LCTX - Earnings call transcript Q3 2017 | Lineage Cell Therapeutics, Inc.

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Operator

Greetings, and welcome to BioTime, Inc.

Third Quarter 2017 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. A replay of the conference call will be available for 7 business days beginning about 2 hours after the conclusion of the live call by calling toll free from U.S. XXXX-XXX-XXXX. at Canada or XXXX-XXX-XXXX. callers, International conference ID pin number or XXX-XXXXX. User

now be the Investors conference Events the It Media archived you. Presentations over on will webcast is website. David company's the Additionally, to and your turn Nakasone. available page on the pleasure host, my to section Thank the and of

You may begin.

David Nakasone

the the XXXX to Thank after and everyone. afternoon, today well good you, and company's corporate call. us review and Russell corporate Adi Michael remarks will us will X take call will the investor developments. of executive days. The remain institutional which Chief conclusion questions at X operator BioTime's be of and headquarters Mohanty, then conference Thank be for third Dr. will results as Officer, recent a we make hours for will operator, available Co-Chief at of approximately call's today as this and our Co-Chief you With webcast quarter will analysts for end provide Executive covering There at West; for California available from Financial the joining information the are: call, Alameda, replay Officer Officer, and Each Executive today's holders. Skibsted. prepared replay

to regarding we cause limitation, materially commercialization need including, or the the results and statements obtain started, future of conference SEC, like the Adi that, and call property limitation, Executive review course the factors Forms the BioTime. future Mohanty, approvals, factors which These events. call, those Co-Chief without to Officer specific or actual And the in turn development filings differ remind may encourage would of described clinical company's intellectual uncertainty of to in without get we with forward-looking maintenance you We events forward-looking Before from identify products, to capital XX-Q, company's I'd that XX-K rights. to to this projections the and the potential make include, ability the in to like that risks regulatory and during company of trials you these inherent results of with over may statements. and/or will

Aditya Mohanty

thank and everyone our call today. David, Thanks, joining you for

year, and objectives, our value and focused X with steps main the We the unlocking many and progress. on last balance very with transforming transformation pipeline last simplification sheet. a BioTime quarter, took commercial progress, intention clinical have in the we pleased of a Over a powerful with toward this solid organization we're into

sufficient because million us transplants our funding. last provide activities middle we and be our platforms a XXXX. a has raise as Over to risk $X.X lower similar small cell currently drugs. Further, into that planned and risk recent for of equity diversification. a good the $XX of of systemically-administered rather secured we attractive terms viewed many a through profile BioTime themselves equity million infusions for therapies lower because having more and the financing These This million $XX an of investors than nearly included $XX - cash few well more million grants. as our with months, BioTime great and of AgeX platform financing Compared molecular product products than as think should biotech our are profile to replacement think companies, capital

or Often, development. side approximately rate drugs past, approximately fail of are As success in discarded these XX% we drugs because fail have unintended have high molecular the to effects. have said of in a or whereas XX% they transplants unexpected XX%,

far. we trials fit model. not are encouraging that potent showing with our all Also, do Our have therapy platform products so cell fluid multiple and results

on its This approximately further shareholder the AgeX on investors A evident started in independence. and is XXXX. subsequent for million benefit With its million to we to the data was trading in annually. institutional investors of by $X We AgeX, recognize completed these and may our delivery second $XX distribution spending existing the are path met programs achievement platform be of towards with financing, early our the new investors. it the raise trial. endpoint factors, along cell beginning more this recent participated of these had by of reducing added primary pivotal believe a that BioTime shares, which BioTime quarter the Our strong public benefit quality expected demonstrated that and

year, towards starting CE Mark our regulatory update, filing submission, physicians this in announced final likely primary Let's now easier packaging we reduce We've and and goods approval which to use. Renevia met In accelerate we been practice of Renevia. pivotal for with in turn Europe. will for make preparation Renevia working we cost will that we to would that clinical endpoints program identified Earlier EU the This physicians for Renevia's an opportunity believe our to improve economics, enhance trial. adoption. faster

our now continue plus strong approval launch we be discussions trial couple Mark overall with and by at approval in of and our the working approval ongoing partners performance data CE months the and of been a XX- long-term business the filing commercial for and and with early half strong a support time We've agencies, packaging expect delaying the we're not The regulatory timing minor from expect Renevia parallel this Europe. impact pivotal discussions. anticipate As submission to of XXXX. this In closely of to continue result do for second in points the provide these development to in enhancement, we potential XX-month XXXX. to in activities, active delay

surgery into European aesthetics. market trial previously, we opportunity gateway cosmetic discussed Renevia for trial As we like broader facial a as a the see have

who feel broader This what be started clinical consistent, population, trial confident potential enrollment enhancement look. surgeon. challenging population. performance of announced expansion of achieving Dr. will a investigator-led considered a expressed the his and patient recently is an while patient our in trial volume volume in by U.S. the trial maintaining strong natural facial retention a data Hills more long-lasting is broad the for the being the executing is Aronowitz, patient aesthetics With product plastic leading we patient in about already a potential facial We've clinical and enthusiasm the first population. Dr. has a This plans about Joel Beverly on-label the in Aronowitz conducted a

this label Renevia XXXX. package of this forward the FDA. data meet with later including trial plan combination be data believe next and As build facial to market building and U.S. in we We used basis. QX to data estimated growing. on over is expect geographies, to the that with an beginning new look will share sharing to trial, the the We're trial them enter in data to an be is our We EU aesthetics these can year. We for the package submit potential process to in be we upon investigator-led able expand open-label trial $X year expect The ongoing of billion with the this and to

it As cash we to in have going payer is explained, not so depend widespread use. reimbursement the substantially we're a order on market, acceptance drive previously and to

Turning studied OpRegen, is being now which cell our to transplant in dry-AMD. program, RPE

trial to clinical trial. remains program advance clinical I/IIa in initial this ongoing Phase OpRegen from The promising. data continues for an Our dry-AMD

even held cells shown that We We the be have the product sign product-related upcoming of being be have events latest layer believe of seen, a be The XX transplanted meeting data date. response. this Academy engraftment. multiple thickening. Ophthalmology adverse signs to past months, patients, photoreceptor have in biological some Orleans. trial be may we presented will from seen the severe reported well-tolerated of to Furthermore, The even appears American appears patients in in with available to this no at New

Our scheduled for November next podium presentation Tuesday, XX. is

The We've of been X, as it consumes safety, patients of based and/or it to the safety immunosuppression If we late-stage surgical or first stages In enrolling of on address given to to at acuity, light their the early disease reading In low functional before the this we length continues to one X, X patients some reduce patients focus we're where the was we cohorts plan in treat hope in procedure. stages early improvement visual terrible to hope addition best enrolled micro-perimetry, vision. to X. safety. measures such this By cohort cohort earlier of see more these cohorts. has, earlier able as signs very refining cohort in already speed. primary disease corrected in the profile disease, patients outcome

be trial now with online We're months. Our of to are treatment. the in fully which patients in sites California operational are for coming process and also expect additional we sites, the screening working in

at trials. the Dr. the currently on serves University As and the leaders trial, have the Eye the and at School as DSMB, Dr. a Institute to thought [ph]. trial new of our Kim sites, committee ophthalmology X that into is space: Dr. Ophthalmology Lin investigator U.S. of evolved Professor principal monitors Lin in include Stanford U.S. Byers clinical expands multiple Medicine,

a at Kim and is While Professor Ophthalmology OpRegen medical College of market dry-AMD one need unmet the of Dr. and largest represents Wisconsin. the of opportunities. Medical

age worldwide, the more over the which Approximately U.S. million probably people blindness in approved the XX. for of dry million approximately XX people diagnosed suffer the you're XX% and AMD As is nearly people from aware, therapies. AMD annually of AMD no affects X.X are there are of in than leading alone. all patients cause form,

affiliates touch Let our briefly me on and subsidiaries.

treatment, AST-OPCX. investigational an additional cord published program on spinal data recently Asterias its injury for

the human of X-month therapy immunotherapy, study, its approvals received the data. previously a for under company United its medicine the The in to in results Following company, DSMB Cures designated the lung first necessary be FDA the recently trial Also, continue Act. Kingdom. AST-OPCX reported XXst Century clinical the cancer also support the XX-month to the AST-VACX initiate to granted reported company's request positive and regenerative advanced

November in will report XX. quarter third Asterias results

California, Renevia continue Both Turning of trial of report Renevia test and now for towards XX. data by results label readouts launch the November lab the they liquid breast major for its biopsy cancers. on multiple studies upcoming, also studies and which way. its was our continued Europe, expansion milestones lead and launch. approval state Renevia, quarter CLIA OpRegen commercial the the of OncoCyte, OncoCyte potential in OpRegen and Renevia U.S., OncoCyte in partnerships expansion will programs, have from progress of third including lung along to our the approved preparations with and

discuss the let Now West Mike? me call over to turn to Mike AgeX.

Michael West

treating families boomers of well offices of as tsunami personal joy aging patients, governmental drain long-term that their aging that reflects the conditions focused their complaints States AgeX worldwide as of on a in Therapeutics the time. our maladies with Thank surge their them on the of aging. and generate the of life resources. Adi. degenerative and of XX is million-strong rob believe entering We demographic doctor's the The similar financial of is trend United you, baby chronic,

is aging trillion that the of the of So, wave largest will in addressing coming this markets one the diseases the represented chronic It by annually. years. coming market $X therapeutic exceed estimated potential is and degenerative in age decade, potential

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do space? leader in not its our something why Therapeutics downstream AgeX think do in company focused symptoms. of itself, a you as So significant and the Why regard? we root special at aging on have AgeX we this is see this First foremost, causes

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plan science this aggressively have to disease. the for in markets the largest some development advance of a well-thought-up we Lastly, of commercial age-related

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body, For over brain is regrow. laceration of regeneration wound. adult a or a than in many tissues seen through cannot visible, there's skin heart the is of scarring example, heart scarring This stroke, rather the a in burn. or course, a after attack the or a after Instead, the most

like performing financing even a hence scientific publications out diverse on regeneration AgeX, cancer, tissues. research that foundational much in control. insights profound future. truly important, previously are science capacity induced peer-reviewed provides remarkable be regrow as have into are is the iTR. believe to We in unify of and this Regeneration. can animals new term the research to can nonhuman Some AgeX, We publish At capacity induced injured in of we Tissue plan tends which about to ITR be the Since recent that designed humans, experiments we've aging observations of to already publications practical we to has publish product tissues molecular promising scientific certain of thought the combination partnerships this applications. a results body nondilutive AgeX to equity over performed already skin, research or of This results applied advance plan pharmaceutical funds our corporate lead heart and induce to the using could regeneration reversing and these injured iTR from development financing, grant XXX that formulation to markers to this in patent a and We'll of peer-reviewed received scarless the translate aging. support. be brain and in

AgeX the unlock been associated now the telling summary, product the over we aging call The at better-timed. in exciting potential I trend at coming you the quarter. to our of our we aimed for and in to the for powerful mechanisms So, itself, root believe couldn't this of technology the of third scientific lead Skibsted to turn the months. have commercial of financials has progress with look community will the review forward the to biotechnology Russell in potential to value development significant opportunities with awakening that technologies of the AgeX shareholders. our has The and timing aging to

Russell Skibsted

Mike. I'd a like timing Thank plan to the to you, of a discuss previously public AgeX announced take progress, plans company. moment to our make and

to the independence added to As BioTime of company, $XX BioTime million a mentioned, programs. valuation $X shareholders. shares at benefit all owns a owned not have approximately some September, early outstanding has this the sets financing of valued This distribution XX% approved in announced but second only plan of the completed AgeX as path annually AgeX on In that of saving or the we distribution AgeX BioTime shares traded Adi of board on We publicly quarter million. closed to approximately by with approximately of private AgeX these $XX the a of our BioTime million. AgeX that XXXX. of

taking and AgeX BioTime working of and include with are to activities BioTime's shareholders. distribution We may to financial tax-free AgeX for shares institutions the banks strategy implement and investment finalize public, a the which other

and We as June of required to ours then will deconsolidated from at GAAP. just approximately cash drops releases once BioTime's as to our earnings to results by consolidated financials previously which September the financial non-GAAP we've to XXth, For like of deconsolidate continue companies XX%. provide $XX AgeX AgeX totaled compared cash AgeX the the as BioTime's, review also I'd better the OncoCyte ownership being, equivalents of BioTime's Asterias AgeX's financials. of and with the some financial those the is financials and end ownership million highlights approximately XX%, investors time understand of plan Once quarter. BioTime XXth. as $XX million was below our table below now we consolidate to help continue will to

Just closed the with position offering brought had million. of $XX after weeks a net proceeds we raise couple earlier. stock to approximately BioTime's public of cash the would've $XX just we quarter, of completion a completed about the million total This our

have discuss ownership a had take with about on of totaled represent of OncoCyte, positions quarter based has stock success financing In investors years of companies a We compared could for In This last there's marketable addition, Adi people's like quality that X an our is round. understand investors Asterias benefit fundamental this so other long-term in aggregate and impact small in types minute investment. the recent general, lives. also like our grants to for closing Street potential we for making ours price. were million. yesterday's for reason securities value $X.X Good, investors the that $XXX difficult offering. during been return, some public even enormous million with the and are to awarded, tremendous of companies in pleased companies. to mentioned, as time of products investments couple that we market biotech about of In biotech are in recent on the I'd the and a included biotech another Wall lately, why which large our

us that of We joined pleased the types month. investors were to that are say these last

operating address will requires our consolidate To noncash a the release, entities own and expenses believe expenses help where non-GAAP self-funded our entity. have a table consideration this the reminder, a cash breaks grants reviewing included by that us keep end take actual to operating GAAP We even are not better Please closer of into As the mind, we those stock, financial have estimate of entities the when help the in press of standalone, though, cash companies. when included earnings operating burn. expenses BioTime's and investors out we are XX% understand awarded, at over you to in in burn. that expenses get table order this, which to

third suggests current about Based our over quarters. on operating in million BioTime's quarter, million, quarterly the the the in decline operating expenses were million annualized, grants, burn an the burn quarter. which QX planned operating several the During expect a we non-GAAP $X.X activities, approximately if $X.X burn subtracting next of $X.X and

Adi. turn Now the call back I'll to

Aditya Mohanty

Russel. Thank you,

middle these $XX grants, few have which months the We and through significant us take past over So, milestones for through public been secured of offerings XXXX. very many productive through million will BioTime.

closer year. are progressing Europe next Our with a the X clinic. becoming programs the anticipated CE to Renevia Mark company in lead of approval through commercial We're

a biotech I goal. product, unique made being progress We're have and we've program to this: many BioTime the company. or is to dependent want to but on on not any clinical addition you leave shops In date, with single well-funded

in than to programs, less the Renevia, One of months. potential these XX be commercialized has

many a that on diversified rather have region. products or than with company single We country dependent a span being geographies

and reimbursed business. We critical in are products have concerns less to of reimbursement so both paid the our outlook pipelines, our cash

specific of systemic and Our side Many many products are effects the success. therapies, the of fail locally transplants drugs are for side like and the their therapies increases which more drugs reduces likelihood profile. body effect and because potential of administered, parts and for to compared potential

shareholders the our the unlock AgeX. value companies have of value further We of and with pending to through successfully and distribution OncoCyte for like plan creation unlocked distribution

a done by poised Over very become stated its job good and the the last of executing is year, objectives, I on believe better recognized investment BioTime to has community.

we're operator, questions. ready for Now

Operator

Instructions]. [Operator

with DeGeeter first is from Our question Ladenburg. Kevin

Kevin DeGeeter

referred on Europe? the Renevia. opportunity nature A to characterize few the what on you changes? speaking, Generally that better of you Can an the to questions changes to the that packaging in have are comment lower may your COGS

Aditya Mohanty

Kevin, yes, sure.

takes when being it'd packaging which, we agency weren't think prep also the change. X-vial used, the time a we it's this currently well, that and physician that and a "We think extra put X-vial I went that if interaction you pretty receives include simple have is vials we well, We a it. version in had better, X version include the in filing. package, a said, they was we too. sure us And could X-vial the little with the and pretty better for But version," be for

So, it's and, the goods easier for agencies. the physician, apparently, cheaper for regulatory for easier cost likely even of

now, made part next the thought the process we it and the So, year. make of half it timing given second especially the same that have to go sense make remains approval expected and easier the be filing launch approval in actually and able approval perfect to might of to ahead that a

Kevin DeGeeter

it. Got

be your or makes of towards to preparation with more make sense kind of more appropriate? launch medical if that revisions to investments deem it any in any timing, move distributor the thoughts to you aggressively seek direct terms for new when in establishing for So, relationships either to education

Aditya Mohanty

a started definitely that have amount of we So, work to do fair now.

Renevia timeline had of second We is of on launch sales of have the the end still have and next next we commercial are year. to year half before same which before,

pretty that So half second is important.

have that think an in next thinking with arrangement that about - just about. meantime, good potential months to time to X you're commercial is in a we within talking X some of thinking we get talking But towards partner. partners, our We sometime potential have been to that and the a the to started type switch

us of for the target conferences society. start adipose data IFATS, can specific, X about right? Renevia-XX opportunities the a is very There's or I society up with of talk So, where federation to adipose coming November physicians. international XXth, population in meeting will - it be I large that quickly conference the that with aesthetics January, Paris February pivotal towards about - it start viability the data up XX-February commercial think intend follows from X, presentation. talking has in February a But opportunity January move physicians commercial orientation. X,XXX very of then there's several where X, data-driven federation upcoming we to about sharing - That and data that

that of adoption next those first more - will so thinking aggressively definitely about And that talking on half Renevia. activities focused next other commercial be year of and and for commercial types

Kevin DeGeeter

upcoming Again, me the that's then one now and back I'll get halfway discussions just for - in and clarified for U.S. regulatory generally, with filing queue. obviously, regard population regard CMC about for with patient when U.S. potential more are one European the thinks with regard to Renevia. in markets. to between differences the patho more quick FDA Any With one those

Aditya Mohanty

it's question that take big, long, a I pretty if So, - question. all-encompassing

So, answer let it, to try of and we'll cover... some hopefully, me

Kevin DeGeeter

- thinking kind packaging Maybe CMC it to of we'll more more down dose. narrow I'm

Aditya Mohanty

Okay. Perfect. Thank you.

side, CMC be we between giving that version versus to a enhanced the would the the now FDA we the difference to don't filing Europeans. we're on So, absolutely, what see

the we generated of how pieces data, data extends, can that Europeans and a for will that that data lot other with with the expect believe, huge And analytical that process, the that that So of have we the the can that also safety that leverage FDA. it all different we FDA. go have we the leverage use generated we amount CMC the we be, the U.S., CMC manufacturing from to the of into stability package, be kind

of lot a there's yes, overlap. So common

Operator

with is Benjamin Our from Raymond Ren James. question next

Reni Benjamin

I be a partners to you marketing? distributors? bit follow-up - going questions. Renevia, strategy? for you ideal to Kevin's would guess will, just the each about want what's to be specific these you off the to you with if bit country? a on will partners, partners sort more commercial Are each in geographical little like little just these and you Can they're bit little deal, understand that see? of I and a get but Or talk starting talk more are And area maybe

Aditya Mohanty

could zeros. some done you, I one the help. ideal lot tell I so a before, thinking enough I'll absolutely, say we've this. And But but is around Well, let mentioned that has think deal of me I've

That European this commercial we And launch the option in coming that volume think for just trial is then idea bit And things longer also because little shorter U.S. the we product Asia. of started have having in like at loss our the initially given of us been time, of is for use, we that geographic-specific, at that bit which the is some to that European-specific having to this here the we longer. gives Renevia, in become find up. the best working take development market, specific included on further partner conversations if And been how generating expansion We've control a focus that enhancement. time, a a the us. California that, we Our there. towards volume has right we is is facial opportunity think, little person all sort little data little bit facial that think that longer the label, beyond already can HIV cosmetic use just general that we've or knowledge

enhancement, us That's then to able at complete to partnership facial development the globe. little more volume maybe clarity path, Renevia data we have be look also opportunity at option want a a getting across bit an to the to do. the allows on getting So, U.S.

do where the choices: have partnership. Europe, out-license in we partner, So, distribution will X start European with very at specifically or looking we

better. is It can licensing do or maybe a lot choose more licensing out partnership distribution to I we It us then that either leaves a larger think it would and allows get my We flexibility. of us globally a bias control. of be flexibility. can It regionally. allows

we option have for of Europe. still the However, just licensing

So, more can these be that next few and much hopefully should evolve very give months, specific then, quickly over clearly. you more answer and the we

Reni Benjamin

according we to goes you the be expanded Should opportunity? thinking in in the potential plan about the we there How sort be aesthetics? half focused guys Is if second of of should for be just are everything how about thinking or on how commercial we further should thinking a and lipoatrophy perspective? And from European you use launch market? about XXXX, it -

Aditya Mohanty

question. trying good We're be a careful. it's to Yes,

We and surveys done market analysis we've Europe. have some commercial done in some

to want partner expertise the a too label that on, be the can of and is in even Europe don't potential indication. see combine short and appropriate the Europe far not we the of in in device clearly, of couple there very order. very for having ahead often performance theirs expanding able for analysis a also can early We There a to without are a One, being Europe. partner pathways: approved get to necessarily in But pathway

pursue beyond file for just So, use try an to we'll that's there California to we're option; possible, data space. performance, used broader The and is agencies but that also supplement expansion allows the generating label. do be in its and of indication, a and that just with in specific can

the data in U.S., Just data Europe and in the we U.S. like we can and leverage Europe. the can leverage

I in expansion. but right how is than expansion want expecting to people specific to trials order, short label I repeat long, I So, careful now. to happen we are going the faster think label very get be could what be that very do in - think about lengthy a We much

next clearer months, path. few we comes data give I short think in in you it's this think we of But off order. very much can a some the As

Reni Benjamin

to this that you the can just trial. you you And Renevia? help slow? versus to Or give take guess to enrollment kind related Got ramp data us the think not Do progress be expect as just why IST to us quickly? is of you And and might an it. And What Premvia? Premvia just about that, to how pretty IST expect marketing something I can be - just start we is update this then just there? able

Aditya Mohanty

one. a was that Ren, good

take kind launch a decided else, would kind time, that of like a data XXX(k) Renevia wound a that same U.S., it the Europe, aesthetics facial Premvia we - for in effort as brand previous of is used but and the as not in about Premvia, and lucrative the being we're currently the had, is fight product. the given everybody to at brand right? Renevia you wound approved talking Premvia You're approved the essentially using had is to market the So, and it They should Renevia the management. market. market of management wound is care of being or which name in cleared, are in cosmetics kind not We as U.S. think for name in

the U.S. in be for Renevia currently wound management; So for management. used approved could wound is

possibilities Premvia As use me IST it why in a being the management, very wound used say in today, of to to would approved for for be what I about want facial difficult cosmetic are available. company, very it California but is the careful so use. people U.S. be using trial Premvia The today, patients being this XXX(k)-cleared it done is with for couldn't

a site, think. He normally it'll can't do a for free. very treated already was go get this is a trial, We so we the done go one recruited. using all treated sure it follow procedure get as He's have Hills fast, could clinical Beverly few the but fast being as is is He's pretty an $XX,XXX what make think this, to right? to collect Dr. So, very about data. quickly, Beverly Premvia. patients. already and we protocol will it offered think I it don't it and I mean in take to I few is Hills, $X,XXX, long I patients, Aronowitz thinking

down a fast. will data. seeing some start So of that's bit. it to Will be open-label. get pretty the be But data. it We'll that little able It's slowing what's

citing fat-grafting shows there published. I papers. that first dropped grafts months. papers to that of plenty are trial. January mentioned is several that relevant in that I sharing already I that papers But patients go And of with Dr. there. or fat meeting few expectation this is papers, through months Paris, first February XX% published mean, X first publish we to the the end of And few X grafting fat don't in the in in there the the Our data have from almost should been to start are out because the some Aronowitz's want

able to us be X-month be data show for meaningful. so, And could to

Reni Benjamin

of for one one results final The we sorry, at academy just it. - ophthalmology. Got me. the that ARVO And OpRegen expecting are

Aditya Mohanty

AAO.

Reni Benjamin

just and just new efficacy. you talk can cohorts we about, data and safety expectations bit a see that little is the where longer it set helps of on So, seen follow-up we've just terms kind in of

Aditya Mohanty

Yes.

of little the in of that, And data X. already because we're patients, and this But us So, patients. to allowed point, X engraftment, But like cohort say, those longer I the believe cohorts first move maybe would really like in continued that's early XX/XX, - ability treated It's target profile, safety will are a have data. the for will of XX/XXX, to that's mostly and mean, what like to cohorts treating we patients benefit, cells X more but population patients. think treat is would mentioned, we've I functional earlier to at blind too. be it cohort I It include to where where this X,XXX see we'll to activity. biological timing yes, be will those see than little types we really survival patients who around is before, first we'd patients safety, is, because be be we've that's like will what it bit a where likely around

cell whatever beginning from X have but X said, we shows, it's like X completed year, And be have still so that, going the as number know X - we getting next engraftment, have patients if cohort great. if - of me, cohort cohort to we this starting survival, and we and X or year X, don't this yes, cohort heads is this of data And X. we I long-term week have patients, to towards completed, next safety,

Operator

Our next question Markets. with from Chardan is Keay Capital Nakae

Keay Nakae

Two questions.

missed First but before is at Dr. I Spain? his if where investigator-led in we Llull study this, apologize, - with maybe over I

Aditya Mohanty

Good question.

starting we is have So, also new Llull trial. a right, - you're Dr.

track trial. through our he investigator was yet so We're patients. That to very and trial he And we're investigator-initiated not to ready patients Europe. approval - still our getting principal in pivotal is a Llull for in Dr. he got those process has treat So, continuing treated his has now gone pivotal start But soon. but down. patients his trial those long-term, following to winding regulatory trial patient, the is

things his treat - are his in filing be and with well in in ready So, to trial very progressing Europe. patients approval, and should getting he soon

Keay Nakae

looking And in the use volumes study? clinical again, new he's to higher

Aditya Mohanty

it. X maybe in not trial so help California, me in Dr. In Keay, consistent pivotal for - is is trial limit. Well, trying actually, I open-label, a really were Renevia, used let being X careful make know, And pretty our XX were - what we the cheek. don't say so know in Aronowitz EU of per doing ccs was to and we because something patient We ccs. first the in fact, there very volume I'll safe. it's the I range sure

we're already volumes the U.S. So, very in doing large

retention, engraft is California, going And so, of looking the patient - response. With aspects whatever, Dr. X-month at do to of different period we're of engrafted at - that track. volume the over looking be Aronowitz the will the Llull planning the volume, is Dr. but - of to the also larger material he performance this

Keay Nakae

QX. August, $X on in is of And the then you that just to award yet And what received? if revenue the of was - of announced it, was that Okay. be back a all not IIA? million What recognized grant in part then from of that part question the

Russell Skibsted

IIA quarter. of Good received that some in the of in it the from none that SBIR third it the and was fourth none quarter, question, million was but $X.X it of of the we mentioned. And was have from we grant, Keay. grant received

Keay Nakae

Okay.

you can reported, QX? be in it Russell, clear, so to just So received of what - you

Russell Skibsted

Yes.

Operator

Primarius Lin is Our from question with next Capital. Patrick

Patrick Lin

question far. is of on bit my update marketable clarity Great a little to and securities your more value programs. get your here so And the

when spinout. in in OncoCyte be really has the have the of of is It on given and at. then in Specifically, like value in that's looking programs it what terms factoring ownership the you that the the you the seem BioTime And doesn't BioTime value sheet. might not factor balance much in even Asterias, are AgeX cash

you other programs So, think I'm do price are curious, just has the not undervalued as stock why in internal? how the far these as factored

Aditya Mohanty

crazy we explain Thank people is still I this Patrick. equipped quite that I you, know like, much works. do look something don't I this it's think understand. how every golly, and analysts and are investors and to better the But day, about wonder, That my sometimes, calculation think

$XX million range. something right? $XXX AgeX, million I million It's think $XXX Russell our - walk and of assets, I sorry, Asterias AgeX mean, OncoCyte, of and like through that

is we rest well, how right? getting the ever, to be story fundamentals there million the to approved. numbers, on we analysis. will some addressing than people What the experts with keep our there one commercialized different But the grafting. love recognize that's know, be more the these clinic, really, and so and More XX And getting OpRegen, do getting of what's people. learning some understanding Renevia, that of everything it, So if other is the you a people is would if ready OpRegen, be help. then company. out education and everything help, can forget which think specific valuing hopefully, do I in even in we are get to to to any company, work truly have we of is probably but been In paradigm is ways. people fat going can of right? - out maybe I this don't in you the the ready largest progressing might probably pharmaceutical of Russell, million, Renevia, and change market one multibillion-dollar the pipeline? opportunities XX commercial, that And

Russell Skibsted

our Yes, million, companies is $XXX price. Patrick. point, a stock in mentioned. $X.XX. Adi another in interesting the when public the up really then you I ourselves, And And bring value that's mean, $X.XX the you AgeX, as holdings just about of add

of looking per value over you're in suddenly, at share So these $X.XX entities.

just cap quite biotechs other understand as think market still mentioned for I biotech think I challenging that the and small I doesn't still a - whole, - than think I the earlier, BioTime. market Adi I still that small people,

for were they're I and story, that for out investors, that most is to and I thing the we mentioned new have. thing the show as that them. think when when ownership actually them, of because stock that companies these that especially such which owned we of financials the many own company we then they're is means surprised are we we can something treat had no the idea if the we are consolidating can't is were consolidate things, percentage because Adi as own, about of public I about that the one years, the OncoCyte, stock. of got And they we of public the the Asterias those meeting challenges and One for the the only large value created that, so And a Like, them reason that we frequently our

if you our is so, all you would see - balance look And financial our at sheet, statements.

just see that could we actually wouldn't the out you of stock but theoretically cash burn, see sell. and You the value the go

Asterias. and OncoCyte both deconsolidated recently have we now, So

see method recent. sheet. it do look the and it on is relatively under So, equity now, the balance you at shows if investment, this sheet you balance But listed our value

more years a way a that of that helping not our time lot a gone at. it's just saying question. that it that'll think understandable takes long buried, hope non-GAAP investors. answers financials of I your go we've end earnings type not make just out actually I takes the time make But a for with it's it press been And financials people X.X release, the highlighter the the press to it. way it's communication, kind big And over look takes with these more But at public. bright hey something also to last clear. to there standing of to a think that's yellow little so, long It's it we've putting hopefully, the the release, table information of on I - that

Patrick Lin

Right.

balance of be after saying the the for sheet program, what it the value core cash and deconsolidation investors kind right? your you're and So, flow, net to is analyze easier for will the

Aditya Mohanty

to for at that. be look Yes, great analysts would and it the

Operator

back management Ladies and At I'd question-and-answer call the the the like reached time, end of turn for this to session. to we've gentlemen, comments. closing

Aditya Mohanty

so Thank exciting back you a an update for Yes, Adi. sharing joining again. you and you. giving we and forward - it's us, pretty this look forward we're coming for really time all to to us, looking is Thank

Operator

This conference. concludes today's

time, participation. disconnect your you and we your this lines for at thank You may

Lineage Cell Therapeutics (LCTX) 9 Nov 172017 Q3 Earnings call transcript