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Lineage Cell Therapeutics, Inc.

LCTX

Healthcare Biotechnology

Lineage Cell Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $14.6 million, up 53.2% from fiscal 2024.

Revenue
−61.3%
EPS
+104.8%
Free cash flow
−32.4%
Total debt
−68.8%

Quarter to June 2026, against a year earlier

1.02 0.04 +4.08%
Market cap
$258.0M
P/E
n/m
Fwd P/E
n/m
Dividend yield
—
F-score
5/9
ROIC
−186.8%
Net debt / EBITDA
2.6×
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Net bought
$24.4K
Trades
0 sells · 1 buy
Ownership
23.4%

Capital & Financial Ratios $m

Size
Market Cap 258
Revenue ttm 13
Net income ttm (32)
Free cash flow ttm (24)
Net debt Q (51)
Valuation
P/E n/m
Forward P/E n/m
Price / sales 19.5 (above 10: high)
Forward P/S Powerpack
Price / FCF n/m
Price / book 4.3
Financial health
Current ratio Q 6.6 (at or above 1.5: strong)
Debt / equity Q 0.0 (at or below 0.5: strong)
Interest coverage Q (15.5)
Growth
Revenue growth Q −61.3% (below 0%: shrinking)
Operating income growth Q +54.9% (above 0%: growing)
EPS, this year +79.1% (at or above 15%: strong)
EPS, next year A −65.9% (below 0%: weak)
Revenue, next year A +4.4%
EPS, past 5 yrs —
EPS, next 5 yrs A +69.0% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 15.6×, against a ten-year median of 26.8×; over the ten years it ranged from 5.5× in 2024 to 219× in 2021.
P/S against its own 10 years 14.44%
10-year low 10-year high
P/B against its own 10 years 87.94%
10-year low 10-year high
EV/Sales against its own 10 years 17.52%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 35 48 56 51
Receivables 1 1 1 1
Inventory — — — —
Other — — — —
38 51 59 53
2023 2024 2025 Q'26
Payables 6 5 7 5
ST’ Debt — — — —
Other — 7 3 2
18 14 11 8

Compound Annual Growth %

10y 5y 3y
Sales 7.54% 51.46% (0.33%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (5.52%) (14.55%) (15.54%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.03 Actual −0.03

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.02 −0.13 Miss by 0.11
Q4 FY25 −0.07 0.00 Beat by 0.07
Q1 FY26 −0.02 −0.03 Miss by 0.01
Q2 FY26 −0.03 −0.03 Met by 0.00
Q3 FY26 −0.02 — Reports 12 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.03) (0.03) — — —
’25 (0.02) (0.13) (0.13) 0.00 (0.28)
’24 (0.04) (0.03) (0.02) (0.01) (0.09)
’23 (0.03) (0.03) (0.04) (0.03) (0.12)
’22 (0.04) (0.04) (0.04) (0.03) (0.15)
’21 (0.01) (0.03) (0.05) (0.17) (0.26)
’20 (0.06) (0.04) (0.05) 0.01 (0.14)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2 1 — — —
’25 2 3 4 7 15
’24 1 1 4 3 9
’23 2 3 1 2 9
’22 5 5 3 2 15
’21 0 1 2 1 4
’20 1 0 1 0 2
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (8) (7) — — —
’25 (5) (6) (4) (5) (19)
’24 (6) (5) (6) (6) (23)
’23 (11) (6) (5) (6) (29)
’22 22 (7) (5) (8) 1
’21 (7) (5) (5) (6) (24)
’20 (5) (4) (5) (6) (20)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (8) (7) — — —
’25 (5) (6) (4) (5) (19)
’24 (6) (5) (6) (7) (24)
’23 (11) (7) (5) (6) (29)
’22 22 (7) (6) (8) 1
’21 (7) (6) (5) (6) (24)
’20 (5) (4) (5) (6) (20)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6 3 5 4 2 4 15 9 9 15 13 +10.5% 15 17 60 +60.1%
Gross margin, % 93.96 95.14 93.95 88.28 78.92 67.15 95.05 92.50 96.48 99.00 99.46 +5.0 pt
EBT 19 (23) (47) (19) (22) (43) (26) (23) (19) (69) (37) n/m
EBT margin, % 314.38 (673.48) (944.87) (547.20) (1,200.66) (996.77) (175.56) (260.28) (195.62) (471.61) (285.75) (786.0) pt
Net income 34 (20) (46) (12) (21) (43) (26) (21) (19) (63) (32) n/m
Per share, $
Per share, $ Revenue 0.06 0.03 0.04 0.02 0.01 0.03 0.09 0.05 0.05 0.06 0.05 +0.4%
Earnings 0.35 (0.17) (0.36) (0.08) (0.14) (0.26) (0.15) (0.12) (0.09) (0.28) (0.14) n/m
Cash flow (0.43) (0.27) (0.24) (0.22) (0.13) (0.14) 0.01 (0.17) (0.12) (0.08) (0.10) (16.9%)
Capex (0.03) (0.01) (0.01) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (23.6%)
Free cash flow (0.46) (0.28) (0.25) (0.22) (0.13) (0.15) 0.00 (0.17) (0.12) (0.08) (0.10) (17.2%)
Book value 1.34 1.43 0.73 0.76 0.63 0.55 0.42 0.36 0.38 0.19 0.24 (19.6%)
Shares, m 97 114 127 146 150 165 170 173 200 230 238 +10.0%
Valuation, ×
Valuation, × P/E 11.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.2
P/S 59.81 75.81 23.15 36.85 144.62 92.84 14.20 21.04 10.54 26.40 19.45 50.5
P/B 2.71 1.60 1.25 1.16 2.78 4.43 2.90 3.03 1.30 8.87 4.26 3.0
EV/Sales 56.22 64.81 17.01 28.13 121.87 79.41 10.27 17.08 5.51 22.57 15.57 42.3
EV/FCF (7.42) (7.08) (2.63) (3.06) (11.24) (14.42) 233.83 (5.23) (2.21) (16.90) (8.35) 16.4
Cash, $m
Cash, $m Operating cash flow (42) (31) (31) (32) (20) (24) 1 (29) (23) (19) (24) (8.6%)
Capex (3) (1) (1) 0 0 0 0 (1) (1) (1) (1) (16.1%)
Free cash flow (45) (32) (32) (32) (20) (24) 1 (29) (24) (19) (24) (8.9%)
Balance, $m
Balance, $m Working capital 17 36 30 51 36 64 41 20 37 48 45 +12.3%
Net debt (21) (38) (31) (31) (42) (58) (58) (35) (48) (56) (51) +11.3%
Shareholders’ equity 131 164 92 111 95 91 72 62 77 43 60 (11.5%)
Returns, %
Returns, % ROA 28.30 (12.65) (33.46) (10.31) (17.69) (30.46) (17.62) (19.13) (17.37) (56.27) (32.75) (84.6) pt
ROIC (33.73) (19.26) (42.40) (30.14) (30.84) (94.43) (99.51) (58.07) (45.86) 0.00 (186.79) +33.7 pt
ROE 32.44 (13.55) (35.86) (11.51) (20.01) (46.25) (32.27) (32.08) (26.77) (105.57) (60.35) (138.0) pt
People
People Employees 102 95 79 55 55 61 78 75 77 77 — (3.1%)
Revenue/emp, $m 0.06 0.04 0.06 0.06 0.03 0.07 0.19 0.12 0.12 0.19 — +14.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Lineage Cell Therapeutics, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ARCT Arcturus Therapeutics Holdings Inc. $298.3M — (loss-making) — (loss-making) +6.68% (above 0%: growing) n/m +59.86% (above 0%: growing) 100.00% (50.20%) Compare
SPRY ARS Pharmaceuticals, Inc. $280.5M — (loss-making) — (loss-making) +16.03% (above 0%: growing) n/m +36.52% (above 0%: growing) 0.00% (90.62%) Compare
QTTB Q32 Bio Inc. $276.8M 3.1× — (loss-making) −1,928.18% (below 0%: shrinking) n/m +71.13% (above 0%: growing) 100.00% 0.00% Compare
RCKT Rocket Pharmaceuticals, Inc. $261.8M — (loss-making) — — n/m +19.16% (above 0%: growing) 0.00% 0.00% Compare
LCTX Lineage Cell Therapeutics, Inc. $258.0M — (loss-making) — (loss-making) −61.34% (below 0%: shrinking) n/m −32.40% (below 0%: shrinking) 100.00% (834.71%)
CUVL Clinuvel Pharmaceuticals Ltd. - Sponsored ADR $257.5M — — — — — — — Compare
CAMP CAMP4 Therapeutics Corporation $254.8M — (loss-making) — (loss-making) +138.87% (above 0%: growing) n/m +20.36% (above 0%: growing) 100.00% (738.76%) Compare
LRMR Larimar Therapeutics, Inc. $248.3M — (loss-making) — — n/m −127.63% (below 0%: shrinking) 0.00% 0.00% Compare
LXEO Lexeo Therapeutics, Inc. $237.2M — (loss-making) — (loss-making) — n/m +35.58% (above 0%: growing) 0.00% 0.00% Compare
Median of peers $259.7M — — +11.36% — +35.58% 0.00% 0.00%

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 29 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.11m 6.31m 94.89
2024 2.53m 706.52k 28.41
2023 2.91m 2.19m 61.93

Ownership

Directors and executive officers, together 24.70%
Broadwood Partners, L.P. 20.00%
Neal C. Bradsher 20.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Lineage Cell Therapeutics, Inc. (LCTX) Latest News

29 Oct

Impact 4 · · Business Wire

8 Sep

Impact 3 ·

13 Aug

Impact 3 · · The Motley Fool transcript

9 Aug

Impact 3 · · MarketBeat transcript

7 Aug

Impact 3 · · Moby
Impact 3 ·

6 Aug

Impact 3 ·

14 Jul

Impact 3 · · MarketBeat

13 Jul

Impact 3 ·

4 Jun

Impact 3 · · Simply Wall St.

15 May

Impact 3 · · MarketBeat

13 May

Impact 4 · · GuruFocus.com
Impact 3 · · Moby

12 May

Impact 3 · · Business Wire

4 May

Impact 4 · · Business Wire

31 Mar

Impact 4 · · Insider Monkey

24 Mar

Impact 4 · · Business Wire

6 Mar

Impact 4 · · Moby
Impact 3 · · MarketBeat

5 Mar

Impact 3 · · Zacks
Impact 3 ·

6 Jan

Impact 4 ·
Impact 3 · · Simply Wall St.

5 Jan

Impact 3 · · Business Wire

8 Dec

Impact 3 ·

7 Nov

Impact 4 · · GuruFocus.com transcript
Impact 3 · · Moby transcript

6 Nov

Impact 3 · · Zacks
Impact 3 · · Associated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceMT NewswiresAssociated Press Finance
Impact 3 · · Business Wire
stockrow.com/LCTX · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com