Lineage Cell Therapeutics, Inc.
LCTX evidence brief
What we can confirm
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 is a clinical-stage biotechnology company developing allogeneic cell therapies for degenerative diseases, spinal cord injury, and other conditions, with a focus on its pluripotent cell manufacturing platform and a key collaboration with Roche/Genentech.
Key risk: Dependence on Roche collaboration
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 4 pipeline candidates · 1 clinical trial for Lineage Cell Therapeutics, Inc..
Lineage Cell Therapeutics is a clinical-stage biotechnology company developing allogeneic cell therapies for degenerative diseases, spinal cord injury, and other conditions, with a focus on its pluripotent cell manufacturing platform and a key collaboration with Roche/Genentech.
- Lineage has successfully completed a cGMP production run from its two-tiered cell banking system for two product candidates, demonstrating scalable pluripotent cell manufacturing [sec_mda · as of 2026-03-05].
- The company reported cash & equivalents of $37.9M, total revenue of $0.9M, net income of $1.5M, and no debt as of 2026-06-30 [sec].
- Lineage is dependent on a third-party collaboration with Roche and Genentech to develop and commercialize RG6501 (OpRegen) [sec_mda · as of 2026-03-05].
- As of June 30, 2026, $55.4 million remained available for sale under the company's at-the-market offering program [sec_mda · as of 2026-08-06].
- A Phase 1 trial for delivery of oligodendrocyte progenitor cells for spinal cord injury began in June 2025 (NCT06841770) [catalyst].
What works
- Lineage has demonstrated the ability to scale pluripotent cells with the purity, potency, and regulatory quality required for clinical use, which it believes is a competitive differentiator [sec_mda · as of 2026-03-05].
- The company has a collaboration with Roche and Genentech, which provides potential for developmental, regulatory, and commercialization milestone and royalty payments [sec_mda · as of 2026-03-05].
- Lineage has access to additional capital through up to $30.2 million in potential warrant exercises from the November 2024 RDO and an at-the-market offering program with $55.4 million remaining as of June 30, 2026 [sec_mda · as of 2026-08-06].
What to weigh
- Lineage is dependent on its third-party collaboration with Roche and Genentech to develop and commercialize RG6501 (OpRegen), which introduces risks related to lack of control over those parties [sec_mda · as of 2026-03-05].
- The company may need to raise additional capital to fund operations, and if unable to do so, may be required to delay, postpone, or cancel clinical trials [sec_mda · as of 2026-08-06].
- The market price of Lineage's common shares has been and may continue to be volatile, and the company faces risks related to maintaining NYSE American listing standards [sec_mda · as of 2026-03-05].
- A significant shareholder, affiliated with a board member, owns a large percentage of common shares and can exert substantial influence over corporate actions, including change of control transactions [sec_mda · as of 2026-03-05].
From the filings
Quoted directly from source documents.
Lineage has demonstrated scalable pluripotent cell manufacturing for clinical use.
“we have successfully completed a current cGMP production run from our two-tiered cell banking system for two of our product candidates. In at least one instance, they have been utilized in a U.S. Food and Drug Administration (FDA) cleared clinical trial in 2025. This demonstrates our ability to scale pluripotent cells with the purity, potency, and regulatory quality required for clinical use”
SEC MD&A · March 5, 2026
Lineage is dependent on a collaboration with Roche and Genentech for RG6501 (OpRegen).
“We are dependent on our third-party collaboration with F. Hoffmann-La Roche Ltd and Genentech, Inc to develop and commercialize RG6501 (OpRegen)”
SEC MD&A · March 5, 2026
Lineage has access to additional capital through warrant exercises and an at-the-market offering.
“We may receive up to an additional $30.2 million in gross proceeds upon the full cash exercise of the warrants we issued to the investors in the November 2024 RDO. However, no assurances can be given as to the extent to which additional warrants will be exercised. As of June 30, 2026, $55.4 million remained available for sale under our at-the-market offering program.”
SEC MD&A · August 6, 2026
Lineage's largest shareholder can exert substantial influence over the company.
“Our largest shareholder, who is affiliated with a member of our board of directors, owns a significant percentage of our common shares and will be able to exert substantial influence over the election of directors and matters subject to shareholder approval, including potential change of control transactions.”
SEC MD&A · March 5, 2026
Catalyst timeline
- 2024-11-14 · Earnings Report - SEC 8-K filing — Quarterly financial update and operational highlights.
- 2025-03-10 · Earnings Report - SEC 8-K filing — Quarterly financial update and operational highlights.
- 2025-05-13 · Earnings Report - SEC 8-K filing — Quarterly financial update and operational highlights.
- 2025-06-30 · Phase 1 Start: Delivery of Oligodendrocyte Progenitor Cells for Spinal Cord Injury — Initiation of a Phase 1 trial evaluating a novel delivery device for cell therapy in spinal cord injury (NCT06841770).
- 2025-08-12 · Earnings Report - SEC 8-K filing — Quarterly financial update and operational highlights.
- 2025-11-06 · Earnings Report - SEC 8-K filing — Quarterly financial update and operational highlights.
Risks & what to watch (4)›
Key risks
- Dependence on Roche collaboration — Lineage relies on Roche/Genentech to develop and commercialize RG6501, with limited control over timelines and outcomes [sec_mda · as of 2026-03-05].
- Need for additional capital — If unable to raise capital, Lineage may delay or cancel clinical trials; warrant exercises and ATM offering provide potential but no guarantees [sec_mda · as of 2026-08-06].
- Stock volatility and listing risk — Common shares have been volatile, and failure to maintain NYSE American listing could impair liquidity and capital raising [sec_mda · as of 2026-03-05].
- Concentrated shareholder influence — A large shareholder affiliated with a board member can significantly influence director elections and major transactions [sec_mda · as of 2026-03-05].
What to watch
- Progress of the Phase 1 trial for oligodendrocyte progenitor cells in spinal cord injury, which began recruiting in June 2025 (NCT06841770) [catalyst].
- Any updates on the Roche/Genentech collaboration for RG6501 (OpRegen), including milestone or royalty payments [sec_mda · as of 2026-03-05].
- Future capital raises, including potential warrant exercises (up to $30.2M) and use of the at-the-market offering program ($55.4M remaining as of June 30, 2026) [sec_mda · as of 2026-08-06].
- Quarterly earnings reports and SEC filings for financial updates and clinical progress [catalyst].
Sources: Catalysts · SEC MD&A · Generated August 24, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
21.2 months
D/E 0.76 · 5% dilution
Lead: Phase 1
4 candidates
No upcoming catalysts tracked
1 buy · 0 sells (180d)
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
131
Total value held
$189.0M
| Holder | Shares | Value |
|---|---|---|
| broadwood capital inc | 49,560,992 | $78.3M |
| vanguard capital management llc | 16,637,370 | $26.3M |
| 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 is a clinical-stage biotechnology company developing allogeneic cell therapies for degenerative diseases, spinal cord injury, and other conditions, with a focus on its pluripotent cell manufacturing platform and a key collaboration with Roche/Genentech.
What is Lineage Cell Therapeutics, Inc.'s lead drug candidate?
Lineage Cell Therapeutics, Inc.'s most advanced tracked candidate is opc1 (Phase 1) for Spinal Cord Injury Cervical.
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.