0001493152-23-016392 | 10-Q | XBRL Viewer | Lineage Cell Therapeutics INC

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis

We measure our money market fund, marketable securities and our liability classified warrants at fair value on a recurring basis. The fair values of such assets and liabilities were as follows for March 31, 2023 and December 31, 2022 (in thousands):

			Fair Value Measurements Using
	Balance at March 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market fund ⁽¹⁾	$	8,098	$	8,098	$	-	$	-
Marketable debt securities		30,901		30,901		-		-
Marketable equity securities		462		462		-		-
Total assets measured at fair value	$	39,461	$	39,461	$	-	$	-
Liabilities:
Warrants to purchase Cell Cure ordinary shares ⁽²⁾		1		-		-		1
Total liabilities measured at fair value	$	1	$	-	$	-	$	1

			Fair Value Measurements Using
	Balance at December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market fund ⁽¹⁾	$	4,102	$	4,102	$	-	$	-
Marketable debt securities		46,097		46,097		-		-
Marketable equity securities		423		423		-		-
Total assets measured at fair value	$	50,622	$	50,622	$	-	$	-
Liabilities:
Warrants to purchase Cell Cure ordinary shares ⁽²⁾		2		-		-		2
Total liabilities measured at fair value	$	2	$	-	$	-	$	2

	(1)	Included in cash and cash equivalents in the accompanying condensed consolidated balance sheet.
	(2)	Included in other current liabilities and/or long-term liabilities in the accompanying condensed consolidated balance sheet.

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
NET LOSS	$ (4,404)	$ (7,093)
Other comprehensive income, net of tax:
Foreign currency translation adjustment	373	124
Unrealized gain on marketable debt securities	91
COMPREHENSIVE LOSS	(3,940)	(6,969)
Less: Comprehensive loss attributable to noncontrolling interest	32	6
COMPREHENSIVE LOSS ATTRIBUTABLE TO LINEAGE COMMON SHAREHOLDERS	$ (3,908)	$ (6,963)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Property and Equipment, Net (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Financing leases related to property and equipment	$ 199,000		$ 121,000
Depreciation and amortization	$ 138,000	$ 150,000

Basis of Presentation, Liquidity and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Principles of consolidation

Principles of consolidation

Lineage’s condensed consolidated interim financial statements include the accounts of its subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. The following table reflects Lineage’s ownership, directly or through one or more subsidiaries of the outstanding shares of its subsidiaries as of March 31, 2023.

Subsidiary

Field of Business

Lineage

Ownership

Country

Cell Cure Neurosciences Ltd.

Manufacturing of Lineage’s product candidates

%⁽¹⁾⁽²⁾

Israel

ES Cell International Pte. Ltd.

Research and clinical grade cell lines

100

Singapore

(1)

Includes shares owned by Lineage and ES Cell International Pte. Ltd.

(2)

As of December 31, 2021 our ownership percentage of Cell Cure Neurosciences Ltd. (“Cell Cure”) was approximately 99%. In July 2022, Hadasit Bio-Holdings Ltd exercised its remaining warrants to purchase 21,999 ordinary shares of Cell Cure. Lineage’s ownership percentage of Cell Cure decreased as a result of the warrant exercise. As of March 31, 2023, our ownership percentage of Cell Cure was approximately 94%.

As of March 31, 2023, Lineage consolidated its direct and indirect wholly-owned or majority-owned subsidiaries because Lineage has the ability to control their operating and financial decisions and policies through its ownership, and the noncontrolling interest is reflected as a separate element of shareholders’ equity on Lineage’s condensed consolidated balance sheets.

Liquidity

Liquidity

At March 31, 2023, we had $46.8 million of cash, cash equivalents and marketable securities. Based on our current operating plan, we believe that our cash, cash equivalents and marketable securities, together with our projected cash flows, will be sufficient to enable us to carry out our planned operations through at least twelve months from the issuance date of our condensed consolidated interim financial statements included elsewhere in this report.

Capital Resources

Capital Resources

Since inception we have incurred significant operating losses and have funded our operations primarily through the issuance of equity securities, the sale of common stock of our former subsidiaries, OncoCyte and AgeX, receipt of proceeds from research grants, revenues from collaborations, royalties from product sales, and sales of research products and services.

Our projected cash flows are subject to various risks and uncertainties, including those described and referenced under Part II, Item 1A, “Risk Factors” of this report.

As of March 31, 2023, $63.8 million remained available for sale under our at the market offering program. See Note 11 (Shareholders’ Equity) to the condensed consolidated interim financial statements included in this report for additional information.

We may use our marketable securities for liquidity as necessary and as market conditions allow. The market value of our marketable securities may not represent the amount that could be realized in a sale of such securities due to various market and regulatory factors, including trading volume, prevailing market conditions and prices at the time of any sale and subsequent sales of securities by the entities. In addition, the value of our marketable securities may be significantly and adversely impacted by deteriorating global economic conditions and the recent disruptions to and volatility in the credit and financial markets in the United States and worldwide resulting from the ongoing pandemics, including the COVID-19 pandemic, geopolitical conflicts, rising inflation and interest rates, and other macroeconomic factors.

Additional Capital Requirements

Additional Capital Requirements

Our financial obligations primarily consist of obligations to our licensors under various license agreements, obligations related to grants received from government entities, including the Israel Innovation Authority (“IIA”), obligations under vendor contracts to provide research services and other purchase commitments with suppliers.

Our obligations to licensors under various license agreements and related to grants received from government entities require us to make future payments relating to sublicense fees, milestone payments, redemption fees, royalties and patent maintenance costs. Sublicense fees are payable to licensors or government entities when we sublicense underlying intellectual property to third parties; the fees are based on a percentage of the license fees we receive from sublicensees. Milestone payments, including those related to the Roche Agreement, are due to licensors or government entities upon future achievement of certain commercial, development and regulatory milestones. Redemption fees due to the IIA under the Innovation Law are due upon receipt of any milestone and royalties received under the Roche Agreement. See Note 14 (Commitment and Contingencies) for additional information. Royalties, including those related to royalties we may receive under the Roche Agreement, are payable to licensors or government entities based on a percentage of net sales of licensed products. Patent maintenance costs are payable to licensors as reimbursement for the cost of maintaining license patents. Due to the contingent nature of the payments, the amounts and timing of payments to licensors under our in-license agreements are uncertain and may fluctuate significantly from period to period. As of March 31, 2023, we have not included these commitments on our condensed consolidated balance sheet because the achievement and timing of these events are not fixed and determinable.

In the normal course of business, we enter into services agreements with contract research organizations, contract manufacturing organizations and other third parties. Generally, these agreements provide for termination upon notice, with specified amounts due upon termination based on the timing of termination and the terms of the agreement. The amounts and timing of payments under these agreements are uncertain and contingent upon the initiation and completion of the services to be provided.

Significant Accounting Policies

We describe our significant accounting policies in Note 2 to the consolidated financial statements in Item 8 of the 2022 10-K. There have been no changes to our significant accounting policies during the three months ended March 31, 2023.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Lineage adopted this standard on January 1, 2023 and it did not have a significant impact on our condensed consolidated interim financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted – The following recently issued accounting pronouncement that is not yet effective should be read in conjunction with the recently issued accounting pronouncements discussed in the 2022 10-K.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional guidance for a limited period of time to ease the burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. This would apply to companies meeting certain criteria that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. During 2022, FASB issued ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU 2022-06 extended the sunset date of Topic 848 to December 31, 2024. We are currently assessing the impact the new guidance will have on our consolidated financial statements.

Basis of Presentation, Liquidity and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Lineage’s Ownership of Outstanding Shares of its Subsidiaries

Subsidiary

Field of Business

Lineage

Ownership

Country

Cell Cure Neurosciences Ltd.

Manufacturing of Lineage’s product candidates

%⁽¹⁾⁽²⁾

Israel

ES Cell International Pte. Ltd.

Research and clinical grade cell lines

100

Singapore

(1)

Includes shares owned by Lineage and ES Cell International Pte. Ltd.

(2)

Stock-Based Awards (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Weighted Average Assumptions to Calculate Fair Value of Stock Options

The fair value of each option award is estimated on the date of grant using a Black-Scholes option pricing model applying the weighted-average assumptions noted in the following table:

	Three Months Ended March 31, (unaudited)
	2023			2022
Expected life (in years)		6.25			6.25
Risk-free interest rates		4.2	%		1.9	%
Volatility		74.5	%		73.4	%
Dividend yield		-	%		-	%

Schedule of Stock Based Compensation Expense

Operating expenses include stock-based compensation expense as follows (in thousands):

	There Months Ended March 31, (unaudited)
	2023		2022
Research and development	$	205	$	215
General and administrative		826		891
Total stock-based compensation expense	$	1,031	$	1,106

Schedule Of Computation Of Diluted Net Loss Per Common Share

The following common share equivalents were excluded from the computation of diluted net loss per common share for the periods presented because including them would have been antidilutive (in thousands):

	Three Months Ended March 31, (unaudited)
	2023		2022
Stock options		23,312		19,665
Restricted stock units		759		1,010

2021 Equity Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity

A summary of activity under the 2021 Plan is as follows (in thousands, except per share amounts):

	Number of Options Outstanding			Number of RSUs Outstanding			Weighted Average Exercise Price
December 31, 2022		6,001			939		$	1.40
Options granted		5,235			-			1.46
Options expired/forfeited/cancelled		(22	)		-			1.37
RSUs forfeited		-			(100	)		-
RSUs vested		-			(80	)		-
March 31, 2023		11,214			759		$	1.43
Options exercisable at March 31, 2023		1,032					$	1.40

Stock Option Plan of 2012 and 2018 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity

A summary of activity of the 2012 Plan, and the 2018 inducement option (which was issued to a Lineage executive outside of all equity plans), is as follows (in thousands, except per share amounts):

	Number of Options Outstanding			Weighted Average Exercise Price
December 31, 2022		12,172		$	1.83
Options exercised		(28	)		0.90
Options expired/forfeited/cancelled		(46	)		2.32
March 31, 2023		12,098		$	1.83
Options exercisable at March 31, 2023		9,289		$	1.79

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Commitments and Contingencies (Details Narrative)								1 Months Ended										3 Months Ended
Commitments and Contingencies (Details Narrative)	Nov. 01, 2022 USD ($)	Nov. 01, 2022 ILS (₪)	Aug. 01, 2022 USD ($)	Aug. 01, 2022 ILS (₪)	Dec. 17, 2021 USD ($)	Nov. 30, 2021 USD ($) ft² m²	May 06, 2020 GBP (£)	Feb. 28, 2023 USD ($)	Sep. 30, 2022 ft²	Aug. 31, 2022 ft² m²	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 31, 2020 USD ($)	May 31, 2020 GBP (£)	May 31, 2019 USD ($) ft²	Jan. 31, 2018 USD ($) ft² m²	Jan. 31, 2018 ILS (₪)	Mar. 31, 2023 USD ($) ft² m²	Mar. 31, 2023 ILS (₪) ft² m²	Nov. 30, 2021 ILS (₪) ft² m²	Jun. 15, 2017
Loss Contingencies [Line Items]
Upfront payment											$ 50,000,000.0							$ 14,300,000
Additional milestone payments												$ 620,000,000.0
Grants awarded percentage																		50.00%	50.00%
Royalty payment percentage						24.30%														24.30%	50.00%
Aggregate cap amount																		$ 91,700,000
Sublicensing fee percentage					21.50%
Payments for Advance to Affiliate					$ 50,000,000.0
Insurance deductable								$ 25,000
ITI Collaboration Agreement [Member]
Loss Contingencies [Line Items]
Upfront payment																		500,000
Budgetary commitment amount																		2,200,000
Purchase obligation																		1,600,000
Milestone payment received																		500,000
License Agreement [Member]
Loss Contingencies [Line Items]
Agreed signature fee amount													$ 1,600,000
Settlement Agreement [Member]
Loss Contingencies [Line Items]
Litigation settlement amount								10,650,000
Settlement Agreement [Member] \| Insurers [Member]
Loss Contingencies [Line Items]
Litigation settlement amount								7,120,000
Settlement Agreement [Member] \| Parent Company [Member]
Loss Contingencies [Line Items]
Litigation settlement amount								$ 3,530,000
Israel Innovation Authority [Member]
Loss Contingencies [Line Items]
Loss contingency accrual, payments											12,100,000
Hadasit Medical Research Services and Development Ltd [Member]
Loss Contingencies [Line Items]
Loss contingency accrual, payments											$ 8,900,000
Pay costs percentage											21.50%
Hadasit Medical Research Services and Development Ltd [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Contingency withheld amount											$ 1,900,000
GBP [Member] \| License Agreement [Member]
Loss Contingencies [Line Items]
Agreed signature fee amount \| £														£ 1,250,000
Clinical regulatory milestone \| £							£ 8,000,000
Sales related milestones \| £							£ 22,500,000
Cell Cure [Member]
Loss Contingencies [Line Items]
Rentable area \| ft²						1,432										10,054				1,432
Lease expiration date																Dec. 31, 2027	Dec. 31, 2027
Base rent						$ 3,757
Land subject to ground leases \| m²						133										934				133
Lessee operating lease renewal term description						option to extend the lease for five years										option to extend the lease for five years (the “January 2018 Lease”)	option to extend the lease for five years (the “January 2018 Lease”)
Base rent and construction allowance per month																$ 26,000
Payments for rent	$ 3,951	₪ 12,494
Cell Cure [Member] \| NIS [Member]
Loss Contingencies [Line Items]
Base rent \| ₪																				₪ 11,880
Base rent and construction allowance per month \| ₪																	₪ 93,827
Carlsbad Lease [Member]
Loss Contingencies [Line Items]
Rentable area \| ft²															8,841
Lease expiration date															Mar. 31, 2026
Base rent															$ 24,666
Increased rent amount															$ 25,197
Secuirty deposit																		17,850
Carlsbad Sub Lease [Member]
Loss Contingencies [Line Items]
Rentable area \| ft²									4,500
Lease expiration date									Mar. 31, 2024
Base rent																		22,500
Secuirty deposit																		22,500
Lease commencement date									Oct. 01, 2022
Office and Laboratory Space, Jerusalem, Israel [Member] \| NIS [Member]
Loss Contingencies [Line Items]
Base rent \| ₪																			₪ 39,776
Office and Laboratory Space, Jerusalem, Israel [Member] \| December 31, 2018 Exchange Rate [Member]
Loss Contingencies [Line Items]
Base rent																		$ 12,200
Office and Laboratory Space, Jerusalem, Israel [Member] \| Cell Cure [Member]
Loss Contingencies [Line Items]
Rentable area \| ft²										3,229								7,842	7,842
Lease expiration date										Dec. 31, 2027								Dec. 31, 2027
Land subject to ground leases \| m²										300								728.5	728.5
Lessee operating lease renewal term description										option to extend the lease for five years
Base monthly rent			$ 4,800	₪ 16,350
January 2018 Lease [Member]
Loss Contingencies [Line Items]
Deposit assets																$ 458,000

Schedule of Lineage's Ownership of Outstanding Shares of its Subsidiaries (Details) (Parenthetical) - shares	Mar. 31, 2023	Jul. 31, 2022	Dec. 31, 2021
Cell Cure Neurosciences Ltd [Member]
Ownership percentage	94.00%		99.00%
Hadasit Bio-Holdings Ltd. [Member]
Class of warrant or right, number of securities called by warrants or rights		21,999

Schedule of Lineage’s Ownership of Outstanding Shares of its Subsidiaries (Details)

3 Months Ended

Mar. 31, 2023

Cell Cure Neurosciences Ltd [Member]

Field of business description

Manufacturing of Lineage’s product candidates

^[1],[2]

Noncontrolling interest, ownership percentage by parent

94.00%

^[1],[2]

Es CellInternational Pte Ltd [Member]

Field of business description

Research and clinical grade cell lines

Noncontrolling interest, ownership percentage by parent

100.00%

[1]

[2]

Includes shares owned by Lineage and ES Cell International Pte. Ltd.

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

At March 31, 2023 and December 31, 2022 property and equipment, net was comprised of the following (in thousands):

Schedule of Property and Equipment, Net

	March 31, 2023			December 31, 2022
	(unaudited)
Equipment, furniture and fixtures	$	3,291		$	3,264
Leasehold improvements		2,313			2,150
Right-of-use assets		6,090			6,109
Accumulated depreciation and amortization		(6,110	)		(5,850	)
Property and equipment, net	$	5,584		$	5,673

Schedule of Goodwill and Intangible Assets Net (Details) (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Finite-Lived Intangible Assets [Line Items]

Intangible assets acquired

$ 46,500

Fair value of intangible assets

66,143

$ 66,143

Unamortized remaining balance

119,000

IPR&D - OPC1 [Member]

Finite-Lived Intangible Assets [Line Items]

Fair value of intangible assets

^[1]

31,700

IPR&D - VAC [Member]

Finite-Lived Intangible Assets [Line Items]

Fair value of intangible assets

^[1]

$ 14,840

[1]

Asterias had two in-process research and development (“IPR&D”) intangible assets that were valued at $46.5 million as part of the purchase price allocation that was performed in connection with the Asterias Merger. The fair value of these assets consisted of $31.7 million pertaining to the OPC1 program and $14.8 million pertaining to the VAC platform.

Shareholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Shareholder’s Equity

The following tables document the changes in shareholders’ equity for the three months ended March 31, 2023 and 2022 (unaudited and in thousands):

Schedule of Shareholder’s Equity

	of Shares		Amount		of Shares		Amount			Deficit			(Deficit)			Income/(Loss)			Equity
	Preferred Shares				Common Shares								Noncontrolling			Accumulated Other			Total
	Number				Number					Accumulated			Interest/			Comprehensive			Shareholders’
	of Shares		Amount		of Shares		Amount			Deficit			(Deficit)			Income/(Loss)			Equity
BALANCE AT DECEMBER 31, 2022		-	$	-		170,093	$	440,280		$	(363,370	)	$	(1,403	)	$	(3,571	)	$	71,936
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees’ taxes		-		-		53		(37	)		-			-			-			(37	)
Shares issued upon exercise of stock options		-		-		28		25			-			-			-			25
Stock-based compensation		-		-		-		1,031			-			-			-			1,031
Unrealized gain on marketable securities		-		-		-		-			-			-			91			91
Foreign currency translation gain		-		-		-		-			-			-			373			373
NET LOSS		-		-		-		-			(4,372	)		(32	)		-			(4,404	)
BALANCE AT MARCH 31, 2023		-	$	-		170,174	$	441,299		$	(367,742	)	$	(1,435	)	$	(3,107	)	$	69,015

	Preferred Shares				Common Shares								Noncontrolling			Accumulated Other			Total
	Number				Number					Accumulated			Interest/			Comprehensive			Shareholders’
	of Shares		Amount		of Shares		Amount			Deficit			(Deficit)			Income/(Loss)			Equity
BALANCE AT DECEMBER 31, 2021		-	$	-		169,477	$	434,529		$	(337,097	)	$	(1,323	)	$	(5,211	)	$	90,898
Beginning balance		-	$	-		169,477	$	434,529		$	(337,097	)	$	(1,323	)	$	(5,211	)	$	90,898
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees’ taxes		-		-		10		(8	)		-			-			-			(8	)
Shares issued upon exercise of stock options		-		-		240		189			-			-			-			189
Subsidiary warrant exercise		-		-		-		2			-			-			-			2
Stock-based compensation		-		-		-		1,106			-			-			-			1,106
Foreign currency translation gain		-		-		-		-			-			-			124			124
NET LOSS		-		-		-		-			(7,087	)		(6	)		-			(7,093	)
BALANCE AT MARCH 31, 2022		-	$	-		169,727	$	435,818		$	(344,184	)	$	(1,329	)	$	(5,087	)	$	85,218

Marketable Equity Securities (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Net unrealized gain/loss on marketable equity securities	$ 91
OncoCyte Corporation [Member]
Investment owned balance, shares	1.1		1.1
Investment owned, at fair value	$ 400		$ 400
Share price per share	$ 0.35		$ 0.32
Net unrealized gain/loss on marketable equity securities	$ 40	$ 700

- Definition

Fair value of investment in security owned.

+ References

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+ Details

Schedule of Contract with Customer Contract Liability and Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable and other receivable, net	$ 173	$ 297
Deferred revenues	$ 35,026	$ 37,146

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The provision for income taxes for interim periods is generally determined using an estimated annual effective tax rate as prescribed by ASC 740-270, Income Taxes, Interim Reporting. The effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as valuation allowances and changes in valuation allowances against deferred tax assets, the recognition or de-recognition of tax benefits related to uncertain tax positions, if any, and changes in or the interpretation of tax laws in jurisdictions where Lineage conducts business. ASC 740-270 also states that if an entity is unable to reliably estimate some or a part of its ordinary income or loss, the income tax provision or benefit applicable to the item that cannot be estimated shall be reported in the interim period in which the item is reported. For items that Lineage cannot reliably estimate on an annual basis, Lineage uses the actual year to date effective tax rate rather than an estimated annual effective tax rate to determine the tax effect of each item, including the use of all available net operating losses and other credits or deferred tax assets.

Under ASC 740, a valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. Lineage established a full valuation allowance as of December 31, 2018 due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets, including foreign net operating losses generated by its subsidiaries.

For the tax years beginning on or after January 1, 2022, the Tax Cuts and Jobs Act of 2017 (“TCJA”) eliminated the option to currently deduct research and development expenses and requires taxpayers to capitalize and amortize them over five years for research activities performed in the United States and 15 years for research activities performed outside the United States pursuant to IRC Section 174. Although Congress is considering legislation that would repeal or defer this capitalization and amortization requirement, it is not certain that this provision will be repealed or otherwise modified. If the requirement is not repealed or replaced, it will decrease our tax deduction for research and development expenses in future years.

The 2017 Tax Act subjects a U.S. stockholder to Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. In general, GILTI is the excess of a U.S. stockholder’s total net foreign income over a deemed return on tangible assets. The provision further allows a deduction of 50% of GILTI, however this deduction is limited to the company’s pre-GILTI U.S. income. Lineage incurred GILTI income during the years 2021 and 2022. For the three months ended March 31, 2023, no GILTI income was included in the Company’s tax provision.

For the three months ended March 31, 2023, Lineage recorded a $1.8 million deferred tax benefit that was primarily related to federal net operating losses generated for the three months ended March 31, 2023. For the three months ended March 31, 2022, Lineage did not record a deferred tax benefit.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Awards (Details Narrative) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Sep. 13, 2021
2021 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available to be granted	5,830,827	15,000,000
2012 and 2018 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested stock options	$ 13.0
Expected recognized expense over weighted average period	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

CURRENT ASSETS

Cash and cash equivalents

$ 15,451

$ 11,355

Marketable securities

31,363

46,520

Accounts receivable, net (Note 3)

203

297

Prepaid expenses and other current assets

2,638

1,828

Total current assets

49,655

60,000

NONCURRENT ASSETS

Property and equipment, net (Notes 6 and 14)

5,584

5,673

Deposits and other long-term assets

635

627

Goodwill

^[1]

10,672

Intangible assets, net

46,659

46,692

TOTAL ASSETS

113,205

123,664

CURRENT LIABILITIES

Accounts payable and accrued liabilities

5,252

8,608

Lease liabilities, current portion (Note 14)

912

916

Financing lease, current portion (Note 14)

Deferred revenues (Note 3)

11,009

9,421

Other current liabilities

Total current liabilities

17,225

18,981

LONG-TERM LIABILITIES

Deferred tax liability

273

2,076

Deferred revenues, net of current portion (Note 3)

24,017

27,725

Lease liability, net of current portion (Note 14)

2,542

2,860

Financing lease, net of current portion (Note 14)

133

Other long-term liabilities

TOTAL LIABILITIES

44,190

51,728

Commitments and contingencies (Note 14)

SHAREHOLDERS’ EQUITY

Preferred shares, no par value, authorized 2,000 shares; none issued and outstanding as of March 31, 2023 and December 31, 2022

Common shares, no par value, 250,000 shares authorized; 170,174 and 170,093 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively

441,299

440,280

Accumulated other comprehensive loss

(3,107)

(3,571)

Accumulated deficit

(367,742)

(363,370)

Lineage Cell Therapeutics, Inc. shareholders’ equity

70,450

73,339

Noncontrolling deficit

(1,435)

(1,403)

Total shareholders’ equity

69,015

71,936

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 113,205

$ 123,664

[1]	Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in the Asterias Merger, see Note 14 (Commitment and Contingencies) for further discussion on the Asterias Merger.

Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

At March 31, 2023 and December 31, 2022 accounts payable and accrued liabilities consisted of the following (in thousands):

	March 31, 2023		December 31, 2022
	(unaudited)
Accounts payable	$	3,001	$	2,393
Accrued compensation		1,810		2,382
Accrued liabilities ⁽¹⁾		404		3,833
Other current liabilities		37		-
Total	$	5,252	$	8,608

(1)	Decrease in accrued liabilities was due to a payment made in connection with the settlement of litigation in February 2023 related to the Asterias Merger. See Note 14 (Commitment and Contingencies) for additional information.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to Lineage Cell Therapeutics, Inc.	$ (4,372)	$ (7,087)
Net loss attributable to noncontrolling interest	(32)	(6)
Adjustments to reconcile net loss attributable to Lineage Cell Therapeutics, Inc. to net cash (used in) provided by operating activities:
Accretion of income on marketable debt securities	(326)
Unrealized (gain)/loss on marketable equity securities	(40)	735
Depreciation expense, including amortization of leasehold improvements	138	150
Amortization of intangible assets	33	28
Stock-based compensation	1,031	1,106
Deferred income tax benefit	(1,803)
Gain on revaluation of warrant liability	(1)	(221)
Foreign currency remeasurement	466	75
Changes in operating assets and liabilities:
Accounts receivable, net (Note 3)	95	50,321
Prepaid expenses and other current assets	(847)	573
Accounts payable and accrued liabilities (Note 7)	(3,463)	(18,905)
Deferred revenue and other liabilities (Note 3)	(2,121)	(4,865)
Net cash (used in) provided by operating activities	(11,242)	21,904
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable debt securities	(7,718)
Maturities of marketable debt securities	23,332
Purchase of equipment and other assets, net	(188)	(46)
Net cash provided by (used in) investing activities	15,426	(46)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from employee options exercised	51	379
Common shares received and retired for employee taxes paid	(37)	(8)
Proceeds from exercise of subsidiary warrants, net		2
Proceeds from sale of common shares		148
Repayment of financing lease liability	(13)	(8)
Net cash provided by financing activities	1	513
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(100)	(42)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	4,085	22,329
At beginning of the period	11,936	56,277
At end of the period	16,021	78,606
SUPPLEMENTAL DISCLOSURES
Cash paid for interest	$ 2	$ 5

Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Right-of-use lease liabilities, current	$ 912	$ 916
Right-of-use lease liabilities, noncurrent	2,542	2,860
Lease liabilities, current	51	36
Lease liabilities, noncurrent	133	84
Operating Lease [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Right-of-use assets, net	3,215	3,517
Right-of-use lease liabilities, current	912	916
Right-of-use lease liabilities, noncurrent	2,542	2,860
Total operating lease liabilities	$ 3,454	$ 3,776
Operating Lease, Weighted Average Remaining Lease Term	4 years 1 month 6 days	4 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	6.40%	6.30%
Financing Leases [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Financing leases, Right-of-use assets, net	$ 173	$ 105
Lease liabilities, current	48	29
Lease liabilities, noncurrent	133	84
Total finance lease liabilities	181	113
Other current liabilities	3	7
Total finance lease liabilities	$ 184	$ 120
Finance Lease, Weighted Average Remaining Lease Term	3 years 7 months 6 days	4 years 1 month 6 days
Finance Lease, Weighted Average Discount Rate, Percent	6.80%	6.90%

Marketable Debt Securities

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

Marketable Debt Securities

4. Marketable Debt Securities

The following tables are a summary of available-for-sale debt securities in cash and cash equivalents or marketable securities in the Company’s condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022 (in thousands):

	March 31, 2023 (Unaudited)
Financial Assets:	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Treasury securities	$	30,960	$	1	$	(60	)	$	30,901
Total		30,960		1		(60	)		30,901

	December 31, 2022
Financial Assets:	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Treasury securities	$	46,247	$	2	$	(152	)	$	46,097
Total		46,247		2		(152	)		46,097

The Company has not recognized an allowance for credit losses on any securities in an unrealized loss position as of March 31, 2023. We believe that the individual unrealized losses represent temporary declines resulting from changes in interest rates, and we intend to hold these marketable securities to their maturity. The Company currently does not intend to sell these securities prior to maturity and does not consider these investments to be other-than-temporarily impaired at March 31, 2023.

As of March 31, 2023 the amortized cost and estimated fair value of the Company’s available-for-sale debt securities by contractual maturity are shown below (in thousands):

	Amortized Cost		Estimated Fair Value
Available-for-sale debt securities maturing:
In one year or less	$	30,960	$	30,901
Total available-for-sale debt securities		30,960		30,901

As of March 31, 2023 and December 31, 2022 we did not have any marketable debt securities which were classified as cash equivalents on the condensed consolidated balance sheets.

Schedule Of Computation Of Diluted Net Loss Per Common Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Antidilutive securities, shares	23,312	19,665
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Antidilutive securities, shares	759	1,010

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Schedule of Weighted Average Assumptions to Calculate Fair Value of Stock Options (Details) - 2012 Plan [Member]	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	6 years 3 months	6 years 3 months
Risk-free interest rates	4.20%	1.90%
Volatility	74.50%	73.40%
Dividend yield	(0.00%)	(0.00%)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Revenue (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue	$ 2,386	$ 5,237
Collaboration revenues	2,121	4,865
Upfront payment	50,000
Transaction price for good and service	36,600
Deferred revenues	35,026		$ 37,146
Unfulfilled commitments	1,600
Total deferred revenue	35,000
Deferred revenue - current	11,000
Roche and Immunomic Therapeutics Collaboration Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenues	$ 2,100	$ 4,900
Roche Collaboration Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment			$ 50,000	$ 50,000

Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Deferred income tax benefit	$ 1,803

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-12830
Entity Registrant Name	Lineage Cell Therapeutics, Inc.
Entity Central Index Key	0000876343
Entity Tax Identification Number	94-3127919
Entity Incorporation, State or Country Code	CA
Entity Address, Address Line One	2173 Salk Avenue
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92008
City Area Code	442
Local Phone Number	287-8990
Title of 12(b) Security	Common shares no par value
Trading Symbol	LCTX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		170,173,789

Goodwill and Intangible Assets, Net (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 33,000	$ 33,000
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	5 years
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	10 years

Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions

10. Related Party Transactions

In connection with the putative shareholder class action lawsuits filed in February 2019 and October 2019 challenging the Asterias Merger (see Note 14), Lineage agreed to pay the expenses for the legal defense of Neal Bradsher, a member of the Lineage board of directors, Broadwood Partners, L.P., a shareholder of Lineage, and Broadwood Capital, Inc., which serves as the general partner of Broadwood Partners, L.P., all of which were named defendants in the lawsuits, prior to being dismissed. Through March 31, 2023, Lineage has incurred a total of approximately $620,000 in legal expenses on behalf of the foregoing parties.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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+ Details

Shareholders’ Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Shareholders’ Equity

11. Shareholders’ Equity

Preferred Shares

Lineage is authorized to issue 2,000,000 preferred shares, no par value. The preferred shares may be issued in one or more series as the Lineage board of directors may determine by resolution. The Lineage board of directors is authorized to fix the number of shares of any series of preferred shares and to determine or alter the rights, preferences, privileges, and restrictions granted to or imposed on the preferred shares as a class, or upon any wholly unissued series of any preferred shares. The Lineage board of directors may, by resolution, increase or decrease (but not below the number of shares of such series then outstanding) the number of shares of any series of preferred shares subsequent to the issue of shares of that series. As of March 31, 2023 and December 31, 2022, there were no preferred shares issued or outstanding.

Common Shares

Lineage is authorized to issue 250,000,000 common shares, no par value. As of March 31, 2023 and December 31, 2022, there were 170,173,789 and 170,093,114 common shares issued and outstanding, respectively.

At The Market Offering Program

In May 2020, Lineage entered into a Controlled Equity Offering^SM Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co., as sales agent (“Cantor Fitzgerald”), pursuant to which Lineage may sell its common shares from time to time through an “at the market offering” program under the Sales Agreement.

In March 2021, Lineage filed a prospectus supplement with the SEC in connection with the offer and sale of $25.0 million of common shares through the ATM program under the Sales Agreement (“March 2021 Prospectus Supplement”).

In December 2021, Lineage filed a prospectus supplement with the SEC in connection with the offer and sale of up to $64.1 million of common shares (which included $14.1 million of its common shares which then remained unsold under the March 2021 Prospectus Supplement) through the ATM program under the Sales Agreement (“December 2021 Prospectus Supplement”). No further sales will be made under the March 2021 Prospectus Supplement.

As of March 31, 2023, Lineage had sold 108,200 common shares under the December 2021 Prospectus Supplement at a weighted average price per share of $2.55 for gross proceeds of $0.3 million. As of March 31, 2023, $63.8 million remained available for sale under the December 2021 Prospectus Supplement, and no shares have been sold in quarter ended March 31, 2023.

The shares offered under the December 2021 Prospectus Supplement are registered pursuant to Lineage’s effective shelf registration statement on Form S-3 (File No. 333-237975), which was filed with the SEC on May 1, 2020 and declared effective on May 8, 2020, and Lineage’s effective shelf registration statement on Form S-3 (File No. 333-254167), which was filed with the SEC on March 5, 2021 and declared effective on March 19, 2021.

Lineage agreed to pay Cantor Fitzgerald a commission of 3.0% of the aggregate gross proceeds from the sale of shares under the Sales Agreement, reimburse its legal fees and disbursements, and provide Cantor Fitzgerald with customary indemnification and contribution rights. The Sales Agreement may be terminated by Cantor Fitzgerald or Lineage at any time upon notice to the other party, or by Cantor Fitzgerald at any time in certain circumstances, including the occurrence of a material and adverse change in Lineage’s business or financial condition that makes it impractical or inadvisable to market the shares or to enforce contracts for the sale of the shares.

Reconciliation of Changes in Shareholders’ Equity

The following tables document the changes in shareholders’ equity for the three months ended March 31, 2023 and 2022 (unaudited and in thousands):

Schedule of Shareholder’s Equity

	of Shares		Amount		of Shares		Amount			Deficit			(Deficit)			Income/(Loss)			Equity
	Preferred Shares				Common Shares								Noncontrolling			Accumulated Other			Total
	Number				Number					Accumulated			Interest/			Comprehensive			Shareholders’
	of Shares		Amount		of Shares		Amount			Deficit			(Deficit)			Income/(Loss)			Equity
BALANCE AT DECEMBER 31, 2022		-	$	-		170,093	$	440,280		$	(363,370	)	$	(1,403	)	$	(3,571	)	$	71,936
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees’ taxes		-		-		53		(37	)		-			-			-			(37	)
Shares issued upon exercise of stock options		-		-		28		25			-			-			-			25
Stock-based compensation		-		-		-		1,031			-			-			-			1,031
Unrealized gain on marketable securities		-		-		-		-			-			-			91			91
Foreign currency translation gain		-		-		-		-			-			-			373			373
NET LOSS		-		-		-		-			(4,372	)		(32	)		-			(4,404	)
BALANCE AT MARCH 31, 2023		-	$	-		170,174	$	441,299		$	(367,742	)	$	(1,435	)	$	(3,107	)	$	69,015

	Preferred Shares				Common Shares								Noncontrolling			Accumulated Other			Total
	Number				Number					Accumulated			Interest/			Comprehensive			Shareholders’
	of Shares		Amount		of Shares		Amount			Deficit			(Deficit)			Income/(Loss)			Equity
BALANCE AT DECEMBER 31, 2021		-	$	-		169,477	$	434,529		$	(337,097	)	$	(1,323	)	$	(5,211	)	$	90,898
Beginning balance		-	$	-		169,477	$	434,529		$	(337,097	)	$	(1,323	)	$	(5,211	)	$	90,898
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees’ taxes		-		-		10		(8	)		-			-			-			(8	)
Shares issued upon exercise of stock options		-		-		240		189			-			-			-			189
Subsidiary warrant exercise		-		-		-		2			-			-			-			2
Stock-based compensation		-		-		-		1,106			-			-			-			1,106
Foreign currency translation gain		-		-		-		-			-			-			124			124
NET LOSS		-		-		-		-			(7,087	)		(6	)		-			(7,093	)
BALANCE AT MARCH 31, 2022		-	$	-		169,727	$	435,818		$	(344,184	)	$	(1,329	)	$	(5,087	)	$	85,218

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	170,173,789	170,093,114
Common stock, shares outstanding	170,173,789	170,093,114

Property and Equipment, Net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

6. Property and Equipment, Net

At March 31, 2023 and December 31, 2022 property and equipment, net was comprised of the following (in thousands):

Schedule of Property and Equipment, Net

	March 31, 2023			December 31, 2022
	(unaudited)
Equipment, furniture and fixtures	$	3,291		$	3,264
Leasehold improvements		2,313			2,150
Right-of-use assets		6,090			6,109
Accumulated depreciation and amortization		(6,110	)		(5,850	)
Property and equipment, net	$	5,584		$	5,673

Property and equipment for financing leases was $199,000 and $121,000 on March 31, 2023 and December 31, 2022, respectively.

Depreciation and amortization expense amounted to $138,000 and $150,000 for the three months ended March 31, 2023 and 2022, respectively.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

9. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value (ASC 820-10-50), Fair Value Measurements and Disclosures:

	●	Level 1 – Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

	●	Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
	●	Level 3 – Inputs to the valuation methodology are unobservable; that reflect management’s own assumptions about the assumptions market participants would make and significant to the fair value.

We have not transferred any instruments between the three levels of the fair value hierarchy.

			Fair Value Measurements Using
	Balance at March 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market fund ⁽¹⁾	$	8,098	$	8,098	$	-	$	-
Marketable debt securities		30,901		30,901		-		-
Marketable equity securities		462		462		-		-
Total assets measured at fair value	$	39,461	$	39,461	$	-	$	-
Liabilities:
Warrants to purchase Cell Cure ordinary shares ⁽²⁾		1		-		-		1
Total liabilities measured at fair value	$	1	$	-	$	-	$	1

			Fair Value Measurements Using
	Balance at December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market fund ⁽¹⁾	$	4,102	$	4,102	$	-	$	-
Marketable debt securities		46,097		46,097		-		-
Marketable equity securities		423		423		-		-
Total assets measured at fair value	$	50,622	$	50,622	$	-	$	-
Liabilities:
Warrants to purchase Cell Cure ordinary shares ⁽²⁾		2		-		-		2
Total liabilities measured at fair value	$	2	$	-	$	-	$	2

	(1)	Included in cash and cash equivalents in the accompanying condensed consolidated balance sheet.
	(2)	Included in other current liabilities and/or long-term liabilities in the accompanying condensed consolidated balance sheet.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Schedule of Goodwill and Intangible Assets Net (Details) - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

Finite-Lived Intangible Assets [Line Items]

Goodwill

^[1]

$ 10,672

Total intangible assets

66,143

Accumulated amortization

^[2]

(19,484)

(19,451)

Intangible assets, net

46,659

46,692

IPR&D - OPC1 [Member]

Finite-Lived Intangible Assets [Line Items]

Total intangible assets

^[3]

31,700

IPR&D - VAC [Member]

Finite-Lived Intangible Assets [Line Items]

Total intangible assets

^[3]

14,840

Patents [Member]

Finite-Lived Intangible Assets [Line Items]

Total intangible assets

18,953

Royalty Contracts [Member]

Finite-Lived Intangible Assets [Line Items]

Total intangible assets

^[4]

$ 650

[1]	Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in the Asterias Merger, see Note 14 (Commitment and Contingencies) for further discussion on the Asterias Merger.
[2]	As of March 31, 2023 acquired patents were fully amortized and the acquired royalty contracts had a remaining unamortized balance of approximately $119,000.
[3]	Asterias had two in-process research and development (“IPR&D”) intangible assets that were valued at $46.5 million as part of the purchase price allocation that was performed in connection with the Asterias Merger. The fair value of these assets consisted of $31.7 million pertaining to the OPC1 program and $14.8 million pertaining to the VAC platform.
[4]	Asterias had royalty cash flows under certain specific patent families it acquired from Geron Corporation (“Geron”). Such patents are expected to continue to generate revenue, are not used in the OPC1 or the VAC platform, and are considered to be separate long-lived intangible assets under Accounting Standards Codifications (“ASC”) Topic 805, Business Combinations.

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Related Party Transactions (Details Narrative)	3 Months Ended
Related Party Transactions (Details Narrative)	Mar. 31, 2023 USD ($)
Neal Bradsher [Member] \| Broadwood Partners, L.P [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Legal expenses	$ 620,000

Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues under collaborative agreements	$ 2,121	$ 4,865
Total revenues	2,386	5,237
Royalty [Member]
Disaggregation of Revenue [Line Items]
Royalties	265	372
Upfront License Fees [Member]
Disaggregation of Revenue [Line Items]
Total revenues under collaborative agreements	$ 2,121	$ 4,865

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,031	$ 1,106
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	205	215
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 826	$ 891

Organization and Business Overview

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business Overview

1. Organization and Business Overview

We are a clinical-stage biotechnology company developing novel cell therapies to address unmet medical needs. Our programs are based on our proprietary cell-based technology platform and associated development and manufacturing capabilities. From this platform, we design, develop, manufacture, and test specialized human cells with anatomical and physiological functions similar or identical to cells found naturally in the human body. Cells which we manufacture are created by applying developmental biological differentiation protocols to established, well-characterized, and self-renewing pluripotent cell lines. These cells are transplanted into patients and are designed to (a) replace or support cells that are absent or dysfunctional due to degenerative disease, aging, or traumatic injury, and (b) restore or augment functional activity in the affected person.

Our strategy is to efficiently leverage our technology platform and our development, formulation, delivery, and manufacturing capabilities to advance our programs internally or in conjunction with strategic partners to further enhance their value and probability of success. As one example, in December 2021 we entered into a Collaboration and License Agreement (the “Roche Agreement”) with F. Hoffmann-La Roche Ltd and Genentech, Inc., a member of the Roche Group (collectively or individually, “Roche” or “Genentech”), wherein we granted to Roche exclusive worldwide rights to develop and commercialize retinal pigment epithelium (“RPE”) cell therapies, including our proprietary cell therapy program known as OpRegen^®, for the treatment of ocular disorders, including geographic atrophy (GA) secondary to age-related macular degeneration (AMD). Under the terms of the Roche Agreement, Lineage received a $50.0 million upfront payment and is eligible to receive up to $620.0 million in certain developmental, regulatory, and commercialization milestone payments. Lineage also is eligible to receive tiered double-digit percentage royalties on net sales of OpRegen in the U.S. and other major markets. See Note 14 (Commitments and Contingencies) to our condensed consolidated interim financial statements included elsewhere in this report for discussion on the Roche Agreement.

As of March 31, 2023, we have five allogeneic, or “off-the-shelf,” cell therapy programs in development, of which three have reached clinical testing:

Product Candidates

	●	OpRegen^®, an allogeneic retinal pigment epithelium (“RPE”) cell replacement therapy currently in a Phase 2a multicenter clinical trial, being conducted by Genentech, for the treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD), also known as atrophic or dry AMD. A previous Phase 1/2a trial conducted by Lineage enrolled twenty-four (24) individuals with dry AMD with GA. In December 2021, this program was partnered with Roche for further clinical development and commercialization.

	●	OPC1, an allogeneic oligodendrocyte progenitor cell therapy currently in long-term follow-up from a Phase 1/2a multicenter clinical trial for cervical spinal cord injuries (“SCI”). To date, five (5) patients with thoracic spinal cord injuries and twenty-five (25) patients with cervical spinal cord injuries have been enrolled in clinical trials of OPC1. The clinical development of OPC1 has been partially funded by $14.3 million received under a grant from the California Institute for Regenerative Medicine (“CIRM”). Additional clinical trials are being planned.

	●	ANP1, an allogeneic auditory neuron progenitor cell transplant currently in preclinical development for the treatment of debilitating hearing loss (“DHL”).
	●	PNC1, an allogeneic photoreceptor cell transplant currently in preclinical development for the treatment of vision loss due to photoreceptor dysfunction or damage.

	●	VAC, an allogeneic cancer immunotherapy comprised of antigen-presenting dendritic cells. One of the VAC product candidates, VAC2, is currently in a Phase 1 clinical trial in non-small cell lung cancer (“NSCLC”). This clinical trial is being funded and conducted by Cancer Research UK (“CRUK”), one of the world’s largest independent cancer research charities. An additional VAC-based product candidate is in preclinical development with our partner, Immunomic Therapeutics, Inc. (“ITI”), for the treatment of glioblastoma multiforme (“GBM”).

Other Programs

We have additional undisclosed product candidates being considered for development and which cover a range of therapeutic areas and unmet medical needs. Generally, these product candidates are based on the same platform technology and employ a similar guided cell differentiation and transplant approach as the product candidates detailed above, but in some cases may also include genetic modifications designed to enhance efficacy and/or safety profiles.

In addition to seeking to create value for shareholders by developing product candidates and advancing those candidates through clinical development, we also may seek to create value from our intellectual property and additional related technologies and capabilities, through partnering and/or strategic transactions.

Schedule of Amortized cost And Estimated fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Amortized cost, In one year or less	$ 30,960
Estimated fair value, In one year or less	30,901
Amortized cost, Total available-for-sale debt securities	30,960	$ 46,247
Estimated fair value, Total available-for-sale debt securities	$ 30,901	$ 46,097

Accounts Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

8. Accounts Payable and Accrued Liabilities

At March 31, 2023 and December 31, 2022 accounts payable and accrued liabilities consisted of the following (in thousands):

	March 31, 2023		December 31, 2022
	(unaudited)
Accounts payable	$	3,001	$	2,393
Accrued compensation		1,810		2,382
Accrued liabilities ⁽¹⁾		404		3,833
Other current liabilities		37		-
Total	$	5,252	$	8,608

(1)	Decrease in accrued liabilities was due to a payment made in connection with the settlement of litigation in February 2023 related to the Asterias Merger. See Note 14 (Commitment and Contingencies) for additional information.

Schedule of Shareholder’s Equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 71,936	$ 90,898
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees’ taxes	(37)	(8)
Shares issued upon exercise of stock options	25	189
Stock-based compensation	1,031	1,106
Unrealized gain on marketable securities	91
Foreign currency translation gain	373	124
NET LOSS	(4,404)	(7,093)
BALANCE AT MARCH 31, 2022	69,015	85,218
Subsidiary warrant exercise		2
Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance
Beginning Balance, shares
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees’ taxes
Shares issued upon exercise of stock options
Stock-based compensation
Unrealized gain on marketable securities
Foreign currency translation gain
NET LOSS
BALANCE AT MARCH 31, 2022
Beginning Balance, shares
Subsidiary warrant exercise
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 440,280	$ 434,529
Beginning Balance, shares	170,093	169,477
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees’ taxes	$ (37)	$ (8)
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees' taxes, shares	53	10
Shares issued upon exercise of stock options	$ 25	$ 189
Shares issued upon exercise of stock options, shares	28	240
Stock-based compensation	$ 1,031	$ 1,106
Unrealized gain on marketable securities
Foreign currency translation gain
NET LOSS
BALANCE AT MARCH 31, 2022	$ 441,299	$ 435,818
Beginning Balance, shares	170,174	169,727
Subsidiary warrant exercise		$ 2
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (363,370)	(337,097)
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees’ taxes
Shares issued upon exercise of stock options
Stock-based compensation
Unrealized gain on marketable securities
Foreign currency translation gain
NET LOSS	(4,372)	(7,087)
BALANCE AT MARCH 31, 2022	(367,742)	(344,184)
Subsidiary warrant exercise
Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,403)	(1,323)
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees’ taxes
Shares issued upon exercise of stock options
Stock-based compensation
Unrealized gain on marketable securities
Foreign currency translation gain
NET LOSS	(32)	(6)
BALANCE AT MARCH 31, 2022	(1,435)	(1,329)
Subsidiary warrant exercise
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(3,571)	(5,211)
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees’ taxes
Shares issued upon exercise of stock options
Stock-based compensation
Unrealized gain on marketable securities	91
Foreign currency translation gain	373	124
NET LOSS
BALANCE AT MARCH 31, 2022	$ (3,107)	(5,087)
Subsidiary warrant exercise

Goodwill and Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets Net

At March 31, 2023 and December 31, 2022 goodwill and intangible assets, net consisted of the following (in thousands):

	March 31, 2023			December 31, 2022
	(unaudited)
Goodwill ⁽¹⁾	$	10,672		$	10,672

Intangible assets:
Acquired IPR&D – OPC1 (from the Asterias Merger) ⁽²⁾	$	31,700		$	31,700
Acquired IPR&D – VAC (from the Asterias Merger) ⁽²⁾		14,840			14,840
Intangible assets subject to amortization:
Acquired patents		18,953			18,953
Acquired royalty contracts ⁽³⁾		650			650
Total intangible assets		66,143			66,143
Accumulated amortization ⁽⁴⁾		(19,484	)		(19,451	)
Intangible assets, net	$	46,659		$	46,692

(1)	Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in the Asterias Merger, see Note 14 (Commitment and Contingencies) for further discussion on the Asterias Merger.

(2)	Asterias had two in-process research and development (“IPR&D”) intangible assets that were valued at $46.5 million as part of the purchase price allocation that was performed in connection with the Asterias Merger. The fair value of these assets consisted of $31.7 million pertaining to the OPC1 program and $14.8 million pertaining to the VAC platform.
(3)	Asterias had royalty cash flows under certain specific patent families it acquired from Geron Corporation (“Geron”). Such patents are expected to continue to generate revenue, are not used in the OPC1 or the VAC platform, and are considered to be separate long-lived intangible assets under Accounting Standards Codifications (“ASC”) Topic 805, Business Combinations.
(4)	As of March 31, 2023 acquired patents were fully amortized and the acquired royalty contracts had a remaining unamortized balance of approximately $119,000.

Schedule of Intangible Assets Future Amortization Expenses

Amortization of intangible assets for periods subsequent to March 31, 2023 is as follows (in thousands):

Year Ending December 31,	Amortization Expense
2023	$	97
2024		22
Total	$	119

Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

Payables and Accruals [Abstract]

Accounts payable

$ 3,001

$ 2,393

Accrued compensation

1,810

2,382

Accrued liabilities

^[1]

404

3,833

Other current liabilities

Total

$ 5,252

$ 8,608

[1]	Decrease in accrued liabilities was due to a payment made in connection with the settlement of litigation in February 2023 related to the Asterias Merger. See Note 14 (Commitment and Contingencies) for additional information.

Summary of Available for Sale Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Amortized cost	$ 30,960	$ 46,247
Unrealized gains	1	2
Unrealized losses	(60)	(152)
Fair value	30,901	46,097
US Treasury Securities [Member]
Cash and Cash Equivalents [Line Items]
Amortized cost	30,960	46,247
Unrealized gains	1	2
Unrealized losses	(60)	(152)
Fair value	$ 30,901	$ 46,097

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES:
Collaboration revenues	$ 2,121	$ 4,865
Royalties	265	372
Total revenues	2,386	5,237
Cost of sales	(119)	(176)
Gross profit	2,267	5,061
OPERATING EXPENSES:
Research and development	4,185	2,988
General and administrative	4,724	8,469
Total operating expenses	8,909	11,457
Loss from operations	(6,642)	(6,396)
OTHER INCOME (EXPENSES):
Interest income, net	410	1
Unrealized gain (loss) on marketable equity securities	40	(735)
Gain on revaluation of warrant liability	1	221
Other expenses, net	(16)	(184)
Total other income (expenses), net	435	(697)
LOSS BEFORE INCOME TAXES	(6,207)	(7,093)
Deferred income tax benefit	1,803
NET LOSS	(4,404)	(7,093)
Net loss attributable to noncontrolling interest	32	6
NET LOSS ATTRIBUTABLE TO LINEAGE CELL THERAPEUTICS, INC.	$ (4,372)	$ (7,087)
NET LOSS PER COMMON SHARE:
BASIC	$ (0.03)	$ (0.04)
DILUTED	$ (0.03)	$ (0.04)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC	170,127	169,647
DILUTED	170,127	169,647

Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Stock Option Plan of 2021 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance	6,001
Number of RSUs Outstanding, Beginning balance	939
Weighted Average Exercise Price of Options Outstanding, beginning balance \| $ / shares	$ 1.40
Number of Options Outstanding, Options granted	5,235
Number of RSUs Outstanding, Options granted
Weighted Average Exercise Price of Options Outstanding, Options granted \| $ / shares	$ 1.46
Number of Options Outstanding, Options expired/forfeited/cancelled	(22)
Number of RSUs Outstanding, Options expired/forfeited/cancelled
Weighted Average Exercise Price of Options Outstanding, Options expired/forfeited/cancelled \| $ / shares	$ 1.37
Number of Options Outstanding, RSUs forfeited
Number of RSUs Outstanding, RSUs forfeited	(100)
Weighted Average Exercise Price of Options Outstanding, RSUs forfeited \| $ / shares
Number of Options Outstanding, Rsu vested
Number of RSUs Outstanding, Rsu vested	(80)
Weighted Average Exercise Price of Options, Rsu vested \| $ / shares
Number of Options Outstanding, Ending balance	11,214
Number of RSUs Outstanding, Ending balance	759
Weighted Average Exercise Price of Options Outstanding, Ending \| $ / shares	$ 1.43
Number of Options exercisable	1,032
Weighted Average Exercise Price of Options exercisable \| $ / shares	$ 1.40
Stock Option Plan of 2012 and 2018 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance	12,172
Weighted Average Exercise Price of Options Outstanding, beginning balance \| $ / shares	$ 1.83
Number of Options Outstanding, Options expired/forfeited/cancelled	(46)
Weighted Average Exercise Price of Options Outstanding, Options expired/forfeited/cancelled \| $ / shares	$ 2.32
Number of Options Outstanding, Ending balance	12,098
Weighted Average Exercise Price of Options Outstanding, Ending \| $ / shares	$ 1.83
Number of Options exercisable	9,289
Weighted Average Exercise Price of Options exercisable \| $ / shares	$ 1.79
Number of Options Outstanding, Options exercised	(28)
Weighted Average Exercise Price of Options, Options exercised \| $ / shares	$ 0.90

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenues

Our disaggregated revenues were as follows for the periods presented (in thousands):

Schedule of Disaggregated Revenues

	Three Months Ended March 31, (Unaudited)
	2023		2022

Royalties	$	265	$	372

Revenues under collaborative agreements
Upfront license fees	$	2,121	$	4,865
Total revenues under collaborative agreements		2,121		4,865

Total revenue	$	2,386	$	5,237

Schedule of Contract with Customer Contract Liability and Receivable

Accounts receivable and other receivable, net, and deferred revenues (contract liabilities) from contracts with customers, including collaboration partners, consisted of the following (in thousands):

March 31,

2023

December 31, 2022

Accounts receivable and other receivable, net

173

297

Deferred revenues

35,026

37,146

Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis (Details) - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

$ 39,461

$ 50,622

Liabilities

Marketable Debt Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

30,901

46,097

Marketable Equity Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

462

423

Cell Cure Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

^[1]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

39,461

50,622

Liabilities

Fair Value, Inputs, Level 1 [Member] | Marketable Debt Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

30,901

46,097

Fair Value, Inputs, Level 1 [Member] | Marketable Equity Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

462

423

Fair Value, Inputs, Level 1 [Member] | Cell Cure Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

^[1]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Liabilities

Fair Value, Inputs, Level 2 [Member] | Marketable Debt Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Fair Value, Inputs, Level 2 [Member] | Marketable Equity Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Fair Value, Inputs, Level 2 [Member] | Cell Cure Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

^[1]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Liabilities

Fair Value, Inputs, Level 3 [Member] | Marketable Debt Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Fair Value, Inputs, Level 3 [Member] | Marketable Equity Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Fair Value, Inputs, Level 3 [Member] | Cell Cure Warrants [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Liabilities

^[1]

Money Market Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[2]

8,098

4,102

Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[2]

8,098

4,102

Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[2]

Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[2]

[1]	Included in other current liabilities and/or long-term liabilities in the accompanying condensed consolidated balance sheet.
[2]	Included in cash and cash equivalents in the accompanying condensed consolidated balance sheet.

Marketable Equity Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Equity Securities

5. Marketable Equity Securities

As of March 31, 2023, Lineage owned 1.1 million shares of OncoCyte common stock, which had a fair value of $0.4 million as of that date, based on the closing price of OncoCyte common stock of $0.35 per share on that date.

As of December 31, 2022, Lineage owned 1.1 million shares of OncoCyte common stock, which had a fair value of $0.4 million as of that date, based on the closing price of OncoCyte common stock of $0.32 per share on that date.

For the three months ended March 31, 2023, Lineage recorded a net unrealized gain on marketable equity securities of $0.04 million related to changes in fair market value of OncoCyte common stock price during the quarter. For the three months ended March 31, 2022, Lineage recorded a net unrealized loss on marketable equity securities of $0.7 million related to changes in fair market value of OncoCyte’s common stock price during the quarter.

All share prices are determined based on the closing price of OncoCyte common stock on the NYSE American on the last day of the applicable quarter, or the last trading day of the applicable quarter, if the last day of a quarter fell on a day that was not a trading day.

Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Lease [Member]
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2023	$ 788
2024	957
2025	885
2026	647
2027	685
Total lease payments	3,962
Less imputed interest	(508)
Total	3,454	$ 3,776
Financing Leases [Member]
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2023	51
2024	61
2025	51
2026	27
2027	18
Total lease payments	208
Less imputed interest	(24)
Total	$ 184

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

Real Property Leases

Carlsbad Lease

In May 2019, Lineage entered into a lease for approximately 8,841 square feet of rentable space in an office park in Carlsbad, California. The lease was amended in December 2022 and the term was extended for a period of thirty-seven months (the “Extended Term”) commencing on the later of (i) the date of substantial completion of the landlord’s work or (ii) March 1, 2023 (the “Extended Term Commencement Date”). The lease expires on March 31, 2026, and rent was abated for months two through four of the Extended Term. The monthly base rent was $24,666 through the Extended Term Commencement Date, after which it increased to $25,197. As security for the performance of its obligations under the lease, Lineage provided the landlord a security deposit of $17,850, this amount is included in deposits and other long-term assets on the condensed consolidated balance sheet as of March 31, 2023.

In addition to base rent, Lineage pays a pro-rata portion of increases in certain expenses, including real property taxes, utilities (to the extent not separately metered to the leased space) and the landlord’s operating expenses, over the amounts of those expenses incurred by the landlord. These pro-rata charges are expensed as incurred and excluded from the calculation of the ROU assets and lease liabilities.

Carlsbad Sublease

In September 2022, Lineage, as sublessee, entered into a sublease for approximately 4,500 square feet of rentable industrial space in Carlsbad, California for a term that commenced on October 1, 2022 and expires on March 31, 2024. As security for the performance of its obligations under the sublease, Lineage provided the landlord with a security deposit of $22,500, this amount is included in deposits and other long-term assets on the condensed consolidated balance sheet as of March 31, 2023. Base rent is $22,500 per month until the lease expires.

Cell Cure Leases

Cell Cure leases 728.5 square meters (approximately 7,842 square feet) of office and laboratory space in Jerusalem, Israel under a lease that expires December 31, 2027, with an option to extend the lease for five years (the “Original Cell Cure Lease”). Base monthly rent is NIS 39,776 (approximately $12,200 per month). In addition to base rent, Cell Cure pays a pro-rata share of real property taxes and certain costs related to the operation and maintenance of the building in which the leased premises are located. These pro-rata charges are expensed as incurred and excluded from the calculation of the ROU assets and lease liabilities.

In January 2018, Cell Cure entered into a lease for an additional 934 square meters (approximately 10,054 square feet) of office space in the same facility that expires on December 31, 2027, with an option to extend the lease for five years (the “January 2018 Lease”). Base rent and construction allowance payments are NIS 93,827 per month (approximately $26,000 per month). Cell Cure has provided a $458,000 security deposit to the landlord to be held as restricted cash during the term of its facility lease, which is included in deposits and other long-term assets on the condensed consolidated balance sheet as of March 31, 2023.

In November 2021, Cell Cure entered into a lease for an additional 133 square meters (approximately 1,432 square feet) of office space in the same facility that commenced on December 1, 2021, and expires on December 31, 2027, with an option to extend the lease for five years. The base monthly rent was NIS 11,880 (approximately US $3,757) thorough October 31, 2022 and increased to NIS 12,494 (approximately US $3,951) on November 1, 2022.

In August 2022, Cell Cure entered into a new lease for 300 square meters (approximately 3,229 square feet) of office and laboratory space in Jerusalem, Israel that expires on December 31, 2027, with an option to extend the lease for five years. Base monthly rent is 16,350 NIS (approximately $4,800 per month). When executing the new lease, Cell Cure modified the expiration dates and options terms for the leases identified above to align with the new lease.

Supplemental Information – Leases

Supplemental cash flow information related to leases is as follows (in thousands):

	2023		2021
	Three Months Ended March 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	315	$	255
Operating cash flows from financing leases		2		5
Financing cash flows from financing leases		13		8

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		-		33
Finance leases		79		-

Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount rate):

	March 31, 2023			December 31, 2022
Operating leases
Right-of-use assets, net	$	3,215		$	3,517

Right-of-use lease liabilities, current	$	912		$	916
Right-of-use lease liabilities, noncurrent		2,542			2,860
Total operating lease liabilities	$	3,454		$	3,776

Financing leases
Right-of-use assets, net	$	173		$	105

Lease liabilities, current	$	48		$	29
Lease liabilities, noncurrent		133			84
Total finance lease liabilities	$	181		$	113

Other current liabilities	$	3		$	7
Total finance lease liabilities	$	184		$	120

Weighted average remaining lease term
Operating leases		4.1 years			4.3 years
Finance leases		3.6 years			4.1 years
Weighted average discount rate
Operating leases		6.4	%		6.3	%
Finance leases		6.8	%		6.9	%

Future minimum lease commitments are as follows as of March 31, 2023 (in thousands):

	Operating Leases			Finance Leases
Year Ending December 31,
2023	$	788		$	51
2024		957			61
2025		885			51
2026		647			27
2027		685			18
Total lease payments		3,962			208
Less imputed interest		(508	)		(24	)
Total	$	3,454		$	184

Collaborations

Roche Agreement

In December 2021, Lineage entered into the Roche Agreement, wherein Lineage granted to Roche exclusive worldwide rights to develop and commercialize RPE cell therapies, including Lineage’s proprietary cell therapy known as OpRegen, for the treatment of ocular disorders, including GA secondary to AMD.

Under the terms of the Roche Agreement, Roche paid Lineage a $50.0 million upfront payment and Lineage is eligible to receive up to an additional $620.0 million in certain developmental, regulatory and commercialization milestone payments. Lineage also is eligible for tiered double-digit percentage royalties on net sales of OpRegen in the U.S and other major markets. All regulatory and commercial milestone payments and royalty payments are subject to the existence of certain intellectual property rights that cover OpRegen at the time such payments would otherwise become due, and the royalty payments on net sales of OpRegen are subject to financial offsets based on the existence of competing products. Roche assumed responsibility for further clinical development and commercialization of OpRegen. Lineage is responsible for completing activities related to the ongoing clinical study, for which enrollment is complete, and performing certain manufacturing and process development activities.

Unless earlier terminated by either party, the Roche Agreement will expire on a product-by-product and country-by-country basis upon the expiration of all of Roche’s payment obligations under the agreement. Roche may terminate the agreement in its entirety, or on a product-by-product or country-by-country basis, at any time with advance written notice. Either party may terminate the agreement in its entirety with written notice for the other party’s material breach if such party fails to cure the breach or upon certain insolvency events involving the other party.

In January 2022, Lineage received the $50.0 million upfront payment from Roche. Subsequently, Lineage, via Cell Cure, paid $12.1 million to the IIA, and $8.9 million to Hadasit Medical Research Services and Development Ltd. (“Hadasit’). Such payments were made in accordance with obligations under the Innovation Law (as discussed below) and under the terms of Cell Cure’s agreements with Hadasit (as discussed below). The payment to Hadasit was reduced by $1.9 million in accordance with the provisions of such agreements discussed below that reduce the sublicensing fee payable to Hadasit for costs related to Lineage’s performance obligations under the Roche Agreement. To the extent such costs are not incurred within five years after the execution of the Roche Agreement, Cell Cure will be required to pay Hadasit 21.5% of the amount of costs not incurred.

ITI Collaboration Agreement

Under Lineage’s collaborative agreement with Immunomic Therapeutics, Inc. (“ITI”), Lineage agreed to perform up to approximately $2.2 million worth of certain research, development, manufacturing, and oversight activities related to the development of an allogeneic VAC-CMV product candidate. ITI will reimburse Lineage for these costs and full-time employee costs for the manufacturing of the VAC-CMV product candidate. As of March 31, 2023, Lineage has a remaining performance obligation of approximately $1.6 million for the forementioned activities. Upon execution of the agreement, ITI paid Lineage $0.5 million and a subsequent milestone of $0.5 million upon receipt of research-grade VAC-CMV product generated by Lineage. ITI is currently evaluating its next step under the collaboration agreement.

Agreements with Hadasit and IIA

The OpRegen program was supported in part with licenses to technology obtained from Hadasit, the technology transfer company of Hadassah Medical Center, and through a series of research grants from the IIA, an independent agency created to address the needs of global innovation ecosystems. A subset of the intellectual property underlying OpRegen was originally generated at Hadassah Medical Center and licensed to Cell Cure for further development.

Under the Encouragement of Research, Development and Technological Innovation in the Industry Law 5744, and the regulations (collectively the “Innovation Law”), guidelines, rules, procedures and benefit tracks thereunder, annual research and development programs that meet specified criteria and were approved by a committee of the IIA were eligible for grants. The grants awarded were typically up to 50% of the project’s expenditures, as determined by the IIA committee and subject to the benefit track under which the grant was awarded.

The terms of the grants under the Innovation Law generally require that the products developed as part of the programs under which the grants were given be manufactured in Israel. The know-how developed thereunder may not be transferred outside of Israel unless prior written approval is received from the IIA. Transfer of IIA-funded know-how outside of Israel is subject to approval and payment of a redemption fee to the IIA calculated according to formulas provided under the Innovation Law. In November 2021, the IIA research committee approved an application made by Cell Cure with respect to the grant of an exclusive license and transfer of the technological know-how for OpRegen to Roche. Under the provisions for the redemption fee, Lineage is obligated to pay the IIA approximately 24.3% of the upfront, milestone, and royalty payments which may be received under the Roche Agreement, up to an aggregate cap on all payments, such cap growing over time via interest accrual until paid in full. As of March 31, 2023, the aggregate cap amount was approximately $91.7 million.

Pursuant to the Second Amended and Restated License Agreement, dated June 15, 2017, between Cell Cure and Hadasit, and a certain letter agreement entered into on December 17, 2021, Hadasit was entitled to, and was paid, a sublicensing fee of 21.5% of the $50.0 million upfront payment under the Roche Agreement (subject to certain reductions, including for costs related to Lineage’s performance obligations under the Roche Agreement) and of any milestone payments, and up to 50% of all royalty payments (subject to a maximum payment of 5% of net sales of products), Lineage receives under the Roche Agreement. The letter agreement generally terminates upon the termination of the Roche Agreement.

Second Amendment to Clinical Trial and Option Agreement and License Agreement with Cancer Research UK

In May 2020, Lineage and Asterias entered into a Second Amendment to Clinical Trial and Option Agreement (the “CTOA Amendment”) with CRUK and Cancer Research Technology (“CRT”), which amends the Clinical Trial and Option Agreement entered into between Asterias, CRUK and CRT dated September 8, 2014, as amended September 8, 2014. Pursuant to the CTOA Amendment, Lineage assumed all obligations of Asterias and exercised early its option to acquire data generated in the Phase 1 clinical trial of VAC2 in non-small cell lung cancer being conducted by CRUK.

Lineage and CRT effectuated the option by simultaneously entering into a license agreement (the “CRT License Agreement”) pursuant to which Lineage agreed to pay the previously agreed signature fee of £1,250,000 (approximately $1.6 million). For the primary licensed product for the first indication, the CRT License Agreement provides for milestone fees of up to £8,000,000 based upon initiation of a Phase 3 clinical trial and the filing for regulatory approval and up to £22,500,000 in sales-based milestones payments. Additional milestone fees and sales-based milestone payments would be payable for other products or indications, and mid-single-digit royalty payments are payable on sales of commercial products.

Either party may terminate the CRT License Agreement for the uncured material breach of the other party. CRT may terminate the CRT License Agreement in the case of Lineage’s insolvency or if Lineage ceases all development and commercialization of all products under the CRT License Agreement.

Other Contingent Obligations

Other than disclosed above, we have obligations under various license agreements and grants received from government entities to make future payments to third parties, which become due and payable on the achievement of certain development, regulatory and commercial milestones or on the sublicense of our rights to another party. These commitments include sublicense fees, milestone payments, redemption fees and royalties. Sublicense fees are payable to licensors or government entities when we sublicense underlying intellectual property to third parties; the fees are based on a percentage of the license fees we receive from sublicensees. Milestone payments are due to licensors or government entities upon the future achievement of certain development and regulatory milestones. Redemption fees due to the IIA under the Innovation Law are due upon receipt of any milestone and royalties received under the Roche Agreement. Royalties are payable to licensors or government entities based on a percentage of net sales of licensed products. As of March 31, 2023, we have not included these commitments on our condensed consolidated balance sheet because the achievement and timing of these events are not fixed and determinable.

Litigation – General

From time to time, we are subject to legal proceedings and claims in the ordinary course of business. While management presently believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, cash flows, or overall trends in results of operations, legal proceedings are subject to inherent uncertainties, and unfavorable rulings or outcomes could occur that have individually or in aggregate, a material adverse effect on our business, financial condition or operating results. We are not currently subject to any pending material litigation, other than ordinary routine litigation incidental to our business, as described above.

Asterias Merger

In November 2018, Lineage, Asterias Biotherapeutics, Inc. (“Asterias”), and Patrick Merger Sub, Inc., a wholly owned subsidiary of Lineage, entered into an Agreement and Plan of Merger pursuant to which Lineage agreed to acquire all of the outstanding common stock of Asterias in a stock-for-stock transaction (the “Asterias Merger”). The Asterias Merger closed in March 2019.

In October 2019, a putative class action lawsuit was filed challenging the Asterias Merger. The lawsuit (captioned Ross v. Lineage Cell Therapeutics, Inc., et al., C.A. No. 2019-0822) was filed in Delaware Chancery Court and named, among other defendants, Lineage, Michael H. Mulroy, Alfred D. Kingsley, Richard T. LeBuhn and Aditya Mohanty. Messrs. Mulroy and Kingsley are members of the Lineage board of directors and were former members of the Asterias board of directors. Messrs. LeBuhn and Mohanty were also former members of the Asterias board of directors, and Mr. Mohanty was a former member of the Lineage board of directors and a former chief executive officer of Lineage. The lawsuit was brought by a purported stockholder of Asterias, on behalf of a putative class of Asterias stockholders, and asserts breach of fiduciary duty and aiding and abetting claims under Delaware law.

In April 2022, the parties reached an agreement in principle to settle the lawsuit and, in October 2022, the plaintiff, on behalf of himself and all others similarly situated, Lineage and Messrs. Mulroy, Kingsley, LeBuhn and Mohanty entered into a Stipulation and Agreement of Compromise and Settlement (the “Settlement Agreement”).

In February 2023, the court approved the Settlement Agreement. Pursuant to the terms of the Settlement Agreement, Lineage and certain insurers of the defendants paid $10.65 million (the “Settlement Amount”) into a fund created for the benefit of the purported class and in consideration for the full and final release, settlement and discharge of all claims. Approximately $7.12 million of the Settlement Amount was funded by certain insurers and approximately $3.53 million was paid by Lineage in cash.

Lineage and all defendants have denied, and continue to deny, the claims alleged in the lawsuit and the settlement does not reflect or constitute any admission, concession, presumption, proof, evidence or finding of any liability, fault, wrongdoing or injury or damages, or of any wrongful conduct, acts or omissions on the part any defendant.

Premvia Litigation Settlement

In July 2019, the Company, along with other named defendants, was sued in the Superior Court of the State of California in a matter captioned Gonzalez v. Aronowitz, M.D., et al. The plaintiff asserted medical negligence and product liability causes of action relating to the 2017 and 2018 use in a clinical trial of a product candidate, Premvia, that the Company is no longer developing and has no plans to pursue, and that is not related to the cell therapy candidates the Company currently is developing. In February 2023, the Company and the other defendants each entered into settlement agreements with the plaintiff pursuant to which the defendants without admitting any liability, which the defendants expressly denied, each agreed to pay specified amounts to the plaintiff in exchange for a full settlement and release and discharge of claims. The Company’s insurance covered the full amount paid by the Company excluding the $25,000 insurance deductible.

HBL Books and Records Request

On April 17, 2023, Cell Cure Neurosciences Ltd. (“Cell Cure”), Lineage’s subsidiary, received a motion for disclosure of documents pursuant to Section 198A of the Israeli Companies Law 5759-1999. The motion was filed in the district court in Tel Aviv-Yafo by HBL Hadasit Bio-Holdings Ltd. (“HBL”), currently an approximately 5% shareholder of Cell Cure. According to the motion, the requested production of documents is intended to allow HBL to examine the possibility of pursuing a derivative action related to, among other things, the validity of an intercompany Collaboration and License Agreement (the “Intercompany Agreement”) entered into between Lineage and Cell Cure pursuant to which Cell Cure conveyed certain rights and other assets to Lineage, and Lineage agreed to undertake certain liabilities and obligations of Cell Cure relating to the OpRegen® program. In its motion, HBL alleges, among other things, that Lineage, in its capacity as Cell Cure’s controlling shareholder, and members of Cell Cure’s board of directors caused damage to Cell Cure because the Intercompany Agreement was an interested party transaction that was not fairly priced and exploits Cell Cure’s resources for the benefit of Lineage. The motion seeks an order to compel Cell Cure to disclose and deliver to HBL the documents described in the motion, such additional, cumulative, or alternative relief as the court deems appropriate, and reimbursement of HBL’s expenses, including attorneys’ fees. Lineage disputes the allegations and Cell Cure intends to oppose the motion. It is impossible at this time to assess whether the outcome of this proceeding will have a material adverse effect on Lineage’s consolidated results of operations, cash flows or financial position. Therefore, in accordance with ASC 450, Contingencies, Lineage has not recorded any accrual for a contingent liability associated with this legal proceeding based on its belief that a liability, while possible, is not probable nor estimable, and any range of potential contingent liability amounts cannot be reasonably estimated at this time. Lineage records legal expenses as incurred.

Employment Contracts

Lineage has entered into employment agreements with certain executive officers. Under the provisions of the agreements, Lineage may be required to incur severance obligations for matters relating to changes in control, as defined in the agreements, and involuntary terminations.

Indemnification

In the normal course of business, Lineage may agree to indemnify and reimburse other parties, typically Lineage’s clinical research organizations, investigators, clinical sites, and suppliers, for losses and expenses suffered or incurred by the indemnified parties arising from claims of third parties in connection with the use or testing of Lineage’s products and services. Indemnification could also cover third party infringement claims with respect to patent rights, copyrights, or other intellectual property pertaining to Lineage products and services. The term of these indemnification agreements generally continue in effect after the termination or expiration of the particular research, development, services, or license agreement to which they relate. The potential future payments Lineage could be required to make under these indemnification agreements will generally not be subject to any specified maximum amount. Generally, Lineage has not been subject to any material claims or demands for indemnification. Lineage maintains liability insurance policies that limit its financial exposure under the indemnification agreements. Accordingly, Lineage has not recorded any liabilities for these agreements as of March 31, 2023 or December 31, 2022.

Royalty Obligations and License Fees

We have licensing agreements with research institutions, universities and other parties providing us with certain rights to use intellectual property in conducting research and development activities in exchange for the payment of royalties on future product sales, if any. In addition, in order to maintain these licenses and other rights, we must comply with various conditions including the payment of patent related costs and annual minimum maintenance fees.

As part of the Asterias Merger, Lineage acquired certain royalty revenues for cash flows generated under certain patent families that Asterias acquired from Geron Corporation. Lineage continues to make royalty payments to Geron from royalties generated from these patents.

Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 315	$ 255
Operating cash flows from financing leases	2	5
Financing cash flows from financing leases	13	8
Operating leases		33
Finance leases	$ 79

Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

7. Goodwill and Intangible Assets, Net

At March 31, 2023 and December 31, 2022 goodwill and intangible assets, net consisted of the following (in thousands):

	March 31, 2023			December 31, 2022
	(unaudited)
Goodwill ⁽¹⁾	$	10,672		$	10,672

Intangible assets:
Acquired IPR&D – OPC1 (from the Asterias Merger) ⁽²⁾	$	31,700		$	31,700
Acquired IPR&D – VAC (from the Asterias Merger) ⁽²⁾		14,840			14,840
Intangible assets subject to amortization:
Acquired patents		18,953			18,953
Acquired royalty contracts ⁽³⁾		650			650
Total intangible assets		66,143			66,143
Accumulated amortization ⁽⁴⁾		(19,484	)		(19,451	)
Intangible assets, net	$	46,659		$	46,692

(1)	Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in the Asterias Merger, see Note 14 (Commitment and Contingencies) for further discussion on the Asterias Merger.

(2)	Asterias had two in-process research and development (“IPR&D”) intangible assets that were valued at $46.5 million as part of the purchase price allocation that was performed in connection with the Asterias Merger. The fair value of these assets consisted of $31.7 million pertaining to the OPC1 program and $14.8 million pertaining to the VAC platform.
(3)	Asterias had royalty cash flows under certain specific patent families it acquired from Geron Corporation (“Geron”). Such patents are expected to continue to generate revenue, are not used in the OPC1 or the VAC platform, and are considered to be separate long-lived intangible assets under Accounting Standards Codifications (“ASC”) Topic 805, Business Combinations.
(4)	As of March 31, 2023 acquired patents were fully amortized and the acquired royalty contracts had a remaining unamortized balance of approximately $119,000.

Lineage amortizes its intangible assets over an estimated period of 5 to 10 years on a straight-line basis. Lineage recognized approximately $33,000 in amortization expense of intangible assets during each of the three months ended March 31, 2023 and 2022.

Amortization of intangible assets for periods subsequent to March 31, 2023 is as follows (in thousands):

Year Ending December 31,	Amortization Expense
2023	$	97
2024		22
Total	$	119

Organization and Business Overview (Details Narrative) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2022	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Amount of grants received	$ 50.0	$ 14.3
Roche Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfont payment received		50.0
Collaboration License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments to be received upon performance conditions		$ 620.0

Basis of Presentation, Liquidity and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation, Liquidity and Summary of Significant Accounting Policies

2. Basis of Presentation, Liquidity and Summary of Significant Accounting Policies

The unaudited condensed consolidated interim financial statements presented herein, and discussed below, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. In accordance with those rules and regulations certain information and footnote disclosures normally included in comprehensive consolidated financial statements have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by GAAP. These condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2022 10-K.

The accompanying condensed consolidated interim financial statements, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of Lineage’s financial condition and results of operations. The condensed consolidated results of operations are not necessarily indicative of the results to be expected for any other interim period or for the entire year.

Principles of consolidation

Subsidiary

Field of Business

Lineage

Ownership

Country

Cell Cure Neurosciences Ltd.

Manufacturing of Lineage’s product candidates

%⁽¹⁾⁽²⁾

Israel

ES Cell International Pte. Ltd.

Research and clinical grade cell lines

100

Singapore

(1)

Includes shares owned by Lineage and ES Cell International Pte. Ltd.

(2)

Liquidity

Capital Resources

Our projected cash flows are subject to various risks and uncertainties, including those described and referenced under Part II, Item 1A, “Risk Factors” of this report.

Additional Capital Requirements

Significant Accounting Policies

Recently Adopted Accounting Pronouncements

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows (in thousands):

	2023		2021
	Three Months Ended March 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	315	$	255
Operating cash flows from financing leases		2		5
Financing cash flows from financing leases		13		8

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		-		33
Finance leases		79		-

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows (in thousands, except lease term and discount rate):

	March 31, 2023			December 31, 2022
Operating leases
Right-of-use assets, net	$	3,215		$	3,517

Right-of-use lease liabilities, current	$	912		$	916
Right-of-use lease liabilities, noncurrent		2,542			2,860
Total operating lease liabilities	$	3,454		$	3,776

Financing leases
Right-of-use assets, net	$	173		$	105

Lease liabilities, current	$	48		$	29
Lease liabilities, noncurrent		133			84
Total finance lease liabilities	$	181		$	113

Other current liabilities	$	3		$	7
Total finance lease liabilities	$	184		$	120

Weighted average remaining lease term
Operating leases		4.1 years			4.3 years
Finance leases		3.6 years			4.1 years
Weighted average discount rate
Operating leases		6.4	%		6.3	%
Finance leases		6.8	%		6.9	%

Schedule of Future Minimum Lease Commitments

Future minimum lease commitments are as follows as of March 31, 2023 (in thousands):

	Operating Leases			Finance Leases
Year Ending December 31,
2023	$	788		$	51
2024		957			61
2025		885			51
2026		647			27
2027		685			18
Total lease payments		3,962			208
Less imputed interest		(508	)		(24	)
Total	$	3,454		$	184

Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

HBL Books and Records Request

Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

Our disaggregated revenues were as follows for the periods presented (in thousands):

Schedule of Disaggregated Revenues

	Three Months Ended March 31, (Unaudited)
	2023		2022

Royalties	$	265	$	372

Revenues under collaborative agreements
Upfront license fees	$	2,121	$	4,865
Total revenues under collaborative agreements		2,121		4,865

Total revenue	$	2,386	$	5,237

During the three months ended March 31, 2023, we recognized $2.4 million in total revenue, of which $2.1 million was recognized in collaboration revenues related to the $50.0 million upfront payment from Roche, which was included in deferred revenues at December 31, 2022. During the three months ended March 31, 2022, we recognized $5.2 million in total revenue, of which $4.9 million was recognized in collaboration revenues related to the $50.0 million upfront payment from Roche, which was included in deferred revenues at December 31, 2021.

We are recognizing the $50.0 million upfront payment under the Roche Agreement utilizing an input method of costs incurred over total estimated costs to be incurred. At each reporting period, we update our total estimated collaboration costs, and any resulting adjustments are recorded on a cumulative basis which would affect revenue and net income (loss) in the period of adjustment. We believe the input methodology represents the most appropriate measure of progress towards satisfaction of the identified performance obligations.

Accounts receivable and other receivable, net, and deferred revenues (contract liabilities) from contracts with customers, including collaboration partners, consisted of the following (in thousands):

March 31,

2023

December 31, 2022

Accounts receivable and other receivable, net

173

297

Deferred revenues

35,026

37,146

As of March 31, 2023, the amounts included in the transaction price of our contracts with customers (ASU 2014-09 – Revenue from Contracts with Customers (Topic 606)), including collaboration partners, and allocated goods and services not yet provided were $36.6 million, of which $35.0 million has been collected and is reported as deferred revenues, and $1.6 million relates to unfulfilled commitments related to the ITI collaboration (see Note 14 (Commitments and Contingencies) for additional information), the latter is currently estimated to be delivered by the end of the first quarter of 2024. Of the total deferred revenues of $35.0 million, approximately $11.0 million is expected to be recognized within the next 12 months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 15
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Shareholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended
	Dec. 31, 2021	Mar. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, shares authorized			2,000,000		2,000,000
Preferred stock, no par value			$ 0		$ 0
Preferred stock, shares issued			0		0
Preferred stock, shares outstanding			0		0
Common stock, shares authorized			250,000,000		250,000,000
Common stock, no par value			$ 0		$ 0
Common stock, shares issued			170,173,789		170,093,114
Common stock, shares outstanding			170,173,789		170,093,114
Proceeds from issuance of common stock				$ 148
Sales Agreement [Member] \| Parent Company [Member]
Subsidiary or Equity Method Investee [Line Items]
Sale of stock, consideration received on transaction	$ 64,100	$ 25,000
Common stock unsold		$ 14,100
Number of shares sold			108,200
Price per share			$ 2.55
Proceeds from issuance of common stock			$ 300
Available for sale value			$ 63,800
2017 Sales Agreement [Member] \| Cantor Fitzgerald and Co Member [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage of commission payable			3.00%

Schedule of Intangible Assets Future Amortization Expenses (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 97
2024	22
Total	$ 119

Stock-Based Awards

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Awards

12. Stock-Based Awards

Equity Incentive Plan Awards

In September 2021, our shareholders approved the Lineage Cell Therapeutics, Inc. 2021 Equity Incentive Plan (the “2021 Plan”), which became effective upon such approval. The 2021 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, RSUs, and other stock awards. All of our employees (including those of our affiliates), non-employee directors and consultants are eligible to participate in the 2021 Plan.

Subject to adjustment for certain changes in our capitalization, the aggregate number of our common shares that may be issued under the 2021 Plan will not exceed the sum of (i) 15,000,000 shares and (ii) the number of shares subject to awards granted under the Lineage Cell Therapeutics Inc. 2012 Equity Incentive Plan (the “2012 Plan”) that were outstanding when the 2021 Plan became effective and are not issued because such awards expire or otherwise terminate. As of March 31, 2023, there were 5,830,827 shares available for grant under the 2021 Plan.

As a result of the approval of the 2021 Plan by our shareholders, no additional awards will be granted under the 2012 Plan.

A summary of activity under the 2021 Plan is as follows (in thousands, except per share amounts):

	Number of Options Outstanding			Number of RSUs Outstanding			Weighted Average Exercise Price
December 31, 2022		6,001			939		$	1.40
Options granted		5,235			-			1.46
Options expired/forfeited/cancelled		(22	)		-			1.37
RSUs forfeited		-			(100	)		-
RSUs vested		-			(80	)		-
March 31, 2023		11,214			759		$	1.43
Options exercisable at March 31, 2023		1,032					$	1.40

A summary of activity of the 2012 Plan, and the 2018 inducement option (which was issued to a Lineage executive outside of all equity plans), is as follows (in thousands, except per share amounts):

	Number of Options Outstanding			Weighted Average Exercise Price
December 31, 2022		12,172		$	1.83
Options exercised		(28	)		0.90
Options expired/forfeited/cancelled		(46	)		2.32
March 31, 2023		12,098		$	1.83
Options exercisable at March 31, 2023		9,289		$	1.79

Stock-based compensation expense

The fair value of each option award is estimated on the date of grant using a Black-Scholes option pricing model applying the weighted-average assumptions noted in the following table:

	Three Months Ended March 31, (unaudited)
	2023			2022
Expected life (in years)		6.25			6.25
Risk-free interest rates		4.2	%		1.9	%
Volatility		74.5	%		73.4	%
Dividend yield		-	%		-	%

Operating expenses include stock-based compensation expense as follows (in thousands):

	There Months Ended March 31, (unaudited)
	2023		2022
Research and development	$	205	$	215
General and administrative		826		891
Total stock-based compensation expense	$	1,031	$	1,106

As of March 31, 2023, total unrecognized compensation costs related to unvested stock options and unvested RSUs under all equity plans (including the 2018 inducement option), were $13.0 million, which is expected to be recognized as expense over a weighted average period of approximately 3.0 years.

Basic and diluted net income (loss) per share attributable to common shareholders

Basic earnings per share is calculated by dividing net income or loss attributable to Lineage common shareholders by the weighted average number of common shares outstanding, net of unvested restricted stock or restricted stock units, subject to repurchase by Lineage, if any, during the period. Diluted earnings per share is calculated by dividing the net income or loss attributable to Lineage common shareholders by the weighted average number of common shares outstanding, adjusted for the effects of potentially dilutive common shares issuable under outstanding stock options restricted stock awards and warrants, using the treasury-stock method, convertible preferred stock, if any, using the if-converted method, and treasury stock held by subsidiaries, if any.

For the three months ended March 31, 2023 and 2022, respectively, Lineage reported a net loss attributable to common shareholders, and therefore, all potentially dilutive common shares were considered antidilutive for those periods.

	Three Months Ended March 31, (unaudited)
	2023		2022
Stock options		23,312		19,665
Restricted stock units		759		1,010

Basis of Presentation, Liquidity and Summary of Significant Accounting Policies (Details Narrative) $ in Millions	Mar. 31, 2023 USD ($)
Accounting Policies [Abstract]
Cash and cash equivalents and marketable securities	$ 46.8
Amount reserved for future issuance	$ 63.8

Marketable Debt Securities (Tables)

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

Summary of Available for Sale Debt Securities

	March 31, 2023 (Unaudited)
Financial Assets:	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Treasury securities	$	30,960	$	1	$	(60	)	$	30,901
Total		30,960		1		(60	)		30,901

	December 31, 2022
Financial Assets:	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. Treasury securities	$	46,247	$	2	$	(152	)	$	46,097
Total		46,247		2		(152	)		46,097

Schedule of Amortized cost And Estimated fair Value

As of March 31, 2023 the amortized cost and estimated fair value of the Company’s available-for-sale debt securities by contractual maturity are shown below (in thousands):

	Amortized Cost		Estimated Fair Value
Available-for-sale debt securities maturing:
In one year or less	$	30,960	$	30,901
Total available-for-sale debt securities		30,960		30,901

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Paragraph 9
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (6,110)	$ (5,850)
Property and equipment, net	5,584	5,673
Equipment Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Right-of-use assets	3,291	3,264
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Right-of-use assets	2,313	2,150
Right Of Use Assets [Member]
Property, Plant and Equipment [Line Items]
Right-of-use assets	$ 6,090	$ 6,109