0001193125-26-093992 | 10-K | XBRL Viewer | Lineage Cell Therapeutics INC

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Marketable Securities - Summary of Available for Sale Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 25,248	$ 19,420
Unrealized Gains	7	4
Unrealized Losses	0	0
Fair Value	25,255	19,424
US Treasury Securities [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	25,248	19,420
Unrealized Gains	7	4
Unrealized Losses	0	0
Fair Value	$ 25,255	$ 19,424

- 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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (63,533)	$ (18,609)

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Income Taxes - Schedule of Domestic and Foreign Breakout of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Loss before income taxes	$ (68,647)	$ (18,582)
Domestic Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Loss before income taxes	(71,599)	(18,864)
Foreign Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Loss before income taxes	$ 2,952	$ 282

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+ Details

Income Taxes - Schedule of Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effective Income Tax Rate Reconciliation [Line Items]
U.S. federal statutory tax benefit and rate	$ (14,297)
State income taxes, net of federal effect	(37)
Change in valuation allowance	6,608
Fair market value adjustment on warrants liabilities	7,503
Other nontaxable or nondeductible items	185
Changes in tax laws or rates	0
Tax credits	(486)
Cross-border tax laws	374
Worldwide changes in unrecognized tax benefits	154
Other	365
Total income tax benefit	$ (5,280)	$ (0)
U.S. federal statutory tax benefit and rate	21.00%	21.00%
State income taxes, net of federal effect	0.05%	10.00%
Change in valuation allowance	(9.71%)	(34.00%)
Fair market value adjustment on warrants liabilities	(11.02%)
Other nontaxable or nondeductible items	(0.27%)
Changes in tax laws or rates	0.00%
Tax credits	0.71%	2.00%
Cross-border tax laws	(0.55%)
Worldwide changes in unrecognized tax benefits	(0.23%)
Other	(0.54%)
GILTI inclusion		0.00%
Permanent differences		1.00%
Total income tax rate	7.74%	(0.00%)
ISRAEL
Effective Income Tax Rate Reconciliation [Line Items]
Change in valuation allowance	$ (5,847)
Other	$ 236
Change in valuation allowance	8.59%
Other	(0.35%)
Foreign Tax Jurisdiction, Other
Effective Income Tax Rate Reconciliation [Line Items]
Other foreign jurisdictions	$ (38)
Other foreign jurisdictions	0.06%

Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

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.

Restricted cash – At December 31, 2025 and 2024, CCN had 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. 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 for the shares held in 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 - Accounts receivable are recorded at the net invoice value and are non-interest bearing. 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. Lineage has deemed the risk of customer default to be low, as the receivable amounts: i) are from creditworthy customers, ii) have not historically been impacted by macro-economic uncertainties (i.e., interest rates, inflation, GDP growth) as it relates to collectability, and iii) with respect to royalties, are based on estimates and/or reports directly communicated by its sublicensees. As such, a credit loss allowance per the provisions of CECL is not determined to be necessary and no reserves have been recorded as of December 31, 2025 or 2024. The Company reevaluates such reserves on a quarterly basis and adjusts its reserves as needed. Once a receivable is deemed to be uncollectible, such balance is charged against the reserve.

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 year ended December 31, 2025, the Company’s top two customers collectively represented 92% of the Company’s total revenue. For the year ended December 31, 2024, the Company's top single customer represented 92% of the Company’s total revenue.

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.

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, upon warrant exercise, and 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 8 (Fair Value Measurements) and Note 10 (Shareholders’ Equity) for additional information on the warrants.

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, 2025 and 2024, the total comprehensive loss includes foreign currency translation adjustment losses of $1.0 million and foreign currency translation adjustment gains of $0.2 million, respectively, net of tax. As of December 31, 2025 and 2024, we had cumulative translation adjustments of $3.9 million and $2.9 million, respectively, net 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. Other revenues are generated from service agreements and are recognized as revenue in the period earned.

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 the 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 the grant 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 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. During the year ended December 31, 2025, the Company released the valuation allowance related to its Israel subsidiary; a valuation allowance continues to be maintained against the Company’s remaining deferred tax assets. 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, 2025 and 2024. 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, 2025 and 2024.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the United States. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. ASC 740 requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. OBBBA contained U.S. corporate tax provisions under which the Company elected to expense U.S. incurred research or experimental expenditures immediately. The enactment of OBBBA did not have a material impact on the financial statements for the year ended December 31, 2025.

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, 2025 and 2024, 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,
	2025		2024
Stock options		31,153		26,726
Restricted stock units		315		501
Warrants		41,097		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.

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. We adopted ASU 2023-09 prospectively for the year ended December 31, 2025 and applied the new disclosure requirements 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.

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended			2 Months Ended	12 Months Ended
	Jan. 27, 2025	Nov. 21, 2024	Feb. 06, 2024	Nov. 30, 2025	Jan. 31, 2025	Feb. 29, 2024	Jan. 27, 2025	Dec. 31, 2025	Dec. 31, 2024	Nov. 19, 2024	May 14, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, shares authorized								2,000,000	2,000,000
Preferred stock, shares issued								0	0
Preferred stock, shares outstanding								0	0
Common stock, shares authorized								450,000,000	450,000,000
Shares issued through registered direct financings, shares							39,473,688
Common stock, shares issued								243,121,801	220,416,326
Common stock, shares outstanding								243,121,801	220,416,326
Warrants and rights expiry date								May 21, 2028
Fair value of warrant liabilities								$ 43,906	$ 6,161
Combined purchase price of common stock and warrants										$ 0.76
Class of warrant or right, number										39,473,688
Exercise price per share								$ 0.91	$ 0.91				$ 0
Broadwood Partners, L.P [Member]
Subsidiary or Equity Method Investee [Line Items]
Shares issued through registered direct financings, shares	7,894,737
Proceeds from sale of common shares with warrants	$ 6,000
Stock issuance costs	600
Fair value of warrant liabilities	$ 2,100						$ 2,100
Sale of stock					7,894,737	6,730,770
Class of warrant or right, number	7,894,737				7,894,737		7,894,737
H.C. Wainwright & Co., LLC [Member]
Subsidiary or Equity Method Investee [Line Items]
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] \| First tranche [Member]
Subsidiary or Equity Method Investee [Line Items]
Fair value of warrant liabilities		$ 400
H.C. Wainwright & Co., LLC [Member] \| Second Tranche [Member]
Subsidiary or Equity Method Investee [Line Items]
Fair value of warrant liabilities	$ 100						$ 100
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
Sale of stock			13,461,540
Sale of Stock, Price Per Share			$ 1.04
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] \| H.C. Wainwright & Co., LLC [Member]
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares issued				12,000,000
Proceeds from sale of common shares with warrants				$ 21,000
Percentage Of placement agent fee				6.00%
ATM Sales Agreement [Member] \| Parent Company [Member]
Subsidiary or Equity Method Investee [Line Items]
Weighted average price per share issuance of common stock								$ 1.72	$ 1.26
Net proceeds											$ 39,970	$ 40,000
Sale of stock								13,100,000	56,000
Gross proceeds from issuance of common stock								$ 22,600	$ 70,000
First Tranche [Member]
Subsidiary or Equity Method Investee [Line Items]
Shares issued through registered direct financings, shares		31,578,951
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
Date of warrants exercisable		May 21, 2025
Class of warrant or right, number		31,578,951
Exercise price per share		$ 0.91

Stock-Based Awards

12 Months Ended

Dec. 31, 2025

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 our shareholders approved amendments to increase the number of common shares that may be issued thereunder by 19,500,000 in September 2023 and by an additional 19,500,000 in June 2025 (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. Generally, 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) 54,500,000 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 initially became effective in 2021 and are not issued because such awards expire or otherwise terminate. As a result of the approval of the 2021 Plan by our shareholders in 2021, no additional awards will be granted under the 2012 Plan. As of December 31, 2025, there were 35,837,519 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, 2024		16,658		$	1.30		8.23	$	—
Options granted		7,863		$	0.56
Options exercised		(479	)	$	1.20
Options expired/forfeited/cancelled		(860	)	$	0.81
Balance at December 31, 2025		23,182		$	1.07		7.87	$	13,898
Options exercisable at December 31, 2025		10,788		$	1.34		6.99	$	3,566
Options exercisable and expected to vest at December 31, 2025		23,182		$	1.07		7.87	$	13,898


	Number of RSUs Outstanding (in thousands)			Weighted Average Grant Date Fair Value (per share)
Balance at December 31, 2024		501		$	1.24
RSUs forfeited		(100	)	$	0.21
RSUs vested		(86	)	$	1.50
Balance at December 31, 2025		315		$	1.50

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, 2024		10,068		$	1.84		4.58	$	—
Options exercised		(786	)	$	0.86
Options expired/forfeited/cancelled		(1,311	)	$	2.33
Balance at December 31, 2025		7,971		$	1.86		4.21	$	2,026
Options exercisable at December 31, 2025		7,971		$	1.86		4.21	$	2,026
Options exercisable and expected to vest at December 31, 2025		7,971		$	1.86		4.21	$	2,026

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,
	2025			2024
Expected life (in years)		6.21			6.11
Risk-free interest rates		4.0	%		4.2	%
Volatility		80.3	%		76.2	%
Dividend yield		—			—

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


	Year Ended December 31,
	2025		2024
Research and development	$	676	$	646
General and administrative		4,076		4,431
Total stock-based compensation expense	$	4,752	$	5,077

As of December 31, 2025, total unrecognized compensation costs related to unvested stock options and unvested RSUs under all equity plans, were $6.2 million, which is expected to be recognized as expense over a weighted average period of approximately 2.4 years for stock options and 0.5 years for RSUs. For the years ended December 31, 2025 and 2024, the weighted average grant-date fair value per share for options granted during the year under the 2021 Plan was $0.40 and $0.77, respectively. No RSUs were granted in the year ended December 31, 2025 or 2024. The total intrinsic value of options exercised during the years ended December 31, 2025 and 2024 was $800,000 and $135,000, respectively. The fair value of the options vested during the years ended December 31, 2025 and 2024 was $5,270,000 and $4,853,000, respectively.

Stock-Based Awards - Schedule of Weighted Average Assumptions to Calculate Fair Value of Stock Options (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	6 years 2 months 15 days	6 years 1 month 9 days
Risk-free interest rates	4.00%	4.20%
Volatility	80.30%	76.20%
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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization, Basis of Presentation and Liquidity - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) Segment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents and marketable securities	$ 55.8
Marketable Securities	$ 25.3
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Number of operating segments \| Segment	1
Number of reportable segments \| Segment	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	our CODM. Accordingly, 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	CODM reviews and utilizes revenue and functional expenses (cost of royalties, research and development, general and administrative, and loss on impairment of intangible asset) at the consolidated level to manage our 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 gain (loss), and other income (expense), and the provision for income tax benefit, which are reflected in the consolidated statements of operations
Cash and Cash Equivalents [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Marketable Securities	$ 10.3

Revenue - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended		46 Months Ended
Revenue - Additional Information (Details) - USD ($)	Dec. 17, 2021	Dec. 31, 2021	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue				$ 14,556,000	$ 9,499,000
Prepaid Expenses and Other Current Assets [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract assets			$ 671,000	671,000	0
Accounting Standard Update 2014-09 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligations			18,400,000	18,400,000
Deferred revenues			15,700,000	15,700,000
Expected recognized as revenue by 2027			18,400,000	18,400,000
Non-US [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue				2,500,000	$ 0
Roche Collaboration Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment						$ 50,000,000
Increase in transaction price			$ 5,000,000	5,000,000
Revenue recognized				3,900,000
Roche Collaboration Agreement [Member] \| Second Performance Obligation [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price		$ 12,000,000
Roche Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment	$ 50,000,000	$ 50,000,000
WDI Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized				2,500,000
Initial transaction price				$ 3,600,000

Property and Equipment, Net - Schedule of Geographic Area Information (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

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

Total

$ 2,131

$ 2,144

Total

2,566

2,251

UNITED STATES [Member]

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

Total

888

685

Total

105

Non-US [Member]

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

Total

^[1]

1,243

1,459

Total

^[1]

$ 2,505

$ 2,146

[1]	Assets in foreign countries are principally located at CCN in Israel.

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	ITEM 1C. CYBERSECURITY Risk Management and Strategy We have certain processes and policies in place to assess, identify and manage material cybersecurity risks. We also periodically monitor and test our information systems for potential vulnerabilities. We use various tools designed to help identify, investigate and resolve cybersecurity incidents, and to help recover from them in a timely manner. These processes, policies and tools comprise our cybersecurity risk program, and are integrated into our overall risk management program. We have an Information Technology Policy that sets parameters for the use, privacy, security, retention, and disposal of our information and other assets. We also have an Incident Response Policy which sets forth the steps for assessment, containment, and disclosure of cybersecurity threats. These policies were prepared using relevant guidance and technology standards and are reviewed periodically. We collaborate with third parties to assess the effectiveness of our cybersecurity risk program and have assessed it against the National Institute of Standards and Technology (“NIST”) cybersecurity framework. In addition, we consider the internal risk oversight programs of third-party service providers with whom we engage in order to help protect us from any related cybersecurity vulnerabilities. Under our cybersecurity risk program, we provide all of our employees with periodic cybersecurity training, which covers timely and relevant topics, including social engineering, phishing, password protection, confidential data protection, asset use and mobile security, and educates employees on the importance of reporting all incidents immediately. Although we are subject to cybersecurity risks, to date, none have materially affected our company, including our business strategy, results of operations, or financial condition. Notwithstanding our cybersecurity risk program, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on our company. See Item 1A. “Risk Factors” for a discussion of cybersecurity risks. Governance Our board of directors oversees our risk management process directly and through its committees. The audit committee of our board of directors has the power and responsibility to coordinate our board’s oversight over our risk management procedures and to discuss with our management our policies with respect to risk assessment and risk management. Our board of directors has delegated to its audit committee oversight authority of our information security (including cybersecurity) risk management. Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with our management. Our Senior Director, Human Resources & Infrastructure, who together with our Chief Financial Officer and General Counsel, work in close partnership with our outside information technology and cybersecurity consulting firm, and collectively, comprise the core team members of our Rapid Response Team under our Incident Response Policy. The Rapid Response Team is made up of a broad range of participants with relevant education, skills, and experience to investigate cybersecurity threats and assess the materiality thereof to determine internal reporting to our audit committee and board of directors, as well as external reporting or disclosure requirements. Management provides at least quarterly updates to the audit committee, and in turn management and the audit committee provide periodic updates to our board of directors, regarding ongoing cybersecurity risk assessments and related activities.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have certain processes and policies in place to assess, identify and manage material cybersecurity risks. We also periodically monitor and test our information systems for potential vulnerabilities. We use various tools designed to help identify, investigate and resolve cybersecurity incidents, and to help recover from them in a timely manner. These processes, policies and tools comprise our cybersecurity risk program, and are integrated into our overall risk management program.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors oversees our risk management process directly and through its committees. The audit committee of our board of directors has the power and responsibility to coordinate our board’s oversight over our risk management procedures and to discuss with our management our policies with respect to risk assessment and risk management. Our board of directors has delegated to its audit committee oversight authority of our information security (including cybersecurity) risk management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee of our board of directors has the power and responsibility to coordinate our board’s oversight over our risk management procedures and to discuss with our management our policies with respect to risk assessment and risk management. Our board of directors has delegated to its audit committee oversight authority of our information security (including cybersecurity) risk management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management provides at least quarterly updates to the audit committee, and in turn management and the audit committee provide periodic updates to our board of directors, regarding ongoing cybersecurity risk assessments and related activities.
Cybersecurity Risk Role of Management [Text Block]	Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with our management. Our Senior Director, Human Resources & Infrastructure, who together with our Chief Financial Officer and General Counsel, work in close partnership with our outside information technology and cybersecurity consulting firm, and collectively, comprise the core team members of our Rapid Response Team under our Incident Response Policy. The Rapid Response Team is made up of a broad range of participants with relevant education, skills, and experience to investigate cybersecurity threats and assess the materiality thereof to determine internal reporting to our audit committee and board of directors, as well as external reporting or disclosure requirements.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with our management. Our Senior Director, Human Resources & Infrastructure, who together with our Chief Financial Officer and General Counsel, work in close partnership with our outside information technology and cybersecurity consulting firm, and collectively, comprise the core team members of our Rapid Response Team under our Incident Response Policy.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Rapid Response Team is made up of a broad range of participants with relevant education, skills, and experience to investigate cybersecurity threats and assess the materiality thereof to determine internal reporting to our audit committee and board of directors, as well as external reporting or disclosure requirements.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Rapid Response Team is made up of a broad range of participants with relevant education, skills, and experience to investigate cybersecurity threats and assess the materiality thereof to determine internal reporting to our audit committee and board of directors, as well as external reporting or disclosure requirements. Management provides at least quarterly updates to the audit committee, and in turn management and the audit committee provide periodic updates to our board of directors, regarding ongoing cybersecurity risk assessments and related activities.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025 and 2024 (in thousands):


			Fair Value Measurements Using
	Balance at December 31, 2025		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)	$	20,693	$	20,693	$	—	$	—
Marketable debt securities (1)		10,282		10,282		—		—
Marketable debt securities		14,973		14,973		—		—
Marketable equity securities (2)		17		17		—		—
Total assets measured at fair value	$	45,965	$	45,965	$	—	$	—
Liabilities:
Warrant liabilities (3)	$	43,906	$	—	$	—	$	43,906
Total liabilities measured at fair value	$	43,906	$	—	$	—	$	43,906


			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

(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 HBL which has a readily determinable fair value quoted on the TASE (Level 1). These securities are measured at fair value and reported as current assets on the accompanying consolidated balance sheet based on the closing trading price of the security as of the date being presented.

(3)

Liability-classified warrants are valued at issuance, upon warrant exercise, and at each reporting period end date while the warrants are outstanding using a Black-Scholes option pricing model that maximizes the use of observable inputs and minimizes the use of unobservable inputs to the extent possible. Changes in the 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. A significant increase or decrease in these Level 3 inputs could result in a significantly higher or lower fair value measurement. See Note 10 (Shareholders’ Equity) for additional information on the warrants.

Summary of Changes to Level 3 Fair Value Measurement

The following table sets forth a summary of changes to Level 3 fair value measurements (in thousands):


Common Share Warrant Liabilities	Year Ended December 31, 2025			Year Ended December 31, 2024
Balance - beginning of the year	$	6,161		$	—
Issued		2,205			8,289
Change in fair value of warrant liability recognized in the consolidated statement of operations		35,727			(2,128	)
Derivative warrant liability reclassified to equity upon exercise of warrants		(187	)		—
Balance - end of the year	$	43,906		$	6,161

Summary of Significant Assumptions used in Valuing Warrant Liabilities

Level 3 inputs - Significant assumptions used in valuing the warrant liabilities were as follows:


	Year Ended December 31, 2025		Year Ended December 31, 2024
Expected stock price volatility	71.78% - 79.50%		69.70% - 71.18%
Risk-free interest rate	3.50% - 4.25%		4.27% - 4.30%
Expected dividend yield		—		—
Expected term (in years)	2.39 - 3.32		3.39 - 3.50

Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) Customer Installment	Dec. 31, 2024 USD ($) Customer
Property, Plant and Equipment [Line Items]
Number of customer \| Customer	2	1
Percentage of total revenue	92.00%	92.00%
Comprehensive loss foreign currency translation adjustments, net of tax	$ (1,046,000)	$ 189,000
Cumulative translation adjustments	3,900,000	2,900,000
Accrued interest and Penalties	$ 0	$ 0
Employees and officers'stock options
Property, Plant and Equipment [Line Items]
Share-based compensation stock option vesting percentage	25.00%
Stock option Life	10 years
Option vested period	4 years
Restricted Stock Units [Member]
Property, Plant and Equipment [Line Items]
Number of equal annual installments \| Installment	4
ASU 2023-07 [Member]
Property, Plant and Equipment [Line Items]
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	false
Accounting Standards Adoption	true
ASU 2023-09 [Member]
Property, Plant and Equipment [Line Items]
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	false
Accounting Standards Adoption	true
Effective Date	Dec. 31, 2025
Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Finite-lived intangible asset, useful life	10 years
Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Finite-lived intangible asset, useful life	5 years

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

At December 31, 2025 and 2024, accounts payable and accrued liabilities consist of the following (in thousands):


	December 31, 2025		December 31, 2024
Accounts payable	$	2,341	$	1,174
Accrued compensation		3,744		3,066
Accrued liabilities		1,096		1,197
Total	$	7,181	$	5,437

Commitments and Contingencies - Additional Information (Details)			1 Months Ended								3 Months Ended	12 Months Ended
	Aug. 22, 2025 USD ($)	Dec. 17, 2021 USD ($)	Dec. 31, 2025 USD ($) m²	Sep. 30, 2025	Feb. 29, 2024	Sep. 30, 2022 ft²	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)	May 31, 2020 GBP (£)	May 31, 2020 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) m²	Dec. 31, 2025 ILS (₪) m²	Dec. 31, 2024 USD ($)	Dec. 31, 2025	Dec. 31, 2025 ft²	Dec. 31, 2025 USD ($)	Mar. 31, 2025	Mar. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2019 ft²	Dec. 17, 2017
Loss Contingencies [Line Items]
Operating lease expense												$ 1,200,000		$ 1,100,000
Research collaboration costs												17,729,000		12,472,000
Loss on impairment of intangible asset												14,840,000		$ 0
IPR&D - VAC2 [Member]
Loss Contingencies [Line Items]
Loss on impairment of intangible asset											$ 14,800,000
Maximum [Member]
Loss Contingencies [Line Items]
Research collaboration costs	$ 12,000,000
Roche Agreement [Member]
Loss Contingencies [Line Items]
Upfront payment		$ 50,000,000					$ 50,000,000
Milestone payment			$ 5,000,000
Maximum milestone payments to be received upon performance conditions							$ 615,000,000
Roche Agreement [Member] \| Hadasit Medical Research Services and Development Ltd [Member]
Loss Contingencies [Line Items]
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																	$ 96,200,000
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
Remaining performance obligations																	0
Deferred revenue																	700,000
License Agreement [Member] \| IPR&D - VAC2 [Member]
Loss Contingencies [Line Items]
Loss on impairment of intangible asset												$ 14,800,000
Carlsbad Lease [Member]
Loss Contingencies [Line Items]
Rentable area \| ft²																					8,841
Base monthly rent																	24,800			$ 26,700
Lease commencement date				Dec. 01, 2025
Base rent increase rate															3.00%
Carlsbad Lease [Member] \| Deposits and Other Long-Term Assets [Member]
Loss Contingencies [Line Items]
Security deposit																	17,850
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.
Rent for first twelve months																			$ 23,000
Rent for remaining twelve months																			$ 23,500
Carlsbad Sub Lease [Member] \| Prepaid Expenses and Other Current Assets [Member]
Loss Contingencies [Line Items]
Security deposit																	22,500
San Diego Sublease [Member]
Loss Contingencies [Line Items]
Rentable area \| ft²																1,674
Sublease term			38 months
Security deposit																	10,378
Base rent increase rate															3.50%
Rent for first twelve months																	5,189
CCN Leases [Member]
Loss Contingencies [Line Items]
Rentable area			2,096									2,096	2,096			22,600
Lease expiration date												Dec. 31, 2027	Dec. 31, 2027
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												$ 52,000	₪ 165,000
Deposit assets																	$ 533,000

Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accounts payable	$ 2,341	$ 1,174
Accrued compensation	3,744	3,066
Accrued liabilities	1,096	1,197
Total	$ 7,181	$ 5,437

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to Lineage	$ (63,533,000)	$ (18,609,000)
Net income (loss) attributable to noncontrolling interest	166,000	27,000
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	183,000	688,000
Loss on impairment of intangible asset	14,840,000	0
Loss on marketable equity securities, net	8,000	8,000
Accretion of income on marketable debt securities	(44,000)	(229,000)
Depreciation and amortization expense	699,000	587,000
Change in right-of-use assets and liabilities	(58,000)	(42,000)
Amortization of intangible assets	0	22,000
Stock-based compensation	4,752,000	5,077,000
Change in fair value of warrant liability	35,727,000	(2,128,000)
Deferred income tax benefit	(5,280,000)	0
Foreign currency remeasurement	(2,269,000)	273,000
Changes in operating assets and liabilities:
Accounts receivable	(316,000)	106,000
Prepaid expenses and other current assets	46,000	489,000
Accounts payable and accrued liabilities	2,271,000	(1,681,000)
Deferred revenue	(6,111,000)	(7,680,000)
Net cash used in operating activities	(18,919,000)	(23,092,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of marketable equity securities	0	18,000
Purchases of marketable debt securities	(14,935,000)	(8,761,000)
Maturities of marketable debt securities	2,000,000	7,000,000
Purchase of equipment	(522,000)	(565,000)
Net cash used in investing activities	(13,457,000)	(2,308,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from employee options exercised	1,250,000	229,000
Proceeds from exercise of warrants	319,000	0
Common shares received and retired for employee taxes paid	(16,000)	(23,000)
Payment of financed insurance premium	(684,000)	(171,000)
Payment of finance lease liabilities	(59,000)	(54,000)
Net cash provided by financing activities	26,950,000	35,857,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash	396,000	(95,000)
NET DECREASE (INCREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(5,030,000)	10,362,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
At beginning of the period	46,354,000	35,992,000
At end of the period	41,324,000	46,354,000
SUPPLEMENTAL DISCLOSURES
Cash paid for interest	29,000	9,000
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING AND INVESTINGACTIVITIES:
Financing costs in accounts payable and accrued liabilities	3,000	179,000
Fair value of warrant liability recognized upon issuance in registered direct financing	2,205,000	8,289,000
Derivative warrant liability reclassified to share capital upon exercise of warrants	187,000	0
Financed insurance premium	0	855,000
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	40,791,000	45,789,000
Restricted cash included in deposits and other long-term assets (see Note 13 (Commitments and Contingencies))	533,000	565,000
Total cash, cash equivalents, and restricted cash	41,324,000	46,354,000
ATM [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common shares, net of offering costs	20,908,000	68,000
Direct Financing [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common shares, net of offering costs	0	13,889,000
Warrants Under Registered Direct Financing [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common shares, net of offering costs	$ 5,232,000	$ 21,919,000

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025		December 31, 2024
Marketable debt securities
Included within cash and cash equivalents	$	10,282	$	17,432
Included within marketable securities	$	14,973	$	1,992
Marketable equity securities
Included within marketable securities	$	17	$	24

Summary of Available for Sale 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 (in thousands):


	December 31, 2025
Financial Assets:	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	25,248	$	7	$	—	$	25,255
Total	$	25,248	$	7	$	—	$	25,255


	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

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

As of December 31, 2025, 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	$	25,248	$	25,255
Total available-for-sale debt securities	$	25,248	$	25,255

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,
	2025			2024
Loss on marketable equity securities, net	$	(8	)	$	(8	)
Less: Loss recognized in earnings on marketable equity securities sold		—			4
Unrealized loss recognized on marketable equity securities held at end of period, net	$	(8	)	$	(4	)

- 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

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Summary of Common Stock Warrants Outstanding

The following roll-forward presents the Company’s common stock warrants outstanding as of December 31, 2025 and 2024 (in thousands, except per share amounts):


	Number of Warrants Outstanding (in thousands)			Weighted Average Exercise Price (per share)
Balance at December 31, 2023		—			—
Warrants issued		33,158		$	0.91
Balance at December 31, 2024		33,158		$	0.91
Warrants issued		8,289		$	0.91
Warrants exercised		(350	)	$	0.91
Warrants expired/forfeited/cancelled		—			—
Balance at December 31, 2025		41,097		$	0.91

Commitments and Contingencies - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Total	$ 2,350	$ 2,392
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Total	69	$ 122
Operating Lease [Member]
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026	969
2027	1,111
2028	355
2029	85
Total lease payments	2,520
Less imputed interest	(170)
Total	2,350
Financing Leases [Member]
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026	42
2027	31
2028	0
2029	0
Total lease payments	73
Less imputed interest	(4)
Total	$ 69

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
NET LOSS	$ (63,367)	$ (18,582)
Other comprehensive loss:
Foreign currency translation adjustment, net of tax	(1,046)	189
Unrealized gain on marketable debt securities	2	3
COMPREHENSIVE LOSS	(64,411)	(18,390)
Comprehensive (income) loss attributable to noncontrolling interest	(166)	(27)
COMPREHENSIVE LOSS ATTRIBUTABLE TO LINEAGE COMMON SHAREHOLDERS	$ (64,577)	$ (18,417)

- 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.

+ References + Details

- 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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+ Details

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenues

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


	Year Ended December 31,
	2025		2024
Revenues under collaborative agreements
Upfront license fees (1)	$	6,445	$	8,149
Event-based milestones and other collaborative revenue (2)		7,164		—
Total revenues under collaborative agreements		13,609		8,149
Royalties, license and other revenues (3)		947		1,350

Total revenue	$	14,556	$	9,499

(1)

All of the upfront license fee revenue recognized each period was included within deferred revenue as contract liabilities at the beginning of each period. Effective June 30, 2025, Lineage notified ITI of the termination of the ITI Agreement in accordance with its terms, which resulted in approximately $0.7 million in revenues recognized out of the remaining deferred revenues from this customer. See Note 13 (Commitments and contingencies) for additional information.

(2)

None of the event-based milestones and other collaborative revenue recognized in 2025 was included within deferred revenues as contract liabilities as of the beginning of the period.

(3)

Of the royalties, license and other revenues recognized each period, $45,000 and $30,000 was included within deferred revenues as contract liabilities as of January 1, 2025 and 2024, respectively.

Schedule of Contract with Customer Contract Liability and Receivable

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


	December 31, 2025		December 31, 2024
Accounts receivable - beginning of the year	$	638	$	676
Accounts receivable - end of the period	$	891	$	638

Contract liabilities
Deferred revenues - beginning of the year	$	21,821	$	29,501
Deferred revenues - end of the period	$	15,710	$	21,821

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 05, 2026	Dec. 31, 2025	Dec. 31, 2024	Nov. 19, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Gross proceeds from exercise of warrants		$ 319	$ 0
Class of warrant or right, number				39,473,688
Exercise price per share		$ 0.91	$ 0.91		$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Gross proceeds from exercise of warrants	$ 5,400
Class of warrant or right, number	5,921,053
Exercise price per share	$ 0.91

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

6. Goodwill and Intangible Assets, Net

At December 31, 2025 and December 31, 2024, goodwill and intangible assets, net consisted of the following (in thousands):


	December 31, 2025			December 31, 2024
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
		31,700			46,540
Intangible assets subject to amortization:
Acquired patents		18,953			18,953
Acquired royalty contracts (3)		650			650
Accumulated amortization (4)		(19,603	)		(19,603	)
		—			—

Intangible assets, net	$	31,700		$	46,540

(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 connection with our acquisition of Asterias Biotherapeutics, Inc. (“Asterias”) in March 2019 (the “Asterias Merger”). The Company conducted a qualitative goodwill assessment for the second quarter of 2025 and took into consideration the impairment of the VAC indefinite-lived intangible asset. After assessing the totality of relevant events and circumstances, there was no impairment to the goodwill carrying value as of June 30, 2025, and through December 31, 2025, the Company has 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. As of June 30, 2025, the VAC platform was deemed to be abandoned. As the Company has abandoned the VAC platform and its related research and development efforts, and the IPR&D asset has no alternative future use, the Company derecognized the intangible asset and recorded a non-cash pre-tax impairment charge during the quarter ending June 30, 2025 of $14.8 million, within total operating expenses of the consolidated statement of operations. See Note 13 (Commitments and Contingencies) for additional information.

(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 other acquired IPR&D intangible assets, and are considered to be separate intangible assets under ASC Topic 805, Business Combinations.

(4)

Lineage recognized $22,000 in amortization expense of intangible assets during the three months ended March 31, 2024 and did not recognize any amortization expense in subsequent periods as the acquired patents and acquired royalty contracts were fully amortized as of March 31, 2024.

Stock-Based Awards - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 4,752	$ 5,077
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	676	646
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 4,076	$ 4,431

Marketable Securities - Schedule of Fair Value of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Included within cash and cash equivalents	$ 40,791	$ 45,789
Included within marketable securities	25,300
Marketable Debt Securities [Member]
Marketable Securities [Line Items]
Included within cash and cash equivalents	10,282	17,432
Included within marketable securities	14,973	1,992
Marketable Equity Securities [Member]
Marketable Securities [Line Items]
Included within marketable securities	$ 17	$ 24

Revenue - Schedule of Contract with Customer Contract Liability and Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable, net - beginning of the year	$ 638	$ 676
Accounts receivable, net - end of the period	891	638
Deferred revenues - beginning of the year	21,821	29,501
Deferred revenues - end of the period	$ 15,710	$ 21,821

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
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	243,121,801	220,416,326
Common stock, shares outstanding	243,121,801	220,416,326

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

7. Accounts Payable and Accrued Liabilities

At December 31, 2025 and 2024, accounts payable and accrued liabilities consist of the following (in thousands):


	December 31, 2025		December 31, 2024
Accounts payable	$	2,341	$	1,174
Accrued compensation		3,744		3,066
Accrued liabilities		1,096		1,197
Total	$	7,181	$	5,437

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Cash and Cash Equivalents

Cash and cash equivalents – Lineage considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Restricted Cash

Restricted cash – At December 31, 2025 and 2024, CCN had restricted cash related to its office lease. See Note 13 (Commitments and contingencies).

Accounts Receivable

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

Property and Equipment, Net

Goodwill and IPR&D

Intangible Assets

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

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.

•

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

treasury-stock method, convertible preferred stock, if any, using the if-converted method, and treasury stock held by subsidiaries, if any.


	Year Ended December 31,
	2025		2024
Stock options		31,153		26,726
Restricted stock units		315		501
Warrants		41,097		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

Organization, Basis of Presentation and Liquidity

12 Months Ended

Dec. 31, 2025

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 cell replacement therapies to treat serious medical conditions. Our programs are based on our proprietary, in-house, cell-based manufacturing platform, which we call AlloSCOPE™ (Allogeneic, Scalable, Consistent, Off-the-shelf, Pluripotent Cell Engineering), and supported by our associated development, formulation, manufacturing, and delivery capabilities.

Our lead program, OpRegen, an allogeneic retinal pigmented epithelial (RPE) cell replacement therapy, is currently in Phase 2a development under a worldwide collaboration with F. Hoffman-La Roche Ltd. and Genentech, Inc., a member of the Roche Group (collectively or individually, “Roche” or “Genentech”), for the treatment of geographic atrophy (GA) secondary to dry-AMD. Our second clinical-stage program, OPC1, is an allogeneic oligodendrocyte progenitor cell therapy designed to improve recovery following a spinal cord injury. One of our preclinical programs, ReSonance (ANP1), is an allogeneic auditory neuron progenitor cell transplant therapy currently in preclinical development under collaboration with William Demant Invest 2 Aps (WDI) for the treatment of auditory neuropathy.

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 assumptions for valuing warrants. Actual results could differ materially from those estimates.

Segments and Principles of Consolidation

Our chief operating decision maker (“CODM”), our Chief Executive Officer, manages our business activities as a single operating and reportable segment at the consolidated level. The information in our consolidated financial statements is the only financial information regularly provided to our CODM and there are no other significant expense categories regularly reviewed by our CODM. Accordingly, our CODM uses consolidated net loss to measure segment profit or loss, allocate resources and assess performance. Further, our CODM reviews and utilizes revenue and functional expenses (cost of royalties, research and development, general and administrative, and loss on impairment of intangible asset) at the consolidated level to manage our 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 gain (loss), and other income (expense), and the provision for income tax benefit, which are reflected in the consolidated statements of operations

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, 2025.


Subsidiary	Field of Business	Lineage Ownership	Country
Cell Cure Neurosciences Ltd. ("CCN")	Manufacturing of Lineage’s product candidates	94%(1)	Israel
ES Cell International Pte. Ltd. ("ESI")	Research and clinical grade cell lines	100%	Singapore

(1)

Includes shares owned by Lineage and ESI.

All material intercompany accounts and transactions have been eliminated in consolidation. 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, 2025, we had $55.8 million of cash, cash equivalents and marketable securities. Based on our current operating plan, we believe that our cash, cash equivalents and marketable securities 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, 2025, we had $25.3 million of marketable securities, of which $10.3 million is classified as cash equivalents. 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 worldwide collaboration with Roche (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 (Commitments 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, 2025, we had not included these commitments on our consolidated balance sheet because the achievement of events that would trigger our payment obligations and the timing thereof were 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.

Shareholders’ Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Shareholders' Equity

10. Shareholders’ Equity

Preferred Shares

Lineage is authorized to issue 2,000,000 preferred shares. 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. There were no preferred shares issued or outstanding as of either December 31, 2025 or December 31, 2024.

Common Shares

Lineage is authorized to issue 450,000,000 common shares. As of December 31, 2025 and 2024, there were 243,121,801 and 220,416,326 common shares issued and outstanding, respectively.

At-The-Market Offering Program

In March 2024, Lineage 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”).

During the year ended December 31, 2025, 13.1 million common shares were sold under the ATM program at a weighted average price per share of $1.72 for gross proceeds of $22.6 million. During the year ended December 31,

2024, 56,000 common shares were sold under the ATM program at a weighted average price per share of $1.26 for gross proceeds of $70,000.

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.

Additionally, as part of the 12.0 million shares issued under the ATM program in November 2025 for gross proceeds of $21.0 million, Lineage paid H.C. Wainwright & Co., LLC (“Wainwright”), a 6% placement agent fee.

February 2024 Registered Direct Offering

In February 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 its common shares (the “February 2024 RDO”). The offering price was $1.04 per common share resulting in 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 (the “November 2024 RDO”).

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. The warrants have an exercise price of $0.91 per common share, have been exercisable since 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, 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 in the November 2024 RDO 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 up to 7,894,737 common shares. The terms of such warrant are substantially the same as those described above. The aggregate gross proceeds from this closing was $6.0 million, with approximately $0.6 million for related issuance costs. The warrant issued to Broadwood Partners at this closing had a fair value of approximately $2.1 million at issuance and is classified as a warrant liability in the Company’s consolidated financial statements. See Note 8 (Fair Value Measurements) and Note 9 (Related Party Transactions) 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 November 2024 RDO. Pursuant to the engagement letter, we paid Wainwright a cash fee equal to 7.0% and a management fee equal to 1.0%, in each case, 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 up to 1,973,684 of our common shares. The warrants issued to Wainwright (or its designees) in connection with the first and second closings had a fair value of approximately $0.4 million and $0.1 million, respectively, at issuance and are classified as warrant liabilities in the Company’s consolidated financial statements. See Note 8 (Fair Value Measurements) for additional information.

Summary of Common Stock Warrant Activity and Outstanding

The following roll-forward presents the Company’s common stock warrants outstanding as of December 31, 2025 and 2024 (in thousands, except per share amounts):


	Number of Warrants Outstanding (in thousands)			Weighted Average Exercise Price (per share)
Balance at December 31, 2023		—			—
Warrants issued		33,158		$	0.91
Balance at December 31, 2024		33,158		$	0.91
Warrants issued		8,289		$	0.91
Warrants exercised		(350	)	$	0.91
Warrants expired/forfeited/cancelled		—			—
Balance at December 31, 2025		41,097		$	0.91

See Note 8 (Fair Value Measurements) for additional information on the warrants. See Note 15 (Subsequent Events) for information regarding warrants exercised in March 2026.

- Definition

The entire disclosure for equity.

+ References

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

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

3 Months Ended

12 Months Ended

Jun. 30, 2025

Mar. 31, 2024

Dec. 31, 2025

Dec. 31, 2024

Mar. 01, 2019

Indefinite-Lived Intangible Assets [Line Items]

Fair value of intangible assets

$ 31,700,000

$ 46,540,000

Loss on impairment of intangible asset

14,840,000

Amortization of intangible assets

$ 22,000

22,000

IPR&D - VAC2 [Member]

Indefinite-Lived Intangible Assets [Line Items]

Fair value of intangible assets

$ 0

^[1]

$ 14,840,000

^[1]

$ 14,800,000

Loss on impairment of intangible asset

$ 14,800,000

In Process Research and Development [Member]

Indefinite-Lived Intangible Assets [Line Items]

Fair value of intangible assets

46,500,000

IPR&D - OPC1 [Member]

Indefinite-Lived Intangible Assets [Line Items]

Fair value of intangible assets

$ 31,700,000

[1]

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- Definition

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

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+ Details

Marketable Securities

12 Months Ended

Dec. 31, 2025

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, 2025		December 31, 2024
Marketable debt securities
Included within cash and cash equivalents	$	10,282	$	17,432
Included within marketable securities	$	14,973	$	1,992
Marketable equity securities
Included within marketable securities	$	17	$	24

Marketable Debt Securities


	December 31, 2025
Financial Assets:	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	25,248	$	7	$	—	$	25,255
Total	$	25,248	$	7	$	—	$	25,255


	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

The Company has not recognized an allowance for credit losses on any securities in an unrealized loss position as of December 31, 2025 and 2024. The Company believes that any individual unrealized losses represent temporary declines resulting from changes in interest rates, and do not reflect a deterioration of the credit quality of the issuer. The Company does not intend to sell these securities before their maturity, and does not anticipate that these securities will be required to be sold before recovery. The costs basis of the available-for-sale debt securities upon sale or maturity is determined using the specific identification method.

As of December 31, 2025, 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	$	25,248	$	25,255
Total available-for-sale debt securities	$	25,248	$	25,255

Marketable Equity Securities

Marketable equity securities with readily determinable fair values are reported at fair value with unrealized gains and losses related to mark-to-market adjustments included in income. Lineage’s marketable equity securities are classified as trading securities and for the periods reported have consisted of shares of common stock of OCX and HBL. The value of marketable equity securities is based on the closing price of OCX and HBL common stock on the last trading day of the applicable quarter.

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


	Year Ended December 31,
	2025			2024
Loss on marketable equity securities, net	$	(8	)	$	(8	)
Less: Loss recognized in earnings on marketable equity securities sold		—			4
Unrealized loss recognized on marketable equity securities held at end of period, net	$	(8	)	$	(4	)

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
U.S. federal	$ (251)	$ 0
U.S. state	0	0
Foreign	(5,029)	0
Total income tax benefit	$ (5,280)	$ (0)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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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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-Subparagraph (i)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (ee)
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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 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Property and Equipment, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 699,000	$ 587,000
Amortization expense for right-of-use finance lease assets	$ 59,000	$ 55,000

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

At December 31, 2025 and 2024, property and equipment, net was comprised of the following (in thousands):


	December 31, 2025			December 31, 2024
Equipment, furniture and fixtures	$	5,280		$	4,131
Leasehold improvements		2,749			2,300
Right-of-use assets - finance lease		221			204
Accumulated depreciation and amortization		(5,684	)		(4,384	)
Property and equipment, net	$	2,566		$	2,251

Depreciation and amortization expense was $699,000 and $587,000 for the years ended December 31, 2025 and 2024, respectively. These amounts include amortization expense for right-of-use finance lease assets of $59,000 and $55,000 for the years ended December 31, 2025 and 2024, respectively.

Geographic Area Information

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, 2025 and 2024, is set forth below (in thousands):


	Property and equipment, net				Operating lease right-of-use assets
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
United States	$	61	$	105	$	888	$	685
Foreign (1)		2,505		2,146		1,243		1,459
Total	$	2,566	$	2,251	$	2,131	$	2,144

(1)

Assets in foreign countries are principally located at CCN in Israel.

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, 2025	Dec. 31, 2024
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	31,153	26,726
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	315	501
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	41,097	33,158

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 70,637	$ 68,180
Research and development and other credits	9,922	9,433
Capitalized research expense	10,275	8,441
Deferred revenue	4,225	0
Reserves and accruals	716	0
Stock-based compensation	3,941	3,841
Patents and licenses	1,361	1,612
Operating lease liability	267	233
Other	117	1,688
Deferred tax assets Section 481(a) adjustment intangible amortization	8,061	0
Total deferred tax assets	109,522	93,428
Valuation allowance	(89,417)	(86,314)	$ (80,513)
Deferred tax assets, net of valuation allowance	20,105	7,114
Operating lease ROU assets	(263)	(219)
Intangibles	(9,031)	(7,168)
Section 481(a) - deferred revenue	(5,033)	0
Total deferred tax liabilities	(14,327)	(7,387)
Net deferred tax assets	$ 5,778	$ 273

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

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 and are therefore determined using estimates and assumptions developed by the Company, which reflect those that a market participant would use,.

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, 2025 and 2024 (in thousands):


			Fair Value Measurements Using
	Balance at December 31, 2025		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)	$	20,693	$	20,693	$	—	$	—
Marketable debt securities (1)		10,282		10,282		—		—
Marketable debt securities		14,973		14,973		—		—
Marketable equity securities (2)		17		17		—		—
Total assets measured at fair value	$	45,965	$	45,965	$	—	$	—
Liabilities:
Warrant liabilities (3)	$	43,906	$	—	$	—	$	43,906
Total liabilities measured at fair value	$	43,906	$	—	$	—	$	43,906


			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

(1)

(2)

(3)

The following table sets forth a summary of changes to Level 3 fair value measurements (in thousands):


Common Share Warrant Liabilities	Year Ended December 31, 2025			Year Ended December 31, 2024
Balance - beginning of the year	$	6,161		$	—
Issued		2,205			8,289
Change in fair value of warrant liability recognized in the consolidated statement of operations		35,727			(2,128	)
Derivative warrant liability reclassified to equity upon exercise of warrants		(187	)		—
Balance - end of the year	$	43,906		$	6,161

Level 3 inputs - Significant assumptions used in valuing the warrant liabilities were as follows:


	Year Ended December 31, 2025		Year Ended December 31, 2024
Expected stock price volatility	71.78% - 79.50%		69.70% - 71.18%
Risk-free interest rate	3.50% - 4.25%		4.27% - 4.30%
Expected dividend yield		—		—
Expected term (in years)	2.39 - 3.32		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 date of warrant issuance to May 21, 2028. At each reporting period end date, the expected term is reduced to reflect the remaining term of the warrants. Because the term of the warrants will expire earlier than May 21, 2028 upon the occurrence of a future event and subject to specified conditions being satisfied, the expected term could be shortened in subsequent periods. See Note 10 (Shareholders’ Equity) for additional information regarding the warrants.

- 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/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

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 again in September 2025. Under the amendment entered into in September 2025, the term of the lease was extended for 36 months commencing on April 1, 2026, and commencing on December 1, 2025, the monthly base rent was reduced from $26,700 to $24,800, subject to 3% annual increases and rent will be abated for April 2026 through July 2026. 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, 2025.

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. The base rent was $23,000 per month for the first twelve months of the extended term and is $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 prepaid expenses and other current assets on the consolidated balance sheet as of December 31, 2025.

In December 2025, Lineage entered into a sublease for approximately 1,674 square feet of rentable industrial space in San Diego, California, for a 38-month term that will commence in the first quarter of 2026. The base rent will be $5,189 per month for the first twelve months with an annual increase of 3.5%. As security for the performance of its obligations under the sublease, Lineage will provide the landlord with a security deposit of $10,378.

CCN Leases

As of December 31, 2025, 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 $52,000 as of December 31, 2025), 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 which is classified 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 $533,000 as of December 31, 2025, 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,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,236	$	1,218
Operating cash flows from finance leases	$	7	$	9
Financing cash flows from finance leases	$	59	$	54

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	847	$	597
Finance leases	$	—	$	36

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


	December 31, 2025			December 31, 2024
Operating leases
Right-of-use assets	$	2,131		$	2,144

Right-of-use lease liabilities, current	$	816		$	1,097
Right-of-use lease liabilities, noncurrent		1,534			1,295
Total operating lease liabilities	$	2,350		$	2,392

Finance leases
Right-of-use assets	$	221		$	204
Accumulated amortization		(158	)		(89	)
Right-of-use assets, net	$	63		$	115

Right-of-use lease liabilities, current	$	37		$	55
Right-of-use lease liabilities, noncurrent		32			67
Total finance lease liabilities	$	69		$	122

Weighted average remaining lease term
Operating leases	2.4 years			2.5 years
Finance leases	1.7 years			2.4 years

Weighted average discount rate
Operating leases		6.0	%		6.4	%
Finance leases		7.2	%		7.1	%

Future minimum lease commitments are as follows as of December 31, 2025 (in thousands):


	Operating Leases			Finance Leases
Year Ending December 31,
2026	$	969		$	42
2027		1,111			31
2028		355			—
2029		85			—
Total lease payments		2,520			73
Less imputed interest		(170	)		(4	)
Total	$	2,350		$	69

Operating lease expense was $1.2 million and $1.1 million for the twelve months ended December 31, 2025 and 2024, 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 (which was received in January 2022) and another $5.0 million milestone payment (which was received in December 2025). Lineage is eligible to receive up to an additional $615.0 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 its ongoing phase 1/2a 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.

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. In accordance with obligations under the Innovation Law, Lineage continues to fund CCN to pay the downstream payments to the IIA. As of December 31, 2025, the aggregate cap amount was approximately $96.2 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. In accordance with the terms of these agreements, the initial sublicensing fee payment to Hadasit was reduced for costs related to Lineage’s performance obligations under the Roche Agreement. To the extent such costs were not incurred within five years after the execution of the Roche Agreement, CCN would have been required to pay Hadasit 21.5% of the amount of costs not incurred; however to date, all such costs have been incurred. Under the terms of CCN’s agreement with Hadasit, Lineage continues to fund CCN to pay the downstream payments to Hadasit, accordingly.

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).

Effective June 30, 2025, Lineage determined that it was no longer going to pursue the VAC2 program, and was going to cease development and commercialization of all products under the CRT License Agreement. In conjunction therewith, CRT notified Lineage of CRT’s termination of the CRT License Agreement, which it had the right to do if Lineage ceased all development and commercialization of all products under the CRT License Agreement. Further, in conjunction therewith, Lineage notified Immunomic Therapeutics, Inc. (“ITI”) of the termination of the collaboration agreement that Lineage had entered into with ITI in April 2021 (the “ITI Agreement”) in accordance with its terms. The Company has abandoned all future development efforts and will no longer prosecute any of the issued patents related to the VAC platform. Accordingly, the Company performed an impairment assessment of the VAC platform IPR&D intangible asset which resulted in a non-cash, pre-tax impairment charge during the quarter ended June 30, 2025 of $14.8 million. Additionally, Lineage recognized the remaining deferred revenue amount of approximately $0.7 million, as of the June 30, 2025 effective date of the termination of the ITI Agreement, since Lineage had no remaining performance obligations under such agreement. See Note 6 (Goodwill and Intangible Assets, Net) to our consolidated financial statements included in this report for additional information.

WDI Collaboration

On August 22, 2025, Lineage and WDI entered into a research collaboration agreement (the “RCA”) to advance the preclinical development of ReSonance (ANP1) for the treatment of hearing loss (the “Project”). WDI will fund up to $12 million in research collaboration costs over the approximate three-year term of the RCA. The main objective of the RCA is for the parties to complete a preclinical phase achieving readiness to potentially progress to human clinical trials under one or more separate clinical agreements, the terms of which would be negotiated in good faith before the expiration of the RCA.

All intellectual property owned by a party prior to the date of the RCA will remain such party’s sole and exclusive property. The parties will jointly own all results, data, reports, know-how and patent(s) conceived or otherwise generated in the course of and resulting from the Project, other than discoveries or developments relating to Lineage’s proprietary platform technology.

If a party (the “abandoning party”) informs the other party (the “continuing party”) that it will not continue the research with the other party under a clinical agreement, the continuing party may purchase the abandoning party’s ownership interest in the intellectual property resulting from the Project for exploitation for the treatment of hearing loss and a license to the abandoning party’s background intellectual property to the extent necessary for such exploitation for an amount and on terms to be determined by the mutual agreement of the parties, and if such mutual agreement is not reached, by an independent third-party.

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, 2025, 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.

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 after 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. In June 2025, the third party valuation firm delivered its report stating that in its opinion the consideration paid by Lineage to CCN under the Intercompany Agreement was insufficient. The Court subsequently notified the parties that they were to advise the Court whether they have settled the matter between themselves. On January 14, 2026 HBL notified the Court that the parties had failed to reach a settlement agreement and motioned to the Court to terminate the current proceedings in order to potentially initiate separate proceedings. CCN responded to HBL’s motion on February 10, 2026 requesting that the Court deny HBL’s motion. The parties are awaiting the Court’s response to HBL’s motion. It is not possible at this time to assess the likelihood of 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, 2025 or December 31, 2024.

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 our research, development and commercialization activities, in exchange for which we have agreed to pay potential developmental, regulatory and/or commercial milestone payments and/or 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 royalties, respectively, in our consolidated statements of operations.

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

In March 2026, we received gross proceeds of $5.4 million from the exercise of warrants, which were issued in our November 2024 RDO, to purchase 5,921,053 common shares at an exercise price of $0.91 per share.

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, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Amortized cost, In one year or less	$ 25,248
Amortized Cost	25,248	$ 19,420
Estimated fair value, In one year or less	25,255
Lineage's available-for-sale debt securities	$ 25,255	$ 19,424

- 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

Stock-Based Awards - Schedule of Share-based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
2021 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance	16,658
Number of Options Outstanding, Options granted	7,863
Number of Options Outstanding, Options exercised	(479)
Number of Options Outstanding, Options expired/forfeited/cancelled	(860)
Number of Options Outstanding, Ending balance	23,182	16,658
Number of Options exercisable	10,788
Number of Options Exercisable and Expected to Vest	23,182
Number of RSUs Outstanding, Beginning balance	501
Number of RSUs Outstanding, RSUs forfeited	(100)
Number of RSUs Outstanding, RSUs vested	(86)
Number of RSUs Outstanding, Ending balance	315	501
Weighted Average Exercise Price of Options Outstanding, Beginning balance	$ 1.3
Weighted Average Exercise Price of Options Outstanding, Options granted	0.56
Weighted Average Exercise Price of Options, Options exercised	1.2
Weighted Average Exercise Price of Options Outstanding, Options expired/forfeited/cancelled	0.81
Weighted Average Exercise Price of Options Outstanding, Ending balance	1.07	$ 1.3
Weighted Average Exercise Price of Options exercisable	1.34
Weighted Average Exercise Price of Options exercisable and expected to vest	1.07
Weighted Average Grant Date Fair Value Per Share, Beginning balance	1.24
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	$ 1.5	$ 1.24
Weighted Average Remaining Contractual Team (Years),Options Outstanding	7 years 10 months 13 days	8 years 2 months 23 days
Weighted Average Remaining Contractual Team (Years),Options exercisable	6 years 11 months 26 days
Weighted Average Remaining Contractual Team (Years), Options exercisable and expected to vest	7 years 10 months 13 days
Aggregate Intrinsic Value, Options Outstanding	$ 13,898	$ 0
Aggregate Intrinsic Value, Options exercisable	3,566
Aggregate Intrinsic Value, Options exercisable and expected to vest	$ 13,898
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	10,068
Number of Options Outstanding, Options exercised	(786)
Number of Options Outstanding, Options expired/forfeited/cancelled	(1,311)
Number of Options Outstanding, Ending balance	7,971	10,068
Number of Options exercisable	7,971
Number of Options Exercisable and Expected to Vest	7,971
Weighted Average Exercise Price of Options Outstanding, Beginning balance	$ 1.84
Weighted Average Exercise Price of Options, Options exercised	0.86
Weighted Average Exercise Price of Options Outstanding, Options expired/forfeited/cancelled	2.33
Weighted Average Exercise Price of Options Outstanding, Ending balance	1.86	$ 1.84
Weighted Average Exercise Price of Options exercisable	1.86
Weighted Average Exercise Price of Options exercisable and expected to vest	$ 1.86
Weighted Average Remaining Contractual Team (Years),Options Outstanding	4 years 2 months 15 days	4 years 6 months 29 days
Weighted Average Remaining Contractual Team (Years),Options exercisable	4 years 2 months 15 days
Weighted Average Remaining Contractual Team (Years), Options exercisable and expected to vest	4 years 2 months 15 days
Aggregate Intrinsic Value, Options Outstanding	$ 2,026	$ 0
Aggregate Intrinsic Value, Options exercisable	2,026
Aggregate Intrinsic Value, Options exercisable and expected to vest	$ 2,026

Shareholders' Equity - Summary of Common Stock Warrants Outstanding (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Beginning balance	33,158	0
Warrants issued	8,289	33,158
Warrants exercised	(350)
Warrants expired/forfeited/cancelled	0
Ending balance	41,097	33,158
Weighted Average Exercise Price, Begining balance	$ 0.91	$ 0
Weighted Average Exercise Price, Warrants issued	0.91	0.91
Weighted Average Exercise Price, Warrants exercised	0.91
Weighted Average Exercise Price, Warrants expired/forfeited/cancelled	0
Weighted Average Exercise Price, Ending balance	$ 0.91	$ 0.91

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Income taxes paid, net of refunds received	$ 0	$ 0
Valuation allowance increased	$ 3,100,000	$ 5,800,000
Statutory income tax rate	21.00%	21.00%
Interest and penalties related to unrecognized tax benefits	$ 0	$ 0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	214,600,000
Tax credits, amount	$ 6,500,000
Net operating loss carryforwards expiration description	begin to expire in 2030
Domestic Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 187,300,000
Federal net operating loss carryforward subject to expiration	113,400,000
Tax credits, amount	$ 6,800,000
Net operating loss carryforwards expiration description	expiration beginning in 2030

Fair Value Measurements - Summary of Changes to Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative warrant liability reclassified to equity upon exercise of warrants	$ (187)	$ 0
Fair Value, Inputs, Level 3 [Member] \| Common Share Warrant Liabilities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance -beginning of the year	6,161
Issued	2,205	8,289
Change in fair value of warrant liability recognized in the consolidated statement of operations	35,727	(2,128)
Derivative warrant liability reclassified to equity upon exercise of warrants	(187)
Balance - end of the year	$ 43,906	$ 6,161

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

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,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,236	$	1,218
Operating cash flows from finance leases	$	7	$	9
Financing cash flows from finance leases	$	59	$	54

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	847	$	597
Finance leases	$	—	$	36

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, 2025			December 31, 2024
Operating leases
Right-of-use assets	$	2,131		$	2,144

Right-of-use lease liabilities, current	$	816		$	1,097
Right-of-use lease liabilities, noncurrent		1,534			1,295
Total operating lease liabilities	$	2,350		$	2,392

Finance leases
Right-of-use assets	$	221		$	204
Accumulated amortization		(158	)		(89	)
Right-of-use assets, net	$	63		$	115

Right-of-use lease liabilities, current	$	37		$	55
Right-of-use lease liabilities, noncurrent		32			67
Total finance lease liabilities	$	69		$	122

Weighted average remaining lease term
Operating leases	2.4 years			2.5 years
Finance leases	1.7 years			2.4 years

Weighted average discount rate
Operating leases		6.0	%		6.4	%
Finance leases		7.2	%		7.1	%

Schedule of Future Minimum Lease Commitments

Future minimum lease commitments are as follows as of December 31, 2025 (in thousands):


	Operating Leases			Finance Leases
Year Ending December 31,
2026	$	969		$	42
2027		1,111			31
2028		355			—
2029		85			—
Total lease payments		2,520			73
Less imputed interest		(170	)		(4	)
Total	$	2,350		$	69

Stock-Based Awards - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jun. 30, 2025	Sep. 30, 2023	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs			$ 6,200,000
Weighted average period for recognition			2 years 4 months 24 days
Total intrinsic value of options exercised			$ 800,000	$ 135,000
Fair value of the options vested			$ 5,270,000	$ 4,853,000
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			6 months
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	19,500,000
Number of shares available for grant			35,837,519
Weighted average grant-date fair value per share of options granted			$ 0.4	$ 0.77
2021 Equity Incentive Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance			54,500,000

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

CURRENT ASSETS

Cash and cash equivalents

$ 40,791

$ 45,789

Marketable securities

14,990

2,016

Accounts receivable

891

638

Prepaid expenses and other current assets

2,485

2,554

Total current assets

59,157

50,997

NONCURRENT ASSETS

Property and equipment, net

2,566

2,251

Operating lease right-of-use assets

2,131

2,144

Deposits and other long-term assets

558

614

Goodwill

^[1]

10,672

Intangible assets, net

31,700

46,540

Deferred tax asset, net

5,800

TOTAL ASSETS

112,584

113,218

CURRENT LIABILITIES

Accounts payable and accrued liabilities

7,181

5,437

Operating lease liabilities, current portion

816

1,097

Finance lease liabilities, current portion

Deferred revenues, current portion

3,333

7,388

Total current liabilities

11,367

13,977

LONG-TERM LIABILITIES

Deferred tax liability, net

273

Deferred revenues, net of current portion

12,377

14,433

Operating lease liabilities, net of current portion

1,534

1,295

Finance lease liabilities, net of current portion

Warrant liabilities

43,906

6,161

TOTAL LIABILITIES

69,238

36,206

Commitments and contingencies (Note 13)

SHAREHOLDERS' EQUITY

Preferred shares, no par value, 2,000 shares authorized; none issued and outstanding as of December 31, 2025 and 2024

Common shares, no par value, 450,000 shares authorized as of December 31, 2025 and 2024; 243,122 and 220,416 shares issued and outstanding as of December 31, 2025 and 2024, respectively

515,467

484,722

Accumulated other comprehensive loss

(3,920)

(2,876)

Accumulated deficit

(466,998)

(403,465)

Lineage's shareholders' equity

44,549

78,381

Noncontrolling deficit

(1,203)

(1,369)

Total shareholders’ equity

43,346

77,012

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 112,584

$ 113,218

[1]

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

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


	Year Ended December 31,
	2025		2024
Stock options		31,153		26,726
Restricted stock units		315		501
Warrants		41,097		33,158

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Beginning balance	$ 3,153	$ 2,963
Gross increases - tax position in current period	162	190
Lapses in statutes of limitations	(8)
Ending balance	$ 3,307	$ 3,153

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

9. Related Party Transactions

In the February 2024 RDO (as such term is defined in Note 10 (Shareholders’ Equity)), we sold 6,730,770 common shares to Broadwood Partners, L.P. (“Broadwood Partners”), an affiliate of Neal Bradsher, a member of our board of directors, and 96,155 common shares to Don Bailey, a member of our board of directors at the time of the February 2024 RDO. See Note 10 (Shareholders’ Equity) for additional information regarding such offering.

In January 2025, we sold 7,894,737 common shares and an accompanying warrant to purchase up to 7,894,737 common shares to Broadwood Partners in the November 2024 RDO (as such term is defined in Note 10 (Shareholders’ Equity)). See Note 10 (Shareholders’ Equity) for additional information regarding such offering.

- 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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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-Section 50
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-Publisher FASB
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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Breakout of Loss Before Income Taxes

The domestic and foreign breakout of loss before income taxes was as follows (in thousands):


	Year Ended December 31,
	2025			2024
Domestic	$	(71,599	)	$	(18,864	)
Foreign		2,952			282
Loss before income taxes	$	(68,647	)	$	(18,582	)

Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consists of the following (in thousands):


	Year Ended December 31,
	2025			2024
U.S. federal	$	(251	)	$	—
U.S. state		—			—
Foreign		(5,029	)		—
Total provision (benefit) for income taxes (1)	$	(5,280	)	$	—

(1)

There was no current or deferred income tax expense (benefit) for the year ended December 31, 2024. There was no current tax expense (benefit) for the year ended December 31, 2025. As a result, the income tax benefit for the year ended December 31, 2025 consists entirely of deferred tax adjustments.

Schedule of Income Tax Rate Reconciliation

For the year ended December 31, 2025, the income tax provision (benefit) related to continuing operations differs from the amounts computed by applying the statutory income tax rate of 21% to pretax loss as follows (in thousands):


	Year Ended December 31, 2025
U.S. federal statutory tax benefit and rate	$	(14,297	)	21.00	%
State income taxes, net of federal effect (1)		(37	)	0.05	%
Change in valuation allowance		6,608		(9.71	)%
Nontaxable or nondeductible items;
Fair market value adjustment on warrants liabilities		7,503		(11.02	)%
Other nontaxable or nondeductible items		185		(0.27	)%
Changes in tax laws or rates		—		—	%
Tax credits		(486	)	0.71	%
Cross-border tax laws		374		(0.55	)%
Worldwide changes in unrecognized tax benefits		154		(0.23	)%
Other		365		(0.54	)%

Foreign tax effects;
Israel;
Increase (decrease) valuation allowance		(5,847	)	8.59	%
Other Israel		236		(0.35	)%
Other foreign jurisdictions		(38	)	0.06	%
Total income tax benefit and rate	$	(5,280	)	7.74	%

(1)

California comprised all of the tax effect in this category for 2025.

A reconciliation between the statutory federal income tax expense and the Company’s effective income tax expense for the year prior to the adoption of ASU 2023-09 is as follows:


	Year Ended
	December 31, 2024
Computed tax benefit at federal statutory rate		21	%
Research and development and other credits		2	%
Permanent differences		1	%
Change in valuation allowance		(34	)%
State tax benefit		10	%
GILTI inclusion		—	%
Income tax benefit (expense)		(0	)%

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities for federal and state income taxes at December 31, 2025 and 2024 are as follows (in thousands):


	December 31, 2025			December 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$	70,637		$	68,180
Research and development and other credits		9,922			9,433
Capitalized research expense		10,275			8,441
Deferred revenue		4,225			—
Reserves and accruals		716			—
Stock-based compensation		3,941			3,841
Patents and licenses		1,361			1,612
Operating lease liability		267			233
Other		117			1,688
Section 481(a) - intangible amortization		8,061			—
Total deferred tax assets		109,522			93,428
Valuation allowance		(89,417	)		(86,314	)
Deferred tax assets, net of valuation allowance		20,105			7,114

Deferred tax liabilities:
Operating lease ROU assets		(263	)		(219	)
Intangibles		(9,031	)		(7,168	)
Section 481(a) - deferred revenue		(5,033	)		—
Total deferred tax liabilities		(14,327	)		(7,387	)

Net deferred tax assets	$	5,778		$	(273	)

Schedule of Reconciliation of Change in Valuation Allowance

The following table presents a reconciliation of the total change in the valuation allowance (in thousands):


	Year Ended December 31,
	2025			2024
Beginning Balance	$	86,314		$	80,513
Change charged to income tax expense		3,389			5,803
Changes charged to other comprehensive income		(286	)		(2	)
Changed charged to goodwill		—			—
Ending Balance	$	89,417		$	86,314

Schedule of Unrecognized Tax Benefits Roll Forward

We have the following activity relating to unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2025			2024
Beginning balance	$	3,153		$	2,963
Gross increases - tax position in current period		162			190
Lapses in statutes of limitations		(8	)		—
Ending balance	$	3,307		$	3,153

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	$ (5,684)	$ (4,384)
Property and equipment, net	2,566	2,251
Equipment Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,280	4,131
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,749	2,300
Right-of-use assets - Finance Lease [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 221	$ 204

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets Net

At December 31, 2025 and December 31, 2024, goodwill and intangible assets, net consisted of the following (in thousands):


	December 31, 2025			December 31, 2024
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
		31,700			46,540
Intangible assets subject to amortization:
Acquired patents		18,953			18,953
Acquired royalty contracts (3)		650			650
Accumulated amortization (4)		(19,603	)		(19,603	)
		—			—

Intangible assets, net	$	31,700		$	46,540

(1)

(2)

(3)

(4)

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

Our revenue is primarily generated from our collaborative research and development agreements as well as royalty and other service agreement revenues.

Collaboration revenues

The following paragraphs provide information regarding the accounting treatment of the Company’s most significant collaborative agreements, which are all within the scope of ASU 2014-09 – Revenue from Contracts with Customers (Topic 606).

For our collaboration agreements where revenue is recognized over time, an input method of costs incurred over total estimated costs to be incurred is used to measure progress toward completion of the performance obligation and to calculate the corresponding revenue to recognize each period. During 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 (the latter, if applicable) in the period of adjustment. For our collaboration agreements where revenue is recognized over time, we believe the input methodology represents the most appropriate measure of progress towards satisfaction of the identified performance obligation.

Roche Agreement - From the inception of the December 2021 Roche Agreement through the quarter ending September 30, 2025 the total transaction price was equal to the $50.0 million upfront payment received and was allocated among two performance obligations. The license, technology transfer and related clinical deliverables were determined to be highly interdependent and interrelated and were combined as the first performance obligation. Delivery related to the first performance obligation is determined to be over time using the input methodology which we believe represents the most appropriate measure of progress towards satisfaction of the identified performance obligation. A material customer option for additional goods and services was included in this initial total transaction price, of which $12.0 million was allocated to a second performance obligation. This customer option will be recognized as revenue, as appropriate, when the customer exercises the option or when this option expires. Regulatory and development milestones within the agreement 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.

In the fourth quarter of 2025, the achievement of the first milestone under the agreement in the amount of $5.0 million resulted in a corresponding increase in the transaction price for the first performance obligation. Revenue recognized during 2025 from performance obligations satisfied in prior periods was $3.9 million, driven by the $5.0 million change in the transaction price. There were no further changes to the transaction price in the current year. See Note 13 (Commitments and Contingencies) for additional information.

WDI Agreement - In August 2025, the Company entered into a multi-year, multi-phase research collaboration agreement (the RCA) with WDI. During the RCA period, the parties will perform preclinical development activities to support a potential IND and/or clinical trial application (CTA) filing related to the Company’s ReSonance (ANP1) program, for the treatment of hearing loss. The preclinical research activities assigned to Lineage were determined to be highly interdependent and interrelated and have been combined as one performance obligation. Delivery is determined to be overtime and revenue will be recognized utilizing an input method of costs incurred over total estimated costs to complete the performance obligation. We believe the input methodology represents the most appropriate measure of progress towards satisfaction of the identified performance obligation.

The initial transaction price for the RCA of $3.6 million includes a non-refundable upfront payment and variable consideration attributed to cost reimbursement for Lineage’s costs incurred during the first phase of the research program. Based on the billing and payment terms of the arrangement, the Company’s actual costs will be known each period and therefore the variable consideration will be recognized as revenue as these costs are incurred as there is no estimation uncertainty at such time. Additional variable consideration related to the second and third phase of the research program are excluded from the initial transaction price until the uncertainty of progressing into these phases is resolved. As of December 31, 2025, the Company recognized $2.5 million from partial satisfaction of its first phase of the single performance obligation. See Note 13 (Commitments and Contingencies) for additional information.

Royalties, license and other revenues

Revenues from royalties, licenses and service agreements are recognized as revenue in the period earned and are generated from royalty and service agreements. Costs related to royalties are included within costs of royalties and costs from service agreements are included within research and development expenses in our consolidated statements of operations.

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


	Year Ended December 31,
	2025		2024
Revenues under collaborative agreements
Upfront license fees (1)	$	6,445	$	8,149
Event-based milestones and other collaborative revenue (2)		7,164		—
Total revenues under collaborative agreements		13,609		8,149
Royalties, license and other revenues (3)		947		1,350

Total revenue	$	14,556	$	9,499

(1)

(2)

None of the event-based milestones and other collaborative revenue recognized in 2025 was included within deferred revenues as contract liabilities as of the beginning of the period.

(3)

Of the royalties, license and other revenues recognized each period, $45,000 and $30,000 was included within deferred revenues as contract liabilities as of January 1, 2025 and 2024, respectively.

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, 2025 was $18.4 million, of which $15.7 million is reported as deferred revenues. The $18.4 million is estimated to be substantially recognized as revenue by December 2027.

For the year ended December 31, 2025 based on the location of our customers, $2.5 million of our revenues were attributed to countries outside of the United States. For the year ended December 31, 2024, there were no revenues generated outside of the United States.

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


	December 31, 2025		December 31, 2024
Accounts receivable - beginning of the year	$	638	$	676
Accounts receivable - end of the period	$	891	$	638

Contract liabilities
Deferred revenues - beginning of the year	$	21,821	$	29,501
Deferred revenues - end of the period	$	15,710	$	21,821

Contract assets, which consist of revenue recognized and performance obligations satisfied or partially satisfied in advance of customer billing were $671,000 and zero as of December 31, 2025 and 2024, respectively, and was included within prepaid expenses and other current assets on the consolidated balance sheet. There were no contract assets at the beginning of the twelve months ending December 31, 2025 or 2024.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

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, 2025	Dec. 31, 2024
Minimum [Member] \| Expected Stock Price Volatility [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Measurement input	0.7178	0.697
Minimum [Member] \| Risk-Free Interest Rate [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Measurement input	0.035	0.0427
Minimum [Member] \| Expected Term [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	2 years 4 months 20 days	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	0.795	0.7118
Maximum [Member] \| Risk-Free Interest Rate [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Measurement input	0.0425	0.043
Maximum [Member] \| Expected Term [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	3 years 3 months 25 days	3 years 6 months

Revenue - Schedule of Disaggregated Revenues (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Other Collaborative Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue recognized included in deferred revenue	$ 0	$ 0
Royalties, License and Other Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenue recognized included in deferred revenue	45,000	$ 30,000
Event Based Milestones and Other Collaborative Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue recognized included in deferred revenue	$ 700,000

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Parenthetical) (Details) (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)	$ 0	$ 0
Deferred income tax benefit	$ (5,280,000)	$ 0

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
REVENUES:
Total revenues	$ 14,556	$ 9,499
OPERATING EXPENSES:
Cost of royalties	146	334
Research and development	17,729	12,472
General and administrative	18,460	18,171
Loss on impairment of intangible asset (Note 6 and Note 13)	14,840	0
Total operating expenses	51,175	30,977
Loss from operations	(36,619)	(21,478)
OTHER INCOME (EXPENSES):
Interest income, net	1,691	1,715
Loss on marketable equity securities, net	(8)	(8)
Change in fair value of warrant liability	(35,727)	2,128
Foreign currency transaction gain (loss), net	2,148	(269)
Other income (expense), net	(132)	(670)
Total other income (expenses)	(32,028)	2,896
LOSS BEFORE INCOME TAXES	(68,647)	(18,582)
Income tax benefit	5,280	0
NET LOSS	(63,367)	(18,582)
Net (income) loss attributable to noncontrolling interest	(166)	(27)
NET LOSS ATTRIBUTABLE TO LINEAGE	$ (63,533)	$ (18,609)
Net loss per common share attributable to Lineage basic	$ (0.28)	$ (0.09)
Net loss per common share attributable to Lineage diluted	$ (0.28)	$ (0.09)
Weighted-average common shares used to compute net loss per common share, basic	230,116	200,193
Weighted-average common shares used to compute net loss per common share, diluted	230,116	200,193
Collaboration Revenues [Member]
REVENUES:
Total revenues	$ 13,609	$ 8,149
Royalties, License and Other Revenues [Member]
REVENUES:
Total revenues	$ 947	$ 1,350

Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Safe harbour contribution, maximum contribution percentage	5.00%	5.00%
Expenses related to safe harbor contribution	$ 0.2	$ 0.2

Fair Value Measurements - Additional Information (Details)	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants and rights expiry date	May 21, 2028
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

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 1,236	$ 1,218
Operating cash flows from finance leases	7	9
Financing cash flows from finance leases	59	54
Operating leases	847	597
Finance leases	$ 0	$ 36

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Disaggregation of Revenue [Line Items]

Total revenues under collaborative agreements

$ 13,609

$ 8,149

Royalties, license and other revenues

^[1]

947

1,350

Total revenues

14,556

9,499

Upfront License Fees [Member]

Disaggregation of Revenue [Line Items]

Total revenues under collaborative agreements

^[2]

6,445

$ 8,149

Event Based Milestones and Other Collaborative Revenue [Member]

Disaggregation of Revenue [Line Items]

Total revenues under collaborative agreements

^[3]

$ 7,164

[1]	Of the royalties, license and other revenues recognized each period, $45,000 and $30,000 was included within deferred revenues as contract liabilities as of January 1, 2025 and 2024, respectively.
[2]	All of the upfront license fee revenue recognized each period was included within deferred revenue as contract liabilities at the beginning of each period.
[3]	None of the event-based milestones and other collaborative revenue recognized in 2025 was included within deferred revenues as contract liabilities as of the beginning of the period.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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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).

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+ Details

Organization, Basis of Presentation and Liquidity - Schedule of Lineage's Ownership of Outstanding Shares of its Subsidiaries (Details)

12 Months Ended

Dec. 31, 2025

Cell Cure Neurosciences Ltd. ("CCN") [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 Cell International Pte. Ltd. ("ESI") [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 ESI.

Marketable Securities - Schedule of Marketable Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Loss on marketable equity securities, net	$ (8)	$ (8)
Less: Loss recognized in earnings on marketable equity securities sold	0	4
Unrealized loss recognized on marketable equity securities held at end of period, net	$ (8)	$ (4)

Stock-Based Awards (Tables)

12 Months Ended

Dec. 31, 2025

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,
	2025			2024
Expected life (in years)		6.21			6.11
Risk-free interest rates		4.0	%		4.2	%
Volatility		80.3	%		76.2	%
Dividend yield		—			—

Schedule of Stock Based Compensation Expense

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


	Year Ended December 31,
	2025		2024
Research and development	$	676	$	646
General and administrative		4,076		4,431
Total stock-based compensation expense	$	4,752	$	5,077

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, 2024		16,658		$	1.30		8.23	$	—
Options granted		7,863		$	0.56
Options exercised		(479	)	$	1.20
Options expired/forfeited/cancelled		(860	)	$	0.81
Balance at December 31, 2025		23,182		$	1.07		7.87	$	13,898
Options exercisable at December 31, 2025		10,788		$	1.34		6.99	$	3,566
Options exercisable and expected to vest at December 31, 2025		23,182		$	1.07		7.87	$	13,898


	Number of RSUs Outstanding (in thousands)			Weighted Average Grant Date Fair Value (per share)
Balance at December 31, 2024		501		$	1.24
RSUs forfeited		(100	)	$	0.21
RSUs vested		(86	)	$	1.50
Balance at December 31, 2025		315		$	1.50

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, 2024		10,068		$	1.84		4.58	$	—
Options exercised		(786	)	$	0.86
Options expired/forfeited/cancelled		(1,311	)	$	2.33
Balance at December 31, 2025		7,971		$	1.86		4.21	$	2,026
Options exercisable at December 31, 2025		7,971		$	1.86		4.21	$	2,026
Options exercisable and expected to vest at December 31, 2025		7,971		$	1.86		4.21	$	2,026

- 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

Organization, Basis of Presentation and Liquidity (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Lineage's Ownership of Outstanding Shares 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, 2025.


Subsidiary	Field of Business	Lineage Ownership	Country
Cell Cure Neurosciences Ltd. ("CCN")	Manufacturing of Lineage’s product candidates	94%(1)	Israel
ES Cell International Pte. Ltd. ("ESI")	Research and clinical grade cell lines	100%	Singapore

(1)

Includes shares owned by Lineage and ESI.

Income Taxes - Schedule of Reconciliation of Change in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Beginning Balance	$ 86,314	$ 80,513
Change charged to income tax expense	3,389	5,803
Changes charged to other comprehensive income	(286)	(2)
Changed charged to goodwill	0	0
Ending Balance	$ 89,417	$ 86,314

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	$ 2,131	$ 2,144
Right-of-use lease liabilities, current	816	1,097
Right-of-use lease liabilities, noncurrent	1,534	1,295
Total operating lease liabilities	2,350	2,392
Finance leases, Right-of-use lease liabilities, current	37	55
Finance leases, Right-of-use lease liabilities, noncurrent	32	67
Total finance lease liabilities	$ 69	$ 122
Weighted average remaining lease term	2 years 4 months 24 days	2 years 6 months
Weighted average remaining lease term	1 year 8 months 12 days	2 years 4 months 24 days
Weighted average discount rate	6.00%	6.40%
Weighted average discount rate	7.20%	7.10%
Operating Lease [Member]
Lessee, Lease, Description [Line Items]
Right-of-use assets, net	$ 2,131	$ 2,144
Finance leases [Member]
Lessee, Lease, Description [Line Items]
Finance leases, Right-of-use assets	221	204
Finance leases, Accumulated amortization	(158)	(89)
Finance leases, Right-of-use assets, net	$ 63	$ 115

Related Party Transactions - Additional Information (Details) - shares	1 Months Ended
	Jan. 31, 2025	Feb. 29, 2024	Mar. 05, 2026	Jan. 27, 2025	Nov. 19, 2024
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Class of warrant or right, number					39,473,688
Subsequent Event
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Class of warrant or right, number			5,921,053
Broadwood Partners, L.P [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Sale of stock	7,894,737	6,730,770
Class of warrant or right, number	7,894,737			7,894,737
Don M. Bailey [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Sale of stock		96,155

Employee Benefit Plan

12 Months Ended

Dec. 31, 2025

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, 2025 and 2024, we incurred approximately $0.2 million in expenses related to the safe harbor contribution.

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, 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
Derivative warrant liability reclassified to share capital upon exercise of warrants	0
Stock-based compensation	5,077			$ 5,077
Unrealized gain on marketable debt securities	3								3
Foreign currency translation adjustment, net of tax	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
Shares issued through registered direct financings		$ 22,550	$ 3,795		$ 22,550	$ 3,795
Shares issued through registered direct financings, shares					13,133	7,895
Financing related fees	(2,092)			$ (2,092)
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees' taxes	(16)			$ (16)
Shares issued upon vesting of restricted stock units, net of shares retired to pay employees' taxes, shares				63
Shares issued upon exercise of stock options	1,250			$ 1,250
Shares issued upon exercise of stock options, shares				1,265
Shares issued upon exercise of warrants	319			$ 319
Shares issued upon exercise of warrants, shares				350
Derivative warrant liability reclassified to share capital upon exercise of warrants	187			$ 187
Stock-based compensation	4,752			4,752
Unrealized gain on marketable debt securities	2								2
Foreign currency translation adjustment, net of tax	(1,046)								(1,046)
NET LOSS	(63,367)						(63,533)	166
Balance at Dec. 31, 2025	$ 43,346			$ 515,467			$ (466,998)	$ (1,203)	$ (3,920)
Balance, shares at Dec. 31, 2025				243,122

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

Dec. 31, 2025

Dec. 31, 2024

Mar. 01, 2019

Finite-Lived Intangible Assets [Line Items]

Goodwill

^[1]

$ 10,672

Intangible assets

31,700

46,540

Total intangible assets

Accumulated amortization

^[2]

(19,603)

Intangible assets, net

31,700

46,540

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

^[3]

$ 14,800

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 connection with our acquisition of Asterias Biotherapeutics, Inc. (“Asterias”) in March 2019 (the “Asterias Merger”). The Company conducted a qualitative goodwill assessment for the second quarter of 2025 and took into consideration the impairment of the VAC indefinite-lived intangible asset. After assessing the totality of relevant events and circumstances, there was no impairment to the goodwill carrying value as of June 30, 2025, and through December 31, 2025, the Company has not recognized any goodwill impairment.
[2]	Lineage recognized $22,000 in amortization expense of intangible assets during the three months ended March 31, 2024 and did not recognize any amortization expense in subsequent periods as the acquired patents and acquired royalty contracts were fully amortized as of March 31, 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. As of June 30, 2025, the VAC platform was deemed to be abandoned. As the Company has abandoned the VAC platform and its related research and development efforts, and the IPR&D asset has no alternative future use, the Company derecognized the intangible asset and recorded a non-cash pre-tax impairment charge during the quarter ending June 30, 2025 of $14.8 million, within total operating expenses of the consolidated statement of operations. See Note 13 (Commitments and Contingencies) for additional information.
[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 other acquired IPR&D intangible assets, and are considered to be separate intangible assets under ASC Topic 805, Business Combinations.

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

At December 31, 2025 and 2024, property and equipment, net was comprised of the following (in thousands):


	December 31, 2025			December 31, 2024
Equipment, furniture and fixtures	$	5,280		$	4,131
Leasehold improvements		2,749			2,300
Right-of-use assets - finance lease		221			204
Accumulated depreciation and amortization		(5,684	)		(4,384	)
Property and equipment, net	$	2,566		$	2,251

Schedule of Composition of Lineage's Long-Lived Assets


	Property and equipment, net				Operating lease right-of-use assets
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
United States	$	61	$	105	$	888	$	685
Foreign (1)		2,505		2,146		1,243		1,459
Total	$	2,566	$	2,251	$	2,131	$	2,144

(1)

Assets in foreign countries are principally located at CCN in Israel.

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	$ 45,965	$ 41,018
Liabilities	43,906	6,161
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	45,965	41,018
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	43,906	6,161
Warrant Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	43,906	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	43,906	6,161
Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	20,693	21,570
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	20,693	21,570
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	14,973	1,992
Marketable Debt Securities [Member] \| Cash and Cash Equivalents [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	10,282	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	14,973	1,992
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	10,282	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	0
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	0
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	17	24
Marketable Equity Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	17	24
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

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Mar. 05, 2026	Jun. 30, 2025
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, 2025
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
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			$ 161.5
Entity Common Stock, Shares Outstanding		249,087,529
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2026 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	Baker Tilly US, LLP
Auditor Location	San Diego, California
Auditor Firm ID	23
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Lineage Cell Therapeutics, Inc. and Subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive loss, shareholders’ equity and cash flows for the years 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, 2025 and 2024, and the consolidated results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The domestic and foreign breakout of loss before income taxes was as follows (in thousands):


	Year Ended December 31,
	2025			2024
Domestic	$	(71,599	)	$	(18,864	)
Foreign		2,952			282
Loss before income taxes	$	(68,647	)	$	(18,582	)

Income taxes paid, net of refunds received, were $0 for the years ended December 31, 2025 and 2024, as the Company did not make any federal, state, or foreign income tax payments during the periods.

The provision (benefit) for income taxes consists of the following (in thousands):


	Year Ended December 31,
	2025			2024
U.S. federal	$	(251	)	$	—
U.S. state		—			—
Foreign		(5,029	)		—
Total provision (benefit) for income taxes (1)	$	(5,280	)	$	—

(1)

During the year ended December 31, 2025, we adopted ASU 2023-09 to enhance the income tax disclosures regarding income taxes paid and the rate reconciliation disclosure. For the year ended December 31, 2025, the income tax provision (benefit) related to continuing operations differs from the amounts computed by applying the statutory income tax rate of 21% to pretax loss as follows (in thousands):


	Year Ended December 31, 2025
U.S. federal statutory tax benefit and rate	$	(14,297	)	21.00	%
State income taxes, net of federal effect (1)		(37	)	0.05	%
Change in valuation allowance		6,608		(9.71	)%
Nontaxable or nondeductible items;
Fair market value adjustment on warrants liabilities		7,503		(11.02	)%
Other nontaxable or nondeductible items		185		(0.27	)%
Changes in tax laws or rates		—		—	%
Tax credits		(486	)	0.71	%
Cross-border tax laws		374		(0.55	)%
Worldwide changes in unrecognized tax benefits		154		(0.23	)%
Other		365		(0.54	)%

Foreign tax effects;
Israel;
Increase (decrease) valuation allowance		(5,847	)	8.59	%
Other Israel		236		(0.35	)%
Other foreign jurisdictions		(38	)	0.06	%
Total income tax benefit and rate	$	(5,280	)	7.74	%

(1)

California comprised all of the tax effect in this category for 2025.

A reconciliation between the statutory federal income tax expense and the Company’s effective income tax expense for the year prior to the adoption of ASU 2023-09 is as follows:


	Year Ended
	December 31, 2024
Computed tax benefit at federal statutory rate		21	%
Research and development and other credits		2	%
Permanent differences		1	%
Change in valuation allowance		(34	)%
State tax benefit		10	%
GILTI inclusion		—	%
Income tax benefit (expense)		(0	)%

Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities for federal and state income taxes at December 31, 2025 and 2024 are as follows (in thousands):


	December 31, 2025			December 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$	70,637		$	68,180
Research and development and other credits		9,922			9,433
Capitalized research expense		10,275			8,441
Deferred revenue		4,225			—
Reserves and accruals		716			—
Stock-based compensation		3,941			3,841
Patents and licenses		1,361			1,612
Operating lease liability		267			233
Other		117			1,688
Section 481(a) - intangible amortization		8,061			—
Total deferred tax assets		109,522			93,428
Valuation allowance		(89,417	)		(86,314	)
Deferred tax assets, net of valuation allowance		20,105			7,114

Deferred tax liabilities:
Operating lease ROU assets		(263	)		(219	)
Intangibles		(9,031	)		(7,168	)
Section 481(a) - deferred revenue		(5,033	)		—
Total deferred tax liabilities		(14,327	)		(7,387	)

Net deferred tax assets	$	5,778		$	(273	)

Realization of our deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Because of our lack of U.S. earnings history, the net U.S. deferred tax assets have been fully offset by a valuation allowance. Based on sustained profitability and other positive evidence related to our Israel subsidiary, we released the valuation allowance associated with the Israel subsidiary’s deferred tax assets during 2025. The valuation allowance increased by $3.1 million and $5.8 million during the years ended December 31, 2025 and 2024, respectively.

As required under ASU 2023-09, the Company has included only the portion of the valuation allowance related to federal deferred tax assets in the "change in valuation allowance" line of the rate reconciliation. The following table presents a reconciliation of the total change in the valuation allowance (in thousands):


	Year Ended December 31,
	2025			2024
Beginning Balance	$	86,314		$	80,513
Change charged to income tax expense		3,389			5,803
Changes charged to other comprehensive income		(286	)		(2	)
Changed charged to goodwill		—			—
Ending Balance	$	89,417		$	86,314

Undistributed earnings of our foreign subsidiaries are considered to be permanently reinvested and accordingly, no deferred taxes have been provided thereon. Upon distribution of those earnings in the form of dividends or otherwise, we could be subject to various income and withholding taxes. At the present time it is not practicable to estimate the amount of taxes that might be payable if these earnings were repatriated.

Net Operating Loss and Tax Credit Carryforwards

As of December 31, 2025, we had a net operating loss carryforward for federal income tax purposes of approximately $187.3 million, of which $ 113.4 million is subject to expiration beginning in 2030. We had a total state net operating loss carryforward of approximately $214.6 million, which will begin to expire in 2030. Utilization of some of the federal and state net operating loss and credit carryforwards are subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization.

We have federal credits of approximately $6.8 million, with various amounts expiring annually and state research credits of approximately $6.5 million which have no expiration date. These tax credits are subject to the same limitations discussed above.

Unrecognized Tax Benefits

Our policy is to include interest and penalties related to unrecognized tax benefits, if any, within the provision for taxes in the consolidated statements of operations. If we are eventually able to recognize our uncertain positions, our effective tax rate would be reduced. We currently have a full valuation allowance against out net U.S. deferred tax asset which would impact the timing of the effective tax rate benefit should any of these uncertain tax positions be favorably settled in the future. Any adjustments to our uncertain tax positions would result in an adjustment of our net operating loss or tax credit carry forwards rather than resulting in a cash outlay.

We have the following activity relating to unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2025			2024
Beginning balance	$	3,153		$	2,963
Gross increases - tax position in current period		162			190
Lapses in statutes of limitations		(8	)		—
Ending balance	$	3,307		$	3,153

During the years ended December 31, 2025 and 2024, no interest or penalties were required to be recognized relating to unrecognized tax benefits. Due to our history of annual net operating losses, all of our previous tax years are open to examination by federal and state taxing authorities.

- Definition

The entire disclosure for income tax.

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+ Details