Lineage Cell Therapeutics, Inc. (LCTX) stock reported additional cases of retinal tissue restoration in its Phase 1/2a study of lead product candidate OpRegen after which the LCTX stock happened to be green after declining in the previous trading session and LCTX stock price saw a push of 10.55% to reach $2.62 a share at the time of this writing. At the previous closing, LCTX stock went down by 0.84%. Let’s discuss more about Lineage Cell Therapeutics.
Recent Findings of Phase 1/2a study of OpRegen:
Lineage Cell Therapeutics, Inc is a California-based biotechnological company founded in 1990 and operating as the developer of treatment of patients suffering from degenerative diseases. Lineage stock today on June 1, 2021, revealed that two of the three Cohort 4 patients treated with OpRegen RPE Cells in the phase 1/2a study have shown retinal tissue restoration. The recent findings showed the presence of functional photoreceptors with RPE cells in the areas where no cells were previously present. Moreover, all three patients of this study have shown increased visual acuity within the 6 months after transplant, which is above the baseline levels. So, it is concluded that some portion of damaged retinal tissue is recoverable and atrophic age-related macular degeneration(AMD) is not irreversible. The LCTX stock has now filed the Patent Cooperation Treaty(PCT) patent application which describes the recent findings, and its allowed claims would expire on May 24, 2041.
First Quarter 2021 Financial Results:
- According to the first quarter 2021 financial results, which were announced on May 13, 2021, LCTX stock reported $0.4 million total revenue for the first three months of 2021 which was $0.1 million less than the same period of the prior year.
- Operating expenses for LCTX stock in the first quarter of 2021 were $7.3 million, $0.6 million lesser than the same period of the prior year.
- Loss from operation for LCTX stock reduced to $7.0 million in the first three months of 2021 as compared to a loss of $7.4 million in the same tenure of the prior year.
- Net loss attributable to LCTX stock was $1.4 million or $0.01 per share while this net loss was $8.4 million, or $0.06 per share in the first three months of 2020.
As of March 31, 2021, LCTX stock had cash, cash equivalents, and marketable securities of $62.4 million.Net proceeds of $19.3 million resulting from sales of common shares of LCTX stock under ATM offering and net proceeds of $10.1 million resulting from the selling of marketable securities had been added in the cash position of LCTX stock.
Investors are responding to the latest news announced by LCTX stock related to the Phase 1/2a study of OpRegen. The positive finding from the study of OpRegen would have a positive effect on LCTX stock. However, the revenue in the last reported earnings report is lesser than the revenue of the same period of last year. Hence deep fundamental, as well as technical analysis, is recommended before adding this stock to the portfolio.