LCTX - Earnings call transcript Q4 2017 | Lineage Cell Therapeutics, Inc.

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Operator

Welcome to the BioTime’s Fourth Quarter and Full Year 2017 Results Conference Call.

As a reminder, this conference call is being recorded. I would now like to introduce your host for today’s conference, David Nakasone of BioTime Investor Relations. David, please go ahead.

David Nakasone

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

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

Adi Mohanty

last have three simplification objectives: to call early joining we focus on today. value. and progress, everyone, afternoon, with thank continued David. Thanks, for you clinical unlocking November, our Since in talked you and our main we Good

accomplishments OpRegen DSMB of recent Europe, trial. During of like few of for for CE meaningful in approval clinical X the had the submission ongoing the Mark Renevia the initiation months, we past cohort

With capped accomplishments, expect in BioTime and be with from a of will the year BioTime. stage we accomplishments, transition clinical XXXX an expected we recent a functional OpRegen as company. for Renevia important Our for trial, XXXX along an commercial-ready approval year in a data transformational Europe to

DSMB that approval received at Research in to the Positive and in at that of include: presented enrollment of retained was patients the the volume average Vision indicate appeared presented or pivotal HIV-associated treated area X. cohort Meeting was is ongoing of ARVO the endpoint Renevia at at International its of primary XX% Federation the cohort third in an accomplishments transplanted trial clinical and OpRegen presented XXXX OpRegen Images the This scar. Adipose that from Science to we completed an XX Association depleted OpRegen dry-AMD Renevia of the Annual at RPE proceed for European conference engrafted clinical data lipoatrophy; conference XX% Ophthalmology, XX cells months. months the a the reported of trial for for in Our short. transplanted the for additional Therapeutics and where data and meeting area We trial to cells. the

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by its of shares well and completed these platform million BioTime distribution AgeX as financing, the of $XX while provides formation year, BioTime’s During was BioTime’s corporate further BioTime some equity flexibility explore on subsequently programs. its of approved Board external to simplify all strategic AgeX to structure and on financing options programs formed alternatives AgeX. new BioTime corporate a focusing to this to a expenses formation aging. or The the past to as Directors BioTime It AgeX greater shareholders. a reducing strategy also operations. bound technology subsidiary, consolidate its owned grow The reflects of

the successfully In raised new addition from million $XX for BioTime previous $XX AgeX, in proceeds raised gross million to investors. and

that set resonate with to broader investors. stories interactions a investors and Our our really are potential indicate with current of starting

technologies: distinct replacement; cell a our delivery. two lead Let’s two and take look and on platform now cell detailed based are drug that our more at programs

with cells Our cell progenitor create cell and tissues pluripotent and proprietary technologies. replacement platform can our new

cellular engraftment are drug Our metabolic and and proprietary to which HyStem cell transfer, for delivery upon support technology, our matrix therapy. programs replacement retention, the was of designed provide based

in As traditionally we high unexpected drugs approximately like a have of molecular or and/or had systemic in the whereas the results have versus XX% transplants rate of more rejected our past, due side their fail the are products success, drugs. noted effects. to development Transplants

significant more But in Phase are effects X/Xa and a transplant that patients referred initiation and function. clinical systemic the the in far Our progression profile products, RPE in us approved locally seen potentially medicine. for resemble clinical will was visioned potential a cohort dry-AMD. Better the evaluate hand, of provide a treat those vision of is the is quantify disease and and therapy patients of to likely in OpRegen impact the the so the the to XX. evaluate functional broader our for makes first that X trial closely approval risk of replacement much is and other first a on The than safety of opportunity the perform the and reducing disease. three risk DSMB, allow cohort patients collective side independent OpRegen we of that team to Data ongoing patients Safety Monitoring fourth cohorts of will three target our opportunity vision it with the of of This population objectively have the visual commonly patient eventual administered, stage approval on the OpRegen assessments will over trial. as our on approximately what to cohorts. the better These XX having program, earlier in throughout spectrum Board, based the

cohorts, some early cohorts or legally you in upcoming see in These three If beginning of disease. presentation may first April. worse, corrected and which Several data is XX assessment the be with evaluated patients the share blind. patients the early functional as to we’re included some recall, as at BCVA, have end to were XXX early been we ARVO tests, we best an of now that late the first encouraging from or able in patients of over acuity, very visual stages three the average

In to patients and execution, screened X. already additional to the three improved to in we addition include Due an cohort approval additional proceed to we have X, recruiting to the approval patients received and to obtain us ready patients in run not to on will and allows will to data These X to cohort X patients impact additional treated. timing. additional quickly. cohort parallel cohort be more Adding patients

already As has OpRegen designation you may recall, FDA. the fast-track from

to We’re data program. obtain to have more that improve year, robust to other agencies with this exciting ability ways our discussions about meaningful regulatory data looking expedite might this more

of to the We’re April. additional looking at at ARVO forward the upcoming data end sharing

large include to institutions the opportunities grow, As and is many well data for potential as collaborators the continues companies Institute us the partners. encouraging like to Regenerative and These it from engage with Medicine. small CIRM, California as trial allowing

has group other of OpRegen. therapy products, Our worked companies we’re cell on well CIRM very and now with discussing

XD turn recently endpoint patient submission at very retained photographic patients primary now this transplanted seen treatment The HIV-associated data six treated approximately clinical events primary in met trial. which EU. six trial, to were during the well blinded to the trial adverse CE approval endpoint based months Let’s in noted In the in tolerated, patients where we Renevia, Mark delayed the of in in randomized at volumetric was assessment. the the as hemifacial of treated Renevia the measured generally arm. serious for Renevia and submitted was successfully and patients strength in months device-related population. The quality compared lipoatrophy no volume volume there severe by patients we on with in pivotal the the change the was XXX%

see potentially The alternative dermal a or seeking larger facial aesthetics estimated presented this patients the average, Renevia springboard Federation CE being Renevia double used important Therapeutics an volume and a in the market where fillers. data We patient’s $X XX% the a and reported aesthetics. combination International to milestone fat-grafting of growing and are and/or digits. Adipose in potentially to part view European we over procedure is as Mark data, opportunity transplanted billion that with fat near submission of conference current at pivotal into market XX Science patients addition and months in being as treated at used the own at months. facial additional in We In XX XX% for an retained, to be at who

trial A XXXX this started progressing Hills-based has already a or initially planned our nicely. several is in fraction, fat plans. accelerates with broader investigator-led of enhancement later The study in transition work our in population. in our Premvia a study change broad Premvia investigator-led for Results Beverly leading applications. The patient was are as target stromal Renevia, is This towards which approved the data next study, the Renevia began has include coming patients vascular to in expansion leading facial of patients. patients, treat the remaining also SVF, was the designed Dr. same with Dr. label surgeon, on by The study. study obtaining the been expected this composition to Aronowitz, changed evaluate later to plastic investigator-led have study which year. expected U.S. IRB. Aronowitz We Premvia, volume late weeks. is in

investigator-led Renevia BioTime the to patient for This from Renevia of will in study population. deficit U.S. this volume year. is addition broad study a In study cosmetic sponsoring is to the broadly company-sponsored of exploratory more study, functionality start use. later expected facial an It EU

expand EU study, pivotal build the the mentioned and for we study Renevia at new potential we U.S. trial previously, the like investigator-led company-sponsored the the upon geographies U.S. intend the As to and to data EU label

discussion in U.S. the the in currently We’re FDA with

design U.S. trial able be receive and we to be Once approval. more firm the will required our detail. pivotal plans the Specifically, more size guidance, with in of you we discuss will for

Our a goal discussions is and study to FDA with before the finalize U.S. pivotal our year-end. begin

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

Michael West

AgeX Adi. leading our platform age-related is of degenerative Therapeutics in the targets disease. in pluripotent for application stem you, Thank cell novel

aging So or tissues the function. regenerate retina, transplanting restore in concept is into cells as youthful with the to young old body the very simple:

disease, largest metabolic product at some and AgeX-VASCX Regeneration, respectively, additional initial and therapy fastest-growing AgeX-BATX or cardiovascular iTR. today. induced program markets Tissue medicine Our An cell of age-related is focus in for and the AgeX is underway

represents discovered the a While really through of cells, new use pluripotent paradigm. iTR stem

role or even scientists time loss body BioTime As limited with studied such capacity. exists to this in Recent that a capacity all then the regenerate Mexican regenerate functions play as and platform, AgeX gene appeared biology suggesting capacity of there that disease. early cell. Using to the be dysregulated most stem have company’s to published this energy process. similar in One the complex regeneration gene limbs. may impaired. critical know, born. adult better salamander, species, of and compared to collaboration degenerative role proprietary from during by This repair We apply largely broad animals, studies to Insilico that profoundly in are subsequent reflects occurring of in in array from cell a present is in humans to later this some today. Medicine to we results the COXXAX cell power In COXXAX. Therefore, capacity the tissues in types, early an understand expressed be lost differently in trauma The life the along in adults tissues, other only to cells injured processes study is profound can regenerating in that scientists the animal of when tissues study life with the intelligence resulting the in capacity with genes cells adult suggest to compared tissues transition regenerate of resulted is AgeX naturally and potential collaborated publication, we the in is thought to thought in lacking with the out peer-reviewed pluripotent with regenerate scientific control. in tissue the one capacity humans, amputated cancer highlighted of Consistent time Oncotarget. regeneration as of to cancer the of the that cancer, identification metabolism, January designated It artificial

with applications uses. degenerative believe AgeX of disease well the with associated let patent ability rights and we’re to and short diverse describing discoveries in a Oncotarget so reported regeneration scarless development potential commercialize-related the for currently diagnostic that to may YouTube It’s channel, expression therapeutic strategies alone types, regenerate to of certain A and YouTube natural as such as to cancer. the product and on body afflicted human using use products bone rare ability kidney, the tissue muscle. result, find of unlocking Since is we the large the treatment lead to very developing video many implicated implications lung, discovery regeneration, the to available opportunity, market online have in breast, humans genes induce the AgeX. AgeX at technology. tissue the provide the to aggressively in and channel, as is a diagnosis new in those has abnormal tissues its the for cancer As

of and So milestones in in planned new listing the of shareholders and we summary, powerful forward AgeX in I to to will we turn review a shares and financials. over our weeks to believe we’re Russell now the Skibsted BioTime the context planned of and look unveiling building business our plans distribution platform technology our company. public and Russell? the call coming at AgeX, months to

Russell Skibsted

the million totaled in highlights Thank from full some The you, approximately attributable and or September financial on non-GAAP AgeX. million quarter. closed $XX the during in that second a to cash spending the reduced the went due to basis on BioTime fourth the to equivalents to cash $XX cash cash XX, which now as of compared Mike. by review approximately further we XX. the million consolidated offering of directly a as BioTime’s spend nonconsolidated increase benefited $XX is year. and the I’d like – quarter half to December programs reduced public

ownership aggregate we positions, of market which In with $XX million. currently marketable addition, approximately our value have an securities affiliate represent

previously a BioTime. successful year was mentioned, As Adi for very XXXX

on clinical strategy shareholders. unlocking We make and our significant continue three-point on for progress, value of to progress simplification focusing our

well. our take are mentioned, Mike progressing plans public to AgeX As

lot work activities to and and which to implement tax public, of and the strategy may lawyers, BioTime AgeX shares and taking institutions investment AgeX to the financial other continue complete banks We a BioTime’s include redistribution for lawyers, with of shareholders.

are every on consolidate As own XX% you those the of I’ll where when stock, remind stand-alone requires to entities entities we the even companies. GAAP us over call, of financials

expenses consideration cash release, table keep understand end have the details by and in We non-cash expenses our at our an included, believe press will Please have our actual in this burn. better this a in entity. obtain take help not operating mind expenses when that We and in earnings true BioTime’s into operating included of investors that expenses table are are but the cash burn. order you table estimate that that grants reviewing also to statements in the recognized financial to of operating non-GAAP

As December of noted $XX above, and cash approximately as BioTime’s cash million equivalents totaled consolidated XX.

approximately $XX.X BioTime’s and on full our our burn expenses the operating we expect were fourth operating for expenses current the $X.X non-GAAP were year, million, Based quarterly approximately rate non-GAAP XXXX quarter, BioTime’s over million. the operating of be plans, And maintain Adi. course a little turn to level with expect of quarter. $X into I well the that, XXXX. cash million have sufficient call to per Provided over XXXX us this we to to will we get spending, back During

Adi Mohanty

Russell. you, Thank

you with country As on a diversified see, than can single products that we a span rather region. many dependent being and/or company product, geographies are

and specific compared target potential that increases or of ARVO; in data the success. drugs U.S. the therapies treated drugs potentially, parts and which, OpRegen side then risk Many effects, data products BioTime’s a because systemic patients being body locally fail or unlock be the and of shaping the for value effects. are the distribution have year confirmation shareholders is from of cohort year; FDA with this for the reduces of OncoCyte later the likelihood therapies, creation many BioTime. anesthetics; to potential administered, at much to the trial. companies X up Renevia potentially good our have approved with we from Renevia trial to XXXX further Our are distribution very to of of OpRegen their a and entry pending successfully through from facial XXXX side profile. the plans was plan AgeX. lower for on value unlocked presentation And better transformational likely and like products even Asterias for

We distribution BioTime the or will float also unlock potential shares of to shareholders. with value public AgeX

for a to year. is BioTime that, ready With questions. So breakout poised operator, we’re have

Operator

question first comes from of Our Instructions] DeGeeter line [Operator Kevin the Ladenburg. with

is Your now line open.

Kevin DeGeeter

there’ll thanks clarify, and patient patients initial in here. the can guys, a the lot under of X, you other characteristics? be the With to you additional protocols for patients received. three protocol just can cohort the if the from whether same as going to terms of and just in Hey any immunosuppression on those expanded deviation regard call comment are information Adi, Or enrollment be

Adi Mohanty

Yes. Hi, patients Kevin. immunosuppression, additional if have X, in you we terms used XX of Yes, three now The doing thanks for to the months, but we’re question. months. the three remember, cohort in

It U.S. so be U.S. sites have now even that but the Israel, cohort X. we patients for good, months have. the these the is to the patients And What us is out more really nine-patient we U.S. initial also allows is to because the overall in will us online, that better. three allows immunosuppression. from first in carry in adding practice in intend improves some are that functional of with done patients the these done It are cohort with patients us three Nine test package data treated physicians start more patients few this does of to three come have testing to being

of the that last couple have we This we so better and already have months, these execution out benefit recruiting are four already. of go. patients substantial a amount that gotten So to ready patients of with much

So very scheduled, quickly. be and the off them knock we’ll patients are able to already

Kevin DeGeeter

expansion patients cohort XX/XX Or regard XX/XXX questions some well? me. housekeeping quick these these of are more Two as are patients? With X, there Okay. this to for of

Adi Mohanty

X. do No, cohort can’t we XX/XX in

beginning cohort already people so in somewhat better they’re are to concurrently we ranges. have – patients, recruiting for on is meet a XX/XXX, the selected terms X also selective better do so that just now. X the We XX/XX, of who work side have we can cohort they have in criteria were within But of parallel. can we the be So those the of but

done. X cohort is So beginning. X recruitment was already already Cohort

fairly that do to XX/XX. able soon. be be we’ll will hopefully, That So

Kevin DeGeeter

me, say. for Europe dose of volumes, of doses Terrific. And within applications, Or that to then planned guess, I’ll I back filed get the used be HIV-associated that be you same context looking the in With in to will will the you queue. one higher Higher that and just I then able last one in at the regard explore Renevia study? lipoatrophy? should study aesthetic

Adi Mohanty

in certainly No, that’s and of good definitely, It’s an a range Yes. we of this think as much different question. explore – volumes. broader much to ability applications

already the investigator-initiated in the of volume ccs some per fact, trial XX Large to has right? or gone compared XX X. that’s the In than ccs. aesthetic to treated per in of with to about in And the volume that cheek already fillers started in And XX range the U.S. cheek closer ccs are in U.S. cosmetic use, significant patients we rather XX terms X. to we’ve

the so requirements. into trial we volume, and European cosmetic patients and that And take in of is have more can terms anticipated of aesthetic completely the larger test the to unconstrained trial

Kevin DeGeeter

Great. Thanks my for taking questions.

Operator

And of you. line Raymond Benjamin from next question James. our the with Thank Ren comes

Your line now is open.

Ren Benjamin

discussions afternoon, to Adi, questions. guys. do you you a taking submission? just be little a dialogue? a sense going. the back-and-forth after on with expect is there about as talk partnering timing, Maybe can Renevia. hear for good bit regulators? that based the Thanks And off to give timing of I Hey, kind starting how European And the us When from guess, may

Adi Mohanty

a the question. Yes, Hi, few quite that’s Yes. on pieces Thanks for Ren. – there’s question. that

the So for filed. device is we runs a a market pathway. with approvals current taking filing, agencies, is the have the dossier device in which about six months. it’s The we what Mark typically, just, is announced, we regulatory seen design what in CE as And filing a

about think sounds months So right. we six that

weeks. interactions next the We discussions over and will agencies start few with the

because on two have and the really, potential the We’ll which are indication, file, because about device this So agency. us not label. the is interactions great we’ll based the what’s the could have a with to allows opportunity three therapeutic to in approved conversation have about the performance the an often next months, what devices potential of talk we labels

is that thinking. into our important so commercial input And a

to So we’ve right? on work been discussing, commercial, partners we’re continue with that doing a We with lot distributors. of work

also few a as discussion could thinking label this pretty months more label since commercial the continuing that about to is work that can quite is strategy be discussions that going evolve. go-it-alone important, And over evolve these look and on, beneficial. potential have label we We like, to we��re but will next the know our you imagine what

we as we So know firmer, these get – conversations more.

I think that will exciting our time, an be the time lot for we’re us excited. specifics but to more it’s so plans, pretty give you of a commercial

We’re these get we’ll working details. on back all and of options, on the

Ren Benjamin

it. in of now. status Got the sort And then right regards Premvia to

next and on the nicely, call, cheek. far Kevin’s ccs as the question, Can you XX FDA patients talk how discussions us have gone maybe about to as with you have sense before give then answer I progressing begin about need how a mentioned some you to Or in up to many do a in you talked you as how been steps? think individuals enrolled? many it’s

Adi Mohanty

that that has we these let data comes use Yes, question uses. being commercialization. has think do take so our label. discussion our ability patients. larger on has non-HIV as support It It It Ren, use in has in the can proof volumes expanded in we a use use that in work of to data the that FDA. parts because in has of a to terms from couple It multiple investigator-initiated me trials

disconnected from to However, it the discussion FDA. our is still

with premeeting We’ve phone the had FDA. made submission have we So call. a a

conversation with We’re the going FDA. to continue that

We’ll of year, wants, still So we’ll good have we’ll start for FDA to still a and to different. that over happen But U.S. we’ll year. be few able investigator-initiated then back the trial FDA. will a from this is expect the next the that, the able this get that you. firm come idea We be a entry months, what answer to trial

We’re prepared doing these to broader all of be labels. for

with Aronowitz, we trial quite don’t fixed Dr. current have number. a the So

seven know, a range it get it’s to set conference. share data a a in the we you publish think five we that is What study. IIS, patients, if or or eight could at we of As is investigator-initiated

be So get data set we’ll investigator-initiated which what where recruit share have and because of significant this we next trials in think the a of we to months, onboard. we over that who able coming be other the year continue said next trial to that’s will possibly with to come or of months, mean, and this the we minimum. is we we should number able the we’ll think set out to be But to few have is kind think patients, once data, we able hopefully, that last I That’s we else patients. the from share the the physicians from more had – investigator-initiated – data couple able coming is interest a of share other we’ll be to over in months.

Ren Benjamin

regards we for might to talk And timing a you gears enrollment cohort to little when the to see able switching the just be in of OpRegen. bit data? then And it. Can Got initial X?

Adi Mohanty

Yes.

specific the That’s from centers which presented in in at have this is had on. the online. happens signing being interest fall, potentially, big more very getting and scientific been We’ve going or of conferences. and now we’re prescreening week, X, goal of work, started to cohort our think U.S. the one that’s the those QX, significant from X are with – sites in have very are we signing data cohort has enough approved, and that given in month really intention such cohort major interested we that up. our who in of point coming have patients lined have X, maybe patients the into achievable X on and towards Instead AAO So at we the get end to the cohort year,

think And a won’t we we problem. so have

three that We be which I though, patients about, promise yet, ARVO, April X want the get these with functional of peak, X. might got patients. is, talking early to XX data additional We’ve we’re cohort have I prescreened. we think, don’t and lots a We at of think, to that pipeline May patients, early even able an

might we think have some we OpRegen. to exciting on order, share short data pretty in So interesting

that’s in the cohort our and from one, And data so QX or – X. fall yes, then step

Ren Benjamin

Got thanks much. it, very

Operator

our Nakae And Markets. you. Thank next of the Keay from question with line Chardan Capital comes

line open. now is Your

Keay Nakae

to April. Yes, the follow-up ARVO expect end on at your last just statement thanks. we year’s to Adi, about see this what might of at

Adi Mohanty

Yes.

want we’ll certainly, maybe than activity. kinds patients data, engraftment, we have other think nine more And of so of worth I safety data, be patients terms – that worth of of in to biological nine

we’ll that it that cannot from some not of now. the in if So share in and will there as build we push. have to we’re early – can think we set data, to next functional be trying data it’s some quite our data over encouraging submission together for this able we in what think we – but I month, see have some. actually data, and the sure tell some for if you, seen have But exciting, put that far we’ll time that’s we we’ll ARVO get to We very be is

Keay Nakae

data functional the cohort patients? So from X

Adi Mohanty

– X. again, careful to the cohort functional with want data, I Early be

functional saying X functional a we still some cohort than in data X, cohort yes, difficult is lot remember, more data. you If early keep than but

Keay Nakae

sounded stromal a investigator-led what U.S. fat, more Okay. us from protocol that? give detail again, then can vascular change generic the Renevia, like to the more the maybe in And the you study, for on little fraction

Adi Mohanty

Keay. Yes,

talked I’ve worth think I but think before, it’s mentioning. I about this

about several done these that many surgeons routinely in six or fat publications, cited a as talk and we’ve transfer the all they U.S. to thousand you is procedure procedures publications aesthetic months, know, fat common pretty plastic three XX%. done So grafts, within hundred fat grafting how by dropped with about It’s

but $X,XXX, I’m a $XX,XXX, a a at they’re cost large-volume fillers fillers not all XX% instead They synthetic natural. So dermal fillers the large because for it’s of dermal you’ve patients still and typical have at those fat, volumes problem large-volume paying of smaller than issues pretty few sorry, later, of are lot. being bigger procedure down volumes. months got – They the a

add so the you mean, done opportunities. and transfer And have XX% well-established the a of is fat, big very graft. for XX, that’s XX% XX the procedure. people XX-month we to a these are – the We by do where small a was doing step and in is most Renevia that with you outcome, change who XX graft easily to to at procedure, just XX% is with as saw, that in fat pivotal for fat at fat potentially months. which doing very at severe trial, So XX, that is application had able outcome it Because normally Renevia already do think data mixing us difference I which of you broader everything showed XX, months that but patients, a fat Renevia our with be

encouraging, to patients and So fat very to so that was is we is gets quickly going able treating broad start broad the fact application we’re some that fat move data. and our quickly with think get we to and move what Renevia to use excited goal label. fat. of That’s we’re and The that were to that and pretty broad that

Keay Nakae

that. for thanks Okay,

the most for is to just one then, that is And period? finally, year over exhausted dry-AMD, grant respect a recent from with grant essentially Okay. a also that Israel

Russell Skibsted

get this the that place. Essentially, – they’re is grants the the items take annual essentially, grant sorry, Russell. as paid I’m as in there Keay, expenses

So so little and to years. the one – during half the fast, yes, plan of over cash yes, but or for period can one for that the it’s flows the be course the time year plan, development expenditures of a

Keay Nakae

for that. Okay, thanks

Operator

you. of Street Thank question from the our line Lake And next Bruce Jackson comes Capital. with

open. line is Your now

Bruce Jackson

wanted I Hi. on questions Most thinking been current get but your to just the have my of spin. AgeX answered,

do are that? what checkpoints on the that, you on will? critical right now where stand And you So if

Adi Mohanty

Bruce. Thanks, Yes.

take I you’re to that Russell, going one. think

Russell Skibsted

of Sure. goal committed the towards continuing Hi, to second We the distribution. remain Bruce. quarter work the really

lawyers, and banks investment institutions may lot AgeX tax-free BioTime’s a shareholders. financial and the other shares the and a with activities BioTime include and complete before, to taking lawyers, of of shares AgeX we’ve which, to implement AgeX distribution working public, – We’re strategy said for the

plenty there’s already have activities are process, that involved We to the in more go. completed many major but of this

an waiting from we’re ruling to distribution. example, As regarding the IRS the potential the receive tax-free final

the well accounting as issues on registration the with clarified. the of working being statement We’re number that SEC as other are

audited we entities the compilation that to financials As which an for two need the that, a of financials years’ of AgeX is of contributed example of entity. AgeX, worth we

because can as value. imagine, has you that So believe there’s sure in that, right AgeX and lot making tremendous of a we do work it we’re we

current fact, an treatment that and cap Bio, the development the of million. and in of that of completed is on you is aging-related therapeutics In a noticed $XXX stage, end novel diseases. is the if commercialization space a for IPO. over Their focused company Restore January, at Restore company similar market $XX million stage the clinical biopharmaceutical

interest that one space, to have is Hope So we players hopes your the that there’s of in that a be main very in space. lot question. the going high of AgeX answers and

Bruce Jackson

It an for does. one then one. And have operating you target XXXX? just expense Do quick

Adi Mohanty

you do I what said. think, repeat you could what is

Russell Skibsted

Yes.

the I on think – the I $X at for plans. was look we’ve table good of you really a our last that gives back cash you a we BioTime’s current take I what And at roughly starting a that’s point – at million quarter release, little current think XXXX, non-GAAP we’re in based then the think the expenditures. earnings looking if over – would of said a that our looking

proxy, in and on million. for call, include table, million expenses that grants see I not in about a the the sources, $X to which, they’re BioTime close operating $XX as that you’ll we’re they XXXX. revenue expenses, mentioned But the good XXXX, but operating do from So were about other

good sense. that gives a think So I

Bruce Jackson

Thank Okay. That’s it for me. you.

Operator

Thank of comes And from with our line Capital. the Patrick Dolezal next question you. LifeSci

now open. is line Your

Patrick Dolezal

my thanks taking for questions. Hi,

Just have here a on few OpRegen.

of might the and for there kind and improvements. change cohort how X So this curious dosage for functional the the safety driving the to relative balance cell efficacy, between plans X, in where your is point cohort curious terms tipping just what of affect are I was

Adi Mohanty

Tell me answer. to try I’ll So if Patrick. did, I

So different the think what doses right cohort dose We is perfected X we and on cohort the X, X. dose. we have than

believe, concentration we we of So forward. the appropriate have to cells, move

going first use the X cohort in of cells in we’re of that is dose what to concentration so And six patients.

can So the year. patients to somewhere had stages essentially, data, important would of cohort was end of get X, to look patients be and from these the vision our we’ve like the dose and to population the plan mean we range the what treatment. before XX/XX the at our a target patients kind pretty it that that independent achieve, That’s eventually, is step the data cohorts more we that have the first of using better be a what our earlier first we go, that a with get I Board six data we we’re patients think that legally of XX/XX, XX/XX. allowed from few for trying on so that the – people is Data would us in – Safety Monitoring blind where patients

Patrick Dolezal

Got it.

Okay, that’s helpful.

like X of are of X? and in to the And kind with X sounds so be series X going it arm arm cohort starting

Adi Mohanty

patients no cohort stagger to – so to I of should requirements, get six we doing for we terms have in and And of next get stagger the us, the of the better able out just patients, in we beginning try we at months. see be that we want single patients, vision other as couple quickly think all these possible. as to those done X, as that a than can

Patrick Dolezal

XX/XX kind curious second just arms baseline if that these in think change then And was if to and it. moving ultimately patients X the how terms in might at arm with you of the of Got between respond. I acuity X, patients, the difference would

the you arm you even if thinking. what have expectations of guys kind are or So for second higher currently

Adi Mohanty

from maybe – clarify. what is we should mentioned, something maybe just that Patrick, there you So

not there’s the us. and arm XX/XX XX/XX a separate is a target. So It’s to XX/XX

You means which so precise. that a can’t And be range, there’s right? obviously

It So it could be could XX/XX. XX/XX. It could be XX/XX. be a

have separate to what trying get arms. and is XX/XX So don’t the we’re target, that’s done, two and we

where is think that additional these patients do to use the going patients, XX/XX, the all And we’re get X, additional in the XX/XX, the arm the the done. confusing that’s range, is. of what of maybe arm then it of and cohort vision so got that patients in best patients six better in And about remaining

Patrick Dolezal

helpful. okay. Thanks a Understood, That’s lot.

Operator

question our with Patrick the comes Primarius Capital. final from line And of Lin

now is line open. Your

Patrick Lin

on off actually news, terms feel joined able in inflection this have BioTime, programs, so momentum thoughts, of today, of to all you Thanks question for doing at is experience terms at Adi, and this is point guys. call. where your been like has of the at in you now now looking and what are you point the a they’re take catalysts think really the on. hearing just your since in Hi, your I just of thoughts and where what the terms journey where going be and quick like to

Adi Mohanty

Yes.

from X.X years ago. So think X Patrick, it’s – even thinking or

done lot we’ve a think I foundational work. of the

guideposts, believe I about to it simplification, of BioTime be got talked We’ve script, have year. to of where this pillars about and would it like to Renevia if we are we my unlocking We ready you see about at that. value. those I core end our is talked where And approved – clinical progress, think be. I using as the

discussions ongoing Renevia. FDA for the have We with

couple a data We up and data coming OpRegen of this year. later in OpRegen have months maybe then probably transformational

We unlocking quarter. next an have spinout, is which AgeX event

next up like that to three, breakout of now, standing events is happening looks significant year. I’m where BioTime couple months, four the it sets have So a over what

great shape. we’re So in I think

well. at And have progressing They’re good important We we with data that inflections. the these have cash. are programs stages

over we all company we to this money the So setting next this of have the few of to was all me, way the worthwhile do this, months, And year. it did. up

about today, the milestones here company. We’re significant make that some to change

few would done over but We’ve lots of happening lot a place. a what that now good stuff what of kind a hard I and of course, that, could So feels I go while, I like the say on months. next hope work of encapsulates for

Patrick Lin

and ahead. Terrific. Thank that look forward hearing you for news to update more

Adi Mohanty

Patrick. Thanks,

Operator

for you. Mohanty return Mr. that And today’s call the remarks. I’d to any does Adi Thank session. conclude like Q&A to closing

Adi Mohanty

joining been everybody It’s thank year, year fantastic be for going a Yes. I want a to great us today. just it’s ahead. to and

information. So coming Thank you. I forward look to

Operator

the conclude two hours Ladies and code replay call be the replay is does XXXXXXX. the available dial-in This is all after the will for this the and a the call for is replay conference today’s end. conference have day. of with gentlemen, dial-in great Dial-in disconnect. for XXX-XXX-XXXX code a you approximately program, with again, Once XXXXXXX. XXX-XXX-XXXX Everyone, of a may replay for

Lineage Cell Therapeutics (LCTX) 15 Mar 182017 Q4 Earnings call transcript