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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. In the quarter to June 2026, revenue fell 61.3%, EPS grew 104.8%, free cash flow fell 32.4% and total debt fell 68.8%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

0.98 0.01 −1.01%
Market cap
$250.5M
P/E
0.0×
Fwd P/E
−17.0×
Dividend yield
—
F-score
5/9
Altman Z
−2.91
Beneish M
−3.98
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.02
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 1 — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 23.42%

Capital & Financial Ratios $m

Market Cap 250.45
Revenue 13.08
Net Income (32.10)
Free Cash Flow (24.39)
Net Debt (50.81)
Current Ratio 6.61 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (17.00) (negative: loss-making)
P/S ratio 18.69 (above 10: high)
P/B ratio 4.09
Past 5Y EPS Growth —
This Y EPS Growth 79.08% (at or above 15%: strong)
Next Y EPS Growth (65.86%) (below 0%: weak)
Next Y revenue growth 4.36%
Next 5Y EPS Growth 69.01% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 14.8×, against a ten-year median of 27.0×; over the ten years it ranged from 5.5× in 2024 to 219× in 2021.
P/S against its own 10 years 12.09%
10-year low 10-year high
P/B against its own 10 years 87.43%
10-year low 10-year high
EV/Sales against its own 10 years 14.08%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
special payouts not included in total or ratios

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%)

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.

EPS $

Mar Jun Sep Dec Year
’26 (0.02) 0.01 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 1.77 1.84 0.66 0.53 0.58 1.55 1.02 0.90 0.48 0.37

Analyst estimates 2026–2028

Powerpack
High 3.51 3.32 2.76 1.73 2.01 3.13 2.58 1.58 1.61 2.09
People
People Employees 102 95 79 55 55 61 78 75 77 77
Revenue/emp, $m 0.06 0.04 0.06 0.06 0.03 0.07 0.19 0.12 0.12 0.19
Income, $m
Income, $m Revenue 6 3 5 4 2 4 15 9 9 15
Gross margin, % 93.96 95.14 93.95 88.28 78.92 67.15 95.05 92.50 96.48 99.00
EBT 19 (23) (47) (19) (22) (43) (26) (23) (19) (69)
EBT margin, % 314.38 (673.48) (944.87) (547.20) (1,200.66) (996.77) (175.56) (260.28) (195.62) (471.61)
Net income 34 (20) (46) (12) (21) (43) (26) (21) (19) (63)
Depreciation 5 4 3 3 2 1 1 1 1 15
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
Earnings 0.35 (0.17) (0.36) (0.08) (0.14) (0.26) (0.15) (0.12) (0.09) (0.28)
Cash flow (0.43) (0.27) (0.24) (0.22) (0.13) (0.14) 0.01 (0.17) (0.12) (0.08)
Capex (0.03) (0.01) (0.01) 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Free cash flow (0.46) (0.28) (0.25) (0.22) (0.13) (0.15) 0.00 (0.17) (0.12) (0.08)
Book value 1.34 1.43 0.73 0.76 0.63 0.55 0.42 0.36 0.38 0.19
Shares, m 97 114 127 146 150 165 170 173 200 230
Valuation, ×
Valuation, × P/E 10.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S 52.25 66.21 23.15 36.85 144.62 92.84 14.20 21.04 10.54 26.40
P/B 2.37 1.39 1.25 1.16 2.78 4.43 2.90 3.03 1.30 8.87
EV/Sales 48.66 55.21 17.01 28.13 121.87 79.41 10.27 17.08 5.51 22.57
EV/FCF (6.43) (6.03) (2.63) (3.06) (11.24) (14.42) 233.83 (5.23) (2.21) (16.90)
Cash, $m
Cash, $m Operating cash flow (42) (31) (31) (32) (20) (24) 1 (29) (23) (19)
Capex (3) (1) (1) 0 0 0 0 (1) (1) (1)
Free cash flow (45) (32) (32) (32) (20) (24) 1 (29) (24) (19)
Balance, $m
Balance, $m Working capital 17 36 30 51 36 64 41 20 37 48
Total debt 1 0 0 0 0 0 0 0 0 0
Net debt (21) (38) (31) (31) (42) (58) (58) (35) (48) (56)
Shareholders’ equity 131 164 92 111 95 91 72 62 77 43
Returns, %
Returns, % ROA 28.30 (12.65) (33.46) (10.31) (17.69) (30.46) (17.62) (19.13) (17.37) (56.27)
ROIC (33.73) (19.26) (42.40) (30.14) (30.84) (94.43) (99.51) (58.07) (45.86) 0.00
ROE 32.44 (13.55) (35.86) (11.51) (20.01) (46.25) (32.27) (32.08) (26.77) (105.57)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
PRLD Prelude Therapeutics Incorporated $265.0M — (loss-making) — (loss-making) +42.60% (above 0%: growing) n/m +40.32% (above 0%: growing) 100.00% (270.93%) Compare
CABA Cabaletta Bio, Inc. $262.8M — (loss-making) — — n/m −35.72% (below 0%: shrinking) 0.00% 0.00% Compare
XFOR X4 Pharmaceuticals, Inc. $261.8M — (loss-making) — (loss-making) +346.33% (above 0%: growing) n/m +13.76% (above 0%: growing) 81.64% (186.13%) Compare
RCKT Rocket Pharmaceuticals, Inc. $259.1M — (loss-making) — — n/m +19.16% (above 0%: growing) 0.00% 0.00% Compare
VNDA Vanda Pharmaceuticals Inc. $256.4M — (loss-making) — (loss-making) −3.92% (below 0%: shrinking) n/m −101.02% (below 0%: shrinking) 92.95% (126.28%) Compare
IKT Inhibikase Therapeutics, Inc. $255.4M — (loss-making) — (loss-making) −100.00% (below 0%: shrinking) n/m −123.23% (below 0%: shrinking) 0.00% 0.00% Compare
LCTX Lineage Cell Therapeutics, Inc. $250.5M — (loss-making) — (loss-making) −61.34% (below 0%: shrinking) n/m −32.40% (below 0%: shrinking) 100.00% (834.71%)
ACIU AC Immune $249.4M — (loss-making) — (loss-making) +29.66% (above 0%: growing) n/m +4.66% (above 0%: growing) 100.00% (1,321.50%) Compare
BBOT BridgeBio Oncology Therapeutics, Inc $236.5M — (loss-making) — — n/m −88.78% (below 0%: shrinking) — 0.00% Compare
Median of peers $257.7M — — +29.66% — −15.53% 81.64% (63.14%)

All 614 Biotechnology stocks →

Lineage Cell Therapeutics, Inc. (LCTX) key facts

  • Strength: Lineage Cell Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $14.6 million, up 53.2% from fiscal 2024.
  • Lineage Cell Therapeutics, Inc. (LCTX) is a Biotechnology company in the Healthcare sector, listed on NYSE American.
  • As of October 16, 2026, LCTX traded at $0.98, a market capitalization of $250.5 million.
  • Return on equity was −105.6% and debt-to-equity 0.00.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is −2.91 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Lineage Cell Therapeutics, Inc. (LCTX) Latest News

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stockrow.com/LCTX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com