Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 05, 2016 | |
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 | 103,392,248 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 27,702 | $ 42,229 | |
Available for sale securities | 619 | 753 | |
Trade accounts and grants receivable, net | 783 | 1,078 | |
Landlord receivable | 156 | 567 | |
Prepaid expenses and other current assets | 1,787 | 2,610 | |
Total current assets | 31,047 | 47,237 | |
Property, plant and equipment, net and construction in progress | 4,062 | 7,539 | |
Deferred license fees | 173 | 322 | |
Deposits and other long-term assets | 1,022 | 1,299 | |
Equity method investment in Asterias, at fair value (Note 4) | 52,194 | 0 | |
Equity method investment in Ascendance | 4,338 | 4,671 | |
Intangible assets, net | 11,491 | [1] | 33,592 |
TOTAL ASSETS | 104,327 | 94,660 | |
CURRENT LIABILITIES | |||
Accounts payable and accrued liabilities | 6,508 | [1] | 9,377 |
Capital lease liability, current portion | 173 | 38 | |
Promissory notes, current portion | 95 | 95 | |
Deferred grant income | 0 | 2,513 | |
Deferred license and subscription revenue, current portion | 627 | 439 | |
Total current liabilities | 7,403 | 12,462 | |
LONG-TERM LIABILITIES | |||
Deferred revenues, net of current portion | 462 | 615 | |
Deferred rent liabilities, net of current portion | 28 | 158 | |
Lease liability | 1,386 | 4,400 | |
Related party convertible debt, net of discount | 701 | 324 | |
Promissory notes, net of current portion | 173 | 220 | |
Capital lease, net of current and other liabilities | 122 | 34 | |
TOTAL LIABILITIES | 10,275 | 18,213 | |
Commitments and contingencies (Note 13) | |||
SHAREHOLDERS' EQUITY | |||
Preferred shares, no par value, 2,000 shares authorized; none issued and outstanding | 0 | 0 | |
Common shares, no par value, 150,000 shares authorized; 102,288 shares issued and 101,668 shares outstanding at June 30, 2016; 94,894 issued and 90,421 outstanding at December 31, 2015 | 310,881 | 274,342 | |
Accumulated other comprehensive income (loss) | (504) | (237) | |
Accumulated deficit | (221,743) | (229,181) | |
Treasury stock at cost: 620 shares at June 30, 2016 and 4,473 shares at December 31, 2015 | (2,891) | (18,033) | |
BioTime, Inc. shareholders' equity | 85,743 | 26,891 | |
Non-controlling interest | 8,309 | 49,556 | |
Total shareholders' equity | 94,052 | 76,447 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 104,327 | $ 94,660 | |
[1] | Reflects the effect of the Deconsolidation. |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 2,000 | 2,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 150,000 | 150,000 |
Common stock, issued (in shares) | 102,288 | 94,894 |
Common stock, outstanding (in shares) | 101,668 | 90,421 |
Treasury stock (in shares) | 620 | 4,473 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
REVENUES: | ||||
Subscription and advertisement revenues | $ 288 | $ 357 | $ 631 | $ 676 |
Royalties from product sales | 86 | 117 | 286 | 274 |
Grant income | 760 | 1,437 | 2,247 | 2,130 |
Sale of research products and services | 132 | 98 | 176 | 188 |
Total revenues | 1,266 | 2,009 | 3,340 | 3,268 |
Cost of sales | (95) | (260) | (320) | (525) |
Gross Profit | 1,171 | 1,749 | 3,020 | 2,743 |
OPERATING EXPENSES: | ||||
Research and development | (8,938) | (9,059) | (22,671) | (18,383) |
General and administrative | (6,636) | (6,186) | (18,509) | (11,365) |
Total operating expenses | (15,574) | (15,245) | (41,180) | (29,748) |
Loss from operations | (14,403) | (13,496) | (38,160) | (27,005) |
OTHER INCOME/(EXPENSES): | ||||
Interest income/(expense), net | (76) | 4 | (88) | (79) |
BioTime's share of losses in equity method investment in Ascendance | (98) | 0 | (333) | 0 |
Gain on deconsolidation of Asterias (Note 3) | 49,048 | 0 | 49,048 | 0 |
Loss on equity method investment in Asterias at fair value (Note 4) | (13,483) | 0 | (13,483) | 0 |
Other income/(expense), net | 237 | 225 | 363 | 35 |
Total other income/(expense), net | 35,628 | 229 | 35,507 | (44) |
INCOME (LOSS) BEFORE INCOME TAX BENEFIT | 21,225 | (13,267) | (2,653) | (27,049) |
Deferred income tax benefit | 0 | 1,271 | 0 | 2,448 |
NET INCOME (LOSS) | 21,225 | (11,996) | (2,653) | (24,601) |
Net loss attributable to non-controlling interest | 3,324 | 2,305 | 10,091 | 4,736 |
NET INCOME (LOSS) ATTRIBUTABLE TO BIOTIME, INC. | 24,549 | (9,691) | 7,438 | (19,865) |
Dividends on preferred shares | 0 | (52) | 0 | (52) |
NET INCOME (LOSS) ATTRIBUTABLE TO BIOTIME, INC. COMMON SHAREHOLDERS | $ 24,549 | $ (9,743) | $ 7,438 | $ (19,917) |
NET INCOME (LOSS) PER COMMON SHARE: | ||||
BASIC (in dollars per share) | $ 0.26 | $ (0.12) | $ 0.08 | $ (0.25) |
DILUTED (in dollars per share) | $ 0.26 | $ (0.12) | $ 0.08 | $ (0.25) |
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING: | ||||
BASIC (in shares) | 93,240 | 78,362 | 91,831 | 78,312 |
DILUTED (in shares) | 95,801 | 78,362 | 95,360 | 78,312 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) [Abstract] | ||||
NET INCOME (LOSS) | $ 21,225 | $ (11,996) | $ (2,653) | $ (24,601) |
Other comprehensive income (loss), net of tax: | ||||
Change in foreign currency translation | (254) | (317) | (27) | (318) |
Unrealized gain (loss) on available-for-sale securities, net of taxes | (190) | 0 | (240) | 1 |
COMPREHENSIVE INCOME (LOSS) | 20,781 | (12,313) | (2,920) | (24,918) |
Less: Comprehensive loss attributable to non-controlling interest | 3,324 | 2,305 | 10,091 | 4,736 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO BIOTIME, INC. BEFORE PREFERRED STOCK DIVIDEND | 24,105 | (10,008) | 7,171 | (20,182) |
Preferred stock dividend | 0 | (52) | 0 | (52) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO BIOTIME, INC. COMMON SHAREHOLDERS | $ 24,105 | $ (10,060) | $ 7,171 | $ (20,234) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) attributable to BioTime, Inc. | $ 7,438 | $ (19,865) |
Net loss allocable to non-controlling interest | (10,091) | (4,736) |
Adjustments to reconcile net loss attributable to BioTime, Inc. to net cash used in operating activities: | ||
Gain on deconsolidation of Asterias (Note 4) | (49,048) | 0 |
Unrealized loss on equity method investment in Asterias at fair value | 13,483 | 0 |
Depreciation expense | 748 | 512 |
Amortization of intangible assets | 2,292 | 2,628 |
Amortization of deferred license fees | 150 | 55 |
Amortization of prepaid rent in common stock | 0 | 42 |
Stock-based compensation | 5,593 | 3,700 |
Subsidiary shareholder expense for subsidiary warrants | 3,125 | 0 |
Amortization of discount on related party convertible debt | 245 | 119 |
Accrued interest on convertible debt | 46 | 9 |
BioTime's share of losses in equity method investment in Ascendance | 333 | 0 |
Deferred income tax benefit | 0 | (2,448) |
Bad debt expense | 354 | 0 |
Changes in operating assets and liabilities: | ||
Accounts and grants receivable, net | (54) | 69 |
Inventory | 0 | (30) |
Prepaid expenses and other current assets | (396) | (301) |
Accounts payable and accrued liabilities | (211) | (810) |
Other long-term liabilities | (84) | 0 |
Deferred grant income | 1,496 | 1,930 |
Deferred rent liabilities | 81 | (61) |
Deferred revenues | (59) | 151 |
Net cash used in operating activities | (24,559) | (19,036) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Deconsolidation of Asterias cash and cash equivalents (Note 3) | (8,376) | 0 |
Purchase of equipment and other assets | (1,384) | (305) |
Payments on construction in progress | (278) | (2,518) |
Security deposit paid, net | 22 | (3) |
Net cash used in investing activities | (10,016) | (2,826) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sales of BioTime common stock in public offering | 17,500 | 0 |
Discounts and fees paid for sale of BioTime common stock in public offering | (1,105) | 0 |
Proceeds from exercises of stock options | 2,015 | 621 |
Proceeds from exercise of warrants | 0 | 19 |
Proceeds from sale of treasury stock and subsidiary warrants | 0 | 11,700 |
Reimbursement from landlord on construction in progress | 411 | 560 |
Proceeds from issuance of related party convertible debt | 1,019 | 188 |
Repayment of capital lease obligation | (74) | (28) |
Net proceeds from sale of common shares of subsidiary | 171 | 11,586 |
Fees paid on sale of common shares of subsidiary | (206) | (597) |
Proceeds from exercise of subsidiary stock options | 0 | 23 |
Net cash provided by financing activities | 19,731 | 24,072 |
Effect of exchange rate changes on cash and cash equivalents | 317 | (232) |
NET CHANGE IN CASH AND CASH EQUIVALENTS: | (14,527) | 1,978 |
CASH AND CASH EQUIVALENTS: | ||
At beginning of the period | 42,229 | 29,487 |
At end of the period | $ 27,702 | $ 31,465 |
Organization and Business Overv
Organization and Business Overview | 6 Months Ended |
Jun. 30, 2016 | |
Organization and Business Overview [Abstract] | |
Organization and Business Overview | 1. Organization and Business Overview General HyStem ® In order to efficiently advance product candidates through the clinical trial process, BioTime historically created operating subsidiaries for each program and product line. Management believes this approach has fostered efficient use of resources and reduced shareholder dilution as compared to strategies commonly deployed by the biotechnology industry, as the various programs and product lines have advanced through basic research and animal studies. As a result, BioTime has developed multiple clinical-stage products rather than being dependent on a single product program. BioTime and its subsidiaries have received substantial amounts of non-dilutive financial support from government and nonprofit organizations that are seeking to identify and accelerate the development of potential breakthroughs in the treatment of various major diseases. BioTime currently has an equity method investment in Asterias Biotherapeutics, Inc. (NYSE MKT: AST) and a majority-owned subsidiary, OncoCyte Corporation (NYSE MKT: OCX), both of which companies have shares publicly traded on the NYSE MKT. As further discussed in Notes 3 and 4, effective May 13, 2016, BioTime deconsolidated Asterias Biotherapeutics, Inc. (“Asterias”) financial statements and results of operations due to the decrease in BioTime’s percentage ownership in Asterias from 57.1% to 48.7% as a result of a public offering of Asterias common stock, in which BioTime did not participate. Prior to that date, Asterias was a majority-owned and consolidated subsidiary. On May 13, 2016, BioTime experienced a loss of control of Asterias under generally accepted accounting principles. Loss of control is deemed to have occurred when, among other things, a parent company owns less than a majority of the outstanding common stock in the subsidiary, lacks a controlling financial interest in the subsidiary and, is unable to unilaterally control the subsidiary through other means such as having, or the ability to obtain, a majority of the subsidiary’s Board of Directors. All of these loss of control factors were present for BioTime as of May 13, 2016. Accordingly, since May 13, 2016, BioTime has accounted for its investment in Asterias using the equity method of accounting at fair value (see Notes 3 and 4). BioTime, its subsidiaries, and companies accounted for as equity method investments now have four therapeutic product candidates in human clinical trials. Renevia ® Renevia ® HyStem ® OpRegen ® OpRegen ® |
Basis of Presentation, Liquidit
Basis of Presentation, Liquidity and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation, Liquidity and Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation, Liquidity and Summary of Significant Accounting Policies | 2. Basis of Presentation, Liquidity and Summary of Significant Accounting Policies The unaudited condensed consolidated financial statements presented herein, and discussed below, have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Commission. In accordance with those rules and regulations certain information and footnote disclosures normally included in comprehensive consolidated financial statements have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements at that date, but does not include all the information and footnotes required by GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in BioTime’s Annual Report on Form 10-K for the year ended December 31, 2015. The accompanying interim condensed consolidated financial statements, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of BioTime’s financial condition and results of operations. The condensed consolidated results of operations are not necessarily indicative of the results to be expected for any other interim period or for the entire year. Principles of consolidation – Equity method investment in Asterias, at fair value – BioTime uses the equity method of accounting when it has the ability to exercise significant influence, but not control, as determined in accordance with GAAP, over the operating and financial policies of the company. For equity method investments which BioTime has elected to measure at fair value, unrealized gains and losses are reported in the consolidated statements of operations as a non-operating gain or loss from equity method investment. As further discussed in Notes 3 and 4, effective May 13, 2016, BioTime owned approximately 49% of the outstanding common stock of Asterias and has elected to account for its investment in Asterias at fair value using the equity method of accounting because since that date BioTime experienced a loss of control of Asterias, as defined by GAAP, but continues to exercise significant influence over Asterias. Under the fair value method, the investment is marked to market using the closing price of Asterias common stock on the NYSE MKT multiplied by the number of shares of Asterias held by BioTime, with changes in the fair value of the Asterias investment included in other income/expenses, net, in the condensed consolidated statements of operations. The Asterias equity method investment is considered a level 1 asset as defined by Accounting Standards Codification, or ASC 820, Fair Value Measurements and Disclosures Liquidity – Basic and diluted net income (loss) per share The primary components of weighted average shares of potentially dilutive common shares used to compute diluted net income per common share for the three months ended June 30, 2016 were approximately 2.4 million shares of treasury stock (see Note 10), and approximately 164,000 restricted stock units and outstanding stock options; for the six months ended June 30, 2016 potentially dilutive shares were approximately 3.4 million shares of treasury stock and approximately 94,000 restricted stock units and outstanding stock options (see Note 11) The following common share equivalents were excluded from the computation of diluted net income (loss) per common share for the periods presented because including them would have been antidilutive (in thousands): Six Months Ended June 30, (Unaudited) 2016 2015 Stock options 5,679 4,212 Warrants 9,395 9,191 Treasury stock - 4,894 Recently Issued Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern". ASU No. 2014-15 defines management's responsibility to assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. I ASU No. 2014-15 is effective for annual and interim reporting periods ending after December 15, 2016. Early adoption is permitted. BioTime has not elected early adoption and believes the impact of the adoption of ASU No. 2014-15 could have a material adverse impact on BioTime’s consolidated financial statements. |
Deconsolidation of Asterias
Deconsolidation of Asterias | 6 Months Ended |
Jun. 30, 2016 | |
Deconsolidation of Asterias [Abstract] | |
Deconsolidation of Asterias | 3. Deconsolidation of Asterias On May 13, 2016, Asterias completed the sale of 5,147,059 shares of its common stock and warrants to purchase 2,959,559 shares of its common stock, through an underwritten public offering (the “Asterias Offering”). BioTime did not participate in the Asterias Offering. Asterias received approximately $16.2 million in net proceeds from the Asterias Offering, after deduction of underwriting discounts, commissions and other expenses of the Asterias Offering. As a result of the sale of Asterias common stock in the Asterias Offering and the issuance of 708,333 shares of Asterias common stock upon the exercise of certain stock options by a former Asterias executive, as of May 13, 2016, BioTime’s percentage ownership of the outstanding common stock of Asterias declined to 48.8%. ccordingly, BioTime has deconsolidated Asterias’ financial statements and results of operations from BioTime (the “Deconsolidation”), effective May 13, 2016, in accordance with ASC, 810-10-40-4(c), Consolidation . Beginning on May 13, 2016, BioTime is accounting for the retained noncontrolling investment in Asterias under the equity method of accounting and has elected the fair value option under ASC 825-10, Financial Instruments . BioTime continues to hold 21.7 million shares of Asterias common stock, or approximately 49% of Asterias outstanding common stock as of June 30, 2016. In connection with the Deconsolidation and in accordance with ASC 810-10-40-5, BioTime recorded a gain on deconsolidation of $49.0 million during the quarter ended June 30, 2016 included in other income and expense, net, in the consolidated statements of operations. |
Equity Method Investment in Com
Equity Method Investment in Common Stock of Asterias, at fair value | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investment in Common Stock of Asterias, at fair value [Abstract] | |
Equity Method Investment in Common Stock of Asterias, at fair value | 4. Equity Method Investment in Common Stock of Asterias, at fair value BioTime elected to account for its investment in 21.7 million shares of Asterias common stock The unaudited condensed results of operations and unaudited condensed balance sheet information of Asterias are summarized below (in thousands): Three months ended June 30, 2016 Six months ended June 30, 2016 For the Period May 13, 2016 through June 30, 2016 (2) Condensed Statements of Operations (1) Total revenue $ 1,532 $ 3,126 $ 772 Gross profit 1,526 3,067 766 Loss from operations (7,074 ) (18,166 ) (4,134 ) Net loss $ (5,159 ) $ (15,946 ) $ (2,383 ) June 30, 2016 December 31, 2015 Condensed Balance Sheet information (1) Current assets $ 33,830 $ 12,783 Noncurrent assets 33,414 27,445 $ 67,244 $ 40,228 Current liabilities $ 13,219 $ 4,450 Noncurrent liabilities 10,751 4,605 Stockholders’ equity 43,274 31,173 $ 67,244 $ 40,228 (1) (2) The following table summarizes Asterias’ unaudited results of operations that are included in BioTime’s unaudited consolidated results of operations, after intercompany eliminations, for the period from January 1, 2016 through May 12, 2016, the date immediately preceding the deconsolidation of Asterias, the period from April 1, 2016 through May 12, 2016 and, for the three and six months ended June 30, 2015 (unaudited) (in thousands). For the Period April 1, 2016 through May 12, 2016 Three months ended June 30, 2015 For the Period January 1, 2016 through May 12, 2016 Six months ended June 30, 2015 Total revenue $ 760 $ 772 $ 2,354 $ 1,552 Gross profit 760 734 2,301 1,464 Loss from operations (2,940 ) (4,807 ) (14,032 ) (9,342 ) Net loss $ (2,776 ) $ (3,618 ) $ (13,113 ) $ (6,590 ) |
Equity Method Investment in C11
Equity Method Investment in Common Stock of Ascendance Biotechnology, Inc. | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investment in Common Stock of Ascendance Biotechnology, Inc. [Abstract] | |
Investment in Common Stock of Ascendance Biotechnology, Inc. | 5. Equity Method Investment in Common Stock of Ascendance Biotechnology, Inc. On December 9, 2015, BioTime acquired a 51.2% equity interest in the common stock of Ascendance Biotechnology, Inc. (“Ascendance”) in exchange for a group of assets and intellectual property licenses deemed to be a business, as defined by ASC 805, Business Combinations Consolidation Variable Interest Entities BioTime’s share of net losses, including dilution losses due to decreased ownership in the Ascendance investment recorded in the consolidated statements of operations during the six months ended June 30, 2016 was $333,000. |
Property, plant and equipment,
Property, plant and equipment, net and construction in progress | 6 Months Ended |
Jun. 30, 2016 | |
Property, plant and equipment, net and construction in progress [Abstract] | |
Property, plant and equipment, net and construction in progress | 6. Property, plant and equipment, net and construction in progress At June 30, 2016 and December 31, 2015, property, plant and equipment, and construction in progress were comprised of the following (in thousands): June 30, 2016 (Unaudited)(1) December 31, 2015 Property, plant and equipment $ 6,492 $ 10,757 Construction in progress - 93 Accumulated depreciation (2,430 ) (3,311 ) Property, plant and equipment, net $ 4,062 $ 7,539 (1) Reflects the effect of the Deconsolidation. Depreciation expense amounted to $748,000 and $512,000 for the six months ended June 30, 2016 and 2015, respectively. Construction in progress Construction in progress of approximately $1.6 million was transferred to property, plant and equipment as of June 1, 2016 when BioTime completed construction on tenant improvements at its new Alameda facility (see Note 13). Under the terms of the lease agreement, the landlord provided BioTime with an initial tenant improvement allowance of up to $1.4 million, which BioTime utilized entirely to construct a research and development laboratory, a diagnostic testing laboratory, and a small production facility that can be used to manufacture small cell banks and clinical materials for clinical studies. Additional tenant improvements of approximately $200,000 as of June 30, 2016 related to tenant improvements and construction costs that were not reimbursable by the landlord and were paid by BioTime. The tenant improvements will be depreciated over the lease term. |
Intangible assets, net
Intangible assets, net | 6 Months Ended |
Jun. 30, 2016 | |
Intangible assets, net [Abstract] | |
Intangible assets, net | 7. Intangible assets, net At June 30, 2016 and December 31, 2015, intangible assets, net of amortization were comprised of the following (in thousands): June 30, 2016 (Unaudited)(1) December 31, 2015 Intangible assets $ 25,703 $ 52,563 Accumulated amortization (14,212 ) (18,971 ) Intangible assets, net $ 11,491 $ 33,592 (1) Reflects the effect of the Deconsolidation. BioTime recognized $2.3 million and $2.6 million in amortization expense of intangible assets, included in research and development, during the six months ended June 30, 2016 and 2015, respectively. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | 8. Accounts Payable and Accrued Liabilities At June 30, 2016 and December 31, 2015, accounts payable and accrued liabilities consisted of the following (in thousands): June 30, 2016 (Unaudited)(1) December 31, 2015 Accounts payable $ 1,758 $ 2,798 Accrued expenses 3,552 5,021 Accrued bonuses 827 1,126 Other current liabilities 371 432 Total $ 6,508 $ 9,377 (1) Reflects the effect of the Deconsolidation. |
Related Party Transactions and
Related Party Transactions and Related Party Convertible Debt | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions and Related Party Convertible Debt [Abstract] | |
Related Party Transactions and Related Party Convertible Debt | 9. 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 an amount that approximates his cost. During the six months ended June 30, 2016, Cell Cure Neurosciences issued certain convertible notes (the “Convertible Notes”) to a Cell Cure Neurosciences shareholder other than BioTime in the principal amount of $999,000. In April and November 2015, Cell Cure Neurosciences issued Convertible Notes to a Cell Cure Neurosciences shareholder other than BioTime in the principal amount of $188,000 and $66,000, respectively. 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, and in February and April 2019. 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 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 issued is not accounted for as an embedded derivative under the provisions of ASC 815, Derivatives and Hedging Debt with Conversion and Other Options. At June 30, 2016, the carrying value of the Convertible Notes was $701,000, comprised of principal and accrued interest of approximately $1,866,000, net of unamortized debt discount of approximately $1,165,000. As of December 31, 2015, the carrying value of the Convertible Notes was $324,000, comprised of principal and accrued interest of $748,000, net of unamortized debt discount of $424,000. In January 2016 and December 2015, certain BioTime board members invested in Ascendance as individual investors concurrently with BioTime’s investment in Ascendance (see Note 5). |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 10. Shareholders' Equity Preferred Shares BioTime is authorized to issue 2,000,000 preferred shares. 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. There are no preferred shares issued and outstanding. Common Shares BioTime is authorized to issue 150,000,000 common shares with no par value. As of June 30, 2016, BioTime had 102,287,695 issued and 101,667,989 outstanding common shares; as of December 31, 2015, BioTime had 94,894,140 issued and 90,421,554 outstanding common shares. The difference of 619,706 and 4,472,586 between issued common shares and outstanding common shares as of June 30, 2016 and December 31, 2015, respectively, is attributed to shares held by BioTime subsidiaries which are accounted for as treasury stock on the condensed consolidated balance sheet. In connection with the Deconsolidation of Asterias as of May 13, 2016 (see Notes 3 and 4), BioTime has reported 3,852,880 BioTime common shares held by Asterias as outstanding common shares. On June 16, 2016, BioTime entered into an underwriting agreement with Oppenheimer & Co. Inc., as representative of the several underwriters (the “Underwriters”) relating to the issuance and sale of 7,322,176 common shares. The public offering price for each share was $2.39. On June 21, 2016, BioTime issued 7,322,176 common shares pursuant to an underwritten public offering, for net proceeds of $16.4 million, after deducting underwriting discounts and commissions and other expenses. On July 5, 2016, BioTime issued an additional 1,098,326 common shares upon the full exercise of the over-allotment option by the Underwriters for net proceeds of $2.5 million, after deducting underwriting discounts (See Note 14). Treasury Stock 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. |
Stock Option Plans
Stock Option Plans | 6 Months Ended |
Jun. 30, 2016 | |
Stock Option Plans [Abstract] | |
Stock Option Plans | 11. Stock Option Plans BioTime has adopted a 2012 Equity Incentive Plan (the “2012 Plan”) under which BioTime has reserved 10,000,000 common shares for the grant of stock options, restricted stock, restricted stock units (RSUs) and stock appreciation rights. A summary of BioTime’s 2012 Plan activity and related information follows (in thousands, except per share amounts): Shares Available for Grant Number of Options and RSUs Outstanding Weighted Average Exercise Price December 31, 2015 5,257 5,194 $ 3.93 Options granted (1,541 ) 1,541 2.87 RSUs granted (208 ) 100 - Options exercised - - - Options forfeited/cancelled 207 (420 ) 4.52 June 30, 2016 3,715 6,415 $ 3.63 During the six months ended June 30, 2016, BioTime issued 3,812 immediately vested common shares from the 2012 Plan, which are not reflected in the RSUs granted. However, reduced the total shares available in the 2012 Plan for future grants shown in the table above. Common shares issued or RSUs granted from the 2012 Plan reduce the shares available for grant by 2-for-1. Stock-Based Compensation Expense The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model applying the weighted-average assumptions noted in the following table: June 30, (Unaudited) 2016 2015 Expected life (in years) 6.07 6.04 Risk-free interest rates 1.45 % 1.76 % Volatility 61.78 % 67.02 % Dividend yield 0 % 0 % Operating expenses include stock-based compensation expense as follows (in thousands): Six Months Ended June 30, (Unaudited) 2016 2015 Research and development $ 1,785 $ 978 General and administrative 3,808 2,722 Total stock-based compensation expense $ 5,593 $ 3,700 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 12. Income Taxes The provision for income taxes is determined using an estimated annual effective tax rate. The effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as valuation allowances against deferred tax assets, the recognition or de-recognition of tax benefits related to uncertain tax positions, if any, and changes in or the interpretation of tax laws in jurisdictions where BioTime conducts business. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. BioTime established a full valuation allowance as of June 30, 2016 and December 31, 2015 due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets. Although the Deconsolidation was not a taxable transaction to BioTime, the $49.0 million gain on the Deconsolidation of Asterias recorded by BioTime generated a deferred tax liability on the equity method investment in Asterias carried at fair value that was fully offset by BioTime’s net operating losses. Accordingly, BioTime did not record any provision or benefit for income taxes for the three and six months ended June 30, 2016. 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 was related to federal taxes offset by $154,000 related to state taxes. The income tax benefit recorded for the six months ended June 30, 2015 was primarily related to the deferred tax liabilities BioTime had recorded for its acquisition of certain intellectual property. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Alameda Lease On December 10, 2015, BioTime entered into a lease for approximately 30,795 square feet of rentable space in two buildings located in an office park in Alameda, California (the “New Alameda Lease”). The term of the New Alameda Lease is seven years and BioTime has an option to renew the term for an additional five years. BioTime moved into the administrative areas of the facility and the term of the New Alameda Lease commenced effective February 1, 2016. The landlord provided BioTime with an initial tenant improvement allowance of $1.4 million that was applied to the construction of improvements for the leased premises, primarily for the research and development facilities. BioTime utilized the tenant improvement allowance to complete the leasehold improvements as of June 1, 2016 (see Note 6). Base rent under the New Alameda Lease commenced on February 1, 2016 at $64,670 per month, and will increase by approximately 3% annually on every February 1 thereafter during the lease term. The lease payments allocated to the landlord liability are amortized as debt service on that liability over the lease term. Litigation – General BioTime will be subject to various claims and contingencies in the ordinary course of its business, including those related to litigation, business transactions, employee-related matters, and others. When BioTime is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, BioTime will record a liability for the loss. If the loss is not probable or the amount of the loss cannot be reasonably estimated, BioTime discloses the claim if the likelihood of a potential loss is reasonably possible and the amount involved could be material. BioTime is not aware of any claims likely to have a material adverse effect on its financial condition or results of operations. Employment Contracts BioTime has entered into employment agreements with certain executive officers. Under the provisions of the agreements, BioTime may be required to incur severance obligations for matters relating to changes in control, as defined in the agreements, and involuntary terminations. Indemnification In the normal course of business, BioTime may provide indemnifications of varying scope under BioTime’s agreements with other companies or consultants, typically BioTime’s clinical research organizations, investigators, clinical sites, suppliers and others. Pursuant to these agreements, BioTime will generally agree to indemnify, hold harmless, and reimburse the indemnified parties for losses and expenses suffered or incurred by the indemnified parties arising from claims of third parties in connection with the use or testing of BioTime’s products and services. Indemnification provisions could also cover third party infringement claims with respect to patent rights, copyrights, or other intellectual property pertaining to BioTime products and services. The term of these indemnification agreements will generally continue in effect after the termination or expiration of the particular research, development, services, or license agreement to which they relate. The potential future payments BioTime could be required to make under these indemnification agreements will generally not be subject to any specified maximum amount. Historically, BioTime has not been subject to any claims or demands for indemnification. BioTime also maintains various liability insurance policies that limit BioTime’s financial exposure. As a result, BioTime believes the fair value of these indemnification agreements is minimal. Accordingly, BioTime has not recorded any liabilities for these agreements as of June 30, 2016 and December 31, 2015. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On July 5, 2016, BioTime issued an additional 1,098,326 common shares upon the full exercise of the over-allotment option by the Underwriters for net proceeds of $2.5 million, after deducting underwriting discounts (see Note 10). |
Basis of Presentation, Liquid21
Basis of Presentation, Liquidity and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation, Liquidity and Summary of Significant Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation – |
Equity method investment in Asterias, at fair value | Equity method investment in Asterias, at fair value – BioTime uses the equity method of accounting when it has the ability to exercise significant influence, but not control, as determined in accordance with GAAP, over the operating and financial policies of the company. For equity method investments which BioTime has elected to measure at fair value, unrealized gains and losses are reported in the consolidated statements of operations as a non-operating gain or loss from equity method investment. As further discussed in Notes 3 and 4, effective May 13, 2016, BioTime owned approximately 49% of the outstanding common stock of Asterias and has elected to account for its investment in Asterias at fair value using the equity method of accounting because since that date BioTime experienced a loss of control of Asterias, as defined by GAAP, but continues to exercise significant influence over Asterias. Under the fair value method, the investment is marked to market using the closing price of Asterias common stock on the NYSE MKT multiplied by the number of shares of Asterias held by BioTime, with changes in the fair value of the Asterias investment included in other income/expenses, net, in the condensed consolidated statements of operations. The Asterias equity method investment is considered a level 1 asset as defined by Accounting Standards Codification, or ASC 820, Fair Value Measurements and Disclosures |
Liquidity | Liquidity – |
Basic and diluted net loss per share | Basic and diluted net income (loss) per share The primary components of weighted average shares of potentially dilutive common shares used to compute diluted net income per common share for the three months ended June 30, 2016 were approximately 2.4 million shares of treasury stock (see Note 10), and approximately 164,000 restricted stock units and outstanding stock options; for the six months ended June 30, 2016 potentially dilutive shares were approximately 3.4 million shares of treasury stock and approximately 94,000 restricted stock units and outstanding stock options (see Note 11) The following common share equivalents were excluded from the computation of diluted net income (loss) per common share for the periods presented because including them would have been antidilutive (in thousands): Six Months Ended June 30, (Unaudited) 2016 2015 Stock options 5,679 4,212 Warrants 9,395 9,191 Treasury stock - 4,894 |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern". ASU No. 2014-15 defines management's responsibility to assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. I ASU No. 2014-15 is effective for annual and interim reporting periods ending after December 15, 2016. Early adoption is permitted. BioTime has not elected early adoption and believes the impact of the adoption of ASU No. 2014-15 could have a material adverse impact on BioTime’s consolidated financial statements. |
Basis of Presentation, Liquid22
Basis of Presentation, Liquidity and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation, Liquidity and Summary of Significant Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following common share equivalents were excluded from the computation of diluted net income (loss) per common share for the periods presented because including them would have been antidilutive (in thousands): Six Months Ended June 30, (Unaudited) 2016 2015 Stock options 5,679 4,212 Warrants 9,395 9,191 Treasury stock - 4,894 |
Equity Method Investment in C23
Equity Method Investment in Common Stock of Asterias, at fair value (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investment in Common Stock of Asterias, at fair value [Abstract] | |
Unaudited condensed financial statements information and operations | The unaudited condensed results of operations and unaudited condensed balance sheet information of Asterias are summarized below (in thousands): Three months ended June 30, 2016 Six months ended June 30, 2016 For the Period May 13, 2016 through June 30, 2016 (2) Condensed Statements of Operations (1) Total revenue $ 1,532 $ 3,126 $ 772 Gross profit 1,526 3,067 766 Loss from operations (7,074 ) (18,166 ) (4,134 ) Net loss $ (5,159 ) $ (15,946 ) $ (2,383 ) June 30, 2016 December 31, 2015 Condensed Balance Sheet information (1) Current assets $ 33,830 $ 12,783 Noncurrent assets 33,414 27,445 $ 67,244 $ 40,228 Current liabilities $ 13,219 $ 4,450 Noncurrent liabilities 10,751 4,605 Stockholders’ equity 43,274 31,173 $ 67,244 $ 40,228 (1) (2) The following table summarizes Asterias’ unaudited results of operations that are included in BioTime’s unaudited consolidated results of operations, after intercompany eliminations, for the period from January 1, 2016 through May 12, 2016, the date immediately preceding the deconsolidation of Asterias, the period from April 1, 2016 through May 12, 2016 and, for the three and six months ended June 30, 2015 (unaudited) (in thousands). For the Period April 1, 2016 through May 12, 2016 Three months ended June 30, 2015 For the Period January 1, 2016 through May 12, 2016 Six months ended June 30, 2015 Total revenue $ 760 $ 772 $ 2,354 $ 1,552 Gross profit 760 734 2,301 1,464 Loss from operations (2,940 ) (4,807 ) (14,032 ) (9,342 ) Net loss $ (2,776 ) $ (3,618 ) $ (13,113 ) $ (6,590 ) |
Property, plant and equipment24
Property, plant and equipment, net and construction in progress (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property, plant and equipment, net and construction in progress [Abstract] | |
Equipment, furniture and fixtures and construction in progress | At June 30, 2016 and December 31, 2015, property, plant and equipment, and construction in progress were comprised of the following (in thousands): June 30, 2016 (Unaudited)(1) December 31, 2015 Property, plant and equipment $ 6,492 $ 10,757 Construction in progress - 93 Accumulated depreciation (2,430 ) (3,311 ) Property, plant and equipment, net $ 4,062 $ 7,539 (1) Reflects the effect of the Deconsolidation. Depreciation expense amounted to $748,000 and $512,000 for the six months ended June 30, 2016 and 2015, respectively. |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Intangible assets, net [Abstract] | |
Intangible assets | At June 30, 2016 and December 31, 2015, intangible assets, net of amortization were comprised of the following (in thousands): June 30, 2016 (Unaudited)(1) December 31, 2015 Intangible assets $ 25,703 $ 52,563 Accumulated amortization (14,212 ) (18,971 ) Intangible assets, net $ 11,491 $ 33,592 (1) Reflects the effect of the Deconsolidation. |
Accounts Payable and Accrued 26
Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts payable and accrued liabilities | At June 30, 2016 and December 31, 2015, accounts payable and accrued liabilities consisted of the following (in thousands): June 30, 2016 (Unaudited)(1) December 31, 2015 Accounts payable $ 1,758 $ 2,798 Accrued expenses 3,552 5,021 Accrued bonuses 827 1,126 Other current liabilities 371 432 Total $ 6,508 $ 9,377 (1) Reflects the effect of the Deconsolidation. |
Stock Option Plans (Tables)
Stock Option Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stock Option Plans [Abstract] | |
Summary of stock option activity | A summary of BioTime’s 2012 Plan activity and related information follows (in thousands, except per share amounts): Shares Available for Grant Number of Options and RSUs Outstanding Weighted Average Exercise Price December 31, 2015 5,257 5,194 $ 3.93 Options granted (1,541 ) 1,541 2.87 RSUs granted (208 ) 100 - Options exercised - - - Options forfeited/cancelled 207 (420 ) 4.52 June 30, 2016 3,715 6,415 $ 3.63 |
Schedule of weighted average assumptions to calculate fair value of stock options | The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model applying the weighted-average assumptions noted in the following table: June 30, (Unaudited) 2016 2015 Expected life (in years) 6.07 6.04 Risk-free interest rates 1.45 % 1.76 % Volatility 61.78 % 67.02 % Dividend yield 0 % 0 % |
Schedule of share-based compensation, employee stock purchase plan, activity | Operating expenses include stock-based compensation expense as follows (in thousands): Six Months Ended June 30, (Unaudited) 2016 2015 Research and development $ 1,785 $ 978 General and administrative 3,808 2,722 Total stock-based compensation expense $ 5,593 $ 3,700 |
Organization and Business Ove28
Organization and Business Overview (Details) | 6 Months Ended |
Jun. 30, 2016Therapeutic | |
Organization and Business Overview [Abstract] | |
Equity method ownership percentage | 57.10% |
Equity method ownership percentage after public offering | 48.70% |
Number of therapeutic products | 4 |
Basis of Presentation, Liquid29
Basis of Presentation, Liquidity and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Liquidity [Abstract] | |||||
Accumulated deficit | $ 221,743 | $ 221,743 | $ 229,181 | ||
Shareholders' equity | $ 94,052 | $ 94,052 | $ 76,447 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted average dilutive common shares used to compute diluted net income per common share (in shares) | 95,801 | 78,362 | 95,360 | 78,312 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity method ownership percentage | 57.10% | 57.10% | |||
Asterias Biotherapeutics [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method ownership percentage | 49.00% | 49.00% | |||
Parent [Member] | |||||
Liquidity [Abstract] | |||||
Accumulated deficit | $ (221,700) | $ (221,700) | |||
Working capital | 23,600 | 23,600 | |||
Shareholders' equity | 94,100 | 94,100 | |||
Proceeds from equity financing after discount, commission and other expenses | 18,900 | ||||
Cash, cash equivalents and available for sale securities | $ 28,300 | $ 28,300 | |||
Treasury Shares [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted average dilutive common shares used to compute diluted net income per common share (in shares) | 2,400,000 | 3,400,000 | |||
Anti-dilutive shares excluded from computation of diluted loss per share (in shares) | 0 | 4,894,000 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted average dilutive common shares used to compute diluted net income per common share (in shares) | 164,000 | 94,000 | |||
Stock Options [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted average dilutive common shares used to compute diluted net income per common share (in shares) | 164,000 | 94,000 | |||
Anti-dilutive shares excluded from computation of diluted loss per share (in shares) | 5,679,000 | 4,212,000 | |||
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) | 9,395,000 | 9,191,000 |
Deconsolidation of Asterias (De
Deconsolidation of Asterias (Details) - USD ($) $ in Thousands | Jun. 21, 2016 | May 13, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | |||||||
Proceeds from sale of stock | $ 16,400 | ||||||
Common stock, outstanding (in shares) | 101,668,000 | 101,668,000 | 90,421,000 | ||||
Gain on deconsolidation | $ 49,048 | $ 0 | $ 49,048 | $ 0 | |||
Asterias Biotherapeutics, Inc. [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Number of shares sold (in shares) | 5,147,059 | ||||||
Warrants issued to purchase common stock (in shares) | 2,959,559 | ||||||
Proceeds from sale of stock | $ 16,200 | ||||||
Number of units available through offerings (in shares) | 708,333 | ||||||
Percentage of ownership interest outstanding after offering | 48.80% | 49.00% | |||||
Common stock, outstanding (in shares) | 3,852,880 | 21,700,000 | 21,700,000 | ||||
Gain on deconsolidation | $ 49,000 |
Equity Method Investment in C31
Equity Method Investment in Common Stock of Asterias, at fair value (Details) - USD ($) $ in Thousands, shares in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||||||||
May 12, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | May 12, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | May 13, 2016 | Dec. 31, 2015 | |||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Fair value on investment | $ 52,194 | $ 52,194 | $ 52,194 | $ 0 | |||||||||
Asterias Biotherapeutics, Inc. [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Common stock, outstanding (in shares) | 21.7 | ||||||||||||
Fair value on investment | 52,200 | 52,200 | 52,200 | $ 65,700 | |||||||||
Unrealized loss on equity method investment | 13,500 | 13,500 | |||||||||||
Condensed Statements of Operations: [Abstract] | |||||||||||||
Total revenue | $ 760 | 772 | [1],[2] | 1,532 | [2] | $ 772 | $ 2,354 | 3,126 | [2] | $ 1,552 | |||
Gross profit | 760 | 766 | [1],[2] | 1,526 | [2] | 734 | 2,301 | 3,067 | [2] | 1,464 | |||
Loss from operations | (2,940) | (43,134) | [1],[2] | (7,074) | [2] | (4,807) | (14,032) | (18,166) | [2] | (9,342) | |||
Net loss | $ (2,776) | (2,383) | [1],[2] | (5,159) | [2] | $ (3,618) | $ (13,113) | (15,496) | [2] | $ (6,590) | |||
Condensed Balance Sheet information: [Abstract] | |||||||||||||
Current assets | [2] | 33,830 | 33,830 | 33,830 | 12,783 | ||||||||
Noncurrent assets | [2] | 33,414 | 33,414 | 33,414 | 27,445 | ||||||||
Total assets | [2] | 67,244 | 67,244 | 67,244 | 40,228 | ||||||||
Current liabilities | [2] | 13,219 | 13,219 | 13,219 | 4,450 | ||||||||
Noncurrent liabilities | [2] | 10,751 | 10,751 | 10,751 | 4,605 | ||||||||
Stockholders' equity | [2] | 43,274 | 43,274 | 43,274 | 31,173 | ||||||||
Total liabilities and stockholders' equity | [2] | $ 67,244 | $ 67,244 | $ 67,244 | $ 40,228 | ||||||||
[1] | The condensed unaudited statement of operations information for the period May 13, 2016 through June 30, 2016 is not included in the unaudited consolidated results of BioTime for the three and six months ended June 30, 2016 due to the Deconsolidation of Asterias on May 13, 2016. | ||||||||||||
[2] | The condensed unaudited statement of operations information included in the table above reflects Asterias' results of operations for the three and six months ended June 30, 2016. Asterias unaudited results of operations for the period from January 1, 2016 through May 12, 2016, the date immediately preceding the Deconsolidation, are included in the unaudited consolidated results of operations of BioTime for the three and six months ended June 30, 2016 shown in the table below. The condensed unaudited balance sheet information of Asterias included in the table above was included in BioTime's consolidated balance sheet at December 31, 2015, after intercompany eliminations. |
Equity Method Investment in C32
Equity Method Investment in Common Stock of Ascendance Biotechnology, Inc. (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 09, 2015 | |
Business Acquisition [Line Items] | |||||
Loss on investment | $ (98,000) | $ 0 | $ (333,000) | $ 0 | |
Ascendance Biotechnology, Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired equity interest | 51.20% | ||||
Additional investment | $ 100,000 | $ 100,000 | |||
Decrease in ownership percentage | 49.90% | ||||
Loss on investment | $ 333,000 |
Property, plant and equipment33
Property, plant and equipment, net and construction in progress (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | ||
Property, plant and equipment, net and construction in progress [Abstract] | ||||
Construction in progress | $ 1,600,000 | |||
Property, plant and equipment, net | 4,062,000 | $ 7,539,000 | ||
Depreciation expense | 748,000 | $ 512,000 | ||
Reimbursement from landlord on construction in progress | 411,000 | 560,000 | ||
Property, Plant and Equipment [Member] | ||||
Property, plant and equipment, net and construction in progress [Abstract] | ||||
Property, plant and equipment | 6,492,000 | [1] | 10,757,000 | |
Construction in progress | 0 | [1] | 93,000 | |
Accumulated depreciation | (2,430,000) | [1] | (3,311,000) | |
Property, plant and equipment, net | 4,062,000 | [1] | $ 7,539,000 | |
Construction in Progress [Member] | ||||
Property, plant and equipment, net and construction in progress [Abstract] | ||||
Depreciation expense | 748,000 | $ 512,000 | ||
Tenant improvement allowance under lease agreement | 1,400,000 | |||
Reimbursement from landlord on construction in progress | $ 200,000 | |||
[1] | Reflects the effect of the Deconsolidation. |
Intangible assets, net (Details
Intangible assets, net (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | ||
Intangible assets, net [Abstract] | ||||
Intangible assets | $ 25,703 | [1] | $ 52,563 | |
Accumulated amortization | (14,212) | [1] | (18,971) | |
Intangible assets, net | 11,491 | [1] | $ 33,592 | |
Amortization of intangible assets | $ 2,292 | $ 2,628 | ||
[1] | Reflects the effect of the Deconsolidation. |
Accounts Payable and Accrued 35
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | [1] | Dec. 31, 2015 |
Accounts Payable and Accrued Liabilities [Abstract] | |||
Accounts payable | $ 1,758 | $ 2,798 | |
Accrued expenses | 3,552 | 5,021 | |
Accrued bonuses | 827 | 1,126 | |
Other current liabilities | 371 | 432 | |
Total | $ 6,508 | $ 9,377 | |
[1] | Reflects the effect of the Deconsolidation. |
Related Party Transactions an36
Related Party Transactions and Related Party Convertible Debt (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Nov. 30, 2015USD ($) | Apr. 30, 2015USD ($) | Jun. 30, 2016USD ($)ft²$ / shares | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($)Shareholder | Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | ||||||
Rent per month | $ 5,050 | |||||
Area of office space (in square feet) | ft² | 900 | |||||
Principal and accumulated interest | $ 1,019,000 | $ 188,000 | ||||
Carrying value of convertible notes | 701,000 | $ 324,000 | ||||
Cell Cure Neurosciences, Ltd. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Unamortized debt discount | 1,165,000 | 424,000 | ||||
Carrying value of convertible notes | 701,000 | 324,000 | ||||
Amount of convertible note | $ 1,866,000 | $ 748,000 | ||||
Cell Cure Neurosciences, Ltd. [Member] | Convertible Notes Payable [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Stated interest rate | 3.00% | |||||
Number of shareholders | Shareholder | 2 | |||||
Estimated fair market value (in dollars per share) | $ / shares | $ 41 | |||||
Accrued interest is payable period | 3 years | |||||
Effective annual interest rate | 23.00% | |||||
Conversion price (in dollars per share) | $ / shares | $ 20 | |||||
Principal and accumulated interest | $ 66,000 | $ 188,000 | $ 999,000 | $ 471,000 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 05, 2016 | Jun. 21, 2016 | Jun. 16, 2016 | May 13, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Preferred Shares [Abstract] | ||||||
Preferred shares, shares authorized (in shares) | 2,000,000 | 2,000,000 | ||||
Common Shares [Abstract] | ||||||
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 | ||||
Common stock, par value (in dollars per share) | $ 0 | $ 0 | ||||
Common shares, shares issued (in shares) | 102,288,000 | 94,894,000 | ||||
Common shares, shares outstanding (in shares) | 101,668,000 | 90,421,000 | ||||
Treasury stock (in shares) | 620,000 | 4,473,000 | ||||
Common shares, new shares issued (in shares) | 7,322,176 | |||||
Proceeds from sale of stock | $ 16.4 | |||||
Over-Allotment Option [Member] | Subsequent Event [Member] | ||||||
Common Shares [Abstract] | ||||||
Common shares, new shares issued (in shares) | 1,098,326 | |||||
Proceeds from sale of stock | $ 2.5 | |||||
Asterias Biotherapeutics [Member] | ||||||
Common Shares [Abstract] | ||||||
Common shares, shares outstanding (in shares) | 3,852,880 | 21,700,000 | ||||
Proceeds from sale of stock | $ 16.2 | |||||
Oppenheimer & Co. Inc [Member] | ||||||
Common Shares [Abstract] | ||||||
Common stock, par value (in dollars per share) | $ 0 | |||||
Common shares, shares issued (in shares) | 7,322,176 | |||||
Disposal of common stock period | 90 days | |||||
Purchase price per share (in dollars per share) | $ 2.39 |
Stock Option Plans (Details)
Stock Option Plans (Details) - $ / shares | Jun. 21, 2016 | Jun. 30, 2016 | Jun. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares, new shares issued (in shares) | 7,322,176 | ||
2012 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common shares reserved for future issuance (in shares) | 10,000,000 | ||
Common shares, new shares issued (in shares) | 3,812 | ||
Reduction ratio in shares available for grant | 2 | ||
Options and Restricted Stock Available for Grant [Rollforward] | |||
Beginning of the period (in shares) | 5,257,000 | ||
Options granted (in shares) | (1,541,000) | ||
RSUs granted (in shares) | (208,000) | ||
Options exercised (in shares) | 0 | ||
Options forfeited/cancelled (in shares) | 207,000 | ||
End of the period (in shares) | 3,715,000 | ||
Number of Options and Restricted Stock Outstanding [Rollforward] | |||
Outstanding, beginning of the period (in shares) | 5,194,000 | ||
Options granted (in shares) | 1,541,000 | ||
RSUs granted (in shares) | 100,000 | ||
Options exercised (in shares) | 0 | ||
Options forfeited/cancelled (in shares) | (420,000) | ||
Outstanding, end of the period (in shares) | 6,415,000 | ||
Weighted Average Exercise Price [Rollforward] | |||
Outstanding, beginning of the period (in dollars per share) | $ 3.93 | ||
Options granted (in dollars per share) | 2.87 | ||
RSUs granted (in dollars per share) | 0 | ||
Options exercised (in dollars per share) | 0 | ||
Options forfeited/cancelled (in dollars per share) | 4.52 | ||
Outstanding end of the period (in dollars per share) | $ 3.63 | ||
Weighted-average assumptions [Abstract] | |||
Expected life | 6 years 25 days | 6 years 14 days | |
Risk-free interest rates | 1.45% | 1.76% | |
Volatility | 61.78% | 67.02% | |
Dividend yield | 0.00% | 0.00% |
Stock Option Plans, Allocation
Stock Option Plans, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
All stock-based compensation expense [Abstract] | ||
All stock-based compensation expense included in expenses | $ 5,593 | $ 3,700 |
Research and Development [Member] | ||
All stock-based compensation expense [Abstract] | ||
All stock-based compensation expense included in expenses | 1,785 | 978 |
General and Administrative [Member] | ||
All stock-based compensation expense [Abstract] | ||
All stock-based compensation expense included in expenses | $ 3,808 | $ 2,722 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Tax Credit Carryforward [Line Items] | ||||
Gain on deconsolidation of Asterias | $ 49,048,000 | $ 0 | $ 49,048,000 | $ 0 |
Deferred income tax benefit | $ 0 | $ (1,271,000) | 0 | (2,448,000) |
Deferred income tax benefit, federal | 2,600,000 | |||
Deferred income tax expense (benefit), state taxes | $ 154,000 | |||
Asterias Biotherapeutics [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Gain on deconsolidation of Asterias | $ 49,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - New Alameda Lease [Member] | 6 Months Ended |
Jun. 30, 2016USD ($)ft²Building | |
Operating Leased Assets [Line Items] | |
Leased area | ft² | 30,795 |
Number of buildings for lease | Building | 2 |
Lease term | 7 years |
Number of years lease can be extended | 5 years |
Lease commencement date | Feb. 1, 2016 |
Tenant improvement allowance | $ 1,400,000 |
Base rent | $ 64,670 |
Base rent increase rate | 3.00% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Jul. 05, 2016 | Jun. 21, 2016 |
Subsequent Event [Line Items] | ||
Common shares, new shares issued (in shares) | 7,322,176 | |
Proceeds from sale of stock | $ 16.4 | |
Subsequent Event [Member] | Over-Allotment Option [Member] | ||
Subsequent Event [Line Items] | ||
Common shares, new shares issued (in shares) | 1,098,326 | |
Proceeds from sale of stock | $ 2.5 |