 2015 $ 69 2016 110 2017 110 2018 73 2019 24 Thereafter 20 Total $ 406 The current portion in the amount of $124,000 is included in prepaid expenses and other current assets. The noncurrent portion in the amount of $282,000 is included in deferred license and consulting fees. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | 7. Accounts Payable and Accrued Liabilities At June 30, 2015 and December 31, 2014, accounts payable and accrued liabilities consisted of the following (in thousands): June 30, 2015 (Unaudited) December 31, 2014 Accounts payable $ 2,661 $ 2,297 Accrued expenses 3,144 3,125 Accrued bonuses 548 964 Other current liabilities 251 417 Total $ 6,604 $ 6,803 |
Related Party Transactions and
Related Party Transactions and Related Party Convertible Debt | 6 Months Ended |
Jun. 30, 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. During June 2014, Asterias sold 5,000,000 of its BioTime common shares with warrants to purchase 5,000,000 shares of Asterias common stock to two investors for $12.5 million 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. Asterias received $11.7 million when the warrants were exercised in May 2015. In February 2015, Asterias raised approximately $5.5 million in aggregate gross proceeds from the sale of 1,410,255 shares of its 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 April 2015, Cell Cure Neurosciences issued certain convertible notes (the “Convertible Notes”) to a Cell Cure Neurosciences shareholder other than BioTime in the principal amount of $188,000. In July and September 2014, Cell Cure Neurosciences issued Convertible Notes to two Cell Cure Neurosciences shareholders other than BioTime in the principal amount of $471,000. 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 Debt with Conversion and Other Options. In May 2015, OncoCyte entered into Subscription Agreements with two of its investors and BioTime (the “Subscription Agreements”). Under the Subscription Agreements, OncoCyte sold 3,000,000 shares of its common stock for $3.3 million in cash to two of its shareholders (the “Investors”), including 1,000,000 shares sold to 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 $3.3 million of indebtedness owed to BioTime by OncoCyte, and OncoCyte delivered to BioTime a convertible promissory note (the “Note”) for an additional $3.3 million of OncoCyte’s indebtedness to BioTime. The Note bears 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. In June 2015, after the sale of stock under the Subscription Agreements were completed, OncoCyte and the Investors entered into a second agreement. Under the second agreement, the Investors agreed that if on or before June 30, 2016 OncoCyte conducts another rights offering to its shareholders at a pre-offer valuation of at least $40.0 million the Investors will purchase shares in that offering with an aggregate purchase price equal to the lesser of (a) a percentage of total amount of capital which OncoCyte then seeks to raise in the rights offer and in any concurrent offering to third parties equal to the Investors’ aggregate pro rata share of the outstanding OncoCyte common stock on the record date for the rights offering, determined on a fully diluted basis, and (b) $3.0 million, or such lesser amount requested by OncoCyte. Under the second agreement, OncoCyte agreed that if shares of OncoCyte common stock are not publicly traded on any stock exchange or over the counter market by January 15, 2016, OncoCyte will issue to the Investors, warrants to purchase, in the aggregate, 3,000,000 shares of OncoCyte common stock at an exercise price of $0.01 per share. If issued, the warrants will expire on December 31, 2016. The Investors also agreed that, for a period of one year from the date of the second agreement, neither of them shall invest or engage, directly or indirectly, whether as a partner, equity holder, lender, principal, agent, affiliate, consultant or otherwise, in any business anywhere in the world that develops products for the diagnosis and treatment of cancer or otherwise competes with OncoCyte in any way; provided, however, that the passive ownership of less than 5% of the outstanding stock of any publicly-traded corporation will not be deemed, solely by reason thereof, to be in violation of that agreement. For accounting purposes, the contingently issuable warrants, under the second agreement described above, are considered to be issued and classified as equity. OncoCyte estimated the fair value of the warrants using a Black Scholes valuation model and, due to OncoCyte’s assessment that there is a low probability of not satisfying the contingency and having to actually issue the warrants, the fair value of the warrants was immaterial to Bio Time’s consolidated financial statements as of, and for the three and six months ended, June 30, 2015. Since the warrants are equity classified and considered issued for accounting purposes as of June 30, 2015, no further remeasurement of the warrants’ fair value will be necessary in subsequent periods for financial statement reporting purposes. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2015, BioTime had 83,281,139 issued and 78,387,197 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 June 30, 2015 and December 31, 2014 is attributed to shares held by BioTime subsidiaries that are accounted for as treasury stock on the condensed consolidated balance sheet. During the six months ended June 30, 2015 and 2014, BioTime granted 550,000 and 1,205,000 options, respectively, under its 2012 Equity Incentive Plan. During the six months ended June 30, 2015, 155,532 options and 3,897 warrants were exercised for gross proceeds of $621,000 and $19,000, respectively. |
Sales of BioTime Common Shares
Sales of BioTime Common Shares by Subsidiaries | 6 Months Ended |
Jun. 30, 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 common stock to two investors for $12.5 million in cash. See Note 8. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events BioTime evaluated all events or transactions that occurred through the date of this filing. During this period, BioTime did not have any material subsequent events that impacted its condensed consolidated financial statements. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Revenue recognition | Revenue recognition |
Cash and cash equivalents | Cash and cash equivalents |
Trade accounts and grants receivable, net | Trade accounts and grants receivable, net |
Concentrations of credit risk | Concentrations of credit risk |
Inventory | Inventory – |
Equipment, net and construction in progress | Equipment, net and construction in progress |
Intangible assets, net | Intangible assets, net |
Treasury stock | Treasury stock – |
Warrants to purchase common stock | Warrants to purchase common stock |
Cost of sales | Cost of sales |
Patent costs | Patent costs – |
Reclassification | Reclassification |
Research and development | Research and development |
General and administrative | General and administrative |
Foreign currency translation gain and other comprehensive loss | Foreign currency translation and other comprehensive loss, foreign currency transaction gains and losses – 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 condensed consolidated statements of operations. Foreign currency transaction gain amounted to $283,000 and $77,000, respectively, for the three and six months ended June 30, 2015, and $152,000 and $141,000, respectively for the three and six months ended June 30, 2014. |
Income taxes | Income taxes – An income tax benefit of approximately $2.4 million was recorded for the six months ended June 30, 2015, of which approximately $2.6 million of the benefit was related to federal, offset by $154,000 related to state taxes. For the same period in 2014, an income tax benefit of approximately $2.86 million was recorded, of which approximately $2.44 million of the benefit was related to federal and $420,000 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 that 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 – |
Impairment of long-lived assets | Impairment of long-lived assets – |
Deferred license fees | Deferred license fees |
Loss per share | Loss per share |
Fair value of financial instruments | Fair value of financial instruments |
Recently issued accounting pronouncements | Recently Issued Accounting Pronouncements |
Organization, Basis of Presen20
Organization, Basis of Presentation and Liquidity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Basis of Presentation, and Liquidity [Abstract] | |
BioTime's ownership of outstanding shares of its subsidiaries | Principles of consolidation Subsidiary Field of Business BioTime Ownership Country Asterias Biotherapeutics, Inc. (NYSE MKT: AST) Therapeutic products derived from pluripotent stem cells, and immunotherapy products. Clinical programs include: AST-OPC1 for spinal cord injury, AST-VAC1 for acute mylegenous leukemia, and 58.0% USA Cell Cure Neurosciences Ltd. Products to treat age related macular degeneration (“AMD”) and neurological diseases. Lead product OpRegen ® 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 77.1% USA LifeMap Sciences, Ltd. Biomedical, gene, disease, and stem cell databases and tools (2) Israel LifeMap Solutions, Inc. Mobile health software applications (2) USA OncoCyte Corporation Developing proprietary non-invasive, liquid biopsy and diagnostics for lung, breast and bladder cancers 71.7% USA OrthoCyte Corporation Orthopedic diseases and injuries, including chronic back pain and osteoarthritis 100.0%(3) USA ReCyte Therapeutics, Inc. Research and development involved in stem cell-derived endothelial and cardiovascular related progenitor cells for the treatment of vascular disorders, ischemic conditions and brown adipocytes for type-2 diabetes and obesity 94.8% USA (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 constructi21
Equipment, net and construction in progress (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equipment, net and construction in progress [Abstract] | |
Equipment, furniture and fixtures | At June 30, 2015 and December 31, 2014, equipment, furniture and fixtures, and construction in progress were comprised of the following (in thousands): June 30, 2015 (Unaudited) December 31, 2014 Equipment, furniture and fixtures $ 5,196 $ 4,871 Construction in progress 3,415 406 Accumulated depreciation (2,959) (2,419) Equipment, net and construction in progress $ 5,652 $ 2,858 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Intangible assets, net [Abstract] | |
Intangible assets | At June 30, 2015 and December 31, 2014, intangible assets and intangible assets net of amortization were comprised of the following (in thousands): June 30, 2015 (Unaudited) December 31, 2014 Intangible assets $ 52,562 $ 52,562 Accumulated amortization (16,342) (13,714) Intangible assets, net $ 36,220 $ 38,848 |
Deferred License Fees (Tables)
Deferred License Fees (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Deferred License Fees [Abstract] | |
Amortization of deferred license fees | As of June 30, 2015, future amortization of deferred license fees described above was as follows (in thousands): Year Ended December 31, Deferred License Fees 2015 $ 69 2016 110 2017 110 2018 73 2019 24 Thereafter 20 Total $ 406 |
Accounts Payable and Accrued 24
Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts payable and accrued liabilities | At June 30, 2015 and December 31, 2014, accounts payable and accrued liabilities consisted of the following (in thousands): June 30, 2015 (Unaudited) December 31, 2014 Accounts payable $ 2,661 $ 2,297 Accrued expenses 3,144 3,125 Accrued bonuses 548 964 Other current liabilities 251 417 Total $ 6,604 $ 6,803 |
Organization, Basis of Presen25
Organization, Basis of Presentation and Liquidity (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Noncontrolling Interest [Line Items] | |||||
Accumulated deficit | $ (202,055) | $ (182,190) | |||
Shareholders' equity | 64,951 | 62,723 | |||
Cash and cash equivalents | 31,465 | $ 29,487 | $ 15,722 | $ 5,495 | |
Parent [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Accumulated deficit | (202,100) | ||||
Working capital | 27,800 | ||||
Shareholders' equity | 65,000 | ||||
Cash and cash equivalents | $ 31,500 | ||||
Asterias Biotherapeutics, Inc. [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | 58.00% | ||||
Cell Cure Neurosciences, Ltd. [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | [1] | 62.50% | |||
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) | 77.10% | ||||
LifeMap Sciences, Ltd. [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | [2] | 0.00% | |||
LifeMap Solutions, Inc. [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | [2] | 0.00% | |||
OncoCyte Corporation [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | 71.70% | ||||
OrthoCyte Corporation [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
BioTime Ownership (in hundredths) | [3] | 100.00% | |||
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 Accoun26
Summary of Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ||||||
Trade receivable | $ 545,000 | $ 545,000 | $ 549,000 | |||
Grants receivable | 434,000 | 434,000 | 493,000 | |||
Allowance for doubtful accounts | 101,000 | 101,000 | $ 101,000 | |||
Property, Plant and Equipment [Line Items] | ||||||
Foreign currency gain (loss) included in comprehensive loss | (317,000) | $ (41,000) | (318,000) | $ (148,000) | ||
Foreign currency transaction gain (loss) | 283,000 | 152,000 | 77,000 | 141,000 | ||
Income Taxes [Abstract] | ||||||
Accrued interest and penalties | $ 0 | 0 | 0 | 0 | 0 | |
Deferred income tax benefit | $ (1,271,000) | (1,513,000) | (2,448,000) | (2,862,000) | ||
Deferred income tax benefit, federal | (2,600,000) | (2,440,000) | ||||
Deferred income tax expense (benefit), state taxes | $ 154,000 | (420,000) | ||||
Number of shares sold by subsidiary (in shares) | 5,000,000 | |||||
Taxable gain on sale of subsidiary shares | $ 10,300,000 | 10,300,000 | 10,300,000 | |||
Tax payable on sale of subsidiary shares | $ 3,600,000 | $ 3,600,000 | $ 3,600,000 | |||
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 | |||||
Technology [Member] | ||||||
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 | 5,398,542 | 4,893,942 | 5,398,542 | ||
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) | 4,212,543 | 5,424,426 | 4,212,543 | 5,424,426 | ||
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) | 9,190,782 | 9,195,002 | 9,190,782 | 9,195,002 |
Inventory (Details)
Inventory (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory [Abstract] | ||
Inventory of finished products on-site | $ 284,000 | $ 253,000 |
Inventory held by third party on consignment | $ 13,000 | $ 13,000 |
Equipment, net and constructi28
Equipment, net and construction in progress (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Equipment, furniture and fixtures [Abstract] | |||
Equipment, furniture and fixtures | $ 5,196,000 | $ 4,871,000 | |
Construction in progress | 3,415,000 | 406,000 | |
Accumulated depreciation | (2,959,000) | (2,419,000) | |
Equipment net, and construction in progress | 5,652,000 | $ 2,858,000 | |
Equipment, furniture , and fixtures included in capital lease borrowings | $ 115,000 | ||
Leasehold improvements for Asterias' facility | 3,400,000 | ||
Depreciation expense | 512,000 | 523,000 | |
Increase in accumulated depreciation | 541,000 | ||
Tenant improvement allowance under lease agreement | 4,400,000 | ||
Amount qualifying for reimbursement under the tenant improvement allowance | 3,300,000 | ||
Reimbursement from landlord on construction in progress | $ 560,000 | $ 0 |
Intangible assets, net (Details
Intangible assets, net (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Intangible assets, net [Abstract] | |||
Intangible assets | $ 52,562 | $ 52,562 | |
Accumulated amortization | (16,342) | (13,714) | |
Intangible assets, net | $ 36,220 | $ 38,848 | |
Intangible assets, useful life | 10 years | ||
Amortization of intangible assets | $ 2,628 | $ 2,736 |
Deferred License Fees (Details)
Deferred License Fees (Details) - Jun. 30, 2015 - USD ($) | Total |
Deferred License Fees [Abstract] | |
Intangible assets, useful life | 10 years |
Amortization of deferred license fees [Abstract] | |
2,015 | $ 69,000 |
2,016 | 110,000 |
2,017 | 110,000 |
2,018 | 73,000 |
2,019 | 24,000 |
Thereafter | 20,000 |
Total | 406,000 |
Prepaid expenses in other current assets | 124,000 |
Deferred license fees in noncurrent assts | $ 282,000 |
Accounts Payable and Accrued 31
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable | $ 2,661 | $ 2,297 |
Accrued expenses | 3,144 | 3,125 |
Accrued bonuses | 548 | 964 |
Other accrued liabilities | 251 | 417 |
Total | $ 6,604 | $ 6,803 |
Related Party Transactions an32
Related Party Transactions and Related Party Convertible Debt (Details) | May. 31, 2015USD ($)Investor$ / sharesshares | Apr. 30, 2015USD ($)Investor$ / shares | Feb. 28, 2015USD ($)$ / sharesshares | Jun. 30, 2015USD ($)ft²$ / sharesshares | Jun. 30, 2014USD ($)Investorshares | Jun. 30, 2015USD ($)ft²$ / sharesshares | Jun. 30, 2014USD ($)Investorshares | Dec. 31, 2014USD ($)shares |
Related Party Transaction [Line Items] | ||||||||
Rent per month | $ 5,050 | |||||||
Area of office space (in square feet) | ft² | 900 | 900 | ||||||
Proceeds from issuance of common shares | $ 0 | $ 14,724,000 | ||||||
Principal and accumulated interest | 188,000 | $ 0 | ||||||
Carrying value of convertible notes | $ 238,000 | $ 238,000 | $ 60,000 | |||||
Common shares, issued (in shares) | shares | 83,281,000 | 83,281,000 | 83,122,000 | |||||
Asterias Biotherapeutics [Member] | BioTime Common Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from issuance of common shares | $ 12,500,000 | |||||||
Shares sold (in shares) | shares | 5,000,000 | |||||||
Number of investors | Investor | 2 | 2 | ||||||
Asterias Biotherapeutics [Member] | Asterias Warrants [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from issuance of common shares | $ 11,700,000 | |||||||
Number of shares purchased (in shares) | shares | 1,000,000 | 5,000,000 | 1,000,000 | 5,000,000 | ||||
Asterias Biotherapeutics [Member] | Series A Common Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from issuance of common shares | $ 5,500,000 | |||||||
Shares sold (in shares) | shares | 1,410,255 | |||||||
Stock price (in dollars per share) | $ / shares | $ 3.90 | |||||||
Number of shares purchased (in shares) | shares | 1,025,640 | |||||||
Cell Cure Neurosciences, Ltd. [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of investors | Investor | 2 | |||||||
Stated interest rate (in hundredths) | 3.00% | |||||||
Conversion price (in dollars per share) | $ / shares | $ 20 | |||||||
Estimated fair market value (in dollars per share) | $ / shares | $ 41 | |||||||
Principal and accumulated interest | $ 471,000 | |||||||
Accrued interest is payable period | 3 years | |||||||
Effective annual interest rate (in hundredths) | 23.00% | |||||||
Carrying value of convertible notes | $ 238,000 | |||||||
Amount of convertible note | 740,000 | |||||||
Unamortized debt discount | 502,000 | |||||||
Cell Cure Neurosciences, Ltd. [Member] | Convertible Notes Payable [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Principal and accumulated interest | 188,000 | |||||||
Unamortized debt discount | $ 659,000 | |||||||
George Karfunkel [Member] | BioTime Common Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Shares sold (in shares) | shares | 4,000,000 | |||||||
George Karfunkel [Member] | Asterias Warrants [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares purchased (in shares) | shares | 4,000,000 | 4,000,000 | ||||||
Broadwood Partners LP [Member] | BioTime Common Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Shares sold (in shares) | shares | 1,000,000 | |||||||
OncoCyte [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from issuance of common shares | $ 3,300,000 | |||||||
Shares sold (in shares) | shares | 100,000 | |||||||
Number of shares purchased (in shares) | shares | 3,000,000 | |||||||
Number of investors | Investor | 2 | |||||||
Stated interest rate (in hundredths) | 1.00% | |||||||
Conversion price (in dollars per share) | $ / shares | $ 1.10 | |||||||
Common shares, issued (in shares) | shares | 3,000,000 | |||||||
Ownership interest (in hundredths) | 5.00% | |||||||
Common stock in exchange for the cancelation | $ 3,300,000 | |||||||
Debt Instrument, Face Amount | $ 3,300,000 | |||||||
Non-compete Agreement Term | 1 year | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15.00% | |||||||
OncoCyte [Member] | OncoCyte Common Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Pre-offer valuation of rights | $ 40,000,000 | $ 40,000,000 | ||||||
Maximum purchase price of shares of pre-offer | $ 3,000,000 | |||||||
Number of shares that can be called by warrants (in shares) | shares | 3,000,000 | 3,000,000 | ||||||
Warrants exercise price (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 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) | 83,281,000 | 83,122,000 | |
Common shares, shares outstanding (in shares) | 78,387,000 | 78,228,000 | |
Treasury stock (in shares) | 4,894,000 | 4,894,000 | |
Stock options granted (in shares) | 550,000 | 1,205,000 | |
Options exercised (in shares) | 155,532 | ||
Warrants exercised (in shares) | 3,897 | ||
Proceeds from exercises of stock options | $ 621 | $ 220 | |
Proceeds from exercise of warrants | $ 19 | $ 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 Share34
Sales of BioTime Common Shares by Subsidiaries (Details) - Jun. 30, 2014 $ in Millions | shares | Investorshares | USD ($)Investorshares |
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 | Investor | 2 | 2 | |
Proceeds from sale of BioTime stock | $ | $ 12.5 | ||
Asterias Biotherapeutics [Member] | Asterias Series B Common Stock [Member] | |||
Related Party Transaction [Line Items] | |||
Number of shares purchased (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Segment Information (Details)
Segment Information (Details) | 6 Months Ended |
Jun. 30, 2015Segment | |
Segment Information [Abstract] | |
Number of operating segments | 1 |