Company Analysis

Lineage Cell Therapeutics, Inc. (LCTX)

NYSE: LCTX · Biological Products, (No Diagnostic Substances) · Carlsbad, CA · filing with the SEC since 1996
Grade5.6
◀ Past 6.1● Present 5.5▶ Future 5.3
1 est.

The grade of Lineage Cell Therapeutics, Inc.

Nine metrics read from its own filings, by tense
Headline grade
5.6/10
◀ Past6.125% of the headline
● Present5.535% of the headline
▶ Future5.340% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.1/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
5.3/10

Has it survived what it has been through?

3 warning events since 2017; the latest 2025-06-09.

weight 22% of this tense · 53rd percentile among 159 sector filers · read for itself

From the record

Lineage Cell Therapeutics, Inc.'s filings since 2017 show 3 warning events: an auditor change (8-K item 4.01, 3 times, the latest 2025-06-09) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
5.9/10

What has it actually done, year after year?

+10.6% a year over 10 filed years; profitable in 1 of 10.

weight 45% of this tense · 59th percentile among 102 sector filers · read for its customers

From the record

Lineage Cell Therapeutics, Inc.'s 10 filed years say what it did: revenue went from $4 million in fiscal 2012 to $15 million in fiscal 2025, up 10.6% a year; it rose in 7 of 9 years; the deepest fall was 74% from fiscal 2015 to fiscal 2020; net income was positive in 1 of 10 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span10.6%bottom 47% of its family
  • the share of years revenue rosetop 27% of its family
  • the share of filed years with a profittop 35% of its family
  • the deepest fall from a revenue peak74.0%top 50% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
6.8/10

How has it treated the people who own it?

SI estimate 6.8/10, confidence 35 of 100 (one part).

weight 33% of this tense · 68th percentile among 146 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the top 32% of 146 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 146 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Lineage Cell Therapeutics, Inc.'s shareholder treatment is put at 6.8 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 32% of 146 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

5.5/1035% of the headline grade · 3 of 3 filed

Financial health

as filed
3.6/10

Is it financially healthy right now?

ROE -147%: lost 147¢ per shareholder dollar. Leverage 61%: owes 61¢ per asset dollar.

weight 45% of this tense · 36th percentile among 147 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Lineage Cell Therapeutics, Inc. lost about 147 cents for every dollar of shareholders' money. Leverage: it owed about 61 cents per dollar of assets, and net share issuance: its share count grew 14.9% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 34% of its family
  • return on equitybottom 21% of its family
  • the share count against the year beforetop 48% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
4.2/10

How strong is its position in its industry?

bottom 42% of 102 in its family; net margin -436.5%.

weight 22% of this tense · 42nd percentile among 102 sector filers · read for its customers

From the record

Lineage Cell Therapeutics, Inc.'s standing among 102 graded names in its industry family: revenue of $15 million in fiscal 2025 ranks in the bottom 42% by size; a net margin of -436.5% ranks in the bottom 43%; revenue growth of -0.3% a year over the last 3 filed years ranks in the bottom 41% (its annual reports).

What it rests on

  • revenue against the family$14.6Mbottom 42% of its family
  • net margin-436.5%bottom 43% of its family
  • three-year revenue growth-0.3%bottom 41% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
8.9/10

What are the people in charge doing?

top 11% of 110 in its family for leadership; chief executive since 2018.

weight 33% of this tense · 89th percentile among 110 sector filers · read for its shareholders

From the record

Lineage Cell Therapeutics, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Culley, Brian M (President and CEO, as filed), filing under that title since 2018-09-19, 8.2 years (top 17% of its family); the 9 officers and directors filing in the last fifteen months have been on the record a median of 8.2 years (top 9%); 1 officer or director change was reported on Form 8-K since 2023-11-13, against the 9 people in charge now (top 6%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge1 in three years among 9 peopletop 6% of its family
  • the median years the people in charge have filed8.2 yearstop 9% of its family
  • the chief executive's years on the record8.2 yearstop 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

5.3/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed
5.2/10

How much room does it have to grow?

top 48% of 92 in its family for room to expand.

weight 33% of this tense · 52nd percentile among 92 sector filers · read for itself

From the record

Lineage Cell Therapeutics, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $41 million against no long-term debt tagged leaves 36.2% of its assets as net cash, top 42% of its family; cash from operations less capital spending is -133.6% of revenue (top 44%); research spending of 121.8% of revenue (bottom 42%) (its annual report).

What it rests on

  • cash less debt against assets36.2%top 42% of its family
  • cash from operations less capital spending against revenue-133.6%top 44% of its family
  • research spending against revenue121.8%bottom 42% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
6.3/10

What could actually drive growth from here?

top 37% of 100 in its family for growth drivers.

weight 45% of this tense · 63rd percentile among 100 sector filers · read for its customers

From the record

Lineage Cell Therapeutics, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -0.3% a year over the last three filed years against 10.6% over all 10, slowing (bottom 46% of its family); the newest year grew 53.3% (top 35%); research spending grew 8.2% a year (top 37%); capital spending grew 8.1% a year (top 23%) (its annual reports). Lineage Cell Therapeutics, Inc. reported 2 product lines in fiscal 2025: Collaboration Revenues at $14 million (94%), Royalties License and Other Revenues at $947 thousand (7%); 1 of 2 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span-11.0 points a yearbottom 46% of its family
  • the newest year's revenue growth53.3%top 35% of its family
  • three-year growth of research spending8.2%top 37% of its family
  • three-year growth of capital spending8.1%top 23% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
3.6/10

Did its newest year beat what its own record pointed to?

bottom 36% of 72 in its family for expectations against reality.

weight 22% of this tense · 36th percentile among 72 sector filers · read for its shareholders

From the record

Lineage Cell Therapeutics, Inc.'s newest year against its own record: revenue of $15 million in fiscal 2025 came in 90.6% above the $8 million its prior three years' pace pointed to (top 20% of its family); net income of $64 million against a prior three-year average of $22 million (bottom 9%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 20%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace90.6%top 20% of its family
  • net income against the prior three years' average-187%bottom 9% of its family
  • net margin against its prior averagedown more than 100 pointsbottom 20% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton LCTX · research, not advice