Lineage Cell Therapeutics, Inc.
LCTX evidence brief
What we can confirm
- BioSniper Score:
- 6.1 / 10
- Market Cap:
- $258.0M
- Lead Asset:
- pnc1 (Phase 1)
What it means
What to watch
Prepared research question
What matters most for LCTX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · LCTX
Lineage Cell Therapeutics, Inc. is a clinical-stage biotechnology company developing allogeneic cell therapies for neurological and ophthalmic conditions, with its lead program OpRegen partnered with Roche for geographic atrophy secondary to dry-AMD.
Key risk: Clinical-stage development risk
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$258.0M
Cash Runway
—
Lead Asset
pnc1 (Phase 1)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates for Lineage Cell Therapeutics, Inc..
Lineage Cell Therapeutics, Inc. is a clinical-stage biotechnology company developing allogeneic cell therapies for neurological and ophthalmic conditions, with its lead program OpRegen partnered with Roche for geographic atrophy secondary to dry-AMD.
- Lead program OpRegen (RG6501) is an allogeneic retinal pigmented epithelial cell therapy in Phase 2a development for geographic atrophy secondary to dry-AMD, under a worldwide collaboration with Roche [sec_mda · as of 2026-03-05].
- OpRegen received Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA in September 2024 [sec_mda · as of 2025-03-10].
- 36-month visual acuity results from the OpRegen Phase 1/2a study were featured at Clinical Trials at the Summit 2025 [news · published 2025-06-23].
- Cash and equivalents were $37.4M as of 2026-06-30, with net income of $1.5M and shareholders' equity of $60.9M [sec].
- The company has a second clinical program, OPC1, an allogeneic oligodendrocyte progenitor cell therapy for spinal cord injury, targeting enrollment in the DOSED clinical study to commence in Q2 2025 [sec_mda · as of 2025-03-10].
What works
- OpRegen is partnered with Roche, providing eligibility for up to $620M in milestone payments plus tiered double-digit royalties on net sales, reducing financial risk [sec_mda · as of 2025-03-10].
- The company has demonstrated ability to scale pluripotent cells with purity, potency, and regulatory quality for clinical use, a competitive differentiator [sec_mda · as of 2026-03-05].
- OpRegen received RMAT designation from the FDA, which may expedite development and review [sec_mda · as of 2025-03-10].
What to weigh
- The company is still clinical-stage with no approved products, and its lead program OpRegen is in Phase 2a, facing significant development and regulatory hurdles [sec_mda · as of 2026-03-05].
- Cash position of $37.4M as of 2026-06-30 may be limited relative to the long timelines and costs of cell therapy development and clinical trials [sec].
- The OPC1 program for spinal cord injury has not yet initiated enrollment as of early 2025, indicating potential delays [sec_mda · as of 2025-03-10].
From the filings
Quoted directly from source documents.
OpRegen is partnered with Roche for geographic atrophy secondary to dry-AMD
“OpRegen (RG6501), an allogeneic retinal pigmented epithelial (RPE) cell replacement therapy currently in Phase 2a development under a worldwide collaboration with F. Hoffman-La Roche Ltd. and Genentech, Inc.”
SEC MD&A · March 5, 2026
OpRegen received RMAT designation from FDA
“Roche and Genentech announced receipt of Regenerative Medicine Advanced Therapy ("RMAT") designation from the U.S. Food and Drug Administration ("FDA") for OpRegen for the treatment of GA secondary to dry AMD.”
SEC MD&A · March 10, 2025
36-month results from OpRegen Phase 1/2a study were presented
“36-month results from patients enrolled in a Phase 1/2a clinical study (ClinicalTrials.gov Identifier: NCT02286089) of RG6501 (OpRegen) in patients with geographic atrophy (GA) secondary to age-related macular degeneration (AMD”
News · June 23, 2025
Risks & what to watch (4)›
Key risks
- Clinical-stage development risk — No approved products; lead program OpRegen is in Phase 2a, with uncertain outcomes and long timelines [sec_mda · as of 2026-03-05].
- Limited cash runway — Cash of $37.4M as of 2026-06-30 may be insufficient to fund all programs without additional financing [sec].
- Dependence on Roche partnership — OpRegen development is controlled by Roche; any change in partnership could impact program [sec_mda · as of 2026-03-05].
- OPC1 enrollment delays — OPC1 trial enrollment targeted Q2 2025 but had not commenced as of early 2025 [sec_mda · as of 2025-03-10].
What to watch
- Initiation of patient enrollment in the OPC1 DOSED clinical study for spinal cord injury, targeted for Q2 2025 [sec_mda · as of 2025-03-10].
- Further clinical data readouts from the OpRegen Phase 2a study, including longer-term follow-up [news · published 2025-06-23].
- Potential milestone payments from Roche under the OpRegen collaboration [sec_mda · as of 2025-03-10].
- Cash burn rate and any additional financing activities given the $37.4M cash position [sec].
Sources: News · SEC filings · SEC MD&A · Generated September 24, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.76 · 5% dilution
Lead: Phase 1
3 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
131
Total value held
$175.7M
| Holder | Shares | Value |
|---|---|---|
| broadwood capital inc | 49,560,992 | $78.3M |
| vanguard capital management llc | 8,318,685 | $13.1M |
| defender capital, llc. | 6,729,599 | $10.6M |
| millennium management llc | 5,561,374 | $8.8M |
| raffles associates lp | 5,362,788 | $8.5M |
| fifth third bancorp | 4,600,000 | $7.3M |
| blackrock, inc. | 3,864,757 | $6.1M |
| armistice capital, llc | 3,182,799 | $5.0M |
| marshall wace, llp | 3,065,033 | $4.8M |
| geode capital management, llc | 2,523,114 | $4.0M |
Showing top 10 of 131 institutional holders of Lineage Cell Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 20, 2026- % of float
- 17.1%
- Days to cover
- 21.4
- Shares short
- 25,474,080
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
LCTX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Lineage Cell Therapeutics, Inc.?
Lineage Cell Therapeutics, Inc. is a clinical-stage biotechnology company developing allogeneic cell therapies for neurological and ophthalmic conditions, with its lead program OpRegen partnered with Roche for geographic atrophy secondary to dry-AMD.
What is Lineage Cell Therapeutics, Inc.'s lead drug candidate?
Lineage Cell Therapeutics, Inc.'s most advanced tracked candidate is pnc1 (Phase 1) for Vision loss due to photoreceptor dysfunction or damage.
Who is the CEO of Lineage Cell Therapeutics, Inc.?
Mr. Brian M. Culley M.A., M.B.A. is the chief executive officer of Lineage Cell Therapeutics, Inc. (LCTX).
Where is Lineage Cell Therapeutics, Inc. headquartered?
Lineage Cell Therapeutics, Inc. (LCTX) is headquartered in Carlsbad, CA, United States.
What therapeutic areas does Lineage Cell Therapeutics, Inc. focus on?
Lineage Cell Therapeutics, Inc. develops therapies across Oncology, Neurology, Ophthalmology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.