LCTX NYSE Biological Products, (No Diagnostic Substances) Financials FY2016βFY2025
Lineage Cell Therapeutics, Inc. had $14.6M of revenue in fiscal 2025, up 53.2% on the year before. Over five years, revenue changed +51.5% a year on average.
Last close Β· Oct 23, 2026
$1.00
1.5%Hi! I read Lineage Cell Therapeutics, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+53.2%
Yes. Sales grew 53.2% last year.
Does it make a profit?
β436.5%
No. It lost money last year.
Does profit turn into cash?
β133.6%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 7
Weak. It passes 3 of 7 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Lineage Cell Therapeutics, Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 5, 2026
Thursday Β· in 10 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 12, 2026 | Q1 '26 | After the market closes | 8-K β |
| Mar 5, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 6, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 12, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 13, 2025 | Q1 '25 | After the market closes | 8-K β |
| Mar 10, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 14, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Lineage Cell Therapeutics, Inc. had $14.6M of revenue in fiscal 2025, up 53.2% on the year before. Over five years, revenue changed +51.5% a year on average. Its operating margin was β251.6%, down 25.5Β pts: of every 100 in sales, about β252 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Lineage Cell Therapeutics, Inc. lost $63.5M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$19.4M in fiscal 2025, β133.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Lineage Cell Therapeutics, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $58.4M | $57.9M | $35.5M | $47.8M | $55.8M |
| Current ratio | 2.4x | 3.2x | 2.1x | 3.6x | 5.2x |
| Quick ratio | 2.4x | 3.2x | 2.1x | 3.6x | 5.2x |
| Total assets | $175M | $124M | $101M | $113M | $113M |
| Total liabilities | $83.6M | $51.7M | $39.0M | $36.2M | $69.2M |
| Shareholders' equity | $92.2M | $73.3M | $63.4M | $78.4M | $44.5M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Lineage Cell Therapeutics, Inc. passes 3 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 8 | 3 / 8 | 2 / 8 | 1 / 8 | 2 / 8 | 6 / 8 | 0 / 8 | 3 / 8 | 3 / 7 |
| Accruals ratio | 53.2% | 6.7% | β11.0% | 17.8% | β0.8% | β13.8% | β18.3% | 6.3% | 4.2% | β39.5% |
| Altman Z'' | 3.77 | 14.80 | 1.04 | 1.82 | β0.45 | β4.61 | β7.14 | β11.03 | β8.47 | β12.25 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $5.9M | $3.5M | $5.0M | $3.5M | $1.8M | $4.3M | $14.7M | $8.9M | $9.5M | $14.6M |
| Net interest income | β | β | β | β | $1.0M | $0.0M | $0.8M | β | β | β |
| Gross profit | $5.6M | $3.3M | $4.7M | $3.1M | $1.4M | $2.9M | $14.0M | $8.3M | $9.2M | β |
| Research and development | $36.1M | $24.0M | $21.0M | $17.9M | $12.3M | $33.9M | $14.0M | $15.7M | $12.5M | $17.7M |
| Operating income | β$59.0M | β$38.9M | β$41.8M | β$38.9M | β$26.4M | β$49.2M | β$22.5M | β$24.7M | β$21.5M | β$36.6M |
| Pretax income | $18.6M | β$23.3M | β$47.1M | β$19.2M | β$21.9M | β$43.3M | β$25.8M | β$23.3M | β$18.6M | β$68.6M |
| Income tax | β | β | $0.3M | β$7.4M | β$1.2M | β | $0.5M | β$1.8M | $0.0M | β$5.3M |
| Net income | $33.6M | β$20.0M | β$46.0M | β$11.7M | β$20.6M | β$43.0M | β$26.3M | β$21.5M | β$18.6M | β$63.5M |
| Net income to common | $33.6M | β$20.0M | β | β | β | β | β | β | β | β |
| Diluted EPS | $0.34 | β$0.17 | β$0.36 | β$0.08 | β$0.14 | β$0.26 | β$0.15 | β$0.12 | β$0.09 | β$0.28 |
| Diluted shares | 0.10B | 0.11B | 0.00B | 0.00B | 0.00B | 0.00B | 0.17B | 0.17B | 0.20B | 0.23B |
| Cash flow | ||||||||||
| Cash from operations | β$42.3M | β$30.5M | β$30.9M | β$31.9M | β$19.8M | β$23.6M | $1.1M | β$28.6M | β$23.1M | β$18.9M |
| Capital expenditure | $2.2M | $1.3M | $0.6M | $0.4M | $0.1M | $0.3M | $0.4M | $0.7M | $0.6M | $0.5M |
| Free cash flow | β$44.6M | β$31.8M | β$31.4M | β$32.4M | β$19.8M | β$23.9M | $0.6M | β$29.2M | β$23.7M | β$19.4M |
| Depreciation and amortization | $1.2M | $0.9M | $1.1M | $1.0M | $0.8M | $0.7M | $0.6M | $0.6M | $0.6M | $0.7M |
| Stock-based compensation | $8.0M | $3.9M | $5.4M | $3.6M | $2.2M | $3.5M | $4.3M | $4.6M | $5.1M | $4.8M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $22.1M | $38.2M | $30.7M | $30.7M | $41.6M | $58.4M | $57.9M | $35.5M | $47.8M | $55.8M |
| Finance lease liabilities | β | β | β | $0.1M | $0.0M | β | $0.1M | $0.1M | $0.1M | $0.1M |
| Current assets | $25.6M | $42.6M | $36.4M | $57.5M | $44.0M | $112M | $60.0M | $38.4M | $51.0M | $59.2M |
| Current liabilities | $8.9M | $6.9M | $6.8M | $6.5M | $7.8M | $47.1M | $19.0M | $18.0M | $14.0M | $11.4M |
| Property and equipment, net | $5.5M | $5.5M | $5.8M | $8.2M | $5.6M | $4.9M | $5.7M | $2.2M | $2.3M | $2.6M |
| Goodwill | β | β | β | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M |
| Intangible assets | $10.2M | $6.9M | $3.1M | $48.2M | $47.0M | $46.8M | $46.7M | $46.6M | $46.5M | $31.7M |
| Total assets | $143M | $173M | $102M | $125M | $108M | $175M | $124M | $101M | $113M | $113M |
| Total liabilities | $12.1M | $9.0M | $9.4M | $14.2M | $12.8M | $83.6M | $51.7M | $39.0M | $36.2M | $69.2M |
| Preferred stock | $0.0M | β | β | β | β | β | β | β | β | β |
| Shareholders' equity | $118M | $163M | $92.2M | $113M | $96.2M | $92.2M | $73.3M | $63.4M | $78.4M | $44.5M |
| Margins | ||||||||||
| Gross margin | 94.0% | 95.1% | 93.9% | 88.3% | 78.9% | 67.2% | 95.0% | 92.5% | 96.5% | β |
| Operating margin | β995.6% | β1,125.0% | β837.9% | β1,106.0% | β1,448.4% | β1,133.6% | β153.2% | β276.5% | β226.1% | β251.6% |
| EBITDA margin | β975.6% | β1,097.6% | β816.2% | β1,077.5% | β1,403.3% | β1,118.4% | β149.2% | β270.2% | β219.9% | β246.8% |
| Net margin | 566.8% | β577.7% | β922.0% | β333.1% | β1,130.8% | β991.0% | β178.7% | β240.2% | β195.9% | β436.5% |
| FCF margin | β752.6% | β920.9% | β630.3% | β921.4% | β1,085.3% | β550.6% | 4.4% | β326.9% | β249.0% | β133.6% |
| Net interest share of revenue | β | β | β | β | 56.9% | 0.0% | 5.6% | β | β | β |
| Returns | ||||||||||
| Return on capital employed | β44.1% | β23.4% | β44.1% | β32.7% | β26.4% | β38.6% | β21.5% | β29.8% | β21.6% | β36.2% |
| Return on equity | 28.5% | β14.2% | β36.1% | β11.4% | β19.7% | β45.7% | β31.7% | β31.4% | β26.2% | β103.4% |
| Return on assets | 23.5% | β12.7% | β33.5% | β10.3% | β17.7% | β30.5% | β17.6% | β19.1% | β17.4% | β56.3% |
| Return on tangible equity | 31.2% | β12.8% | β51.6% | β21.7% | β53.6% | β123.9% | β164.5% | β347.4% | β87.9% | β2,918.4% |
| Growth | ||||||||||
| Revenue growth | β | β41.6% | 44.2% | β29.5% | β48.1% | 137.7% | 238.7% | β39.2% | 6.2% | 53.2% |
| Net income growth | β | β159.5% | β | β | β | β | β | β | β | β |
| EPS growth | β | β150.0% | β | β | β | β | β | β | β | β |
| FCF growth | β | β | β | β | β | β | β | β4,626.3% | β | β |
| Share count change | β | 15.0% | β99.9% | 14.7% | 3.1% | 9.7% | 103,117.0% | 1.7% | 15.9% | 14.9% |
| Financial health | ||||||||||
| Current ratio | 2.9x | 6.2x | 5.3x | 8.9x | 5.7x | 2.4x | 3.2x | 2.1x | 3.6x | 5.2x |
| Quick ratio | 2.9x | 6.2x | 5.3x | 8.9x | 5.7x | 2.4x | 3.2x | 2.1x | 3.6x | 5.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 38.0% | 38.3% | 11.1% | 12.5% | 3.5% | 7.8% | 2.8% | 7.5% | 5.9% | 3.6% |
| Stock comp / revenue | 134.2% | 113.7% | 108.3% | 101.8% | 122.0% | 81.1% | 29.2% | 51.9% | 53.4% | 32.6% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 2.0 | 3.0 | 2.0 | 1.0 | 2.0 | 6.0 | 0.0 | 3.0 | 3.0 |
| Altman Z'' | 3.8 | 14.8 | 1.0 | 1.8 | β0.4 | β4.6 | β7.1 | β11.0 | β8.5 | β12.2 |
| Accruals ratio | 53.2% | 6.7% | β11.0% | 17.8% | β0.8% | β13.8% | β18.3% | 6.3% | 4.2% | β39.5% |
Source: SEC EDGAR XBRL filings (CIK 0000876343). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
