0000950170-25-036309 | 10-K | XBRL Viewer | Lineage Cell Therapeutics INC

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Stock-Based Awards - Schedule of Share-based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
2021 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance	10,824
Number of Options Outstanding, Options granted	6,584
Number of Options Outstanding, Options exercised	(20)
Number of Options Outstanding, Options expired/forfeited/cancelled	(730)
Number of Options Outstanding, Ending balance	16,658	10,824
Number of Options exercisable	5,969
Number of Options Exercisable and Expected to Vest	16,658
Number of RSUs Outstanding, Beginning balance	668
Number of RSUs Outstanding, RSUs forfeited	(100)
Number of RSUs Outstanding, RSUs vested	(67)
Number of RSUs Outstanding, Ending balance	501	668
Weighted Average Exercise Price of Options Outstanding, Beginning balance	$ 1.42
Weighted Average Exercise Price of Options Outstanding, Options granted	1.11
Weighted Average Exercise Price of Options, Options exercised	1.4
Weighted Average Exercise Price of Options Outstanding, Options expired/forfeited/cancelled	1.34
Weighted Average Exercise Price of Options Outstanding, Ending balance	1.3	$ 1.42
Weighted Average Exercise Price of Options exercisable	1.42
Weighted Average Exercise Price of Options exercisable and expected to vest	1.3
Weighted Average Grant Date Fair Value Per Share, Beginning balance	1.11
Weighted Average Grant Date Fair Value Per Share, RSUs forfeited	0.21
Weighted Average Grant Date Fair Value Per Share, RSUs Vested	1.5
Weighted Average Grant Date Fair Value Per Share, Ending balance	$ 1.24	$ 1.11
Weighted Average Remaining Contractual Team (Years),Options Outstanding	8 years 2 months 23 days	8 years 7 months 17 days
Weighted Average Remaining Contractual Team (Years),Options exercisable	7 years 6 months
Weighted Average Remaining Contractual Team (Years), Options exercisable and expected to vest	8 years 2 months 23 days
Aggregate Intrinsic Value, Options Outstanding	$ 0	$ 4
Aggregate Intrinsic Value, Options exercisable	0
Aggregate Intrinsic Value, Options exercisable and expected to vest	$ 0
2012 Equity Incentive Plan and 2018 Inducement Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance	10,839
Number of Options Outstanding, Options exercised	(267)
Number of Options Outstanding, Options expired/forfeited/cancelled	(504)
Number of Options Outstanding, Ending balance	10,068	10,839
Number of Options exercisable	9,784
Number of Options Exercisable and Expected to Vest	10,068
Weighted Average Exercise Price of Options Outstanding, Beginning balance	$ 1.83
Weighted Average Exercise Price of Options, Options exercised	0.75
Weighted Average Exercise Price of Options Outstanding, Options expired/forfeited/cancelled	2.15
Weighted Average Exercise Price of Options Outstanding, Ending balance	1.84	$ 1.83
Weighted Average Exercise Price of Options exercisable	1.82
Weighted Average Exercise Price of Options exercisable and expected to vest	$ 1.84
Weighted Average Remaining Contractual Team (Years),Options Outstanding	4 years 6 months 29 days	5 years 3 months 18 days
Weighted Average Remaining Contractual Team (Years),Options exercisable	4 years 6 months 10 days
Weighted Average Remaining Contractual Team (Years), Options exercisable and expected to vest	4 years 6 months 29 days
Aggregate Intrinsic Value, Options Outstanding	$ 0	$ 1,047
Aggregate Intrinsic Value, Options exercisable	0
Aggregate Intrinsic Value, Options exercisable and expected to vest	$ 0

Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Loss before net income tax benefit	$ (18,582)	$ (23,282)
Domestic Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Loss before net income tax benefit	(18,864)	(23,402)
Foreign Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Loss before net income tax benefit	$ 282	$ 120

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Marketable Securities - Schedule of Marketable Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Loss on marketable equity securities, net	$ (8)	$ (176)
Less: Loss recognized in earnings on marketable equity securities sold	4	23
Unrealized loss recognized on marketable equity securities held at end of period, net	$ (4)	$ (153)

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net loss	$ (18,582)	$ (21,479)
Other comprehensive loss, net of tax:
Foreign currency translation adjustment	189	353
Unrealized gain (loss) on marketable debt securities	3	150
COMPREHENSIVE LOSS	(18,390)	(20,976)
Less: Comprehensive (income) loss attributable to noncontrolling interest	(27)	(7)
COMPREHENSIVE LOSS ATTRIBUTABLE TO LINEAGE COMMON SHAREHOLDERS	$ (18,417)	$ (20,983)

- Definition

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

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- 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.

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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.

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

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+ Details

Employee Benefit Plan

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Employee Benefit Plan

14. Employee Benefit Plan

We have a defined contribution 401(k) plan for all employees. Under the terms of the plan, employees may make voluntary contributions as a percentage or defined amount of compensation. We provide a safe harbor contribution of up to 5.0% of the employee’s compensation, not to exceed eligible limits, and subject to employee participation. For each of the years ended December 31, 2024 and 2023, we incurred approximately $0.2 million in expenses related to the safe harbor contribution.

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets Net

At December 31, 2024 and 2023, goodwill and intangible assets, net consisted of the following (in thousands):


	December 31, 2024			December 31, 2023
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
		46,540			46,540
Intangible assets subject to amortization:
Acquired patents		18,953			18,953
Acquired royalty contracts (3)		650			650
Accumulated amortization (4)		(19,603	)		(19,581	)
		—			22

Intangible assets, net	$	46,540		$	46,562

(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 13 (Commitment and Contingencies) for further discussion on the Asterias Merger. To date, we have not recognized any goodwill impairment.

(2)

Asterias had two 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 at the acquisition date 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 patent families it acquired from Geron Corporation. Such patent families are expected to continue to generate revenue, are not used in the OPC1 or the VAC platform, and are considered to be separate intangible assets under ASC Topic 805, Business Combinations.

(4)

The acquired patents and acquired royalty contracts were fully amortized as of the end of the first quarter of 2024.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended
	Dec. 17, 2021	Jan. 31, 2022	Dec. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Income tax expense				$ 0	$ (1,803)
Deferred tax assets, operating loss carryforwards, domestic				177,000	163,100
Deferred tax benefit				0	1,803
Additions for tax positions related to prior years					2,609
Measurement period adjustment income tax expense benefit				1,200	1,100
Roche Agreement [Member]
Operating Loss Carryforwards [Line Items]
Upfront payment	$ 50,000	$ 50,000	$ 50,000
California [Member]
Operating Loss Carryforwards [Line Items]
Tax credit carryforward amount				$ 4,700	4,600
Tax credit carryforward limitations on use				The state of California also limited the use of their research and development credits to $5 million for tax years 2024 through 2026.
California [Member] \| Research and Development [Member]
Operating Loss Carryforwards [Line Items]
Tax credit carryforward amount				$ 5,000
Net operating loss carryforwards expiration description				2024 through 2026
Cell Cure Neurosciences Ltd [Member]
Operating Loss Carryforwards [Line Items]
Gain on transaction						$ 31,700
Maximum [Member] \| California [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforward expiration year				2044
Operating loss carryforward deduction tax year				2026
Minimum [Member] \| California [Member]
Operating Loss Carryforwards [Line Items]
California taxable income				$ 1,000
Operating loss carryforward expiration year				2030
Operating loss carryforward deduction tax year				2024
Pre-2018 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards expiration description				The pre-2018 federal net operating loss carryforwards expire in varying amounts between 2030 and 2037.
Pre-2018 [Member] \| Maximum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforward expiration year				2037
Pre-2018 [Member] \| Minimum [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforward expiration year				2030
Post-2017 [Member]
Operating Loss Carryforwards [Line Items]
Federal net operating loss carryforwards offset percent of taxable income				80.00%
Foreign Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards				$ 63,400	64,800
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards				213,600	188,800
Domestic Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Tax credit carryforward amount				$ 4,700	$ 4,300
Tax credit carryforward limitations on use				the credits generated each year have a carryforward period of 20 years
Net operating loss carryforwards expiration description				between 2023 and 2044

Stock-Based Awards (Tables)

12 Months Ended

Dec. 31, 2024

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:


	Year Ended December 31,
	2024			2023
Expected life (in years)		6.11			6.20
Risk-free interest rates		4.2	%		4.2	%
Volatility		76.2	%		74.7	%
Dividend yield		—			—

Schedule of Stock Based Compensation Expense

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


	Year Ended December 31,
	2024		2023
Research and development	$	646	$	794
General and administrative		4,431		3,846
Total stock-based compensation expense	$	5,077	$	4,640

2021 Equity Incentive Plan [Member]

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

Schedule of Share-based Compensation Activity

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


	Number of Options Outstanding (in thousands)			Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2023		10,824		$	1.42		8.63	$	4
Options granted		6,584		$	1.11
Options exercised		(20	)	$	1.40
Options expired/forfeited/cancelled		(730	)	$	1.34
Balance at December 31, 2024		16,658		$	1.30		8.23	$	—
Options exercisable at December 31, 2024		5,969		$	1.42		7.5	$	—
Options exercisable and expected to vest at December 31, 2024		16,658		$	1.30		8.23	$	—


	Number of RSUs Outstanding			Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2023		668		$	1.11
RSUs forfeited		(100	)	$	0.21
RSUs vested		(67	)	$	1.50
Balance at December 31, 2024		501		$	1.24

2012 Equity Incentive Plan and 2018 Inducement Option [Member]

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

Schedule of Share-based Compensation 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 (in thousands)			Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2023		10,839		$	1.83		5.30	$	1,047
Options exercised		(267	)	$	0.75
Options expired/forfeited/cancelled		(504	)	$	2.15
Balance at December 31, 2024		10,068		$	1.84		4.58	$	—
Options exercisable at December 31, 2024		9,784		$	1.82		4.53	$	—
Options exercisable and expected to vest at December 31, 2024		10,068		$	1.84		4.58	$	—

- 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

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

Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Safe harbour contribution, maximum contribution percentage	5.00%	5.00%
Expenses related to safe harbor contribution	$ 0.2	$ 0.2

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

12 Months Ended

Dec. 31, 2024

Cell Cure Neurosciences Ltd [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Field of business description

Manufacturing of Lineage’s product candidates

^[1]

Ownership percentage by parent

94.00%

^[1]

Es CellInternational Pte Ltd [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Field of business description

Research and clinical grade cell lines

Ownership percentage by parent

100.00%

[1]	Includes shares owned by Lineage and ES Cell International Pte. Ltd. (“ESI”).

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

At December 31, 2024 and 2023, accounts payable and accrued liabilities consist of the following (in thousands):


	December 31, 2024		December 31, 2023
Accounts payable	$	1,174	$	2,050
Accrued compensation		3,066		3,123
Accrued liabilities		1,197		1,097
Total	$	5,437	$	6,270

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

8. 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 in accordance with (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 that are unobservable. Unobservable inputs are those in which little or no market data exists, reflect those that a market participant would use, and are therefore determined using estimates and assumptions developed by the Company.

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

The carrying value of cash, restricted cash, accounts receivable, accounts payable, and accrued liabilities approximate their respective fair values due to their relative short maturities. We measure our cash equivalents, 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 as of December 31, 2024 and 2023 (in thousands):


			Fair Value Measurements Using
	Balance at December 31, 2024		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)	$	21,570	$	21,570	$	—	$	—
Marketable debt securities (1)		17,432		17,432		—		—
Marketable debt securities		1,992		1,992		—		—
Marketable equity securities (2)		24		24		—		—
Total assets measured at fair value	$	41,018	$	41,018	$	—	$	—
Liabilities:
Warrant liabilities (3)	$	6,161	$	—	$	—	$	6,161
Total liabilities measured at fair value	$	6,161	$	—	$	—	$	6,161


			Fair Value Measurements Using
	Balance at December 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)	$	21,029	$	21,029	$	—	$	—
Marketable debt securities (1)		8,856		8,856		—		—
Marketable equity securities (2)		50		50		—		—
Total assets measured at fair value	$	29,935	$	29,935	$	—	$	—

(1)

Included in cash and cash equivalents in the accompanying consolidated balance sheet. Marketable debt securities purchased with an original maturity of three months or less have been classified as cash equivalents.

(2)

Lineage’s marketable equity securities include the shares of stock of OCX and HBL. Both securities have readily determinable fair values quoted on the NASDAQ or TASE (Level 1). These securities are measured at fair value and reported as current assets on the accompanying consolidated balance sheets based on the closing trading price of the security as of the date being presented. Lineage has not owned any shares of OCX since June 30, 2024.

(3)

In determining fair value of the liability classified warrants, Lineage utilizes a Black-Scholes option pricing model that maximizes the use of observable inputs and minimizes the use of unobservable inputs to the extent possible. A significant increase or decrease in these Level 3 inputs could result in a significantly higher or lower fair value measurement.

The following table sets forth a summary of changes to Level 3 fair value measurements for the year ended December 31, 2024 (in thousands):


	Common Share Warrant Liabilities
Balance - December 31, 2023	$	—
Issued		8,289
Change in fair value of warrant liability recognized in the consolidated statement of operations		(2,128	)
Balance - December 31, 2024	$	6,161

Level 3 inputs - Significant assumptions used in valuing the warrant liabilities for the year ended December 31, 2024, were as follows:


	December 31, 2024
Expected stock price volatility	69.70% - 71.18%
Risk-free interest rate	4.27% - 4.30%
Expected dividend yield		—
Expected term (in years)	3.39 – 3.50

The expected stock price volatility assumption is determined using historical volatility of the Company’s common stock. The risk-free interest rate assumption is based on the U.S. Treasury yield curve whose term is consistent with the expected term of the stock options. The expected dividend yield is 0% as the Company has not paid and does not anticipate paying dividends on its common stock. The expected term represents the period from the warrant issuance to the earlier of (a) May 21, 2028, and (b) the 90th day following the date of the public disclosure of the intent to advance OpRegen (also known as RG6501) into a multi-center phase 2 or 3 clinical trial which includes a control or comparator arm, or if the date of such public disclosure occurs prior to May 21, 2025, the 90th day following May 21, 2025, with each such 90-day period subject to extension if certain conditions, including equity conditions, some of which are outside of our control, are not satisfied.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
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-Section 55
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 1,174	$ 2,050
Accrued compensation	3,066	3,123
Accrued liabilities	1,197	1,097
Total	$ 5,437	$ 6,270

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

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

The fair values of such assets and liabilities were as follows as of December 31, 2024 and 2023 (in thousands):


			Fair Value Measurements Using
	Balance at December 31, 2024		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)	$	21,570	$	21,570	$	—	$	—
Marketable debt securities (1)		17,432		17,432		—		—
Marketable debt securities		1,992		1,992		—		—
Marketable equity securities (2)		24		24		—		—
Total assets measured at fair value	$	41,018	$	41,018	$	—	$	—
Liabilities:
Warrant liabilities (3)	$	6,161	$	—	$	—	$	6,161
Total liabilities measured at fair value	$	6,161	$	—	$	—	$	6,161


			Fair Value Measurements Using
	Balance at December 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)	$	21,029	$	21,029	$	—	$	—
Marketable debt securities (1)		8,856		8,856		—		—
Marketable equity securities (2)		50		50		—		—
Total assets measured at fair value	$	29,935	$	29,935	$	—	$	—

(1)

(2)

(3)

Summary of Changes to Level 3 Fair Value Measurement

The following table sets forth a summary of changes to Level 3 fair value measurements for the year ended December 31, 2024 (in thousands):


	Common Share Warrant Liabilities
Balance - December 31, 2023	$	—
Issued		8,289
Change in fair value of warrant liability recognized in the consolidated statement of operations		(2,128	)
Balance - December 31, 2024	$	6,161

Summary of Significant Assumptions used in Valuing Warrant Liabilities

Level 3 inputs - Significant assumptions used in valuing the warrant liabilities for the year ended December 31, 2024, were as follows:


	December 31, 2024
Expected stock price volatility	69.70% - 71.18%
Risk-free interest rate	4.27% - 4.30%
Expected dividend yield		—
Expected term (in years)	3.39 – 3.50

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. 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 March 1, 2023 (the “Extended Term Commencement Date”). Monthly base rent for the first twelve months of the Extended Term was $25,200, and is subject to 3% annual increases. Rent was abated for months two through four of the Extended Term. As security for the performance of its obligations under the lease, Lineage provided the landlord a security deposit of $17,850, which is included in deposits and other long-term assets on the consolidated balance sheet as of December 31, 2024.

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 right-of-use assets and lease liabilities.

Carlsbad Sublease

In September 2022, Lineage 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 was originally set to expire on March 31, 2024. In February 2024, Lineage extended the term of the sublease for 24 months through March 31, 2026 on similar terms. During the extension period, the base rent is $23,000 per month for the first twelve months and will increase to $23,500 for the remaining twelve months. As security for the performance of its obligations under the sublease, Lineage provided the landlord with a security deposit of $22,500, which is included in deposits and other long-term assets on the consolidated balance sheet as of December 31, 2024.

CCN Leases

As of December 31, 2024, CCN leases approximately 2,096 square meters (approximately 22,600 square feet) of combined office and laboratory space in Jerusalem, Israel under a master lease, as amended, that expires December 31, 2027. Cumulative base rent and construction allowance payments are approximately 165,000 Israeli New Shekels (‘ILS”) per month (approximately $45,000 as of December 31, 2024), excluding any future rent escalations, and includes options to extend the lease term for five years. The U.S. dollar value of the ILS denominated base rent and construction allowance payments fluctuates based upon currency exchange rates. In addition to base rent, CCN 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, including parking usage fees. These pro-rata charges are expensed as incurred and excluded from the calculation of the ROU assets and lease liabilities.

CCN has security deposits denominated in ILS with the landlord for this master lease held as restricted cash during the term of the lease. The U.S. dollar value of the ILS denominated security deposits fluctuates based upon currency exchange rates and was $465,000 as of December 31, 2024, which is included in deposits and other long-term assets on the consolidated balance sheet.

Supplemental Information – Leases

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


	Year Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,218	$	1,129
Operating cash flows from finance leases	$	9	$	10
Financing cash flows from finance leases	$	54	$	54

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	597	$	—
Finance leases	$	36	$	79

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


	December 31, 2024			December 31, 2023
Operating leases
Right-of-use assets	$	2,143		$	2,522

Right-of-use lease liabilities, current	$	1,097		$	830
Right-of-use lease liabilities, noncurrent		1,295			1,979
Total operating lease liabilities	$	2,392		$	2,809

Finance leases
Right-of-use assets	$	204		$	198
Accumulated amortization		(89	)		(67	)
Right-of-use assets, net	$	115		$	131

Right-of-use lease liabilities, current	$	55		$	52
Right-of-use lease liabilities, noncurrent		67			91
Total finance lease liabilities	$	122		$	143

Weighted average remaining lease term
Operating leases	2.5 years			3.5 years
Finance leases	2.4 years			3.0 years

Weighted average discount rate
Operating leases		6.4	%		6.5	%
Finance leases		7.1	%		6.9	%

Future minimum lease commitments are as follows as of December 31, 2024 (in thousands):


	Operating Leases			Finance Leases
Year Ending December 31,
2025	$	1,178		$	64
2026		738			39
2027		685			29
Total lease payments		2,601			132
Less imputed interest		(209	)		(10	)
Total	$	2,392		$	122

Operating lease expense was $1.1 million for the twelve months ended December 31, 2024 and 2023, respectively.

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 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 CCN, 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 CCN’s agreements with Hadasit (as discussed below). The payment obligation 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, CCN will be required to pay Hadasit 21.5% of the amount of costs not incurred.

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 CCN for further development.

Under the Encouragement of Research, Development and Technological Innovation in the Industry Law 5744, and the regulations, guidelines, rules, procedures and benefit tracks thereunder (collectively, the “Innovation Law”), 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 CCN 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 paid the IIA approximately 24.1% of the upfront payment it received under the Roche Agreement, or $12.1 million, and is obligated to pay the IIA approximately 24.1% of any 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 December 31, 2024, the aggregate cap amount was approximately $95.4 million.

Pursuant to the Second Amended and Restated License Agreement, dated June 15, 2017, between CCN and Hadasit, and a certain letter agreement entered into on December 17, 2021, CCN paid a sublicensing fee to Hadasit of $8.9 million or 21.5% of the $50.0 million upfront payment under the Roche Agreement (subject to certain reductions), and CCN is obligated to pay Hadasit (i) a maximum of 21.5% of all milestone payments Lineage receives under the Roche Agreement (subject to certain reductions, including for costs related to Lineage’s performance obligations under the Roche Agreement), and (ii) 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 the Clinical Trial and Option Agreement (the “Second CTOA Amendment”) with CRUK and Cancer Research Technology (“CRT”). The Second CTOA Amendment amended the initial agreement and the first amendment to the Clinical Trial and Option Agreement, each of which is dated September 8, 2014, between Asterias, CRUK and CRT. Pursuant to the Second 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 paid a signature fee of £1,250,000 (approximately $1.6 million based upon exchange rates in effect when the fee was paid). 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

We have obligations under 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-related revenue 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 or royalty payment received in respect of IIA-funded programs. Royalties are payable to licensors or government entities based on a percentage of net sales of licensed

products. As of December 31, 2024, we have not included these commitments on our 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.

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 against the company and certain other named defendants challenging the Asterias Merger.

In February 2023, the court approved a Stipulation and Agreement of Compromise and Settlement pursuant to which, 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 during the first quarter of 2023.

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, CCN 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 (the “Court”) by HBL Hadasit Bio-Holdings Ltd. (“HBL”), currently an approximately 5% shareholder of CCN. 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 CCN pursuant to which CCN conveyed certain rights and other assets to Lineage, and Lineage agreed to undertake certain liabilities and obligations of CCN relating to the OpRegen® program. In its motion, HBL alleges, among other things, that Lineage, in its capacity as CCN’s controlling shareholder, and members of CCN’s board of directors caused damage to CCN because the Intercompany Agreement was an interested party transaction that was not fairly priced and exploits CCN’s resources for the benefit of Lineage. The motion seeks an order to compel CCN 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. The Court held a hearing on the motion on March 14, 2024 at which the Court proposed, and the parties agreed, to retain a third-party valuation firm to assess the fairness of the valuation that was performed in support of the Intercompany Agreement. 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 employment agreements with all of its 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. In addition, Lineage has entered into indemnification agreements with officers and members of its board of directors that will require Lineage, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as officers or directors. The potential future payments Lineage could be required to make under the indemnification agreements described in this paragraph 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 described in this paragraph. Accordingly, Lineage has not recorded any liabilities for these agreements as of December 31, 2024 or 2023.

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 royalty revenues for cash flows generated under patent families that Asterias acquired from Geron Corporation. Lineage continues to make royalty payments to Geron from royalties generated from these patents. Royalty revenues and royalty payments are included within royalties, license and other revenues and cost of sales, respectively, in our consolidated statements of operations.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Cash and cash equivalents – Lineage considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of December 31, 2024 and 2023, Lineage had $21.6 million and $21.0 million in money market funds, respectively, considered to be cash equivalents. Additionally, as of December 31, 2024 and 2023, Lineage had $17.4 and $8.9 million in marketable debt securities, classified as cash equivalents due to their original maturity of three months or less at the time of purchase.

Restricted cash – At December 31, 2024 and 2023, the Company had restricted cash of $0.1 million required to be set aside for its corporate credit card facility. Additionally, CCN has restricted cash related to its office lease. See Note 13 (Commitments and contingencies).

Marketable debt securities - Lineage accounts for its holdings of U.S. Treasury securities in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 320-10-50, Debt Securities. Marketable debt securities purchased with an original maturity of three months or less have been classified as cash equivalents and those purchased with an original maturity of more than three months have been classified as “available-for-sale” and are carried at estimated fair value on the consolidated balance sheet. Unrealized gains and losses are excluded from earnings and are included in other comprehensive income or loss and reported as a separate component of stockholders’ equity or deficit until realized. Realized gains or losses on available-for-sale debt securities are included in other income (expense). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion, together with interest on securities, are included in interest income on the Company’s consolidated statement of operations. The cost of securities sold is based on the specific-identification method. In accordance with the Company’s investment policy, management invests in debt securities with high credit quality, including U.S. government securities.

Any unrealized losses attributable to current expected credit loss (“CECL”) would be recorded through an allowance for credit losses, limited to the amount by which the fair value is below amortized cost, with the offsetting amount recorded in other income or expense in the consolidated statement of operations. To date, no such credit losses have occurred or have been recorded. Unrealized losses not attributable to an expected credit loss and unrealized gains on investments are recorded in other comprehensive income (loss) on the consolidated statements comprehensive loss. Realized gains and losses, if any, on investments classified as available-for-sale securities are included in other income or expense. The amortized cost of investments classified as available-for-sale debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest. See Note 4 (Marketable Securities) for additional information.

Marketable equity securities - Lineage accounts for the shares it holds in HBL Hadasit Bio-Holdings Ltd (“HBL”) and OncoCyte Corporation (“OCX”) as marketable equity securities in accordance with ASC 320-10-25, Investments – Debt and Equity Securities, as amended by Accounting Standards Update (“ASU”) 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, further discussed below.

The HBL shares have a readily determinable fair value quoted on the Tel Aviv Stock Exchange (“TASE”) under the trading symbol “HDST” where share prices are denominated in New Israeli Shekels (NIS). Lineage has not owned any shares of OCX since June 30, 2024. Shares of OCX have readily determinable fair values quoted on the NYSE American under trading symbol “OCX”.

Accounts receivable, net – Net accounts receivables amounted to $0.6 million and $0.7 million as of December 31, 2024 and 2023, respectively. Net trade receivables include an allowance for credit losses of approximately zero and $0.1 million as of December 31, 2024 and 2023, for those amounts deemed uncollectible by Lineage. Lineage establishes an allowance for credit losses based on the evaluation of the collectability of its receivables using a variety of factors, including the length of time receivables are past due, significant events that may impair the customer’s ability to pay, such as a bankruptcy filing or deterioration in the customers operating results or financial position, and historical experience. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. Accounts receivable, net is primarily comprised of royalty-based revenue and other service revenue. Lineage has deemed the risk of customer default within its royalty-based revenues to be low, as the receivable amounts: i) are based on estimates and/or reports directly communicated by its royalty-related sublicensees, and ii) have not historically been impacted by macro-economic uncertainties (i.e., interest rates, inflation, GDP growth) as it relates to collectability. As such, a credit loss allowance per the provisions of CECL is not determined to be necessary. Lineage has deemed the risk of customer default within the other service revenues to be low primarily due to customer creditworthiness.

Concentrations of credit risk, significant sources of supply, and significant customers – Financial instruments that potentially subject Lineage to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable debt securities. Lineage limits the amount of credit exposure of cash balances by maintaining its accounts in high credit quality financial institutions. Cash equivalent deposits with financial institutions may occasionally exceed the limits of insurance on bank deposits; however, Lineage has not experienced any losses on such accounts. Lineage mitigates its credit exposure on marketable debt securities by investing in short term U.S. Treasuries securities.

Lineage relies on single-source, third-party suppliers for a few key components of our product candidates. If these single-source, third-party suppliers are unable to continue providing a key component, the initiation or progress of any clinical studies of its product candidates may be impeded.

For the years ended December 31, 2024 and 2023, $8.1 million and $7.6 million, respectively, of the Company’s total revenue came from our collaboration under the Roche Agreement.

Property and equipment, net – Property and equipment, including finance lease right-of-use assets, are stated at cost, net of accumulated depreciation and amortization. The cost of property and equipment is depreciated or amortized using the straight-line method over the estimated useful life of the asset, ranging from 3 to 10 years. Finance lease right-of-use assets are amortized over the lease term. Leasehold improvements are amortized over the shorter of the useful life or the lease term. See Note 5 (Property and Equipment, Net) for additional information.

Goodwill and IPR&D – Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. Goodwill is tested for impairment in accordance with ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. In-process research and development (“IPR&D”) assets are indefinite-lived intangible assets until the completion or abandonment of the associated research and development (“R&D”) efforts. Once the R&D efforts are completed or abandoned, the IPR&D will either be amortized over the asset’s estimated life as a finite-lived intangible asset or be impaired, respectively, in accordance with ASC 350, Intangibles – Goodwill and Other. In accordance with ASC 350, goodwill and acquired IPR&D are determined to have indefinite lives and, therefore, are not amortized. Instead, they are tested for impairment at least annually and between annual tests if we become aware of an event or a change in circumstances that would indicate the asset may be impaired.

Intangible assets – Intangible assets, consisting primarily of acquired patents, patent applications, and licenses to use certain patents are stated at acquired cost, less accumulated amortization. Amortization expense is computed using the straight-line method over the estimated useful lives of the assets, generally over 5 to 10 years.

Impairment of long-lived assets – Long-lived assets, including property and equipment and intangible assets, are reviewed annually for impairment and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an impairment indicator is present, Lineage evaluates recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the estimated fair value of the assets. The Company did not recognize any impairment losses for the years ended December 31, 2024 and 2023.

Leases - We account for leases in accordance with ASC 842, Leases. We determine if an arrangement is a lease at inception. Leases are classified as either financing or operating, with classification affecting the pattern of expense recognition in the consolidated statements of operations. Under the available practical expedients for the adoption of ASC 842, we account for the lease and non-lease components as a single lease component. We recognize right-of-use (“ROU”) assets and lease liabilities for leases with terms greater than twelve months in the consolidated balance sheet. ROU assets represent our right to use an underlying asset during the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating and finance lease ROU assets also includes any lease payments made and excludes lease incentives. Our lease terms used to determine operating and finance lease ROU assets and liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Lease expense for finance lease payments is recognized as amortization of ROU assets and related interest. Operating leases ROU assets are included in noncurrent assets and finance leases ROU assets are included in property and equipment; finance and lease liabilities are included in the current and long-term liabilities in the consolidated balance sheets.

Accounting for warrants - The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC Topic 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s common shares, whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance. Liability and equity-classified warrants are valued using a Black-Scholes option pricing model at issuance, and for liability-classified warrants, at each reporting period end date while the warrants are outstanding. Changes in fair value of liability-classified warrants are recorded in the consolidated statements of operations, and reflected as an adjustment to reconcile net loss to net cash used in operating activities in the consolidated statements of cash flows. See Note 10 (Shareholders’ Equity) for additional information.

Transactions with noncontrolling interests of subsidiaries - Lineage accounts for a change in ownership interests in its subsidiaries that does not result in a change of control of the subsidiary by Lineage under the provisions of ASC 810-10-45-23, Consolidation – Other Presentation Matters, which prescribes the accounting for changes in ownership interest that do not result in a change in control of the subsidiary, as defined by GAAP, before and after the transaction. Under this guidance, changes in a controlling shareholder’s ownership interest that do not result in a change of control, as defined by GAAP, in the subsidiary are accounted for as equity transactions. Thus, if the controlling shareholder retains control, no gain or loss is recognized in the statements of operations of the controlling shareholder. Similarly, the controlling shareholder will not record any additional acquisition adjustments to reflect its subsequent purchases of additional shares in the subsidiary if there is no change of control. Only a proportional and immediate transfer of carrying value between the controlling and the noncontrolling shareholders occurs based on the respective ownership percentages.

Foreign currency translation adjustments and other comprehensive income or loss - In countries in which Lineage operates where the functional currency is other than the U.S. dollar, assets and liabilities are translated using published exchange rates in effect at the consolidated balance sheet date. Revenues and expenses and cash flows are translated using an approximate weighted average exchange rate for the period. Resulting foreign currency translation adjustments are recorded as other comprehensive income or loss, net of tax, in the consolidated statements of comprehensive income or loss and included as a component of accumulated other comprehensive income or loss on the consolidated balance sheets. Foreign currency translation adjustments are primarily attributable to CCN and ESI, Lineage’s consolidated foreign subsidiaries. For the years ended December 31, 2024 and 2023, the total comprehensive loss includes gains from foreign currency translation adjustments, of $0.2 million and $0.4 million, respectively, net of an insignificant amount of tax. As of December 31, 2024 and 2023, we had cumulative translation adjustments of $2.5 million and $2.7 million, respectively, net of an insignificant amount of tax.

Foreign currency transaction gains and losses - For transactions denominated in other than the functional currency of Lineage or its subsidiaries, Lineage recognizes transaction gains and losses in the consolidated statements of operations and classifies the gain or loss based on the nature of the item that generated it. Lineage’s foreign currency transaction gains and losses are primarily generated by CCN’s and ESI’s intercompany debt owed to Lineage which is U.S. dollar-denominated, while the functional currency is the Israeli New Shekel (“ILS”) and the Singapore Dollar (“SGD”), respectively. At each balance sheet date, Lineage remeasures the intercompany debt using the current exchange rate at that date pursuant to ASC 830, Foreign Currency Matters.

Revenue recognition from royalties, license and other revenues - For agreements that include sales-based royalties, including commercial milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, Lineage recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Lineage estimates and recognizes royalty revenues based on all available information, including estimates provided by the customer or licensee from which Lineage obtains such estimates directly for each reporting period. Actual revenues ultimately received may differ from those estimates recorded and are adjusted in the period when information on actuals is available to Lineage.

Revenue Recognition from collaborative agreements - At contract inception, we review collaborative agreements to determine if the accounting treatment falls under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), or ASC Topic 808, Collaborative Arrangements (“ASC 808”). For agreements that may be within the scope of ASC 808, we may analogize to ASC 606 for some aspects of the agreements. If elements of the collaboration reflect a vendor-customer relationship, then those elements are within the scope ASC 606. The classification of transactions under our arrangements is determined based on the nature and contractual terms of the arrangement along with the nature of the operations of the participants.

The Company determines revenue recognition for agreements within the scope of Topic 606 in accordance with ASU 2014-09, Revenues from Contracts with Customers (Topic 606), and in a manner that depicts the transfer of control of a product or a service to a customer and reflects the amount of the consideration it is entitled to receive in exchange for such product or service. In doing so, Lineage follows a five-step approach: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations; and (v) recognize revenue when (or as) the customer obtains control of the product or service. Lineage considers the terms of a contract and all relevant facts and circumstances

when applying the revenue recognition standard. Lineage applies the revenue recognition standard, including the use of any practical expedients, consistently to contracts with similar characteristics and in similar circumstances.

The terms of our collaborative agreements typically include one or more of the following: (i) upfront fees; (ii) milestone payments related to achievement of development or commercial milestones; (iii) royalties on net sales of licensed products; and (iv) reimbursement of cost-sharing of research and development (“R&D”) expenses. Each of these payments eventually result in collaboration revenues. When a portion of non-refundable upfront fees or other payments received are allocated to continuing performance obligations under the terms of a collaborative agreement, they are recorded as deferred revenue and recognized as collaboration revenue when (or as) the underlying performance obligation is satisfied.

To identify the performance obligations within the collaboration agreements, we first identify all the promises in the contract (i.e., explicit and implicit), which may include a customer option to acquire additional goods or services for free or at a discount. We exclude any immaterial promises from the assessment of identifying performance obligations. When an option is identified as providing a customer with a material right, the option is identified as a performance obligation. A portion of the transaction price is then allocated to the option and recognized when (or as) the future goods or services related to the option are provided, or when the option expires.

As part of the accounting treatment for these agreements, we must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligations. The following items are estimated in the calculation of the stand-alone selling price: forecasted revenues and development costs, development timelines, discount rates and probabilities of technical and regulatory success. We evaluate each performance obligation to determine if they can be satisfied at a point in time or over time, and we measure the services delivered to our collaboration partners each reporting period, which is based on the progress of the related program. If necessary, we adjust the measure of performance and related revenue recognition. Any such adjustments are recorded on a cumulative catch-up basis which would affect revenue and net income (loss) in the period of adjustment. In addition, variable considerations (e.g., milestone payments) must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price.

•

Upfront fees - If a license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize collaboration revenues from the transaction price allocated to the license when the license is transferred to the licensee, and the licensee is able to use and benefit from the license. When the license is determined to be non-distinct, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time, and, if over time, the appropriate method of measuring progress for purposes of recognizing collaboration revenue from the allocated transaction price. For example, when we receive upfront fees for the performance of research and development services, or when research and development services are not considered to be distinct from a license, we recognize collaboration revenue for those units of account over time using a measure of progress. We evaluate the measure of progress at each reporting period and, if necessary, adjust the measure of performance and related revenue as a change in estimate.

•

Milestone payments - At the inception of each collaboration agreement that includes milestone payments (variable consideration), we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our or the collaboration partner’s control, such as non-operational developmental and regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, we re-evaluate the probability of achievement of milestones that are within our or the collaboration partner’s control, such as operational developmental milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues and net income (loss) in the period of adjustment. Revisions to our estimate of the transaction price may also result in negative collaboration revenues and net income (loss) in the period of adjustment.

•

Royalties - For collaboration agreements that include sales-based royalties, including commercial milestone payments based on the level of sales, and the license is deemed to be the predominant item to

which the royalties relate, we recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

•

Reimbursement, cost-sharing payments - Under certain collaborative agreements, we will receive reimbursement for a portion of our R&D expenses. Such reimbursements are reviewed for gross versus net reporting considerations and reflected either as a reduction of R&D expense or as reimbursement revenue in our consolidated statements of operations.

Research and development expenses - Research and development expenses consist of costs incurred for company-sponsored, collaborative and contracted research and development activities. These costs include direct expenses and indirect research-related overhead expenses including compensation and related benefits, stock-based compensation, consulting fees, research and laboratory fees, rent of research facilities, amortization of intangible assets, and license fees paid to third parties to acquire patents or licenses to use patents and other technology. Research and development costs with no future benefit or alternative use will be expensed as incurred. Research and development expenses incurred and reimbursed by grants from third parties approximate the grant income recognized in the consolidated statements of operations. Royalties and sublicensing fees are recorded as research and development expenses, unless these costs are associated with royalties from product sales, which we classify as cost of sales in our consolidated statements of operations. We expect our total research and development expenses to fluctuate each reporting period based on several factors including (i) the stage of development for each cell therapy program, (ii) the availability of resources to work on each program, and (iii) the timing of contractual obligations.

General and administrative expenses - General and administrative expenses consist of employee and director compensation and related benefits, including stock-based compensation, for executive and corporate personnel, professional and consulting fees, and allocated overhead such as facilities rent and equipment rent and maintenance, insurance costs allocated to general and administrative expenses, costs of patent applications, prosecution and maintenance, stock exchange-related costs, depreciation expense, marketing costs, legal and accounting costs, and other miscellaneous expenses.

Stock-based compensation - Lineage follows accounting standards governing share-based payments in accordance with ASC 718, Compensation – Stock Compensation, which require the measurement and recognition of compensation expense for all share-based payment awards made to directors and employees based on estimated fair values.

The Company recognizes share-based compensation for equity awards granted to employees, non-employee director and consultants as an expense on the consolidated statements of operations. Share-based compensation is recognized over the requisite service period of the individual awards using the straight-line attribution method, which generally equals the vesting period. Employees stock options primarily have a ten-year life and generally vest 25% on the first anniversary of the grant and in 1/36th equal installments on each monthly anniversary thereafter, such that options are fully vested on the four-year anniversary of the date of grant. The exercisability and vesting periods of options granted to directors and consultants vary. Restricted stock units subject to time-based vesting generally vest in four equal annual installments beginning on the first anniversary of the grant date. Restricted stock units subject to performance-based vesting will vest in connection with the achievement of certain development milestones (see Note 11 (Stock-Based Awards) for additional details).

For employee, non-employee director and consultant stock options, we utilize the Black-Scholes option pricing model for valuing share-based payment awards. Lineage’s determination of fair value of share-based payment awards on the date of grant using that option-pricing model is affected by the price of Lineage’s common shares as well as by assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to: (i) the expected stock price volatility over the term of the awards, based upon our historical volatility; (ii) the expected term of options granted, which is derived using the simplified method, which is an average of the contractual term of the option and its vesting period, as we do not have sufficient historical exercise data upon which to estimate the expected term; and (iii) the risk-free rate, which is based on the U.S. Treasury yield in effect at the time of grant for U.S. Treasury notes with maturities similar to the expected term of the awards. Stock option forfeitures are accounted for as they occur.

For restricted stock units (“RSUs”) subject to service and/or performance vesting conditions, the grant-date fair value is established based on the closing price of Lineage’s common shares on such date. Stock-based compensation expense for RSUs subject to only service conditions is recognized on a straight-line basis over the service period. Stock-based compensation expense for RSUs with both service and performance conditions is recognized on a graded basis only if it is probable that the performance condition will be achieved. Lineage accounts for forfeitures of RSUs as they occur in determining stock-based compensation expense.

Although the fair value of employee stock options and RSUs are determined in accordance with FASB guidance, changes in the assumptions can materially affect the estimated value and therefore the amount of compensation expense recognized in the consolidated financial statements.

Income taxes - Lineage accounts for income taxes in accordance with ASC Topic 740, Income Taxes ("ASC 740"), which prescribe the use of the asset and liability method, whereby deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect. Valuation allowances are established when necessary to reduce deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will not be realized. ASC 740 guidance also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For benefits to be recognized, a tax position must be more-likely-than-not sustainable upon examination by taxing authorities. Lineage files a U.S. federal income tax return as well as California combined and foreign income tax returns. Lineage’s judgments regarding future taxable income may change over time due to changes in market conditions, changes in tax laws, tax planning strategies or other factors. If Lineage assumptions, and consequently the estimates, change in the future with respect to Lineage’s own deferred tax assets and liabilities, the valuation allowance may be increased or decreased, which may have a material impact on Lineage’s consolidated financial statements. Lineage recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense; however, no amounts were accrued for the payment of interest and penalties as of December 31, 2024 and 2023. We provided a reserve against our federal and California research and development credits generated. The carryforward amounts for these credits have been reported net of these reserves. Accordingly, no accrued interest and penalties related to unrecognized tax benefits have been recorded as of December 31, 2024 and 2023.

On December 22, 2017, the United States enacted major federal tax reform legislation, Public Law No. 115-97, commonly referred to as the 2017 Tax Cuts and Jobs Act (“2017 Tax Act”), which enacted a broad range of changes to the Internal Revenue Code. Beginning in 2018, the 2017 Tax Act subjects a U.S. stockholder to tax on Global Intangible Low Tax Income (“GILTI”) earned by certain foreign subsidiaries. In general, GILTI is the excess of a U.S. shareholder’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. See Note 12 (Income Taxes) for additional information.

Current interpretations under ASC 740 state that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense. We have elected to account for GILTI as a current period expense when incurred.

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 stock options and RSUs, 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 years ended December 31, 2024 and 2023, respectively, Lineage reported a net loss attributable to common shareholders, and therefore, all potentially dilutive common shares were considered antidilutive for those periods.

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):


	Year Ended December 31,
	2024		2023
Stock options		26,726		21,663
Restricted stock units		501		668
Warrants		33,158		—

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and its adoption did not have a significant impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The purpose of ASU 2024-03 is to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development) ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently assessing the impact that this new guidance will have on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The new standard requires a company to expand its existing income tax disclosures, specifically related to the rate reconciliation and income taxes paid. The standard is effective for us beginning in fiscal year 2025, with early adoption permitted, and is expected to be applied prospectively, but retrospective application is permitted. We are currently evaluating the impact of ASU 2023-09 on the consolidated financial statements and related disclosures.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The domestic and foreign breakout of loss before net income tax benefit was as follows:


	Year Ended December 31,
	2024			2023
Domestic	$	(18,864	)	$	(23,402	)
Foreign		282			120
Loss before net income tax benefit	$	(18,582	)	$	(23,282	)

Schedule of Income Tax Rate Reconciliation

Income taxes differed from the amounts computed by applying the indicated current U.S. federal income tax rate to pretax losses from operations as a result of the following:


	Year Ended December 31,
	2024			2023
Computed tax benefit at federal statutory rate		21	%		21	%
Research and development and other credits		2	%		(1	)%
Permanent differences		1	%		(1	)%
Change in valuation allowance		(34	)%		(12	)%
State tax benefit		10	%		2	%
GILTI inclusion		—	%		(1	)%
Income tax benefit (expense)		—	%		8	%

Schedule of Components of Deferred Tax Assets and Liabilities

The primary components of the deferred tax assets and liabilities at December 31, 2024 and 2023 were as follows (in thousands):


Deferred tax assets/(liabilities):	December 31, 2024			December 31, 2023
Net operating loss carryforwards	$	68,180		$	63,461
Research and development and other credits		9,433			8,890
Patents and licenses		1,612			1,606
Stock-based compensation		3,841			3,117
Operating lease liability		233			240
Capitalized research expense		8,441			6,217
Other		1,688			1,707
Total deferred tax assets		93,428			85,238
Valuation allowance		(86,314	)		(80,513	)
Deferred tax assets, net of valuation allowance		7,114			4,725

Operating lease ROU assets		(219	)		(221	)
Intangibles		(7,168	)		(4,771	)
Marketable securities at fair value		—			(6	)
Total deferred tax liabilities		(7,387	)		(4,998	)

Net deferred tax liabilities	$	(273	)	$	(273	)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of beginning and ending balances for unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2024		2023
Balance at the beginning of the period	$	2,963	$	—
Additions for tax positions related to the current year		190		354
Additions for tax positions related to prior years		—		2,609
Balance at the end of the period	$	3,153	$	2,963

Organization, Basis of Presentation and Liquidity

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Basis of Presentation and Liquidity

1. Organization, Basis of Presentation and Liquidity

We are a clinical-stage biotechnology company developing novel allogeneic, or "off-the-shelf," cell therapies for serious neurological and ophthalmic conditions. Our programs are based on our proprietary, cell-based technology platform and associated development, formulation, delivery 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. The cells we manufacture are produced by applying directed differentiation processes to established, well-characterized, and self-renewing pluripotent cell lines. These processes are based on specific developmental lineages and generated cells with desired characteristics. Functional cells developed from such lineages and which are relevant to the underlying condition are transplanted into patients in an effort to (a) replace or support cells that are absent or dysfunctional due to degenerative disease, aging, or traumatic injury, and (b) restore or enhance the patient's functional activity.

Our business strategy is to efficiently leverage our technology platform and our development and manufacturing capabilities to advance our programs internally or in conjunction with strategic partners to further enhance their value and probability of success.

A significant area of focus is a collaboration we entered into with F. Hoffmann-La Roche Ltd and Genentech, Inc., a member of the Roche Group (collectively or individually, “Roche” or “Genentech”), under which our lead cell therapy program known as OpRegen®, is being developed for the treatment of ocular disorders, including geographic atrophy (“GA”) secondary to age-related macular degeneration (“AMD”). OpRegen (also known as RG6501) is a suspension of human allogeneic retinal pigmented epithelial (“RPE”) cells and is currently being evaluated in a Phase 2a multicenter clinical trial in patients with GA secondary to AMD which is referred to as the “GAlette Study”. OpRegen subretinal delivery has the potential to counteract RPE cell loss in areas of GA lesions by supporting retinal cell health and improving retinal structure and function. Under the terms of the Collaboration and License Agreement we entered into with Roche in December 2021 (the “Roche Agreement”), we received a $50.0 million upfront payment in January 2022 and are eligible to receive up to an additional $620.0 million in developmental, regulatory, and commercialization milestone payments. We also are eligible to receive tiered double-digit percentage royalties on net sales of OpRegen in the U.S. and other major markets. In May 2024, we entered into an additional agreement with Genentech (“Services Agreement”) pursuant to which we agreed to provide Genentech with supplemental clinical, technical, training, manufacturing, and procurement services that support the ongoing advancement of the OpRegen program in exchange for certain payments. In September 2024, Roche and Genentech announced receipt of Regenerative Medicine Advanced Therapy (“RMAT”) designation from the U.S. Food and Drug Administration (“FDA”) for OpRegen for the treatment of GA secondary to dry AMD.

Our most advanced internally owned product candidate is OPC1, an allogeneic oligodendrocyte progenitor cell therapy designed to improve recovery following a spinal cord injury (“SCI”). Improved functional activity can lead to greater mobility and enhanced quality of life for patients and significant cost-savings for caregivers and payors. OPC1 also has an extensive long-term safety profile based on two clinical trials conducted to date: a five-patient Phase 1 safety trial in acute thoracic SCI, where all active subjects have been followed for at least 13 years, and a 25-patient Phase 1/2a multicenter dose-escalation trial in subacute cervical SCI, where all active subjects were evaluated for at least 7 years. Results from these studies have been published in the Journal of Neurosurgery Spine. OPC1 clinical development has been supported in part by a $14.3 million grant from the California Institute for Regenerative Medicine (“CIRM”). We plan to apply for additional funding from CIRM to support continued clinical development of OPC1 for the treatment of SCI when CIRM begins accepting new applications, which they have indicated they will do in Spring 2025. See “Grants from Government Entities – Grants from the California Institute for Regenerative Medicine,” below. In December 2023, we filed an Investigational New Drug (“IND”) amendment for OPC1 as it relates to our proposed DOSED (Delivery of Oligodendrocyte Progenitor Cells for Spinal Cord Injury: Evaluation of a Novel Device) clinical study, to evaluate the safety and utility of a novel spinal cord delivery device designed to administer OPC1 to the spinal parenchyma in subacute and chronic SCI patients. In March 2024, we received written correspondence from the FDA, advising us that due to their significant workload and conflicting PDUFA priorities at the agency, its review of our IND amendment and the DOSED study protocol was still ongoing, which remained so throughout 2024. On January 31, 2025, the FDA informed us that we could proceed with the DOSED study and shortly thereafter we announced that we were initiating the study. The study will enroll both subacute (between 21 to 42 days

following injury) and chronic (between 1 to 5 years following injury) SCI patients. The DOSED study will be the first study of OPC1 to include patients with a chronic injury, a condition which comprises the majority of SCI patients. We expect DOSED will enable future subsequent studies aimed to demonstrate OPC1’s ability to impact functional outcomes. UC San Diego Health, was named as the first participating site for the DOSED study. The DOSED study is expected to commence enrollment in the second quarter of 2025. See “Clinical Stage Cell Transplant Programs – OPC1,” below for additional information

Our complete pipeline of allogeneic, or “off-the-shelf”, neurology and ophthalmic cell therapy programs currently available to us for development includes:

•

OpRegen (RG6501), an allogeneic RPE cell replacement therapy currently in a Phase 2a multicenter, open-label, single arm clinical trial, the GAlette Study, being conducted by Genentech, for the treatment of GA secondary to AMD.

•

OPC1, an allogeneic oligodendrocyte progenitor cell therapy currently in a Phase 1b, multicenter, open -label safety trial, the DOSED study, which is designed to test the safety and utility of a novel spinal cord delivery device in subacute and chronic SCI patients. OPC1 continues to be evaluated in long-term follow-up from two completed Phase 1 and Phase 1/2a multicenter clinical trials in thoracic and subacute cervical SCI patients.

•

ReSonanceTM (ANP1), an allogeneic auditory neuron progenitor cell transplant currently in preclinical development for the treatment of sensorineural hearing loss.

•

PNC1, an allogeneic photoreceptor cell transplant currently in preclinical development for the treatment of vision loss due to photoreceptor dysfunction or damage.

•

RND1, a cell transplant program for an undisclosed indication, currently being developed through a gene editing collaboration with Factor Biosciences Limited.

•

A proprietary hypoimmune cell line, which may have utility in additional central nervous system indications.

Other Programs and Technologies

Although we have to date focused on neurological and ophthalmic cell types, the pluripotent cells which our platform is based on are capable of becoming any of the cell types of the human body. We currently maintain a list of additional undisclosed product candidates which may be considered for development, or partnership in the future, and which altogether cover a range of therapeutic areas and conditions. 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. We may elect not to develop or partner any of these product candidates.

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

Basis of Presentation

Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period presentation. The reclassification of these items had no impact on net loss, net loss per share, financial position or cash flows in the current or prior periods. Specifically, our reclassifications are (i) operating lease right-of-use assets are now presented separately from property and equipment, net, on the consolidated balance sheets, (ii) cost of sales are now included in operating expenses on the consolidated statements of operations, and (iii) foreign currency transaction gains (losses) are now presented separately from other income (expenses) on the consolidated statements of operations.

Use of Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period with consideration given to materiality. Estimates and assumptions which are subject to significant judgment include those related to revenue recognition under collaborative agreements, impairment of intangible assets, deferred income taxes and tax reserves, and judgments used to determine whether warrants, at the time of their issuance, should be classified as liabilities or equity. Actual results could differ materially from those estimates.

Segments and Principles of Consolidation

Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. See Note 15 (Segment Information) for additional information. Lineage’s consolidated financial statements include the accounts of its subsidiaries. The following table reflects Lineage’s ownership, directly or through one or more subsidiaries, of the outstanding shares of its operating subsidiaries as of December 31, 2024.


Subsidiary	Field of Business	Lineage Ownership	Country
Cell Cure Neurosciences Ltd.	Manufacturing of Lineage’s product candidates	94%(1)	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. (“ESI”).

All material intercompany accounts and transactions have been eliminated in consolidation. As of December 31, 2024, Lineage consolidates 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 consolidated balance sheets.

Liquidity

On December 31, 2024, we had $47.8 million of cash, cash equivalents and marketable securities. On December 31, 2024, the Company had restricted cash of $0.1 million required to be set aside for its corporate credit card facility. Additionally, Cell Cure Neuroscience, Ltd. (“CCN”) has restricted cash related to its lease. See Note 13 (Commitments and Contingencies). Based on our current operating plan, we believe that our cash, cash equivalents and marketable securities, will be sufficient to enable us to carry out our planned operations through at least twelve months from the issuance date of our consolidated financial statements.

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, receipt of proceeds from research grants, revenues from collaborations, royalties from product sales, and sales of research products and services.

As of December 31, 2024, $39.97 million remained available for sale under our at-the-market offering program ("ATM"). See Note 10 (Shareholders’ Equity) for additional information.

As of December 31, 2024, we had $2.0 million of marketable securities. 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 pandemics, geopolitical conflicts, political and economic instability, rising inflation and interest rates, and other macroeconomic factors.

Additional Capital Requirements

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

Our obligations to licensors under license agreements and our obligations related to grants received from government entities require us to make future payments, such as sublicense fees, milestone payments, redemption fees, royalty fees and patent maintenance fees. Sublicense fees are payable to licensors or government entities when we sublicense the applicable intellectual property to third parties; the fees are based on a percentage of the license-related revenue we receive from sublicensees. Milestone payments, including those related to the Roche Agreement, are due to licensors or government entities upon achievement of commercial, development and regulatory milestones. Redemption fees due to the IIA under the Innovation Law are due upon receipt of milestone payments and royalties received under the Roche Agreement. See Note 13 (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 fees 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 December 31, 2024, we have not included these commitments on our consolidated balance sheet because the achievement of events that would trigger our payment obligations and the timing thereof 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 - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	26,726	21,663
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	501	668
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	33,158	0

Stock-Based Awards - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
unrecognized compensation costs		$ 8,200,000
Weighted average period for recognition		2 years 4 months 24 days
Total intrinsic value of options exercised		$ 135,000	$ 38,000
Fair value of the options vested		$ 4,853,000	$ 3,947,000
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock units, granted		0	0
Weighted average period for recognition		1 year 1 month 6 days
2021 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Increase in shares authorized for issuance	19,500,000
Number of shares available for grant		21,877,761
Number of restricted stock units, forfeited		100,000
Weighted average grant-date fair value per share of options granted		$ 0.77	$ 1
2021 Equity Incentive Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance		34,500,000

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (4,384)	$ (3,880)
Property and equipment, net	2,251	2,245
Equipment Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,131	3,614
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,300	2,313
Right-of-use assets - Finance Lease [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 204	$ 198

Marketable Securities

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Marketable Securities

4. Marketable Securities

The following table summarizes the fair value of marketable securities held by the Company and their location in the Company’s consolidated balance sheet (in thousands):


	December 31, 2024		December 31, 2023
Marketable debt securities
Included within cash and cash equivalents	$	17,432	$	8,856
Included within marketable securities	$	1,992	$	—
Marketable equity securities
Included within marketable securities	$	24	$	50

Marketable Debt Securities

The following tables summarize the available-for-sale debt securities classified within cash and cash equivalents and within marketable securities in the Company’s consolidated balance sheet as of December 31, 2024 and 2023 (in thousands):


	December 31, 2024
Financial Assets:	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	19,420	$	4	$	—	$	19,424
Total	$	19,420	$	4	$	—	$	19,424


	December 31, 2023
Financial Assets:	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	8,855	$	1	$	—	$	8,856
Total	$	8,855	$	1	$	—	$	8,856

The Company has not recognized an allowance for credit losses on any securities in an unrealized loss position as of December 31, 2024 and 2023. The Company believes that any individual unrealized losses represent temporary declines resulting from changes in interest rates, and we intend to hold these marketable debt securities to their maturity.

As of December 31, 2024, the amortized cost and estimated fair value of the Company’s available-for-sale debt securities by contractual maturity are shown below (in thousands):


Available-for-sale debt securities maturing:	Amortized Cost		Estimated Fair Value
In one year or less	$	19,420	$	19,424
Total available-for-sale debt securities	$	19,420	$	19,424

Marketable Equity Securities

Marketable equity securities are reported at fair value with unrealized gains and losses related to mark-to-market adjustments included in income. Lineage’s marketable equity securities have consisted of shares of common stock of OCX and of HBL. All share prices are determined based on the closing price of OCX and HBL common stock on the last trading day of the applicable quarter. Lineage has not owned any shares of OCX since June 30, 2024.

The following table represents the realized and unrealized loss on marketable equity securities for the periods presented (in thousands):


	Year Ended December 31,
	2024			2023
Loss on marketable equity securities, net	$	(8	)	$	(176	)
Less: Loss recognized in earnings on marketable equity securities sold		4			23
Unrealized loss recognized on marketable equity securities held at end of period, net	$	(4	)	$	(153	)

Revenue - Schedule of Disaggregated Revenues (Parenthetical) (Details) - USD ($)

1 Months Ended

12 Months Ended

Dec. 17, 2021

Jan. 31, 2022

Dec. 31, 2021

Dec. 31, 2024

Dec. 31, 2023

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Royalties, license and other revenues

^[1]

$ 1,350,000

$ 1,357,000

Revenue recognized included in deferred revenue

$ 30,000

$ 87,000

Roche Agreement [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Upfront payment

$ 50,000,000

Roche Agreement [Member] | Upfront License Fees [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Upfront payment

$ 50,000,000

[1]	Of the royalties, license and other revenues recognized each period, $30,000 and $87,000 was included within deferred revenues as contract liabilities as of January 1, 2024 and 2023, respectively.

Commitments and Contingencies - Additional Information (Details)		1 Months Ended								3 Months Ended	12 Months Ended
	Dec. 17, 2021 USD ($)	Feb. 28, 2023 USD ($)	Sep. 30, 2022 ft²	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)	May 31, 2020 GBP (£)	May 31, 2020 USD ($)	May 31, 2019 ft²	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) m² ft²	Dec. 31, 2024 ILS (₪)	Dec. 31, 2023 USD ($)	Mar. 01, 2023 USD ($)	Dec. 17, 2017
Loss Contingencies [Line Items]
Deposit assets											$ 100,000		$ 100,000
Operating lease expense											$ 1,100,000		$ 1,100,000
Insurance deductable		$ 25,000
Roche Agreement [Member]
Loss Contingencies [Line Items]
Upfront payment	$ 50,000,000			$ 50,000,000	$ 50,000,000
Maximum milestone payments to be received upon performance conditions				620,000,000	$ 620,000,000
Roche Agreement [Member] \| Israel Innovation Authority [Member]
Loss Contingencies [Line Items]
Loss contingency accrual, payments				12,100,000
Roche Agreement [Member] \| Hadasit Medical Research Services and Development Ltd [Member]
Loss Contingencies [Line Items]
Loss contingency accrual, payments				8,900,000
Contingency withheld amount				$ 1,900,000
Pay costs percentage				21.50%
Agreements With Hadasit and IIA [Member]
Loss Contingencies [Line Items]
Upfront payment percentage						24.10%
Upfront payment received						$ 12,100,000
Grants awarded percentage											50.00%
Royalty payment percentage															50.00%
Upfront and Royalty payment						24.10%
Aggregate cap amount											$ 95,400,000
Sublicensing fee	$ 8,900,000
Sublicensing fee percentage	21.50%
Maximum percentage of milestone payments	21.50%
License Agreement [Member]
Loss Contingencies [Line Items]
Agreed signature fee amount							£ 1,250,000	$ 1,600,000
License Agreement [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Clinical regulatory milestone \| £							8,000,000
Sales related milestones \| £							£ 22,500,000
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
Carlsbad Lease [Member]
Loss Contingencies [Line Items]
Rentable area \| ft²									8,841
Base monthly rent														$ 25,200
Security deposit											$ 17,850
Lease commencement date									Mar. 01, 2023
Base rent increase rate														3.00%
Carlsbad Sub Lease [Member]
Loss Contingencies [Line Items]
Rentable area \| ft²			4,500
Lease expiration date			Mar. 31, 2024
Lease commencement date			Oct. 01, 2022
Sublease agreement option to extend											In February 2024, Lineage extended the term of the sublease for 24 months through March 31, 2026 on similar terms.	In February 2024, Lineage extended the term of the sublease for 24 months through March 31, 2026 on similar terms.
Rent for first twelve months											$ 23,000
Rent for remaining twelve months											23,500
Carlsbad Sub Lease [Member] \| Deposits and Other Long-Term Assets [Member]
Loss Contingencies [Line Items]
Security deposit											$ 22,500
CCN Leases [Member]
Loss Contingencies [Line Items]
Rentable area \| ft²											22,600
Lease expiration date											Dec. 31, 2027	Dec. 31, 2027
Land subject to ground leases \| m²											2,096
Lessee operating lease renewal term description											options to extend the lease term for five years	options to extend the lease term for five years
Base rent and construction allowance per month											$ 45,000	₪ 165,000
Deposit assets											$ 465,000

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

At December 31, 2024 and 2023, property and equipment, net was comprised of the following (in thousands):


	December 31, 2024			December 31, 2023
Equipment, furniture and fixtures	$	4,131		$	3,614
Leasehold improvements		2,300			2,313
Right-of-use assets - finance lease		204			198
Accumulated depreciation and amortization		(4,384	)		(3,880	)
Property and equipment, net	$	2,251		$	2,245

Related Party Transactions - Additional Information (Details) - USD ($)				2 Months Ended	59 Months Ended
	Jan. 27, 2025	Nov. 21, 2024	Feb. 06, 2024	Jan. 27, 2025	Dec. 31, 2023	Dec. 31, 2024
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Shares issued through registered direct financings, shares		31,578,951		39,473,688
Class of warrant or right, number	39,473,688	31,578,951		39,473,688
Common stock, shares issued					174,986,671	220,416,326
Combined purchase price of common stock and warrants	$ 0.76	$ 0.76		$ 0.76
Warrant exercisable into common share		1
Exercise price per share		$ 0.91
Date of warrants exercisable		May 21, 2025
Warrants and rights expiry date		May 21, 2028
Parent Company [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Sale of stock			13,461,540
Offering price			$ 1.04
Broadwood Partners, L.P [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Sale of stock			6,730,770
Broadwood Partners, L.P [Member] \| Subsequent Event
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Shares issued through registered direct financings, shares	7,894,737
Class of warrant or right, number	7,894,737			7,894,737
Combined purchase price of common stock and warrants	$ 0.76			$ 0.76
Warrant exercisable into common share	1			1
Exercise price per share	$ 0.91			$ 0.91
Date of warrants exercisable	May 21, 2025
Warrants and rights expiry date	May 21, 2028			May 21, 2028
Neal Bradsher [Member] \| Broadwood Partners, L.P [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Legal expenses					$ 626,000
Don M. Bailey [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Sale of stock			96,155

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
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	450,000,000	450,000,000
Common stock, shares issued	220,416,326	174,986,671
Common stock, shares outstanding	220,416,326	174,986,671

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenues

Our disaggregated revenues were as follows (in thousands):


	Year Ended December 31,
	2024		2023
Revenues under collaborative agreements
Upfront license fees (1)	$	8,149	$	7,588
Total revenues under collaborative agreements		8,149		7,588

Royalties, license and other revenues (2)		1,350		1,357

Total revenue	$	9,499	$	8,945

(1)

All of the upfront license fee revenue recognized each period was included within deferred revenue as contract liabilities at the beginning of the period. This revenue originated from the $50.0 million upfront payment under the Roche Agreement.

(2)

Of the royalties, license and other revenues recognized each period, $30,000 and $87,000 was included within deferred revenues as contract liabilities as of January 1, 2024 and 2023, respectively.

Schedule of Contract with Customer Contract Liability and Receivable

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


	December 31, 2024		December 31, 2023
Accounts receivable, net - beginning of the year (1)	$	676	$	297
Accounts receivable, net - end of the period (1)	$	638	$	676

Contract liabilities (1)
Deferred revenues - beginning of the year	$	29,501	$	37,146
Deferred revenues - end of the period (2)	$	21,821	$	29,501

(1)

Excludes grants receivable which are outside the scope of ASU 2014-09.

(2)

Deferred revenue related to the Roche Agreement was $20.6 million as of December 31, 2024.

Schedule of Collaboration Agreements

The following table presents amounts under our collaboration agreements included in the transaction price (i.e., cumulative amounts triggered or probable) as of December 31, 2024 (in thousands):


	Upfront(1)		Development(2)		Reimbursements (3)		Total
Collaboration partner and agreement date:
ITI (April 2021)(4)	$	500	$	500	$	2,220	$	3,220
Roche (December 2021)(5)		50,000		—		—		50,000
Total amounts under our collaboration agreements included in the transaction price	$	50,500	$	500	$	2,220	$	53,220

(1)

Upfront license fees.

(2)

Event-based development and regulatory milestones amounts.

(3)

Reimbursements and costs-sharing payments.

(4)

Regarding the accounting treatment for the Immunomic Therapeutics, Inc.("ITI") collaborative agreement, the license and related development deliverables were determined to be highly interdependent and interrelated and have been combined as one performance obligation. Delivery is determined to be over time and revenue will be recognized utilizing an input method of costs incurred over total estimated costs in the work plan. The regulatory milestones are variable considerations that are fully constrained until the uncertainty of each milestone has been resolved. Sales-based milestones and royalties are variable considerations that will not be included in the transaction price until the related commercialization and sales have occurred. The cost reimbursements are considered variable consideration and are included in the transaction price. Revenues related to the cost reimbursements are presented gross on the consolidated statement of operations instead of a reduction to the costs being reimbursed. We currently estimate the unsatisfied performance obligations within the contract to be completed during the year ending December 31, 2025.

(5)

Regarding the accounting treatment for the Roche Agreement collaboration, the license, technology transfer and related clinical deliverables were determined to be highly interdependent and interrelated and have been combined as one performance obligation. Delivery is determined to be over time and revenue will be recognized utilizing an input method of costs incurred over total estimated costs to complete the performance obligation. A material customer option for additional goods and services was included in the transaction price, and $12.0 million of the transaction price was allocated to the second performance obligation. The option will be recognized when the customer exercises the option or when this option expires. Regulatory and development milestones are variable considerations that are fully constrained until the uncertainty of each milestone has been resolved. Sales-based milestones and royalties are variable considerations that will not be included in the transaction price until the related commercialization milestones and sales targets have occurred. We currently estimate the unsatisfied performance obligations within the contract to be substantially completed by December 31, 2026.

Shareholders’ Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Shareholders' Equity

10. 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 December 31, 2024 and 2023, there were no preferred shares issued or outstanding.

Common Shares

At December 31, 2024, Lineage was authorized to issue 450,000,000 common shares, no par value. As of December 31, 2024 and 2023, there were 220,416,326 and 174,986,671 common shares issued and outstanding, respectively.

At-The-Market Offering Program

In May 2020, Lineage entered into a Controlled Equity OfferingSM Sales Agreement (the “Prior Sales Agreement”) with Cantor Fitzgerald & Co., as sales agent, pursuant to which Lineage could sell its common shares from time to time through an ATM program.

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 through the ATM program under the Prior Sales Agreement, which was

updated, amended and supplemented by a prospectus supplement filed with the SEC on May 18, 2023 (the prospectus supplement filed in December 2021, as updated, amended and supplemented by the prospectus supplement filed in May 2023, the “Prior Prospectus Supplement”).

In March 2024, Lineage terminated the Prior Sales Agreement and entered into a sales agreement (the “ATM Sales Agreement”) with B. Riley Securities, Inc., as sales agent (“Sales Agent”), under which Lineage may offer and sell its common shares from time to time through an ATM program.

In March 2024, Lineage filed a prospectus supplement with the SEC in connection with the offer and sale of $40.00 million of common shares through the ATM program under the ATM Sales Agreement which was updated, amended and supplemented by a prospectus supplement filed with the SEC on May 14, 2024 in connection with the offer and sale of $39.97 million of common shares through the ATM program under the ATM Sales Agreement (the prospectus supplement filed in March 2024, as updated, amended and supplemented by the prospectus supplement filed in May 2024, the “2024 Prospectus Supplement”).

Prior to its termination in March 2024, Lineage had sold 4,912,803 common shares under the Prior Prospectus Supplement at a weighted average price per share of $1.41 for gross proceeds of $6.9 million. During the three months ended March 31, 2024, Lineage sold 30,000 common shares under the Prior Prospectus Supplement at a weighted average price per share of $1.23 for gross proceeds of $37,000. During the three months ended June 30, 2024, Lineage sold 25,830 common shares under the 2024 Prospectus Supplement at a weighted average price per share of $1.30 for gross proceeds of $33,000. Lineage did not sell any common shares under the 2024 Prospectus Supplement during the six months ended December 31, 2024. As of December 31, 2024, $39.97 million remained available for sale under the 2024 Prospectus Supplement.

The shares offered under the 2024 Prospectus Supplement are registered pursuant to Lineage’s effective shelf registration statement on Form S-3 (File No. 333-277758), which was filed with the SEC on March 7, 2024 and declared effective on May 14, 2024.

Lineage agreed to pay Sales Agent a commission of up to 3.0% of the aggregate gross proceeds from the sale of shares under the ATM Sales Agreement, reimburse its legal fees and disbursements, and provide Sales Agent with customary indemnification and contribution rights. The Sales Agreement may be terminated by Sales Agent or Lineage at any time upon notice to the other party, or by Sales Agent 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.

February 2024 Registered Direct Offering

On February 6, 2024, Lineage entered into a stock purchase agreement with certain investors relating to the purchase and sale in a registered direct offering of an aggregate of 13,461,540 of Lineage’s common shares. The offering price was $1.04 per common share. The offering closed on February 8, 2024 with gross proceeds of $14.0 million. Finance related fees for this offering totaled approximately $0.1 million. See Note 9 (Related Party Transactions) for shares issued in this offering to a related party.

November 2024 Registered Direct Offering

On November 19, 2024, we entered into securities purchase agreements with unaffiliated healthcare focused institutional investors and with Broadwood Partners relating to the purchase and sale in a registered direct offering of an aggregate of up to 39,473,688 of our common shares and accompanying warrants to purchase an aggregate of up to 39,473,688 of our common shares at a combined purchase price of $0.76 per common share and accompanying warrant.

On November 21, 2024, we closed the first tranche of the offering and in connection therewith we issued to the unaffiliated healthcare focused institutional investors an aggregate of 31,578,951 common shares and accompanying warrants to purchase an aggregate of up to 31,578,951 of our common shares at a combined purchase price of $0.76 per common share and accompanying warrant. Each warrant is exercisable for one common share at an exercise price

of $0.91 per common share and will be exercisable beginning May 21, 2025 and will expire on the earlier of (a) May 21, 2028, and (b) the 90th day following the date of the public disclosure of the intent to advance OpRegen® (also known as RG6501) into a multi-center phase 2 or 3 clinical trial which includes a control or comparator arm, or if the date of such public disclosure occurs prior to May 21, 2025, the 90th day following May 21, 2025, with each such 90-day period subject to extension if certain conditions, including equity conditions, some of which are outside of our control, are not satisfied. The warrants also provide for cashless exercise in certain circumstances, including if the shares issuable upon exercise thereof are not covered by an effective registration statement. The aggregate gross proceeds from this closing was $24 million, with $2.3 million for related issuance costs. The warrants issued at this closing had a fair value of approximately $7.9 million at issuance and are classified as warrant liabilities in the Company’s consolidated financial statements. See Note 8 (Fair Value Measurements) for additional information.

The offering of the securities to Broadwood Partners was subject to obtaining shareholder approval to satisfy applicable NYSE American rules, which was obtained at our special meeting of shareholders on January 27, 2025. Following such meeting, we closed the second tranche of the offering and in connection therewith we issued to Broadwood Partners 7,894,737 common shares and an accompanying warrant to purchase an aggregate of up to 7,894,737 common shares, at a combined purchase price of $0.76 per common share and accompanying warrant. The terms of such warrant are substantially the same as those described above. The aggregate gross proceeds from this closing was $6 million, with approximately $0.5 million for related issuance costs. See Note 8 (Fair Value Measurements) for additional information.

We entered into an engagement letter with H.C. Wainwright & Co., LLC (“Wainwright”), pursuant to which Wainwright agreed to serve as our exclusive placement agent, on a reasonable best efforts basis, in connection with the offering described above. Pursuant to the engagement letter, we paid Wainwright a cash fee equal to 7% of the aggregate gross proceeds and a management fee equal to 1.0% of the aggregate gross proceeds we received at each closing. In addition, at each closing, we issued to Wainwright (or its designees) warrants to purchase our common shares with terms that are substantially similar to those described above except that the warrants issued to Wainwright (or its designees) have an exercise price of $0.95 per share. In the aggregate we issued to Wainwright (or its designees) warrants to purchase 1,973,684 of our common shares. The warrants issued to Wainwright (or its designees) in connection with the first closing had a fair value of approximately $0.4 million at issuance and are classified as warrant liabilities in the Company’s consolidated financial statements. See Note 8 (Fair Value Measurements) for additional information.

The purchase and sale of our common shares and accompanying warrants described above was made pursuant to the registration statement on Form S-3 (File No. 333-277758), which was declared effective by the Securities and Exchange Commission on May 14, 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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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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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 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions

9. 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 13 (Commitments and Contingencies)), 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. (“Broadwood Partners”), a shareholder of Lineage and an affiliate of Mr. Bradsher, and Broadwood Capital, Inc., which serves as the general partner of Broadwood Partners, all of whom were named defendants in the lawsuits, prior to being dismissed. From inception of the matter through July 2023, Lineage incurred approximately $626,000 in legal expenses on behalf of the foregoing parties, and since then Lineage has not incurred any additional such expenses.

On February 6, 2024, Lineage entered into a stock purchase agreement with certain investors relating to the purchase and sale in a registered direct offering of an aggregate of 13,461,540 of Lineage’s common shares. The offering price was $1.04 per common share. The offering closed on February 8, 2024. Broadwood Partners purchased 6,730,770 common shares in the offering and Don Bailey, a member of Lineage’s board of directors, purchased 96,155 shares in the offering.

On November 19, 2024, Lineage entered into securities purchase agreements with certain unaffiliated healthcare focused institutional investors and with Broadwood Partners relating to the purchase and sale in a registered direct offering of an aggregate of up to 39,473,688 of our common shares and accompanying warrants to purchase an aggregate of up to 39,473,688 of our common shares at a combined purchase price of $0.76 per common share and accompanying warrant. In January 2025, following receipt of stockholder approval of the issuance of our common shares and accompanying warrant pursuant to the terms of the securities purchase agreement between us and Broadwood Partners, Broadwood Partners purchased 7,894,737 common shares and an accompanying warrant to purchase an aggregate of up to 7,894,737 common shares. Such warrant will be exercisable for one common share at an exercise price of $0.91 per common share commencing on May 21, 2025 and will expire on the earlier of (a) May 21, 2028, and (b) the 90th day following the date of the public disclosure of the intent to advance OpRegen (also known as RG6501) into a multi-center phase 2 or 3 clinical trial which includes a control or comparator arm, or if the date of such public disclosure occurs prior to May 21, 2025, the 90th day following May 21, 2025, with each such 90-day period subject to extension if certain conditions, including equity conditions, some of which are outside of our control, are not satisfied.

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

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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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Revenue - Schedule of Contract with Customer Contract Liability and Receivable (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Accounts receivable, net - beginning of the year

^[1]

$ 676

$ 297

Accounts receivable, net - end of the period

^[1]

638

676

Deferred revenues - beginning of the year

^[1]

29,501

^[2]

37,146

Deferred revenues - end of the period

^[1],[2]

$ 21,821

$ 29,501

[1]	Excludes grants receivable which are outside the scope of ASU 2014-09.
[2]	Deferred revenue related to the Roche Agreement was $20.6 million as of December 31, 2024.

Organization, Basis of Presentation and Liquidity (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [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	94%(1)	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. (“ESI”).

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					2 Months Ended	3 Months Ended		12 Months Ended
	Jan. 27, 2025	Nov. 21, 2024	Feb. 08, 2024	Feb. 06, 2024	Jan. 27, 2025	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	May 14, 2024	Feb. 29, 2024	Dec. 31, 2021
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								450,000,000	450,000,000
Common stock, no par value								$ 0	$ 0
Shares issued through registered direct financings, shares		31,578,951			39,473,688
Common stock, shares issued								220,416,326	174,986,671
Common stock, shares outstanding								220,416,326	174,986,671
Warrant exercisable into common share		1
Warrants and rights expiry date		May 21, 2028
Proceeds from sale of common shares with warrants		$ 24,000
Stock issuance costs		2,300
Fair value of warrant liabilities		$ 7,900						$ 6,161
Combined purchase price of common stock and warrants	$ 0.76	$ 0.76			$ 0.76
Date of warrants exercisable		May 21, 2025
Class of warrant or right, number	39,473,688	31,578,951			39,473,688
Exercise price per share		$ 0.91
Fair value of warrant liabilities								$ (2,128)	$ 0
Broadwood Partners, L.P [Member]
Subsidiary or Equity Method Investee [Line Items]
Sale of stock				6,730,770
Broadwood Partners, L.P [Member] \| Subsequent Event
Subsidiary or Equity Method Investee [Line Items]
Shares issued through registered direct financings, shares	7,894,737
Warrant exercisable into common share	1				1
Warrants and rights expiry date	May 21, 2028				May 21, 2028
Proceeds from sale of common shares with warrants	$ 6,000
Stock issuance costs	$ 500
Combined purchase price of common stock and warrants	$ 0.76				$ 0.76
Date of warrants exercisable	May 21, 2025
Class of warrant or right, number	7,894,737				7,894,737
Exercise price per share	$ 0.91				$ 0.91
H.C. Wainwright & Co., LLC [Member]
Subsidiary or Equity Method Investee [Line Items]
Fair value of warrant liabilities		$ 400
Aggregate cash fee percentage								7.00%
Percentage of management fee of aggregate gross proceeds								1.00%
Class of warrant or right, number	1,973,684				1,973,684
Exercise price per share								$ 0.95
H.C. Wainwright & Co., LLC [Member] \| Subsequent Event
Subsidiary or Equity Method Investee [Line Items]
Class of warrant or right, number	394,736				394,736
Parent Company [Member]
Subsidiary or Equity Method Investee [Line Items]
Sale of stock				13,461,540
Sale of Stock, Price Per Share				$ 1.04
Sales Agreement [Member] \| Parent Company [Member]
Subsidiary or Equity Method Investee [Line Items]
Equity securities available for sale								$ 39,970
February 2024 Registered Direct Offering \| Parent Company [Member]
Subsidiary or Equity Method Investee [Line Items]
Proceeds from sale of common shares with warrants			$ 14,000
Stock issuance costs			$ 100
Prior Sales Agreement [Member] \| Parent Company [Member]
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares issued											4,912,803
Weighted average price per share issuance of common stock							$ 1.23
Net proceeds												$ 64,100
Sale of stock							30,000
Weighted average price per share											$ 1.41
Gross proceeds from issuance of common stock											$ 6,900
Gross proceeds from issuance of common stock							$ 37,000
ATM Sales Agreement [Member] \| B. Riley Securities, Inc. [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage of commission payable								3.00%
ATM Sales Agreement [Member] \| Parent Company [Member]
Subsidiary or Equity Method Investee [Line Items]
Weighted average price per share issuance of common stock						$ 1.3
Net proceeds							$ 40,000			$ 39,970
Sale of stock						25,830
Gross proceeds from issuance of common stock						$ 33,000
Equity securities available for sale								$ 39,970

Stock-Based Awards

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Awards

11. Stock-Based Awards

Equity Incentive Plan Awards

In September 2021, our shareholders approved the Lineage Cell Therapeutics, Inc. 2021 Equity Incentive Plan, and in September 2023, our shareholders approved an amendment to increase the number of common shares that may be issued thereunder by 19,500,000 (as amended to date, the “2021 Plan”). The 2021 Plan provides for the grant of incentive stock options, non-statutory 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) 34,500,000 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 a result of the approval of the 2021 Plan by our shareholders, no additional awards will be granted under the 2012 Plan. As of December 31, 2024, there were 21,877,761 shares available for grant under the 2021 Plan.

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


	Number of Options Outstanding (in thousands)			Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2023		10,824		$	1.42		8.63	$	4
Options granted		6,584		$	1.11
Options exercised		(20	)	$	1.40
Options expired/forfeited/cancelled		(730	)	$	1.34
Balance at December 31, 2024		16,658		$	1.30		8.23	$	—
Options exercisable at December 31, 2024		5,969		$	1.42		7.5	$	—
Options exercisable and expected to vest at December 31, 2024		16,658		$	1.30		8.23	$	—


	Number of RSUs Outstanding			Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2023		668		$	1.11
RSUs forfeited		(100	)	$	0.21
RSUs vested		(67	)	$	1.50
Balance at December 31, 2024		501		$	1.24

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 (in thousands)			Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2023		10,839		$	1.83		5.30	$	1,047
Options exercised		(267	)	$	0.75
Options expired/forfeited/cancelled		(504	)	$	2.15
Balance at December 31, 2024		10,068		$	1.84		4.58	$	—
Options exercisable at December 31, 2024		9,784		$	1.82		4.53	$	—
Options exercisable and expected to vest at December 31, 2024		10,068		$	1.84		4.58	$	—

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:


	Year Ended December 31,
	2024			2023
Expected life (in years)		6.11			6.20
Risk-free interest rates		4.2	%		4.2	%
Volatility		76.2	%		74.7	%
Dividend yield		—			—

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


	Year Ended December 31,
	2024		2023
Research and development	$	646	$	794
General and administrative		4,431		3,846
Total stock-based compensation expense	$	5,077	$	4,640

As of December 31, 2024, total unrecognized compensation costs related to unvested stock options and unvested RSUs under all equity plans, were $8.2 million, which is expected to be recognized as expense over a weighted average period of approximately 2.4 years for stock options and 1.1 years for RSUs. For the years ended December 31, 2024 and 2023, the weighted average grant-date fair value per share for options granted during the year under the 2021 Plan was $0.77 and $1.00, respectively. No RSUs were granted in the year ended December 31, 2024 or 2023. The total intrinsic value of options exercised during the years ended December 31, 2024 and 2023 was $135,000 and $38,000, respectively. The fair value of the options vested during the years ended December 31, 2024 and 2023 was $4,853,000 and $3,947,000, respectively.

Enterprise-Wide Disclosures (Tables)

12 Months Ended

Dec. 31, 2024

Enterprise-wide Disclosures

Schedule of Composition of Lineage's Long-Lived Assets

The composition of Lineage’s long-lived tangible assets, consisting of plant and equipment, net, and operating lease right-of-use assets between those in the United States and in foreign countries, as of December 31, 2024 and 2023, is set forth below (in thousands):


	Property and equipment, net				Operating lease right-of-use assets
	Year Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
United States	$	105	$	156	$	685	$	671
Foreign (1)		2,146		2,089		1,459		1,851
Total	$	2,251	$	2,245	$	2,144	$	2,522

(1)

Assets in foreign countries principally include laboratory equipment and leasehold improvements in Israel.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

At December 31, 2024 and 2023, property and equipment, net was comprised of the following (in thousands):


	December 31, 2024			December 31, 2023
Equipment, furniture and fixtures	$	4,131		$	3,614
Leasehold improvements		2,300			2,313
Right-of-use assets - finance lease		204			198
Accumulated depreciation and amortization		(4,384	)		(3,880	)
Property and equipment, net	$	2,251		$	2,245

Depreciation and amortization expense was $587,000 and $562,000 for the years ended December 31, 2024 and 2023, respectively. These amounts include amortization expense for right-of-use finance lease assets of $55,000 and $50,000 for the years ended December 31, 2024 and 2023, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue - Additional Information (Details) - USD ($)		1 Months Ended
Revenue - Additional Information (Details) - USD ($)	Dec. 17, 2021	Jan. 31, 2022	Dec. 31, 2021	Dec. 31, 2024
Accounting Standard Update2014-09 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligations				$ 25,600,000
Expected convertion to revenue by 2026				25,600
Roche Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment	$ 50,000,000	$ 50,000,000	$ 50,000,000
Deferred revenues				20,600,000
Collaborative Arrangement [Member] \| Accounting Standard Update2014-09 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenues				$ 21,800,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (18,609)	$ (21,486)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Fair Value of Marketable Securities

The following table summarizes the fair value of marketable securities held by the Company and their location in the Company’s consolidated balance sheet (in thousands):


	December 31, 2024		December 31, 2023
Marketable debt securities
Included within cash and cash equivalents	$	17,432	$	8,856
Included within marketable securities	$	1,992	$	—
Marketable equity securities
Included within marketable securities	$	24	$	50

Summary of Available for Sale Debt Securities


	December 31, 2024
Financial Assets:	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	19,420	$	4	$	—	$	19,424
Total	$	19,420	$	4	$	—	$	19,424


	December 31, 2023
Financial Assets:	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	8,855	$	1	$	—	$	8,856
Total	$	8,855	$	1	$	—	$	8,856

Schedule of Amortized Cost and Estimated Fair Value of Available-for-sale Debt Securities by Contractual Maturity

As of December 31, 2024, the amortized cost and estimated fair value of the Company’s available-for-sale debt securities by contractual maturity are shown below (in thousands):


Available-for-sale debt securities maturing:	Amortized Cost		Estimated Fair Value
In one year or less	$	19,420	$	19,424
Total available-for-sale debt securities	$	19,420	$	19,424

Schedule of Marketable Equity Securities

The following table represents the realized and unrealized loss on marketable equity securities for the periods presented (in thousands):


	Year Ended December 31,
	2024			2023
Loss on marketable equity securities, net	$	(8	)	$	(176	)
Less: Loss recognized in earnings on marketable equity securities sold		4			23
Unrealized loss recognized on marketable equity securities held at end of period, net	$	(4	)	$	(153	)

- 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).

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+ Details

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

15. Segment Information

Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. The information in our consolidated financial statements is the only regularly provided financial information our CODM receives and there are no other significant expense categories regularly reviewed. Accordingly, our CODM uses consolidated net loss to measure segment profit or loss, allocate resources and assess performance. Further, the CODM reviews and utilizes revenue and functional expenses (cost of sales, research and development, and general and administrative) at the consolidated level to manage the Company’s operations. Other segment items included in consolidated net loss are interest income,

loss on marketable equity securities, change in fair value of warrant liability, foreign currency transaction loss, and other income (expense), and the provision for income tax benefit, which are reflected in the consolidated statements of comprehensive income.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Installment	Dec. 31, 2023 USD ($)
Agreements Abstract
Accounts receivables amounted	$ 638,000	$ 745,000
Allowance for credit losses	0	100,000
Money market funds, at carrying value	21,600,000	21,000,000
Total revenues	9,499,000	8,945,000
Impairment losses	0	0
Comprehensive loss foreign currency translation adjustments, net of tax	189,000	353,000
Cumulative translation adjustments	2,500,000	2,700,000
Marketable debt securities	2,000,000
Restricted cash	100,000	100,000
Accrued interest and Penalties	0	0
Roche Agreement [Member]
Agreements Abstract
Total revenues	$ 8,100,000	7,600,000
Employees and officers'stock options
Agreements Abstract
Share-based compensation stock option vesting percentage	25.00%
Stock option Life	10 years
Option vested period	4 years
Restricted Stock Units [Member]
Agreements Abstract
Number of equal annual installments \| Installment	4
Cash Equivalents [Member]
Agreements Abstract
Marketable debt securities	$ 17,400,000	$ 8,900,000
ASU 2023-07 [Member]
Agreements Abstract
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	false
Accounting Standards Adoption	true
Maximum [Member]
Agreements Abstract
Property, plant and equipment, useful life	10 years
Finite-lived intangible asset, useful life	10 years
Minimum [Member]
Agreements Abstract
Property, plant and equipment, useful life	3 years
Finite-lived intangible asset, useful life	5 years

Income Taxes - Schedule of Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Computed tax benefit at federal statutory rate	21.00%	21.00%
Research and development and other credits	2.00%	(1.00%)
Permanent differences	1.00%	(1.00%)
Change in valuation allowance	(34.00%)	(12.00%)
State tax benefit	10.00%	2.00%
GILTI inclusion	0.00%	(1.00%)
Income tax benefit (expense)	0.00%	8.00%

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Mar. 04, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
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
Trading Symbol	LCTX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float				$ 146.3
Entity Common Stock, Shares Outstanding			228,356,290
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2025 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.
ICFR Auditor Attestation Flag	false
Auditor Name	Moss Adams LLP	WithumSmith+Brown, PC
Auditor Location	San Diego, California	San Francisco, California
Auditor Firm ID	659	100
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Lineage Cell Therapeutics, Inc. and subsidiaries (the Company) as of December 31, 2024, the related consolidated statements of operations, comprehensive loss, shareholders’ equity and cash flows for the year then ended, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024, and the consolidated results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Lineage Cell Therapeutics, Inc. and Subsidiaries (collectively, the “Company”) as of December 31, 2023, the related consolidated statements of operations, comprehensive loss, changes in shareholders’ equity, and cash flows for the year ended December 31, 2023, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and the results of its operations and its cash flows for the year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

Stock-Based Awards - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 5,077	$ 4,640
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	646	794
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 4,431	$ 3,846

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

Our disaggregated revenues were as follows (in thousands):


	Year Ended December 31,
	2024		2023
Revenues under collaborative agreements
Upfront license fees (1)	$	8,149	$	7,588
Total revenues under collaborative agreements		8,149		7,588

Royalties, license and other revenues (2)		1,350		1,357

Total revenue	$	9,499	$	8,945

(1)

(2)

Of the royalties, license and other revenues recognized each period, $30,000 and $87,000 was included within deferred revenues as contract liabilities as of January 1, 2024 and 2023, respectively.

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 deferred revenue in the period of adjustment. We believe the input methodology represents the most appropriate measure of progress towards satisfaction of the identified performance obligations.

For contracts with customers including collaboration partners which are within the scope of ASU 2014-09 – Revenue from Contracts with Customers (Topic 606), the aggregate amount of the transaction price allocated to remaining performance obligations as of December 31, 2024 was $25.6 million, of which $21.8 million is reported as deferred revenues. The $25.6 million is expected to be substantially converted to revenue by December 2026.

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


	December 31, 2024		December 31, 2023
Accounts receivable, net - beginning of the year (1)	$	676	$	297
Accounts receivable, net - end of the period (1)	$	638	$	676

Contract liabilities (1)
Deferred revenues - beginning of the year	$	29,501	$	37,146
Deferred revenues - end of the period (2)	$	21,821	$	29,501

(1)

Excludes grants receivable which are outside the scope of ASU 2014-09.

(2)

Deferred revenue related to the Roche Agreement was $20.6 million as of December 31, 2024.

The following table presents amounts under our collaboration agreements included in the transaction price (i.e., cumulative amounts triggered or probable) as of December 31, 2024 (in thousands):


	Upfront(1)		Development(2)		Reimbursements (3)		Total
Collaboration partner and agreement date:
ITI (April 2021)(4)	$	500	$	500	$	2,220	$	3,220
Roche (December 2021)(5)		50,000		—		—		50,000
Total amounts under our collaboration agreements included in the transaction price	$	50,500	$	500	$	2,220	$	53,220

(1)

Upfront license fees.

(2)

Event-based development and regulatory milestones amounts.

(3)

Reimbursements and costs-sharing payments.

(4)

(5)

- 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.

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+ Details

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	$ 2,144	$ 2,522
Right-of-use lease liabilities, current	1,097	830
Right-of-use lease liabilities, noncurrent	1,295	1,979
Total operating lease liabilities	2,392	2,809
Finance leases, Right-of-use lease liabilities, current	55	52
Finance leases, Right-of-use lease liabilities, noncurrent	67	91
Total finance lease liabilities	$ 122	$ 143
Weighted average remaining lease term	2 years 6 months	3 years 6 months
Weighted average remaining lease term	2 years 4 months 24 days	3 years
Weighted average discount rate	6.40%	6.50%
Weighted average discount rate	7.10%	6.90%
Operating Lease [Member]
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	$ 2,143	$ 2,522
Finance leases [Member]
Lessee, Lease, Description [Line Items]
Finance leases, Right-of-use assets	204	198
Finance leases, Accumulated amortization	(89)	(67)
Finance leases, Right-of-use assets, net	$ 115	$ 131

Marketable Securities - Summary of Available for Sale Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 19,420	$ 8,855
Unrealized Gains	4	1
Unrealized Losses	0	0
Fair Value	19,424	8,856
US Treasury Securities [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	19,420	8,855
Unrealized Gains	4	1
Unrealized Losses	0	0
Fair Value	$ 19,424	$ 8,856

- Definition

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

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+ Details

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

Dec. 31, 2024

Dec. 31, 2023

Finite-Lived Intangible Assets [Line Items]

Goodwill

^[1]

$ 10,672

Intangible assets

46,540

Total intangible assets

Accumulated amortization

^[2]

(19,603)

(19,581)

Intangible assets, net

46,540

46,562

IPR&D - OPC1 [Member]

Finite-Lived Intangible Assets [Line Items]

Intangible assets

^[3]

31,700

IPR&D - VAC2 [Member]

Finite-Lived Intangible Assets [Line Items]

Intangible assets

^[3]

14,840

Patents [Member]

Finite-Lived Intangible Assets [Line Items]

Intangible assets subject to amortization

18,953

Royalty Contracts [Member]

Finite-Lived Intangible Assets [Line Items]

Intangible assets subject to amortization

^[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 13 (Commitment and Contingencies) for further discussion on the Asterias Merger. To date, we have not recognized any goodwill impairment.
[2]	The acquired patents and acquired royalty contracts were fully amortized as of the end of the first quarter of 2024.
[3]	Asterias had two 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 at the acquisition date 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 patent families it acquired from Geron Corporation. Such patent families are expected to continue to generate revenue, are not used in the OPC1 or the VAC platform, and are considered to be separate intangible assets under ASC Topic 805, Business Combinations.

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

CURRENT ASSETS

Included within cash and cash equivalents

$ 45,789

$ 35,442

Marketable securities

2,016

Accounts receivable, net

638

745

Prepaid expenses and other current assets

2,554

2,204

Total current assets

50,997

38,441

NONCURRENT ASSETS

Property and equipment, net

2,251

2,245

Operating lease right-of-use assets

2,144

2,522

Deposits and other long-term assets

614

577

Goodwill

^[1]

10,672

Intangible assets, net

46,540

46,562

TOTAL ASSETS

113,218

101,019

CURRENT LIABILITIES

Accounts payable and accrued liabilities

5,437

6,270

Operating lease liabilities, current portion

1,097

830

Finance lease liabilities, current portion

Deferred revenues, current portion

7,388

10,808

Total current liabilities

13,977

17,960

LONG-TERM LIABILITIES

Deferred tax liability

273

Deferred revenues, net of current portion

14,433

18,693

Operating lease liabilities, net of current portion

1,295

1,979

Finance lease liabilities, net of current portion

Warrant liabilities

6,161

TOTAL LIABILITIES

36,206

38,996

Commitments and contingencies (Note 13)

SHAREHOLDERS' EQUITY

Preferred shares, no par value, 2,000 shares authorized; none issued and outstanding as of December 31, 2024 and 2023

Common shares, no par value, 450,000 shares authorized as of December 31, 2024 and 2023; 220,416 and 174,987 shares issued and outstanding as of December 31, 2024 and 2023, respectively

484,722

451,343

Accumulated other comprehensive loss

(2,876)

(3,068)

Accumulated deficit

(403,465)

(384,856)

Lineage's shareholders' equity

78,381

63,419

Noncontrolling deficit

(1,369)

(1,396)

Total shareholders’ equity

77,012

62,023

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 113,218

$ 101,019

[1]

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	our CODM uses consolidated net loss to measure segment profit or loss, allocate resources and assess performance
Segment Reporting, Expense Information Used by CODM, Description	the CODM reviews and utilizes revenue and functional expenses (cost of sales, research and development, and general and administrative) at the consolidated level to manage the Company’s operations. Other segment items included in consolidated net loss are interest income, loss on marketable equity securities, change in fair value of warrant liability, foreign currency transaction loss, and other income (expense), and the provision for income tax benefit, which are reflected in the consolidated statements of comprehensive income.

Enterprise-Wide Disclosures

12 Months Ended

Dec. 31, 2024

Enterprise-wide Disclosures

Enterprise-Wide Disclosures

16. Enterprise-Wide Disclosures

Geographic Area Information

For the years ended December 31, 2024 and 2023 none of our revenue was generated outside of the United States.


	Property and equipment, net				Operating lease right-of-use assets
	Year Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
United States	$	105	$	156	$	685	$	671
Foreign (1)		2,146		2,089		1,459		1,851
Total	$	2,251	$	2,245	$	2,144	$	2,522

(1)

Assets in foreign countries principally include laboratory equipment and leasehold improvements in Israel.

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

7. Accounts Payable and Accrued Liabilities

At December 31, 2024 and 2023, accounts payable and accrued liabilities consist of the following (in thousands):


	December 31, 2024		December 31, 2023
Accounts payable	$	1,174	$	2,050
Accrued compensation		3,066		3,123
Accrued liabilities		1,197		1,097
Total	$	5,437	$	6,270

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenues [Abstract]
Total revenues	$ 9,499	$ 8,945
OPERATING EXPENSES:
Cost of sales	334	671
Research and development	12,472	15,705
General and administrative	18,171	17,302
Total operating expenses	30,977	33,678
Loss from operations	(21,478)	(24,733)
OTHER INCOME (EXPENSES):
Interest income, net	1,715	1,629
Loss on marketable equity securities, net	(8)	(176)
Change in fair value of warrant liability	2,128	0
Foreign currency transaction loss, net	(269)	(544)
Other income (expense), net	(670)	542
Total other income (expenses)	2,896	1,451
LOSS BEFORE INCOME TAXES	(18,582)	(23,282)
Provision for income tax benefit	0	1,803
NET LOSS	(18,582)	(21,479)
Net (income) loss attributable to noncontrolling interest	(27)	(7)
NET LOSS ATTRIBUTABLE TO LINEAGE	$ (18,609)	$ (21,486)
Net loss per common share attributable to Lineage basic	$ (0.09)	$ (0.12)
Net loss per common share attributable to Lineage diluted	$ (0.09)	$ (0.12)
Weighted-average common shares used to compute net loss per common share, basic	200,193	172,663
Weighted-average common shares used to compute net loss per common share, diluted	200,193	172,663
Collaboration Revenues [Member]
Revenues [Abstract]
Total revenues	$ 8,149	$ 7,588
Royalties, License and Other Revenues [Member]
Revenues [Abstract]
Total revenues	$ 1,350	$ 1,357

Revenue - Schedule of Disaggregated Revenues (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Disaggregation of Revenue [Line Items]

Royalties, license and other revenues

^[1]

$ 1,350

$ 1,357

Total revenues under collaborative agreements

8,149

7,588

Total revenues

9,499

8,945

Upfront License Fees [Member]

Disaggregation of Revenue [Line Items]

Total revenues under collaborative agreements

^[2]

$ 8,149

$ 7,588

[1]	Of the royalties, license and other revenues recognized each period, $30,000 and $87,000 was included within deferred revenues as contract liabilities as of January 1, 2024 and 2023, respectively.
[2]	All of the upfront license fee revenue recognized each period was included within deferred revenue as contract liabilities at the beginning of the period. This revenue originated from the $50.0 million upfront payment under the Roche Agreement.

- 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

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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

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+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

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):


	Year Ended December 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,218	$	1,129
Operating cash flows from finance leases	$	9	$	10
Financing cash flows from finance leases	$	54	$	54

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	597	$	—
Finance leases	$	36	$	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):


	December 31, 2024			December 31, 2023
Operating leases
Right-of-use assets	$	2,143		$	2,522

Right-of-use lease liabilities, current	$	1,097		$	830
Right-of-use lease liabilities, noncurrent		1,295			1,979
Total operating lease liabilities	$	2,392		$	2,809

Finance leases
Right-of-use assets	$	204		$	198
Accumulated amortization		(89	)		(67	)
Right-of-use assets, net	$	115		$	131

Right-of-use lease liabilities, current	$	55		$	52
Right-of-use lease liabilities, noncurrent		67			91
Total finance lease liabilities	$	122		$	143

Weighted average remaining lease term
Operating leases	2.5 years			3.5 years
Finance leases	2.4 years			3.0 years

Weighted average discount rate
Operating leases		6.4	%		6.5	%
Finance leases		7.1	%		6.9	%

Schedule of Future Minimum Lease Commitments

Future minimum lease commitments are as follows as of December 31, 2024 (in thousands):


	Operating Leases			Finance Leases
Year Ending December 31,
2025	$	1,178		$	64
2026		738			39
2027		685			29
Total lease payments		2,601			132
Less imputed interest		(209	)		(10	)
Total	$	2,392		$	122

Operating lease expense was $1.1 million for the twelve months ended December 31, 2024 and 2023, respectively.

Fair Value Measurements - Additional Information (Details)	Dec. 31, 2024
Expected dividend yield [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Measurement input	0

- 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

Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

The offering of the securities to Broadwood Partners was subject to obtaining shareholder approval to satisfy applicable NYSE American rules, which was obtained at our special meeting of shareholders on January 27, 2025. Following such meeting, we closed the second tranche of the offering and in connection therewith we issued to Broadwood Partners 7,894,737 common shares and an accompanying warrant to purchase an aggregate of up to 7,894,737 common shares, at a combined purchase price of $0.76 per common share and accompanying warrant. The terms of such warrant are the same as those described above. The aggregate gross proceeds from this closing was $6 million, with approximately $0.5 million for related issuance costs.

Pursuant to the Wainwright engagement letter, we paid Wainwright a cash fee equal to 7% of the aggregate gross proceeds and a management fee equal to 1.0% of the aggregate gross proceeds we received at this closing. In addition, at this second closing, we issued to Wainwright (or its designees) warrants to purchase our common shares with terms that are substantially similar to those described above except that the warrants issuable to Wainwright have an exercise price of $0.95 per share. In the aggregate we issued to Wainwright (or its designees) warrants to purchase 394,736 of our common shares in connection with this closing. See Note 10 (Shareholders’ Equity) for additional information regarding the registered direct offering.

Commitments and Contingencies - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Total	$ 2,392	$ 2,809
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Total	122	$ 143
Operating Lease [Member]
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	1,178
2026	738
2027	685
Total lease payments	2,601
Less imputed interest	(209)
Total	2,392
Financing Leases [Member]
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	64
2026	39
2027	29
Total lease payments	132
Less imputed interest	(10)
Total	$ 122

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

6. Goodwill and Intangible Assets, Net

At December 31, 2024 and 2023, goodwill and intangible assets, net consisted of the following (in thousands):


	December 31, 2024			December 31, 2023
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
		46,540			46,540
Intangible assets subject to amortization:
Acquired patents		18,953			18,953
Acquired royalty contracts (3)		650			650
Accumulated amortization (4)		(19,603	)		(19,581	)
		—			22

Intangible assets, net	$	46,540		$	46,562

(1)

(2)

(3)

(4)

The acquired patents and acquired royalty contracts were fully amortized as of the end of the first quarter of 2024.

Lineage recognized $22,000 and $130,000 in amortization expense of intangible assets during each of the years ended December 31, 2024 and 2023, respectively.

Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	At the Market [Member]	Direct Financing [Member]	Common Stock [Member]	Common Stock [Member] At the Market [Member]	Common Stock [Member] Direct Financing [Member]	Accumulated Deficit [Member]	Noncontrolling Deficit [Member]	Accumulated Other Comprehensive Income / (Loss) [Member]
Balance at Dec. 31, 2022	$ 71,936			$ 440,280			$ (363,370)	$ (1,403)	$ (3,571)
Balance, shares at Dec. 31, 2022				170,093
Shares issued through registered direct financings		$ 6,625			$ 6,625
Shares issued through registered direct financings, shares					4,775
Financing related fees	(221)			$ (221)
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees' taxes	(37)			$ (37)
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees' taxes, shares				53
Shares issued upon exercise of stock options	56			$ 56
Shares issued upon exercise of stock options, shares				66
Stock-based compensation	4,640			$ 4,640
Unrealized gain on marketable debt securities	150								150
Foreign currency translation adjustment	353								353
Net loss	(21,479)						(21,486)	7
Balance at Dec. 31, 2023	62,023			$ 451,343			(384,856)	(1,396)	(3,068)
Balance, shares at Dec. 31, 2023				174,987
Shares issued through registered direct financings		$ 70	$ 29,711		$ 70	$ 29,711
Shares issued through registered direct financings, shares					56	45,041
Financing related fees	(1,685)			$ (1,685)
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees' taxes	(23)			$ (23)
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees' taxes, shares				45
Shares issued upon exercise of stock options	229			$ 229
Shares issued upon exercise of stock options, shares				287
Stock-based compensation	5,077			$ 5,077
Unrealized gain on marketable debt securities	3								3
Foreign currency translation adjustment	189								189
Net loss	(18,582)						(18,609)	27
Balance at Dec. 31, 2024	$ 77,012			$ 484,722			$ (403,465)	$ (1,369)	$ (2,876)
Balance, shares at Dec. 31, 2024				220,416

Stock-Based Awards - Schedule of Weighted Average Assumptions to Calculate Fair Value of Stock Options (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	6 years 1 month 9 days	6 years 2 months 12 days
Risk-free interest rates	4.20%	4.20%
Volatility	76.20%	74.70%
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

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

For the year ended December 31, 2024, Lineage did not record a tax provision or deferred tax benefit.

For the year ended December 31, 2023, Lineage recorded a $1.8 million deferred tax benefit, due to the ability to offset certain deferred tax assets against the deferred tax liability associated with IPR&D, and the related release of the valuation allowance. It was determined that a portion of the deferred tax liability related to the indefinite lived assets may be realized prior to the expiration of certain pre 2018 net operating losses.

The domestic and foreign breakout of loss before net income tax benefit was as follows:


	Year Ended December 31,
	2024			2023
Domestic	$	(18,864	)	$	(23,402	)
Foreign		282			120
Loss before net income tax benefit	$	(18,582	)	$	(23,282	)

Income taxes differed from the amounts computed by applying the indicated current U.S. federal income tax rate to pretax losses from operations as a result of the following:


	Year Ended December 31,
	2024			2023
Computed tax benefit at federal statutory rate		21	%		21	%
Research and development and other credits		2	%		(1	)%
Permanent differences		1	%		(1	)%
Change in valuation allowance		(34	)%		(12	)%
State tax benefit		10	%		2	%
GILTI inclusion		—	%		(1	)%
Income tax benefit (expense)		—	%		8	%

The primary components of the deferred tax assets and liabilities at December 31, 2024 and 2023 were as follows (in thousands):


Deferred tax assets/(liabilities):	December 31, 2024			December 31, 2023
Net operating loss carryforwards	$	68,180		$	63,461
Research and development and other credits		9,433			8,890
Patents and licenses		1,612			1,606
Stock-based compensation		3,841			3,117
Operating lease liability		233			240
Capitalized research expense		8,441			6,217
Other		1,688			1,707
Total deferred tax assets		93,428			85,238
Valuation allowance		(86,314	)		(80,513	)
Deferred tax assets, net of valuation allowance		7,114			4,725

Operating lease ROU assets		(219	)		(221	)
Intangibles		(7,168	)		(4,771	)
Marketable securities at fair value		—			(6	)
Total deferred tax liabilities		(7,387	)		(4,998	)

Net deferred tax liabilities	$	(273	)	$	(273	)

Lineage has established an accrual for uncertain tax positions related to its U.S. research and development credits. As of December 31, 2024 and 2023, there was no accrued interest related to uncertain tax positions. A reconciliation of beginning and ending balances for unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2024		2023
Balance at the beginning of the period	$	2,963	$	—
Additions for tax positions related to the current year		190		354
Additions for tax positions related to prior years		—		2,609
Balance at the end of the period	$	3,153	$	2,963

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.

As of December 31, 2024 and 2023, Lineage had gross federal net operating loss carryforwards, of approximately $177 million and $163.1 million, respectively. The pre-2018 federal net operating loss carryforwards expire in varying amounts between 2030 and 2037. The post-2017 federal net operating loss carryforwards can be carried forward indefinitely and can only offset 80 percent of taxable income. As of December 31, 2024 and 2023, Lineage’s foreign subsidiaries had net operating loss carryforwards of approximately $63.4 and $64.8 million, respectively, which carryforward indefinitely.

As of December 31, 2024 and 2023, Lineage has net operating losses of $213.6 million and $188.8 million, respectively for state tax purposes. The California net operating losses expire in varying amounts between 2030 and 2044.

The state of California suspended the use of NOL deductions for tax years 2024 through 2026 if the California taxable income is greater than or equal to $1 million. Accordingly, the Company may not be able to offset taxable income with their NOL carryforwards for these years. The state of California also limited the use of their research and development credits to $5 million for tax years 2024 through 2026.

As of December 31, 2024 and 2023, Lineage had research tax credit carryforwards for federal tax purposes of $4.7 million and $4.3 million, respectively. These tax credits reflect the amounts for Lineage and its’ domestic subsidiaries. For federal purposes, the credits generated each year have a carryforward period of 20 years. The federal tax credits expire in varying amounts between 2023 and 2044.

As of December 31, 2024 and 2023, Lineage had research tax credit carryforwards for California tax purposes of $4.7 million and $4.6 million, respectively. These tax credits reflect the amounts for Lineage and its’ domestic subsidiaries. The state tax credits have no expiration period.

On December 17, 2021, Lineage and its subsidiary, CCN, entered into a Collaboration and License Agreement with Roche, wherein Lineage granted to Roche exclusive worldwide rights to develop and commercialize RPE cell therapies. Under the agreement Roche paid Lineage a $50.0 million upfront payment, which was received in January of 2022. See Note 13 (Commitments and Contingencies) for additional information.

For the tax years beginning on or after January 1, 2022, the Tax Cuts and Jobs Act of 2017 (“TCJA”) eliminates 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 and defer this capitalization and amortization requirement for research activities performed in the United States, it is not certain that this provision will be repealed or otherwise modified. If the requirement is not repealed or replaced, it will continue to defer our tax deduction for research and development expense in future years.

During December 2021, in an intercompany transaction, Lineage acquired the economic rights to CCN’s interest in certain intellectual property. This transaction generated a gain to CCN of $31.7 million which was fully offset by net operating loss carryforwards in Israel. For book and California income tax purposes, this transaction eliminates in consolidation. For federal income tax purposes, the activities of our foreign subsidiaries are not included in the consolidated tax return. However, under the regulations related to global intangible low-taxed income (“GILTI”), the profits of our foreign subsidiaries may be included, see further discussion below.

The 2017 Tax Act subjects a U.S. stockholder to 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. For the years ended December 31, 2024 and 2023, Lineage’s combined foreign entities generated a profit arising from intercompany transactions. As a result, there was an inclusion of $1.2 million and $1.1 million for GILTI purposes for 2024 and 2023, respectively. The resulting net income for federal income tax purposes was fully offset by their federal net operating loss carryforwards.

Other Income Tax Matters

Internal Revenue Code Section 382 places a limitation (“Section 382 Limitation”) on the amount of taxable income that can be offset by NOL carryforwards after a change in control (generally greater than 50% change in ownership within a three-year period) of a loss corporation. California has similar rules. Generally, after a change in control, a loss corporation cannot deduct NOL carryforwards in excess of the Section 382 Limitation. Due to these “change in ownership” provisions, utilization of the NOL and tax credit carryforwards may be subject to an annual limitation regarding their utilization against taxable income in future periods.

Lineage files a U.S. federal income tax return as well as a California combined and foreign income tax returns. In general, Lineage is no longer subject to tax examination by major taxing authorities for years before 2020. Although the statute is closed for purposes of assessing additional income and tax in these years, the taxing authorities may still make adjustments to the NOL and credit carryforwards used in open years. Therefore, the statute should be considered open as it relates to the NOL and credit carryforwards used in open years.

Lineage may be subject to potential examination by U.S. federal, U.S. states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and

foreign tax laws. Based on Lineage’s assessment, no liabilities for uncertain tax positions should be recorded as of December 31, 2024 and 2023.

Lineage’s practice is to recognize interest and penalties related to income tax matters in tax expense. As of December 31, 2024 and 2023, Lineage has no accrued interest and penalties.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Cash and Cash Equivalents

Restricted Cash

Accounts Receivable, Net

Concentrations of Credit Risk, Significant Sources of Supply, and Significant Customers

For the years ended December 31, 2024 and 2023, $8.1 million and $7.6 million, respectively, of the Company’s total revenue came from our collaboration under the Roche Agreement.

Property and Equipment, Net

Goodwill and IPR&D

Intangible Assets

ntangible assets – Intangible assets, consisting primarily of acquired patents, patent applications, and licenses to use certain patents are stated at acquired cost, less accumulated amortization. Amortization expense is computed using the straight-line method over the estimated useful lives of the assets, generally over 5 to 10 years.

Impairment of Long-lived Assets

Leases

Accounting for Warrants

Transactions with Noncontrolling Interests of Subsidiaries

Foreign Currency Translation Adjustments, Other Comprehensive Income or Loss and Foreign Currency Transaction Gains and Losses

Revenue Recognition from Royalties, License and Other Revenues

Revenue Recognition from Collaborative Agreements

•

Research and Development Expenses

General and Administrative Expenses

Stock-based Compensation

Income Taxes

Basic and Diluted Net Income (Loss) per Share Attributable to Common Shareholders


	Year Ended December 31,
	2024		2023
Stock options		26,726		21,663
Restricted stock units		501		668
Warrants		33,158		—

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Debt Securities [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Marketable Securities

Equity Securities [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Marketable Securities

Fair Value Measurements - Significant Assumptions Used in Valuing the Warrant Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - Warrant Liabilities [Member]	12 Months Ended
	Dec. 31, 2024
Minimum [Member] \| Expected Stock Price Volatility [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Measurement input	0.697
Minimum [Member] \| Risk-Free Interest Rate [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Measurement input	0.0427
Minimum [Member] \| Expected Term [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	3 years 4 months 20 days
Maximum [Member] \| Expected Stock Price Volatility [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Measurement input	0.7118
Maximum [Member] \| Risk-Free Interest Rate [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Measurement input	0.043
Maximum [Member] \| Expected Term [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	3 years 6 months

Marketable Securities - Schedule of Fair Value of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Included within cash and cash equivalents	$ 45,789	$ 35,442
Included within marketable securities	2,000
Marketable Debt Securities [Member]
Marketable Securities [Line Items]
Included within cash and cash equivalents	17,432	8,856
Included within marketable securities	1,992	0
Marketable Equity Securities [Member]
Marketable Securities [Line Items]
Included within marketable securities	$ 24	$ 50

Fair Value Measurements - Summary of Changes to Level 3 Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - Common Share Warrant Liabilities [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Issued	$ 8,289
Change in fair value of warrant liability recognized in the consolidated statement of operations	(2,128)
Balance - December 31, 2024	$ 6,161

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Nov. 21, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	$ 41,018		$ 29,935
Liabilities	6,161	$ 7,900
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	41,018		29,935
Liabilities
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets
Liabilities
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets
Liabilities	6,161
Warrant Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	6,161
Warrant Liabilities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities
Warrant Liabilities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities
Warrant Liabilities [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	6,161
Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	21,570		21,029
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	21,570		21,029
Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets
Money Market Funds [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets
Marketable Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	1,992		8,856
Marketable Debt Securities [Member] \| Cash and Cash Equivalents [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	17,432
Marketable Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	1,992		8,856
Marketable Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Cash and Cash Equivalents [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	17,432
Marketable Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets
Marketable Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Cash and Cash Equivalents [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets
Marketable Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets
Marketable Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Cash and Cash Equivalents [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets
Marketable Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	24		50
Marketable Equity Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	24		50
Marketable Equity Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets
Marketable Equity Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets

Revenue - Schedule of Collaboration Agreements (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

^[1]

Dec. 31, 2022

Disaggregation of Revenue [Line Items]

Total transaction price

^[2]

$ 21,821

^[1]

$ 29,501

$ 37,146

Collaborative Arrangement [Member]

Disaggregation of Revenue [Line Items]

Total transaction price

53,220

Collaborative Arrangement [Member] | Upfront [Member]

Disaggregation of Revenue [Line Items]

Total transaction price

^[3]

50,500

Collaborative Arrangement [Member] | Development [Member]

Disaggregation of Revenue [Line Items]

Total transaction price

^[4]

500

Collaborative Arrangement [Member] | Reimbursements [Member]

Disaggregation of Revenue [Line Items]

Total transaction price

^[5]

2,220

Immunomic Therapeutics [Member] | Upfront [Member]

Disaggregation of Revenue [Line Items]

Total transaction price

^[3],[6]

500

Immunomic Therapeutics [Member] | Collaborative Arrangement [Member]

Disaggregation of Revenue [Line Items]

Total transaction price

^[6]

3,220

Immunomic Therapeutics [Member] | Collaborative Arrangement [Member] | Development [Member]

Disaggregation of Revenue [Line Items]

Total transaction price

^[4],[6]

500

Immunomic Therapeutics [Member] | Collaborative Arrangement [Member] | Reimbursements [Member]

Disaggregation of Revenue [Line Items]

Total transaction price

^[5],[6]

2,220

Roche [Member] | Collaborative Arrangement [Member]

Disaggregation of Revenue [Line Items]

Total transaction price

^[7]

50,000

Roche [Member] | Collaborative Arrangement [Member] | Upfront [Member]

Disaggregation of Revenue [Line Items]

Total transaction price

^[3],[7]

50,000

Roche [Member] | Collaborative Arrangement [Member] | Development [Member]

Disaggregation of Revenue [Line Items]

Total transaction price

Roche [Member] | Collaborative Arrangement [Member] | Reimbursements [Member]

Disaggregation of Revenue [Line Items]

Total transaction price

[1]	Deferred revenue related to the Roche Agreement was $20.6 million as of December 31, 2024.
[2]	Excludes grants receivable which are outside the scope of ASU 2014-09.
[3]	Upfront license fees.
[4]	Event-based development and regulatory milestones amounts.
[5]	Reimbursements and costs-sharing payments.
[6]	Regarding the accounting treatment for the Immunomic Therapeutics, Inc.("ITI") collaborative agreement, the license and related development deliverables were determined to be highly interdependent and interrelated and have been combined as one performance obligation. Delivery is determined to be over time and revenue will be recognized utilizing an input method of costs incurred over total estimated costs in the work plan. The regulatory milestones are variable considerations that are fully constrained until the uncertainty of each milestone has been resolved. Sales-based milestones and royalties are variable considerations that will not be included in the transaction price until the related commercialization and sales have occurred. The cost reimbursements are considered variable consideration and are included in the transaction price. Revenues related to the cost reimbursements are presented gross on the consolidated statement of operations instead of a reduction to the costs being reimbursed. We currently estimate the unsatisfied performance obligations within the contract to be completed during the year ending December 31, 2025.
[7]	Regarding the accounting treatment for the Roche Agreement collaboration, the license, technology transfer and related clinical deliverables were determined to be highly interdependent and interrelated and have been combined as one performance obligation. Delivery is determined to be over time and revenue will be recognized utilizing an input method of costs incurred over total estimated costs to complete the performance obligation. A material customer option for additional goods and services was included in the transaction price, and $12.0 million of the transaction price was allocated to the second performance obligation. The option will be recognized when the customer exercises the option or when this option expires. Regulatory and development milestones are variable considerations that are fully constrained until the uncertainty of each milestone has been resolved. Sales-based milestones and royalties are variable considerations that will not be included in the transaction price until the related commercialization milestones and sales targets have occurred. We currently estimate the unsatisfied performance obligations within the contract to be substantially completed by December 31, 2026.

- 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

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 1,218	$ 1,129
Operating cash flows from finance leases	9	10
Financing cash flows from finance leases	54	54
Operating leases	597	0
Finance leases	$ 36	$ 79

Organization, Basis of Presentation and Liquidity - Additional Information (Details) $ in Thousands		1 Months Ended		12 Months Ended
	Dec. 17, 2021 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2024 USD ($) Patients ClinicalTrials	Dec. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents and marketable securities				$ 47,800
Marketable Securities				2,000
Restricted cash				$ 100	$ 100
Number of clinical trials \| ClinicalTrials				2
Number of patients in phase 1 \| Patients				5
Number of patients in phase 1/2a \| Patients				25
Clinical development cost				$ 14,300
Corporate Credit Card Facility [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Restricted cash				100
Parent Company [Member] \| Sales Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Amount reserved for future issuance				$ 39,970
Roche Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment	$ 50,000	$ 50,000	$ 50,000
Maximum milestone payments to be received upon performance conditions		$ 620,000	$ 620,000

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 68,180	$ 63,461
Research and development and other credits	9,433	8,890
Patents and licenses	1,612	1,606
Stock-based compensation	3,841	3,117
Operating lease liability	233	240
Capitalized research expense	8,441	6,217
Other	1,688	1,707
Total deferred tax assets	93,428	85,238
Valuation allowance	(86,314)	(80,513)
Deferred tax assets, net of valuation allowance	7,114	4,725
Operating lease ROU assets	(219)	(221)
Intangibles	(7,168)	(4,771)
Marketable securities at fair value	0	(6)
Total deferred tax liabilities	(7,387)	(4,998)
Net deferred tax liabilities	$ (273)	$ (273)

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 22,000	$ 130,000

Enterprise-Wide Disclosures - Schedule of Geographic Area Information (Details) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Revenues from External Customers and Long-Lived Assets [Line Items]

Total

$ 2,144

$ 2,522

Total

2,251

2,245

UNITED STATES [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

Total

685

671

Total

105

156

Foreign [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

Total

^[1]

1,459

1,851

Total

^[1]

$ 2,146

$ 2,089

[1]	Assets in foreign countries principally include laboratory equipment and leasehold improvements in Israel.

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			2 Months Ended
	Jan. 27, 2025	Nov. 21, 2024	Jan. 27, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Shares issued through registered direct financings, shares		31,578,951	39,473,688
Common stock, shares issued				220,416,326	174,986,671
Class of warrant or right, number	39,473,688	31,578,951	39,473,688
Combined purchase price of common stock and warrants	$ 0.76	$ 0.76	$ 0.76
Proceeds from sale of common shares with warrants		$ 24.0
Exercise price per share		$ 0.91
Stock issuance costs		$ 2.3
H.C. Wainwright & Co., LLC [Member]
Subsequent Event [Line Items]
Class of warrant or right, number	1,973,684		1,973,684
Aggregate cash fee percentage				7.00%
Percentage of management fee of aggregate gross proceeds				1.00%
Exercise price per share				$ 0.95
Subsequent Event [Member] \| Broadwood Partners, L.P [Member]
Subsequent Event [Line Items]
Shares issued through registered direct financings, shares	7,894,737
Class of warrant or right, number	7,894,737		7,894,737
Combined purchase price of common stock and warrants	$ 0.76		$ 0.76
Proceeds from sale of common shares with warrants	$ 6.0
Exercise price per share	$ 0.91		$ 0.91
Stock issuance costs	$ 0.5
Subsequent Event [Member] \| H.C. Wainwright & Co., LLC [Member]
Subsequent Event [Line Items]
Class of warrant or right, number	394,736		394,736

Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Available-for-sale Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Amortized cost, In one year or less	$ 19,420
Amortized Cost	19,420	$ 8,855
Estimated fair value, In one year or less	19,424
Lineage's available-for-sale debt securities	$ 19,424	$ 8,856

- Definition

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

+ References

+ Details

Property and Equipment, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 587,000	$ 562,000
Amortization expense for right-of-use finance lease assets	$ 55,000,000	$ 50,000,000

Revenue - Schedule of Contract with Customer Contract Liability and Receivable (Parenthetical) (Details) $ in Millions	Dec. 31, 2024 USD ($)
Roche Agreement [Member]
Deferred revenue	$ 20.6

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Balance at the beginning of the period	$ 2,963
Additions for tax positions related to the current year	190	$ 354
Additions for tax positions related to prior years		2,609
Balance at the end of the period	$ 3,153	$ 2,963

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share


	Year Ended December 31,
	2024		2023
Stock options		26,726		21,663
Restricted stock units		501		668
Warrants		33,158		—

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

Dec. 31, 2024

Dec. 31, 2023

Indefinite-Lived Intangible Assets [Line Items]

Fair value of intangible assets

$ 46,540

IPR&D - VAC2 [Member]

Indefinite-Lived Intangible Assets [Line Items]

Fair value of intangible assets

^[1]

14,840

$ 14,840

In Process Research and Development [Member]

Indefinite-Lived Intangible Assets [Line Items]

Fair value of intangible assets

46,500

IPR&D - OPC1 [Member]

Indefinite-Lived Intangible Assets [Line Items]

Fair value of intangible assets

$ 31,700

[1]

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to Lineage	$ (18,609,000)	$ (21,486,000)
Net loss attributable to noncontrolling interest	27,000	7,000
Adjustments to reconcile net loss attributable to Lineage Cell Therapeutics, Inc. to net cash used in operating activities:
Issuance costs for common stock warrant liabilities	688,000	0
Loss on marketable equity securities, net	8,000	176,000
Accretion of income on marketable debt securities	(229,000)	(679,000)
Depreciation and amortization expense	587,000	562,000
Change in right-of-use assets and liabilities	(42,000)	91,000
Amortization of intangible assets	22,000	130,000
Stock-based compensation	5,077,000	4,640,000
Change in fair value of warrant liability	(2,128,000)	0
Deferred income tax benefit	0	(1,803,000)
Foreign currency remeasurement and other loss	273,000	600,000
Changes in operating assets and liabilities:
Accounts receivable	106,000	(446,000)
Prepaid expenses and other current assets	489,000	(418,000)
Accounts payable and accrued liabilities	(1,681,000)	(2,295,000)
Deferred revenue	(7,680,000)	(7,645,000)
Net cash used in operating activities	(23,092,000)	(28,566,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of marketable equity securities	18,000	196,000
Purchases of marketable debt securities	(8,761,000)	(16,403,000)
Maturities of marketable debt securities	7,000,000	63,330,000
Purchase of equipment	(565,000)	(674,000)
Net cash (used in) provided by investing activities	(2,308,000)	46,449,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from employee options exercised	229,000	88,000
Common shares received and retired for employee taxes paid	(23,000)	(37,000)
Payment of financed insurance premium	(171,000)	0
Repayment of finance lease liabilities	(54,000)	(54,000)
Net cash provided by financing activities	35,857,000	6,423,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(95,000)	(250,000)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	10,362,000	24,056,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
At beginning of the period	35,992,000	11,936,000
At end of the period	46,354,000	35,992,000
SUPPLEMENTAL DISCLOSURES
Cash paid for interest	9,000	10,000
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING AND INVESTINGACTIVITIES:
Financing costs in accounts payable and accrued liabilities	179,000	0
Fair value of warrant liability recognized upon issuance in registered direct financing	8,289,000	0
Financed insurance premium	855,000	0
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	45,789,000	35,442,000
Restricted cash included in deposits and other long-term assets (see Note 13 (Commitments and Contingencies))	565,000	550,000
Total cash, cash equivalents, and restricted cash	46,354,000	35,992,000
ATM [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common shares, net of offering costs	68,000	6,426,000
Direct Financing [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common shares, net of offering costs	13,889,000	0
Warrants Under Registered Direct Financing [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common shares, net of offering costs	$ 21,919,000	$ 0

Revenue - Schedule of Collaboration Agreements (Details) (Paranthetical) - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

^[1]

Dec. 31, 2022

Dec. 31, 2021

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Transaction price

^[2]

$ 21,821

^[1]

$ 29,501

$ 37,146

Collaborative Arrangement [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Transaction price

$ 53,220

Collaborative Arrangement [Member] | Second Performance Obligation [Member]

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Transaction price

$ 12,000

[1]	Deferred revenue related to the Roche Agreement was $20.6 million as of December 31, 2024.
[2]	Excludes grants receivable which are outside the scope of ASU 2014-09.