Lineage Cell Therapeutics (LCTX) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
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		110,875,610
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017		Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 23,816		$ 22,088
Available for sale securities	915		627
Trade accounts and grants receivable, net	206		446
Landlord receivable	0		200
Receivable from affiliates, net (Note 9)	2,807		511
Prepaid expenses and other current assets	1,513		1,777
Total current assets	29,257		25,649
Property, plant and equipment, net	4,992	[1]	5,529
Deferred license fees	90		118
Deposits and other long-term assets	977		1,031
Equity method investment in OncoCyte, at fair value (Note 4)	87,312		0
Equity method investment in Asterias, at fair value (Note 5)	73,942		100,039
Intangible assets, net	8,646	[1]	10,206
TOTAL ASSETS	205,216		142,572
CURRENT LIABILITIES
Accounts payable and accrued liabilities	6,947	[1]	7,144
Capital lease liability, current portion	0		202
Promissory notes, current portion	124		99
Related party convertible debt, net of discount	1,070		833
Deferred license and subscription revenue, current portion	679		572
Total current liabilities	8,820		8,850
LONG-TERM LIABILITIES
Deferred revenues, net of current portion	231		308
Deferred rent liabilities, net of current portion	66		50
Lease liability	1,344		1,386
Capital lease, net of current and other liabilities	0		310
Related party convertible debt, net of discount	1,077		1,032
Promissory notes, net of current portion	95		120
Other long term liabilities	9		8
Deferred tax liability	3,877		0
TOTAL LIABILITIES	15,519		12,064
Commitments and contingencies (Note 13)
SHAREHOLDERS' EQUITY
Preferred shares, no par value, authorized 2,000 shares; none issued and outstanding as of March 31, 2017 and December 31, 2016	0		0
Common shares, no par value, 150,000 shares authorized; 110,860 shares issued and outstanding and 103,396 issued and 102,776 shares outstanding as of March 31, 2017 and December 31, 2016, respectively	333,997		317,878
Accumulated other comprehensive income (loss)	408		(738)
Accumulated deficit	(147,033)		(196,321)
Treasury stock at cost: no shares as of March 31, 2017; 620 shares as of December 31, 2016	0		(2,891)
BioTime, Inc. shareholders' equity	187,372		117,928
Noncontrolling interest	2,325		12,580
Total shareholders' equity	189,697		130,508
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 205,216		$ 142,572
[1]	Reflects the effect of the OncoCyte Deconsolidation.

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2017	Dec. 31, 2016
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)	110,860	103,396
Common stock, outstanding (in shares)	110,860	102,776
Treasury stock (in shares)	0	620

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES:
Grant income	$ 11	$ 1,487
Royalties from product sales and license fees	110	200
Subscription and advertisement revenues	264	343
Sale of research products	5	43
Total revenues	390	2,073
Cost of sales	(57)	(225)
Gross profit	333	1,848
OPERATING EXPENSES:
Research and development	6,494	13,734
General and administrative	5,101	11,872
Total operating expenses	11,595	25,606
Loss from operations	(11,262)	(23,758)
OTHER INCOME/(EXPENSES):
Interest expense, net	(306)	(132)
BioTime's share of losses in equity method investment in Ascendance Biotechnology, Inc.	0	(235)
Gain on deconsolidation of OncoCyte	71,697	0
Loss on equity method investment in Asterias at fair value	(26,097)	0
Gain on equity method investment in OncoCyte at fair value	16,142	0
Other income, net	727	128
Total other income/(expense), net	62,163	(239)
INCOME (LOSS) BEFORE INCOME TAX BENEFIT	50,901	(23,997)
Deferred income tax provision	(3,877)	0
NET INCOME (LOSS)	47,024	(23,997)
Net loss attributable to non-controlling interest	2,264	6,885
NET INCOME (LOSS) ATTRIBUTABLE TO BIOTIME, INC.	$ 49,288	$ (17,112)
NET INCOME (LOSS) PER COMMON SHARE:
BASIC (in dollars per share)	$ 0.46	$ (0.19)
DILUTED (in dollars per share)	$ 0.46	$ (0.19)
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING:
BASIC (in shares)	106,712	90,421
DILUTED (in shares)	107,384	90,421

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) [Abstract]
NET INCOME (LOSS)	$ 47,024	$ (23,997)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation	847	127
Available for sale investments:
Unrealized gain on available-for-sale securities, net of taxes	299	49
COMPREHENSIVE INCOME (LOSS)	48,170	(23,821)
Less: Comprehensive loss attributable to non-controlling interest	2,264	6,885
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO BIOTIME, INC. COMMON SHAREHOLDERS	$ 50,434	$ (16,936)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) attributable to BioTime, Inc.	$ 49,288	$ (17,112)
Net loss allocable to non-controlling interest	(2,264)	(6,885)
Adjustments to reconcile net income (loss) attributable to BioTime, Inc. to net cash used in operating activities:
Gain on deconsolidation of OncoCyte (Note 3)	(71,697)	0
Unrealized loss on equity method investment in Asterias at fair value	26,097	0
Unrealized gain on equity method investment in OncoCyte at fair value	(16,142)	0
Depreciation expense, including amortization of leasehold improvements	216	429
Amortization of intangible assets	602	1,314
Stock-based compensation	1,026	3,373
Subsidiary shareholder expense for subsidiary warrants	0	3,125
Amortization of discount on related party convertible debt	253	65
Foreign currency remeasurement (gain) or loss and other	(829)	347
Deferred income tax provision	3,877	0
Deferred grant income	0	(243)
Changes in operating assets and liabilities:
Accounts and grants receivable, net	248	(36)
Receivables from affiliates, net of payables	231	0
Prepaid expenses and other current assets	338	(259)
Accounts payable and accrued liabilities	655	1,457
Other	3	112
Net cash used in operating activities	(8,098)	(14,313)
CASH FLOWS FROM INVESTING ACTIVITIES:
Deconsolidation of cash and cash equivalents of OncoCyte	(8,898)	0
Purchase of equipment and other assets	(205)	(583)
Restricted cash	0	(815)
Payments on construction in progress	0	(267)
Other	(51)	0
Cash used in investing activities	(9,154)	(1,665)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares	20,125	0
Fees paid on sale of common shares	(1,345)	0
Proceeds from exercises of stock options	25	49
Reimbursement from landlord on construction in progress	200	567
Repayment of capital lease obligation	(31)	(17)
Net proceeds from sale of common shares of subsidiary	0	165
Proceeds from issuance of related party convertible debt	123	0
Net cash provided by financing activities	19,097	764
Effect of exchange rate changes on cash and cash equivalents	(117)	117
NET CHANGE IN CASH AND CASH EQUIVALENTS:	1,728	(15,097)
CASH AND CASH EQUIVALENTS:
At beginning of the period	22,088	42,229
At end of the period	$ 23,816	$ 27,132

Organization and Business Overv

Organization and Business Overview	3 Months Ended
	Mar. 31, 2017
Organization and Business Overview [Abstract]
Organization and Business Overview	1. Organization and Business Overview General – HyStem ® BioTime also has significant equity holdings in two publicly traded companies, Asterias Biotherapeutics, Inc. ("Asterias") and OncoCyte Corporation ("OncoCyte"), which BioTime founded and, until recently, were majority-owned and consolidated subsidiaries. Asterias (NYSE MKT: AST) is presently focused on advancing three clinical-stage programs that have the potential to address areas of high unmet medical need in the fields of neurology (spinal cord injury) and oncology (acute myeloid leukemia and lung cancer). OncoCyte (NYSE MKT: OCX) is developing confirmatory diagnostic tests for lung cancer, breast cancer, and bladder cancer utilizing novel liquid biopsy technology. BioTime also seeks to advance early-stage programs using other new technologies through its own research programs as well as through other subsidiaries or affiliates. As discussed in Note 3, as a result of the issuance of 625,000 shares of OncoCyte common stock from warrant exercises by certain OncoCyte shareholders, as of February 17, 2017, BioTime owned less than 50% of the OncoCyte outstanding common stock and experienced a loss of control of OncoCyte . Under GAAP, loss of control of a subsidiary is deemed to have occurred when, among other things, a parent company owns less than a majority of the outstanding common stock of the subsidiary, lacks a controlling financial interest in the subsidiary, and is unable to unilaterally control the subsidiary through other means such as having the ability or being able to obtain the ability to elect a majority of the subsidiary’s Board of Directors. BioTime determined that all of these loss of control factors were present with respect to OncoCyte on February 17, 2017. Accordingly, BioTime has deconsolidated OncoCyte’s financial statements and results of operations from BioTime, effective February 17, 2017 (the “OncoCyte Deconsolidation”), in accordance with Accounting Standards Codification, or ASC 810-10-40-4(c), Consolidation . , BioTime has accounted for the OncoCyte common stock it holds using the equity method of accounting at fair value (see Note 4). Beginning on May 13, 2016, BioTime also deconsolidated Asterias financial statements and results of operations from BioTime (the “Asterias Deconsolidation”) (see Notes 3 and 5).

Basis of Presentation, Liquidit

Basis of Presentation, Liquidity and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 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, 2016 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, 2016. 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 – Although beginning on February 17, 2017 and May 13, 2016, respectively, OncoCyte and Asterias financial statements and results will no longer be part of BioTime’s consolidated financial statements and results, the market value of OncoCyte and Asterias common stock, as of those respective dates, held by BioTime will be reflected on BioTime’s consolidated balance sheet and changes in the market value of those shares will be reflected in BioTime’s consolidated statements of operations, allowing BioTime shareholders to evaluate the value of the respective OncoCyte and Asterias’ portion of BioTime’s business. For the period from January 1, 2017 through February 16, 2017, OncoCyte’s results of operations, comprehensive income or loss, and cash flows are included with BioTime’s consolidated statement of operations, statement of comprehensive income or loss and statement of cash flows for the three months ended March 31, 2017, after intercompany eliminations (see Notes 3 and 4). For the three months ended March 31, 2016, Asterias’ and OncoCyte’s results of operations, comprehensive income or loss and cash flows are included with BioTime’s consolidated statement of operations, statement of comprehensive income or loss and statement of cash flows, after intercompany eliminations (sees Notes 3, 4 and 5). As of December 31, 2016, OncoCyte’s assets, liabilities and net assets are included in the consolidated balance sheet of BioTime, after intercompany eliminations. Liquidity – sufficient cash, cash equivalents, and liquidity to carry out BioTime’s current operations through at least twelve months from the issuance date of the consolidated financial statements included herein. Although BioTime has no present plans to liquidate its holdings of Asterias or OncoCyte shares, if BioTime needs near term working capital or liquidity to supplement its cash and cash equivalents for its operations, BioTime may sell some, or all, of its Asterias or OncoCyte shares, as necessary. BioTime’s projected cash flows are subject to various risks and uncertainties. For example, clinical trials being conducted by Cell Cure will be funded in part with funds from grants and not from cash on hand. If Cell Cure were to lose its grant funding or BioTime is unable to continue to provide working capital to Cell Cure, or both, it may be required to delay, postpone, or cancel its clinical trials or limit the number of clinical trial sites, or otherwise reduce or curtail its operations unless it is able to obtain adequate financing from another source that could be used for its clinical trial. The unavailability or inadequacy of financing to meet future capital needs could force BioTime to modify, curtail, delay, or suspend some or all aspects of its planned operations. BioTime’s determination as to when it will seek new financing and the amount of financing that it will need will be based on BioTime’s evaluation of the progress it makes in its research and development programs, any changes to the scope and focus of those programs, and projection of future costs, revenues, and rates of expenditure. BioTime cannot assure that adequate financing will be available on favorable terms, if at all. Equity method accounting for Asterias and OncoCyte, 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 a company. For equity method assets which BioTime has elected to measure at fair value, unrealized gains and losses are reported in the consolidated statements of operations in other income (expenses), net. As further discussed in Notes 4 and 5, BioTime has elected to account for its Asterias and OncoCyte shares at fair value using the equity method of accounting because beginning on May 13, 2016 and February 17, 2017, the respective dates on which BioTime deconsolidated Asterias and OncoCyte, BioTime has not had control of Asterias and OncoCyte, as defined by GAAP, but continues to exercise significant influence over Asterias and OncoCyte. Under the fair value method, BioTime’s value in shares of common stock it holds in Asterias and OncoCyte is marked to market using the closing prices of Asterias and OncoCyte common stock on the NYSE MKT multiplied by the number of shares of Asterias and OncoCyte held by BioTime, with changes in the fair value of the Asterias and OncoCyte shares included in other income/expenses, net, in the condensed consolidated statements of operations. The Asterias and OncoCyte shares are considered level 1 assets as defined by ASC 820, Fair Value Measurements and Disclosures Basic and diluted net income (loss) per share attributable to common shareholders The primary components of the weighted average number of potentially dilutive common shares used to compute diluted net income per common share for the three months ended March 31, 2017 were approximately 330,000 shares of treasury stock (see Note 10), and approximately 342,000 restricted stock units and outstanding stock options (see Note 11). For the three months ended March 31, 2016, there were no potentially dilutive common share equivalents due to the net loss reported for this period presented. 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): Three Months Ended March 31, (unaudited) 2017 2016 Stock options 4,701 5,454 Warrants 9,395 9,395 Treasury stock -- 4,473 Adoption of ASU 2016-09 , Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. BioTime adopted ASU 2016-09 beginning on January 1, 2017. In connection with the adoption of ASU 2016-09, BioTime changed its accounting policies including how it accounts for excess tax benefits and deficiencies, if any, and forfeitures, as applicable. All excess tax benefits and tax deficiencies from stock based compensation awards accounted for under ASC 718 are recognized as an income tax benefit or expense, respectively, in the consolidated statements of operations. Prior to the adoption of ASU 2016-09, BioTime recognized excess tax benefits, if any, in additional paid-in capital only if the tax deduction reduced cash income taxes payable and, excess tax deficiencies were recognized either as an offset to accumulated excess tax benefits, if any, on BioTime’s consolidated statements of operations. An excess income tax benefit arises when the tax deduction of a share-based award for income tax purposes exceeds the compensation cost recognized for financial reporting purposes and, a tax deficiency arises when the compensation cost exceeds the tax deduction. Because BioTime has an insignificant number of stock option exercises during the current quarter, and BioTime’s full valuation allowance prior to March 31, 2017, the impact to BioTime’s consolidated statements of operations for any excess tax benefits or deficiencies was immaterial (see Notes 11 and 12). Forfeitures are now accounted for as they occur instead of based on the number of awards that were expected to vest. Based on the nature and timing of BioTime’s grants, straight line expense attribution of stock based compensation for the entire award and the relatively low forfeiture rates on BioTime’s experience, the impact of adoption of ASU 2016-09 pertaining to forfeitures was not material to BioTime’s consolidated financial statements. Recently Issued Accounting Pronouncements In November 2016, the FASB issued ASU 2016-18, “ Statement of Cash Flows (Topic 230) Reclassifications –

Deconsolidation of OncoCyte and

Deconsolidation of OncoCyte and Asterias	3 Months Ended
	Mar. 31, 2017
Deconsolidation of OncoCyte and Asterias [Abstract]
Deconsolidation of OncoCyte and Asterias	3. Deconsolidation of OncoCyte and Asterias On February 17, 2017, OncoCyte issued 625,000 shares of OncoCyte common stock to certain investors who exercised their OncoCyte warrants. These warrants had been issued as part of OncoCyte’s financing that was completed on August 29, 2016. As a result of this exercise and the issuance of the 625,000 shares of OncoCyte common stock, beginning on February 17, 2017, BioTime owned less than 50% of the OncoCyte outstanding common stock and experienced a loss of control of the OncoCyte subsidiary. Under GAAP, loss of control of a subsidiary is deemed to have occurred when, among other things, a parent company owns less than a majority of the outstanding common stock of the subsidiary, lacks a controlling financial interest in the subsidiary, and is unable to unilaterally control the subsidiary through other means such as having the ability or being able to obtain the ability to elect a majority of the subsidiary’s Board of Directors. BioTime determined that all of these loss of control factors were present with respect to OncoCyte on February 17, 2017. Accordingly, BioTime has deconsolidated OncoCyte’s financial statements and results of operations from BioTime, effective February 17, 2017, in accordance with ASC, 810-10-40-4(c), Consolidation Beginning on February 17, 2017, BioTime is accounting for its retained noncontrolling investment in OncoCyte under the equity method of accounting and has elected the fair value option under ASC 825-10, Financial Instruments (see Note 4). In connection with the OncoCyte Deconsolidation and in accordance with ASC 810-10-40-5, BioTime recorded a gain on deconsolidation of $71.7 million during the three months ended March 31, 2017, included in other income and expenses, net, in the condensed consolidated statements of operations (see Note 12). As previously reported, BioTime deconsolidated Asterias financial statements and results of operations from BioTime effective May 13, 2016.

Equity Method Accounting for Co

Equity Method Accounting for Common Stock of OncoCyte, at fair value	3 Months Ended
	Mar. 31, 2017
Equity Method Accounting for Common Stock of OncoCyte, at fair value [Abstract]
Equity Method Accounting for Common Stock of OncoCyte, at fair value	4 . Equity Method Accounting for Common Stock of OncoCyte, at fair value BioTime elected to account for its 14.7 million shares of OncoCyte common stock The unaudited condensed results of operations for the three months ended March 31, 2017 and 2016, the unaudited condensed balance sheet information of OncoCyte at March 31, 2017 and the audited balance sheet information of OncoCyte at December 31, 2016 are summarized below (in thousands): January 1, 2017 to February 16, 2017 (unaudited) February 17, 2017 to March 31, 2017 (unaudited) Three Months Ended March 31, 2016 (unaudited) Condensed Statements of Operations (1) Research and development expense $ 798 $ 1,049 $ 1,835 General and administrative expense 590 2,093 1,751 Loss from operations (1,388 ) (3,142 ) (3,586 ) Net loss $ (1,932 ) $ (3,311 ) $ (3,582 ) March 31, 2017 (unaudited) December 31, 2016 Condensed Balance Sheet information (2) Current assets $ 13,452 $ 10,459 Noncurrent assets 1,722 1,751 $ 15,174 $ 12,210 Current liabilities $ 4,549 $ 1,421 Noncurrent liabilities 1,852 310 Stockholders’ equity 8,773 10,479 $ 15,174 $ 12,210 (1) (2)

Equity Method Accounting for 11

Equity Method Accounting for Common Stock of Asterias, at fair value	3 Months Ended
	Mar. 31, 2017
Equity Method Accounting for Common Stock of Asterias, at fair value [Abstract]
Equity Method Accounting for Common Stock of Asterias, at fair value	5. Equity Method Accounting for Common Stock of Asterias, at fair value BioTime elected to account for its 21.7 million shares of Asterias common stock The unaudited condensed results of operations for the three months ended March 31, 2017 and 2016, the unaudited condensed balance sheet information of Asterias at March 31, 2017 and the audited balance sheet information of Asterias at December 31, 2016 are summarized below (in thousands): Three Months Ended March 31, 2017 (unaudited) Three months ended March 31, 2016 (unaudited) Condensed Statements of Operations (1) Total revenue $ 2,010 $ 1,594 Gross profit 1,957 1,541 Loss from operations (9,107 ) (11,016 ) Net loss $ (6,287 ) $ (10,262 ) March 31, 2017 (unaudited) December 31, 2016 Condensed Balance Sheet information (2) Current assets $ 34,164 $ 36,990 Noncurrent assets 23,057 24,020 $ 57,221 $ 61,010 Current liabilities $ 2,883 $ 6,051 Noncurrent liabilities 9,876 12,930 Stockholders’ equity 44,462 42,029 $ 57,221 $ 61,010 (1) (2)

Property, plant and equipment,

Property, plant and equipment, net	3 Months Ended
	Mar. 31, 2017
Property, plant and equipment, net [Abstract]
Property, plant and equipment, net	6. Property, plant and equipment, net At March 31, 2017 and December 31, 2016, property, plant and equipment was comprised of the following (in thousands): March 31, 2017 (unaudited) (1) December 31, 2016 Equipment, furniture and fixtures $ 3,802 $ 4,718 Leasehold improvements 4,025 3,791 Accumulated depreciation and amortization (2,835 ) (2,980 ) Property, plant and equipment, net $ 4,992 $ 5,529 (1) Depreciation expense, including amortization of leasehold improvements, amounted to $216,000 and $429,000 for the three months ended March 31, 2017 and 2016, respectively.

Intangible assets, net

Intangible assets, net	3 Months Ended
	Mar. 31, 2017
Intangible assets, net [Abstract]
Intangible assets, net	7. Intangible assets, net At March 31, 2017 and December 31, 2016, intangible assets, primarily consisting of acquired patents, and accumulated amortization were as follows (in thousands): March 31, 2017 (unaudited) (1) December 31, 2016 Intangible assets $ 23,294 $ 25,703 Accumulated amortization (14,648 ) (15,497 ) Intangible assets, net $ 8,646 $ 10,206 (1) BioTime recognized $602,000 and $1.3 million in amortization expense of intangible assets, included in research and development expenses, during the three months ended March 31, 2017 and 2016, respectively.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2017
Accounts Payable and Accrued Liabilities [Abstract]
Accounts Payable and Accrued Liabilities	8. Accounts Payable and Accrued Liabilities At March 31, 2017 and December 31, 2016, accounts payable and accrued liabilities consisted of the following (in thousands): March 31, 2017 (unaudited) (1) December 31, 2016 Accounts payable $ 1,064 $ 1,593 Accrued expenses 3,738 3,212 Accrued compensation 1,698 1,904 Other current liabilities 447 435 Total $ 6,947 $ 7,144 (1)

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions Related Party Convertible Debt Cell Cure issued certain convertible promissory notes (the “Convertible Notes”) to Cell Cure shareholders other than BioTime. The functional currency of Cell Cure is the Israeli New Shekel however the Convertible Notes are payable in United States dollars. Consequently, at each balance sheet date, Cell Cure remeasures the Convertible Notes issued to BioTime and other Cell Cure shareholders using the current exchange rate at that date pursuant to ASC 830, Foreign Currency Matters Derivatives and Hedging since it is not a freestanding financial instrument and the underlying Cell Cure ordinary shares are not readily convertible into cash. Accordingly, the Convertible Notes are accounted for under ASC 470-20, Debt with Conversion and Other Options (ASC 470-20) . Under ASC 470-20, BioTime determined that a beneficial conversion feature (“BCF”) was present on the issuance dates of the Convertible Notes. A conversion feature is beneficial if, on the issuance dates, the effective conversion price is less than the fair value of the issuer’s capital stock. Since the effective conversion price of $20.00 per share is less than the estimated range of fair values from $28.00 per share to $40.00 per share of Cell Cure ordinary shares on the dates the Convertible Notes were issued, a beneficial conversion feature, equal to the intrinsic value ranging from $8 per share to $20 per share, is present. In accordance with ASC 470-20-30-8, if the intrinsic value of the BCF is greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF is limited to the amount of the proceeds allocated to the convertible instrument. The BCF is recorded as an addition to equity with a corresponding debt discount on the Convertible Notes’ issuance date. This debt discount is amortized to interest expense using the effective interest method over the three-year term of the debt, representing an approximate effective annual interest rate between 11% and 23%. As of March 31, 2017, certain tranches of the Convertible Notes in the amount of $614,000, including principal and accrued interest, had matured and are due and payable to Cell Cure shareholders other than BioTime. Cell Cure is currently negotiating the terms of renewal of the Convertible Notes with the holders. Shared Facilities and Service Agreements with Affiliates The receivables from affiliates shown on the condensed consolidated balance sheet as of March 31, 2017 primarily represents amounts owed to BioTime from OncoCyte and other affiliates under the Shared Facilities and Service Agreement On October 8, 2009, OncoCyte and BioTime entered into a Shared Facilities and Services Agreement (“Shared Facilities Agreement”). Under the terms of the Shared Facilities Agreement, BioTime allows OncoCyte to use BioTime’s premises and equipment located at Alameda, California for the sole purpose of conducting business. BioTime also provides accounting, billing, bookkeeping, payroll, treasury, payment of accounts payable, and other similar administrative services to OncoCyte. BioTime may also provide the services of attorneys, accountants, and other professionals who may also provide professional services to BioTime and its other subsidiaries. BioTime also has provided OncoCyte with the services of laboratory and research personnel, including BioTime employees and contractors, for the performance of research and development work for OncoCyte at the premises. BioTime charges OncoCyte a “Use Fee” for services provided and usage of BioTime facilities, equipment, and supplies. For each billing period, BioTime prorates and allocates to OncoCyte costs incurred, including costs for services of Bio Time employees and use of equipment, insurance, leased space, professional services, software licenses, supplies and utilities. The allocation of costs depends on key cost drivers, including actual documented use, square footage of facilities used, time spent, costs incurred by BioTime for OncoCyte, or upon proportionate usage by BioTime and OncoCyte, as reasonably estimated by BioTime. BioTime, at its discretion, has the right to charge OncoCyte a 5% markup on such allocated costs although BioTime elected not to charge this markup from the inception of the Shared Facilities Agreement through December 31, 2015. For allocated costs incurred beginning on January 1, 2016, BioTime is charging the 5% markup. The allocated cost of BioTime employees and contractors who provide services is based upon records maintained of the number of hours of such personnel devoted to the performance of services. The Use Fee is determined and invoiced to OncoCyte on a quarterly basis for each calendar quarter of each calendar year. If the Shared Facilities Agreement terminates prior to the last day of a billing period, the Use Fee will be determined for the number of days in the billing period elapsed prior to the termination of the Shared Facilities Agreement. Each invoice will be payable in full by OncoCyte within 30 days after receipt. Any invoice, or portion thereof, not paid in full when due will bear interest at the rate of 15% per annum until paid, unless the failure to make a payment is due to any inaction or delay in making a payment by BioTime employees from OncoCyte funds available for such purpose, rather than from the unavailability of sufficient funds legally available for payment or from an act, omission, or delay by any employee or agent of OncoCyte. Through March 31, 2017, BioTime has not charged OncoCyte any interest. In addition to the Use Fees, OncoCyte will reimburse BioTime for any out of pocket costs incurred by BioTime for the purchase of office supplies, laboratory supplies, and other goods and materials and services for the account or use of OncoCyte, provided that invoices documenting such costs are delivered to OncoCyte with each invoice for the Use Fee. BioTime will have no obligation to purchase or acquire any office supplies or other goods and materials or any services for OncoCyte, and if any such supplies, goods, materials or services are obtained for OncoCyte, BioTime may arrange for the suppliers to invoice OncoCyte directly. The Shared Facilities Agreement will remain in effect, unless either party gives the other party written notice stating that the Shared Facilities Agreement will terminate on December 31 of that year, or unless the agreement is otherwise terminated under another provision of the agreement. As of March 31, 2017, BioTime has a $2.6 million receivable from OncoCyte included in receivable from affiliates, net, on account of Use Fees incurred by OncoCyte under the Shared Facilities Agreement. Since these amounts are due and payable within 30 days of being invoiced, the receivable is classified as a current asset. The remaining $0.2 million receivable from affiliate is due from Ascendance Biotechnology, Inc. (“Ascendance”), an equity method investee of BioTime, net of allowance for doubtful accounts, for similar shared services performed by BioTime for Ascendance. BioTime has a similar Shared Facilities Agreement with Asterias and as of March 31, 2017, there was no net receivable from Asterias. As of December 31, 2016, BioTime had a receivable from Asterias of approximately $0.3 million which was paid during the three months ended March 31, 2017. BioTime accounts for receivables from affiliates, net of payables to affiliates, if any, for similar shared services and other transactions BioTime’s consolidated subsidiaries may enter into with nonconsolidated affiliates. BioTime and the affiliates record those receivables and payables on a net basis since BioTime and the affiliate have a legal right of offset of the receivable and the payable, intend to offset those receivables and payables, and settle the balances net by having the party that owes the other party pay the net balance owed. Other related party transaction 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.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
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 December 31, 2016, BioTime had 103,396,245 102,776,539 619,706 n February 17, 2017, and in connection with the OncoCyte Deconsolidation, those treasury shares are considered to be issued and outstanding BioTime common shares. As of March 31, 2017, BioTime had 110,860,004 issued and outstanding common shares and no outstanding treasury stock. During February 2017, BioTime sold 7,453,704 common shares in an underwritten public offering. The offering price to the public was $2.70 per share and net proceeds to BioTime were approximately $18.8 million, after deducting underwriting discounts, commissions and expenses related to the financing.

Stock Option Plans

Stock Option Plans	3 Months Ended
	Mar. 31, 2017
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 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 Outstanding Number of RSUs Outstanding Weighted Average Exercise Price of Options December 31, 2016 2,894 6,958 100 $ 3.60 Options granted (583 ) 583 - 3.06 Options exercised - (9 ) - 2.66 Options forfeited/cancelled 281 (336 ) - 3.90 March 31, 2017 2,592 7,196 100 $ 3.55 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 Three Months Ended March 31, (unaudited) 2017 2016 Expected life (in years) 6.08 6.08 Risk-free interest rates 2.07 % 1.60 % Volatility 59.83 % 62.05 % Dividend yield - % - % Operating expenses include stock-based compensation expense as follows (in thousands): Three Months Ended March 31, (unaudited) 2017 2016 Research and development $ 331 $ 1,206 General and administrative 695 2,167 Total stock-based compensation expense $ 1,026 $ 3,373

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Taxes [Abstract]
Income Taxes	12. Income Taxes The provision for income taxes for interim periods is determined using an estimated annual effective tax rate as prescribed by ASC 740-270, Income Taxes, Interim Reporting For items that BioTime cannot reliably estimate on an annual basis (principally unrealized gains or losses generated on its Asterias and OncoCyte shares due to the changes in the respective stock prices of Asterias and OncoCyte), BioTime uses the actual year to date effective tax rate rather than an estimated annual effective tax rate to determine the tax effect of that item, including the use of all available net operating losses and other credits or deferred tax assets. In connection with the deconsolidation of Asterias and OncoCyte (see Note 3), although neither deconsolidation was a taxable transaction to BioTime and did not create a current income tax payment obligation to BioTime, the market value of the respective shares BioTime holds creates a deferred tax liability to BioTime based on the closing price of the security, less the tax basis of the security BioTime has in such shares. The deferred tax liability generated by the Asterias and OncoCyte shares that BioTime holds as of March 31, 2017, is a source of future taxable income to BioTime, as prescribed by ASC 740-10-30-17, that will more likely than not result in the realization of its deferred tax assets to the extent of those deferred tax liabilities. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. For federal income tax purposes, as a result of the Asterias and OncoCyte deferred tax liabilities generated from their respective deconsolidation dates and, changes to those deferred tax liabilities due to changes in the Asterias and OncoCyte stock price through March 31, 2017, including the OncoCyte Deconsolidation gain for financial reporting purposes discussed in Note 3, BioTime’s deferred tax liabilities exceeded its deferred tax assets by $3.9 million as of March 31, 2017. Accordingly, as of March 31, 2017, for federal income tax purposes, BioTime released its entire valuation allowance and recognized a federal deferred income tax expense of $3.9 million during the three months ended March 31, 2017. For state income tax purposes, BioTime has a full valuation allowance on its state deferred tax assets as of March 31, 2017 and December 31, 2016 and, accordingly, no state tax provision or benefit was recorded for any period presented. BioTime established a full valuation allowance as of December 31, 2016 and 2015 due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets. Accordingly, BioTime did not record any provision or benefit for income taxes for the three months ended March 31, 2016. On February 16, 2016, BioTime and Asterias completed certain transactions under a pursuant to which BioTime . BioTime had sufficient current year losses from operations to offset the entire gain resulting in no income taxes due. As the transfer of assets and the resulting taxable gain was due to a , BioTime recorded the tax effects of this gain through equity in accordance with ASC 740-20-45-11(g) during the three months ended March 31, 2016.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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 facility and the term of the New Alameda Lease commenced effective February 1, 2016. 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 March 31, 2017 and December 31, 2016.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events On April 6, 2017, BioTime, entered into a Controlled Equity Offering SM BioTime is not obligated to sell any Shares under the Sales Agreement. Subject to the terms and conditions of the Sales Agreement, Cantor Fitzgerald will use commercially reasonable efforts, consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations, and the rules of the NYSE MKT, to sell the Shares from time to time based upon BioTime’s instructions, including any price, time or size limits specified by BioTime. Under the Sales Agreement, Cantor Fitzgerald may sell the shares by any method deemed to be an “at-the-market” offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, or by any other method permitted by law, including in privately negotiated transactions. Cantor Fitzgerald’s obligations to sell the Shares under the Sales Agreement are subject to satisfaction of certain conditions, including the effectiveness of BioTime’s Registration Statement on Form S-3 (File No. 333-217182) (the “Registration Statement”), filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on April 6, 2017, and Amendment No. 1 to the Registration Statement, filed with the SEC on May 2, 2017, which the SEC declared effective on May 5, 2017. BioTime will pay Cantor Fitzgerald a commission of 3.0% of the aggregate gross proceeds from each sale of Shares, reimburse legal fees and disbursements and provide Cantor Fitzgerald with customary indemnification and contribution rights. The Sales Agreement may be terminated by Cantor Fitzgerald or BioTime at any time upon notice to the other party, or by Cantor Fitzgerald at any time in certain circumstances, including the occurrence of a material and adverse change in BioTime’s business or financial condition that makes it impractical or inadvisable to market the Shares or to enforce contracts for the sale of the Shares.

Basis of Presentation, Liquid21

Basis of Presentation, Liquidity and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Basis of Presentation, Liquidity and Summary of Significant Accounting Policies [Abstract]
Principles of consolidation	Principles of consolidation – Although beginning on February 17, 2017 and May 13, 2016, respectively, OncoCyte and Asterias financial statements and results will no longer be part of BioTime’s consolidated financial statements and results, the market value of OncoCyte and Asterias common stock, as of those respective dates, held by BioTime will be reflected on BioTime’s consolidated balance sheet and changes in the market value of those shares will be reflected in BioTime’s consolidated statements of operations, allowing BioTime shareholders to evaluate the value of the respective OncoCyte and Asterias’ portion of BioTime’s business. For the period from January 1, 2017 through February 16, 2017, OncoCyte’s results of operations, comprehensive income or loss, and cash flows are included with BioTime’s consolidated statement of operations, statement of comprehensive income or loss and statement of cash flows for the three months ended March 31, 2017, after intercompany eliminations (see Notes 3 and 4). For the three months ended March 31, 2016, Asterias’ and OncoCyte’s results of operations, comprehensive income or loss and cash flows are included with BioTime’s consolidated statement of operations, statement of comprehensive income or loss and statement of cash flows, after intercompany eliminations (sees Notes 3, 4 and 5). As of December 31, 2016, OncoCyte’s assets, liabilities and net assets are included in the consolidated balance sheet of BioTime, after intercompany eliminations.
Liquidity	Liquidity – sufficient cash, cash equivalents, and liquidity to carry out BioTime’s current operations through at least twelve months from the issuance date of the consolidated financial statements included herein. Although BioTime has no present plans to liquidate its holdings of Asterias or OncoCyte shares, if BioTime needs near term working capital or liquidity to supplement its cash and cash equivalents for its operations, BioTime may sell some, or all, of its Asterias or OncoCyte shares, as necessary. BioTime’s projected cash flows are subject to various risks and uncertainties. For example, clinical trials being conducted by Cell Cure will be funded in part with funds from grants and not from cash on hand. If Cell Cure were to lose its grant funding or BioTime is unable to continue to provide working capital to Cell Cure, or both, it may be required to delay, postpone, or cancel its clinical trials or limit the number of clinical trial sites, or otherwise reduce or curtail its operations unless it is able to obtain adequate financing from another source that could be used for its clinical trial. The unavailability or inadequacy of financing to meet future capital needs could force BioTime to modify, curtail, delay, or suspend some or all aspects of its planned operations. BioTime’s determination as to when it will seek new financing and the amount of financing that it will need will be based on BioTime’s evaluation of the progress it makes in its research and development programs, any changes to the scope and focus of those programs, and projection of future costs, revenues, and rates of expenditure. BioTime cannot assure that adequate financing will be available on favorable terms, if at all.
Equity method accounting for Asterias and OncoCyte, at fair value	Equity method accounting for Asterias and OncoCyte, 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 a company. For equity method assets which BioTime has elected to measure at fair value, unrealized gains and losses are reported in the consolidated statements of operations in other income (expenses), net. As further discussed in Notes 4 and 5, BioTime has elected to account for its Asterias and OncoCyte shares at fair value using the equity method of accounting because beginning on May 13, 2016 and February 17, 2017, the respective dates on which BioTime deconsolidated Asterias and OncoCyte, BioTime has not had control of Asterias and OncoCyte, as defined by GAAP, but continues to exercise significant influence over Asterias and OncoCyte. Under the fair value method, BioTime’s value in shares of common stock it holds in Asterias and OncoCyte is marked to market using the closing prices of Asterias and OncoCyte common stock on the NYSE MKT multiplied by the number of shares of Asterias and OncoCyte held by BioTime, with changes in the fair value of the Asterias and OncoCyte shares included in other income/expenses, net, in the condensed consolidated statements of operations. The Asterias and OncoCyte shares are considered level 1 assets as defined by ASC 820, Fair Value Measurements and Disclosures
Basic and diluted net income (loss) per share attributable to common shareholders	Basic and diluted net income (loss) per share attributable to common shareholders The primary components of the weighted average number of potentially dilutive common shares used to compute diluted net income per common share for the three months ended March 31, 2017 were approximately 330,000 shares of treasury stock (see Note 10), and approximately 342,000 restricted stock units and outstanding stock options (see Note 11). For the three months ended March 31, 2016, there were no potentially dilutive common share equivalents due to the net loss reported for this period presented. 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): Three Months Ended March 31, (unaudited) 2017 2016 Stock options 4,701 5,454 Warrants 9,395 9,395 Treasury stock -- 4,473
Adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting	Adoption of ASU 2016-09 , Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. BioTime adopted ASU 2016-09 beginning on January 1, 2017. In connection with the adoption of ASU 2016-09, BioTime changed its accounting policies including how it accounts for excess tax benefits and deficiencies, if any, and forfeitures, as applicable. All excess tax benefits and tax deficiencies from stock based compensation awards accounted for under ASC 718 are recognized as an income tax benefit or expense, respectively, in the consolidated statements of operations. Prior to the adoption of ASU 2016-09, BioTime recognized excess tax benefits, if any, in additional paid-in capital only if the tax deduction reduced cash income taxes payable and, excess tax deficiencies were recognized either as an offset to accumulated excess tax benefits, if any, on BioTime’s consolidated statements of operations. An excess income tax benefit arises when the tax deduction of a share-based award for income tax purposes exceeds the compensation cost recognized for financial reporting purposes and, a tax deficiency arises when the compensation cost exceeds the tax deduction. Because BioTime has an insignificant number of stock option exercises during the current quarter, and BioTime’s full valuation allowance prior to March 31, 2017, the impact to BioTime’s consolidated statements of operations for any excess tax benefits or deficiencies was immaterial (see Notes 11 and 12). Forfeitures are now accounted for as they occur instead of based on the number of awards that were expected to vest. Based on the nature and timing of BioTime’s grants, straight line expense attribution of stock based compensation for the entire award and the relatively low forfeiture rates on BioTime’s experience, the impact of adoption of ASU 2016-09 pertaining to forfeitures was not material to BioTime’s consolidated financial statements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2016, the FASB issued ASU 2016-18, “ Statement of Cash Flows (Topic 230)
Reclassifications	Reclassifications –

Basis of Presentation, Liquid22

Basis of Presentation, Liquidity and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Basis of Presentation, Liquidity and Summary of Significant Accounting Policies [Abstract]
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): Three Months Ended March 31, (unaudited) 2017 2016 Stock options 4,701 5,454 Warrants 9,395 9,395 Treasury stock -- 4,473

Equity Method Accounting for 23

Equity Method Accounting for Common Stock of OncoCyte, at fair value (Tables)	3 Months Ended
	Mar. 31, 2017
OncoCyte [Member]
Equity Method Accounting for Common Stock of OncoCyte, at fair value [Abstract]
Unaudited results of operations and condensed balance sheet information	The unaudited condensed results of operations for the three months ended March 31, 2017 and 2016, the unaudited condensed balance sheet information of OncoCyte at March 31, 2017 and the audited balance sheet information of OncoCyte at December 31, 2016 are summarized below (in thousands): January 1, 2017 to February 16, 2017 (unaudited) February 17, 2017 to March 31, 2017 (unaudited) Three Months Ended March 31, 2016 (unaudited) Condensed Statements of Operations (1) Research and development expense $ 798 $ 1,049 $ 1,835 General and administrative expense 590 2,093 1,751 Loss from operations (1,388 ) (3,142 ) (3,586 ) Net loss $ (1,932 ) $ (3,311 ) $ (3,582 ) March 31, 2017 (unaudited) December 31, 2016 Condensed Balance Sheet information (2) Current assets $ 13,452 $ 10,459 Noncurrent assets 1,722 1,751 $ 15,174 $ 12,210 Current liabilities $ 4,549 $ 1,421 Noncurrent liabilities 1,852 310 Stockholders’ equity 8,773 10,479 $ 15,174 $ 12,210

Equity Method Accounting for 24

Equity Method Accounting for Common Stock of Asterias, at fair value (Tables)	3 Months Ended
	Mar. 31, 2017
Asterias Biotherapeutics [Member]
Equity Method Accounting for Common Stock of Asterias, at fair value [Abstract]
Unaudited results of operations and condensed balance sheet information	The unaudited condensed results of operations for the three months ended March 31, 2017 and 2016, the unaudited condensed balance sheet information of Asterias at March 31, 2017 and the audited balance sheet information of Asterias at December 31, 2016 are summarized below (in thousands): Three Months Ended March 31, 2017 (unaudited) Three months ended March 31, 2016 (unaudited) Condensed Statements of Operations (1) Total revenue $ 2,010 $ 1,594 Gross profit 1,957 1,541 Loss from operations (9,107 ) (11,016 ) Net loss $ (6,287 ) $ (10,262 ) March 31, 2017 (unaudited) December 31, 2016 Condensed Balance Sheet information (2) Current assets $ 34,164 $ 36,990 Noncurrent assets 23,057 24,020 $ 57,221 $ 61,010 Current liabilities $ 2,883 $ 6,051 Noncurrent liabilities 9,876 12,930 Stockholders’ equity 44,462 42,029 $ 57,221 $ 61,010

Property, plant and equipment25

Property, plant and equipment, net (Tables)	3 Months Ended
	Mar. 31, 2017
Property, plant and equipment, net [Abstract]
Property, plant and equipment, net	At March 31, 2017 and December 31, 2016, property, plant and equipment was comprised of the following (in thousands): March 31, 2017 (unaudited) (1) December 31, 2016 Equipment, furniture and fixtures $ 3,802 $ 4,718 Leasehold improvements 4,025 3,791 Accumulated depreciation and amortization (2,835 ) (2,980 ) Property, plant and equipment, net $ 4,992 $ 5,529 (1)

Intangible assets, net (Tables)

Intangible assets, net (Tables)	3 Months Ended
	Mar. 31, 2017
Intangible assets, net [Abstract]
Intangible assets	At March 31, 2017 and December 31, 2016, intangible assets, primarily consisting of acquired patents, and accumulated amortization were as follows (in thousands): March 31, 2017 (unaudited) (1) December 31, 2016 Intangible assets $ 23,294 $ 25,703 Accumulated amortization (14,648 ) (15,497 ) Intangible assets, net $ 8,646 $ 10,206 (1)

Accounts Payable and Accrued 27

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable and accrued liabilities	At March 31, 2017 and December 31, 2016, accounts payable and accrued liabilities consisted of the following (in thousands): March 31, 2017 (unaudited) (1) December 31, 2016 Accounts payable $ 1,064 $ 1,593 Accrued expenses 3,738 3,212 Accrued compensation 1,698 1,904 Other current liabilities 447 435 Total $ 6,947 $ 7,144 (1)

Stock Option Plans (Tables)

Stock Option Plans (Tables)	3 Months Ended
	Mar. 31, 2017
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 Outstanding Number of RSUs Outstanding Weighted Average Exercise Price of Options December 31, 2016 2,894 6,958 100 $ 3.60 Options granted (583 ) 583 - 3.06 Options exercised - (9 ) - 2.66 Options forfeited/cancelled 281 (336 ) - 3.90 March 31, 2017 2,592 7,196 100 $ 3.55
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 Three Months Ended March 31, (unaudited) 2017 2016 Expected life (in years) 6.08 6.08 Risk-free interest rates 2.07 % 1.60 % Volatility 59.83 % 62.05 % Dividend yield - % - %
Schedule of share-based compensation, employee stock purchase plan, activity	Operating expenses include stock-based compensation expense as follows (in thousands): Three Months Ended March 31, (unaudited) 2017 2016 Research and development $ 331 $ 1,206 General and administrative 695 2,167 Total stock-based compensation expense $ 1,026 $ 3,373

Organization and Business Ove29

Organization and Business Overview (Details) shares in Thousands	Feb. 17, 2017shares	Mar. 31, 2017TechnologyProgramSubsidiarySector
Organization and Business Overview [Abstract]
Number of platform technologies | Technology		2
Number of clinical stage programs | Program		3
Number of subsidiaries | Subsidiary		2
Number of primary sectors | Sector		3
OncoCyte [Member]
Schedule of Equity Method Investments [Line Items]
Warrants exercised (in shares) | shares	625
Equity method ownership percentage	50.00%

Basis of Presentation, Liquid30

Basis of Presentation, Liquidity and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Liquidity [Abstract]
Accumulated deficit	$ 147,033		$ 196,321
Shareholders' equity	$ 189,697		$ 130,508
Reclassifications from subscription and advertisement revenues to royalties		$ 77
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)	107,384	90,421
Asterias Biotherapeutics and OncoCyte [Member]
Liquidity [Abstract]
Cash and cash equivalents, available for sale securities, combined value	$ 161,300
Parent [Member]
Liquidity [Abstract]
Accumulated deficit	(147,000)
Working capital	20,400
Shareholders' equity	190,000
Cash, cash equivalents and available for sale securities	$ 24,700
Treasury Stock [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)	330,000
Anti-dilutive shares excluded from computation of diluted income (loss) per share (in shares)	0	4,473,000
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)	342,000
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)	342,000
Anti-dilutive shares excluded from computation of diluted income (loss) per share (in shares)	4,701,000	5,454,000
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computation of diluted income (loss) per share (in shares)	9,395,000	9,395,000

Deconsolidation of OncoCyte a31

Deconsolidation of OncoCyte and Asterias (Details) - USD ($) $ in Thousands	Feb. 17, 2017	Mar. 31, 2017	Mar. 31, 2016
Noncontrolling Interest [Line Items]
Gain on deconsolidation		$ 71,697	$ 0
OncoCyte [Member]
Noncontrolling Interest [Line Items]
Warrants exercised (in shares)	625,000
Gain on deconsolidation		$ 71,700
OncoCyte [Member] | Maximum [Member]
Noncontrolling Interest [Line Items]
Equity method ownership percentage	50.00%

Equity Method Accounting for 32

Equity Method Accounting for Common Stock of OncoCyte, at fair value (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		1 Months Ended	2 Months Ended	3 Months Ended
		Mar. 31, 2017	Feb. 16, 2017	Mar. 31, 2017	Mar. 31, 2016	Feb. 17, 2017	Dec. 31, 2016	May 13, 2016
Schedule of Equity Method Investments [Line Items]
Fair value on investment		$ 73,942		$ 73,942			$ 100,039
Asterias Biotherapeutics, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Common stock, outstanding (in shares)								21.7
Fair value on investment		$ 73,900		$ 73,900			$ 100,000
Price per share on NYSE MKT (in dollars per share)		$ 3.40		$ 3.40			$ 4.60
Condensed Statements of Operations [Abstract]
Loss from operations	[1]			$ (9,107)	$ (11,016)
Net loss	[1]			(6,287)	$ (10,262)
Condensed Balance Sheet information [Abstract]
Current assets	[2]	$ 34,164		34,164			$ 36,990
Noncurrent assets	[2]	23,057		23,057			24,020
Total assets	[2]	57,221		57,221			61,010
Current liabilities	[2]	2,883		2,883			6,051
Noncurrent liabilities	[2]	9,876		9,876			12,930
Stockholders' equity	[2]	44,462		44,462			42,029
Total liabilities and stockholders' equity	[2]	57,221		57,221			61,010
OncoCyte [Member]
Schedule of Equity Method Investments [Line Items]
Common stock, outstanding (in shares)						14.7
Fair value on investment		$ 87,300		$ 87,300		$ 71,200
Price per share on NYSE MKT (in dollars per share)		$ 5.95		$ 5.95		$ 4.85
Unrealized gains on equity method investment				$ 16,100
Condensed Statements of Operations [Abstract]
Research and development expense	[3]	$ 1,049	$ 798	1,835
General and administrative expense	[3]	2,093	590	1,751
Loss from operations	[3]	(3,142)	(1,388)	(3,586)
Net loss	[3]	(3,311)	$ (1,932)	(3,582)
Condensed Balance Sheet information [Abstract]
Current assets	[4]	13,452		13,452			10,459
Noncurrent assets	[4]	1,722		1,722			1,751
Total assets	[4]	15,174		15,174			12,210
Current liabilities	[4]	4,549		4,549			1,421
Noncurrent liabilities	[4]	1,852		1,852			310
Stockholders' equity	[4]	8,773		8,773			10,479
Total liabilities and stockholders' equity	[4]	$ 15,174		$ 15,174			$ 12,210
[1]	The condensed unaudited statement of operations information included in the table above reflects Asterias' results of operations for the three months ended March 31, 2017 and 2016. Although the periods shown are provided for comparative purposes only, the condensed results of operations of Asterias shown for the three months ended March 31, 2017 was not included in BioTime's consolidated statements of operations. For the three months ended March 31, 2016, Asterias information was included in BioTime condensed consolidated statements of operations, after intercompany eliminations.
[2]	The condensed unaudited balance sheet information of Asterias in the table above was not included in BioTime's condensed consolidated balance sheet as of March 31, 2017 and December 31, 2016.
[3]	The condensed unaudited statements of operations information included in the table above for the period January 1, 2017 through February 16, 2017, and for the three months ended March 31, 2016, reflects OncoCyte results of operations included in BioTime's consolidated statements of operations for the three months ended March 31, 2017 and 2016, respectively, after intercompany eliminations. The information for OncoCyte shown for the period from February 17, 2017 through March 31, 2017 is not included in BioTime's consolidated statements of operations for the three months ended March 31, 2017, due to the OncoCyte Deconsolidation on February 17, 2017.
[4]	The condensed unaudited balance sheet information of OncoCyte in the table above, as of March 31, 2017, was not included in BioTime's condensed consolidated balance sheet as of that date. OncoCyte's balance sheet information as of December 31, 2016 was included in BioTime's consolidated balance sheet at that date, after intercompany eliminations.

Equity Method Accounting for 33

Equity Method Accounting for Common Stock of Asterias, at fair value (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	May 13, 2016
Schedule of Equity Method Investments [Line Items]
Fair value on investment		$ 73,942		$ 100,039
Asterias Biotherapeutics, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Common stock, outstanding (in shares)					21.7
Fair value on investment		$ 73,900		$ 100,000
Price per share on NYSE MKT (in dollars per share)		$ 3.40		$ 4.60
Unrealized loss on equity method investment		$ 26,100
Condensed Statements of Operations [Abstract]
Total revenue	[1]	2,010	$ 1,594
Gross profit	[1]	1,957	1,541
Loss from operations	[1]	(9,107)	(11,016)
Net loss	[1]	(6,287)	$ (10,262)
Condensed Balance Sheet information [Abstract]
Current assets	[2]	34,164		$ 36,990
Noncurrent assets	[2]	23,057		24,020
Total assets	[2]	57,221		61,010
Current liabilities	[2]	2,883		6,051
Noncurrent liabilities	[2]	9,876		12,930
Stockholders' equity	[2]	44,462		42,029
Total liabilities and stockholders' equity	[2]	$ 57,221		$ 61,010
[1]	The condensed unaudited statement of operations information included in the table above reflects Asterias' results of operations for the three months ended March 31, 2017 and 2016. Although the periods shown are provided for comparative purposes only, the condensed results of operations of Asterias shown for the three months ended March 31, 2017 was not included in BioTime's consolidated statements of operations. For the three months ended March 31, 2016, Asterias information was included in BioTime condensed consolidated statements of operations, after intercompany eliminations.
[2]	The condensed unaudited balance sheet information of Asterias in the table above was not included in BioTime's condensed consolidated balance sheet as of March 31, 2017 and December 31, 2016.

Property, plant and equipment34

Property, plant and equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017		Mar. 31, 2016	Dec. 31, 2016
Property, plant and equipment net [Abstract]
Accumulated depreciation and amortization	$ (2,835)	[1]		$ (2,980)
Property, plant and equipment, net	4,992	[1]		5,529
Depreciation and amortization expense	216		$ 429
Equipment, Furniture and Fixtures [Member]
Property, plant and equipment net [Abstract]
Property, plant and equipment	3,802	[1]		4,718
Leasehold Improvements [Member]
Property, plant and equipment net [Abstract]
Property, plant and equipment	4,025	[1]		$ 3,791
Depreciation and amortization expense	$ 216		$ 429
[1]	Reflects the effect of the OncoCyte Deconsolidation.

Intangible assets, net (Details

Intangible assets, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017		Mar. 31, 2016	Dec. 31, 2016
Intangible assets, net [Abstract]
Intangible assets	$ 23,294	[1]		$ 25,703
Accumulated amortization	(14,648)	[1]		(15,497)
Intangible assets, net	8,646	[1]		$ 10,206
Amortization of intangible assets	$ 602		$ 1,314
[1]	Reflects the effect of the OncoCyte Deconsolidation.

Accounts Payable and Accrued 36

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	[1]	Dec. 31, 2016
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	$ 1,064		$ 1,593
Accrued expenses	3,738		3,212
Accrued compensation	1,698		1,904
Other current liabilities	447		435
Total	$ 6,947		$ 7,144
[1]	Reflects the effect of the OncoCyte Deconsolidation.

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended
	Mar. 31, 2017USD ($)ft²$ / shares	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Carrying value of convertible notes	$ 1,077,000	$ 1,032,000
Rent per month	$ 5,050
Area of office space (in square feet) | ft²	900
Cell Cure Neurosciences, Ltd. [Member]
Related Party Transaction [Line Items]
Carrying value of convertible notes	$ 2,147,000	1,865,000
Amount of convertible note	2,700,000	2,544,000
Unamortized debt discount	553,000	$ 679,000
Cell Cure Neurosciences, Ltd. [Member] | Convertible Notes Payable [Member]
Related Party Transaction [Line Items]
Amount of convertible note	$ 614,000
Stated interest rate	3.00%
Conversion price (in dollars per share) | $ / shares	$ 20
Accrued interest is payable period	3 years
Cell Cure Neurosciences, Ltd. [Member] | Convertible Notes Payable [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Estimated fair market value (in dollars per share) | $ / shares	$ 40
Intrinsic value (in dollars per share) | $ / shares	$ 20
Effective annual interest rate	23.00%
Cell Cure Neurosciences, Ltd. [Member] | Convertible Notes Payable [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Estimated fair market value (in dollars per share) | $ / shares	$ 28
Intrinsic value (in dollars per share) | $ / shares	$ 8
Effective annual interest rate	11.00%
OncoCyte [Member]
Related Party Transaction [Line Items]
Markup rate on allocated costs	5.00%
Interest rate charged on unpaid and overdue invoices	15.00%
Receivables from related party	$ 2,600,000
OncoCyte [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Term of payment	30 days
Ascendance Biotechnology, Inc [Member]
Related Party Transaction [Line Items]
Receivables from related party	$ 200,000
Asterias Biotherapeutics [Member]
Related Party Transaction [Line Items]
Proceeds from related party	$ 300,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 28, 2017	Mar. 31, 2017	Dec. 31, 2016
Preferred Shares [Abstract]
Preferred shares, shares authorized (in shares)		2,000,000	2,000,000
Preferred shares, shares issued (in shares)		0	0
Preferred shares, shares outstanding (in shares)		0	0
Common Shares [Abstract]
Common stock, shares 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)		110,860,000	103,396,000
Common shares, shares outstanding (in shares)		110,860,000	102,776,000
Treasury stock (in shares)		0	620,000
Number of shares sold (in shares)	7,453,704
Purchase price per share (in dollars per share)	$ 2.70
Proceeds from sale of stock	$ 18.8

Stock Option Plans (Details)

Stock Option Plans (Details) - 2012 Plan [Member] - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance (in shares)	10,000,000
Shares Available for Grant [Rollforward]
Beginning of the period (in shares)	2,894,000
Options granted (in shares)	(583,000)
Options exercised (in shares)	0
Options forfeited/cancelled (in shares)	281,000
End of the period (in shares)	2,592,000
Number of Options Outstanding [Rollforward]
Outstanding, beginning of the period (in shares)	6,958,000
Options granted (in shares)	583,000
Options exercised (in shares)	(9,000)
Options forfeited/cancelled (in shares)	(336,000)
Outstanding, end of the period (in shares)	7,196,000
Number of RSUs Outstanding [Roll Forward]
Warrants Outstanding Beginning Balance (in shares)	100,000
Warrants Outstanding Ending Balance (in shares)	100,000
Weighted Average Exercise Price of Options [Rollforward]
Outstanding, beginning of the period (in dollars per share)	$ 3.60
Options granted (in dollars per share)	3.06
Options exercised (in dollars per share)	2.66
Options forfeited/cancelled (in dollars per share)	3.90
Outstanding end of the period (in dollars per share)	$ 3.55
Weighted-average assumptions [Abstract]
Expected life	6 years 29 days	6 years 29 days
Risk-free interest rates	2.07%	1.60%
Volatility	59.83%	62.05%
Dividend yield	0.00%	0.00%

Stock Option Plans, Allocation

Stock Option Plans, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
All stock-based compensation expense [Abstract]
Total stock-based compensation expense	$ 1,026	$ 3,373
Research and Development [Member]
All stock-based compensation expense [Abstract]
Total stock-based compensation expense	331	1,206
General and Administrative [Member]
All stock-based compensation expense [Abstract]
Total stock-based compensation expense	$ 695	$ 2,167

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Taxes [Abstract]
Deferred tax liabilities, net	$ 3,877		$ 0
Deferred income tax benefit	3,877	$ 0
Deferred income tax expense (benefit), federal	3,900
Deferred income tax expense (benefit), state taxes	0		$ 0
Taxable gain on asset transfer	$ 3,100

Commitments and Contingencies (

Commitments and Contingencies (Details) - New Alameda Lease [Member]	3 Months Ended
	Mar. 31, 2017USD ($)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
Base rent | $	$ 64,670
Base rent increase rate	3.00%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Apr. 06, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)	$ 0		$ 0
Cantor Fitzgerald & Co [Member]
Subsequent Event [Line Items]
Percentage of commission payable	3.00%
Subsequent Event [Member] | Cantor Fitzgerald & Co [Member]
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)		$ 0
Subsequent Event [Member] | Cantor Fitzgerald & Co [Member] | Maximum [Member]
Subsequent Event [Line Items]
Aggregate offering price		$ 25,000,000