[August 10, 2015] |
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BioTime, Inc. Reports Second Quarter 2015 Results and Recent Developments
BioTime, Inc. (NYSE MKT:BTX) today reported financial results for the
second quarter ended June 30, 2015 and provided a corporate update.
"BioTime's management team has sharpened its focus on our high priority
programs," said Dr. Michael D. West, BioTime's Chief Executive Officer.
"Our strategy for achieving the leadership role in regenerative medicine
includes: continuing to advance the ongoing clinical trials of our
products that are expected to address large unmet patient needs,
collaborating with high-quality corporate partners and leading academic
medical institutions, financial de-risking by leveraging various sources
of non-dilutive financing, adding experienced biopharma executives to
our teams at both BioTime and our subsidiaries, and progressively
unlocking shareholder value in our subsidiaries. We continue to make
progress with our several clinical programs in cell therapies, cell
delivery matrices, and cancer diagnostics."
2015 Highlights
Through the second quarter, BioTime and its subsidiaries have reported
the following progress on key products and programs.
Cell Therapies
Cell Cure Neurosciences Ltd.
-
Cell Cure Neurosciences, Ltd. (Cell Cure Neurosciences) is currently
enrolling patients at Hadassah University Medical Center in Jerusalem,
Israel, in a clinical Phase I/IIa dose-escalation study evaluating the
safety and efficacy of OpRegen® for geographic
atrophy (GA), the severe stage of the dry form of age-related macular
degeneration (dry-AMD). Dry-AMD represents nearly 90% of AMD
prevalence and currently has no FDA-approved therapy. The Phase I/IIa
clinical trial is designed with four cohorts and allows for interim
data readouts.
-
Cell Cure Neurosciences presented preclinical efficacy data for its lead
product candidate, OpRegen® at the annual
meeting of the Association for Research in Vision and Ophthalmology
(ARVO) in May. The findings demonstrated the product's potential to
preserve vision and retinal structure when transplanted into the
leading animal model of retinal disease.
-
In May, Cell Cure Neurosciences was awarded a grant for 2015 of 6.24
million shekels (approximately $1.61 million) from Israel's Office of
the Chief Scientist (OCS) to help finance the development of OpRegen®.
The OCS has previously supported Cell Cure Neurosciences, providing
grants totaling approximately $8.0 million to date in non-dilutive
funding.
Asterias Biotherapeutics, Inc. (NYSE MKT: AST)
-
Asterias Biotherapeutics, Inc. (Asterias) promoted Edward Wirth, M.D.,
Ph.D. to Chief Medical Officer.
-
In June, Asterias announced that the first patient had been dosed at
the Atlanta-based Shepherd Center in a Phase I/IIa clinical trial
evaluating the activity of escalating amounts of AST-OPC1
(oligodendrocyte progenitor cells) in newly injured patients with
sensory and motor complete cervical spinal cord injury (SCI). The
Phase I/IIa trial is part of the planned registration program for
AST-OPC1, with neurologically complete cervical SCI as the first
targeted indication.
-
Also in June, Asterias announced positive long-term follow-up data
from a Phase II clinical trial of AST-VAC1 in patients with acute
myelogenous leukemia (AML). The results showed that more than 50% of
those who received AST-VAC1 had prolonged relapse-free survival, even
patients with high-risk AML, including those over 60 years of age and
patients in second remission. The data were presented during an oral
presentation at the annual meeting of the American Society of Clinical
Oncology (ASCO) in May.
-
Asterias was added to the Russell 3000®, Russell Global,
and Russell Microcap® Indexes on June 26, 2015 as part of
Russell Investments' annual reconstitution of its comprehensive set of
U.S. and global equity indexes. The Russell indexes are widely used by
investment managers and institutional investors for index funds and
they serve as benchmarks for passive and active investment strategies.
-
During the second quarter, Asterias raised a total of $14.5 million in
aggregate gross proceeds through various private and public offerings,
as well as receiving $1.1 million from the California Institute of
Regenerative Medicine (CIRM) in accordance with a quarterly
disbursement schedule under the $14.3 million grant award related to
the AST-OPC1 development program. Year-to-date payments from CIRM
total $3.3 million in non-dilutive funding.
Cell Delivery Matrices
-
Earlier this year, BioTime announced the successful treatment of the
first patient in the Company's pivotal clinical trial in Europe of Renevia™
for HIV-associated lipoatrophy, which was chosen as the clearest
regulatory pathway as the first indication. Patient enrollment is
ongoing with completion of enrollment in the trial expected by early
next year. Renevia™, BioTime's proprietary cell delivery
matrix, is specifically designed to facilitate the stable engraftment
and proliferation of transplanted cells.
-
The results of the Renevia™ trial could ultimately lead to a
submission in 2016 for CE Mark approval in Europe for the treatment of
HIV-associated facial lipoatrophy. Positive outcomes of this trial
could greatly accelerate the potential development of future
therapeutics for other lipoatrophy-related conditions, as well as the
potential to expand the use of BioTime's cell delivery matrices for a
number of additional cell types.
Cancer Diagnostics Platform
OncoCyte Corporation
-
William Annett was named Chief Executive Officer of OncoCyte
Corporation (OncoCyte) on June 16, 2015. Bill has extensive experience
as a CEO of diagnostics companies and as an executive with Genentech
and Accenture, among other companies. His deep experience with product
commercialization at leading companies is of particular importance as
OncoCyte prepares to launch its first liquid biopsy cancer diagnostic
test, currently scheduled for 2016.
-
OncoCyte also reported positive results from its proprietary,
non-invasive, liquid biopsies diagnostics at the American Association
for Cancer Research (AACR) for bladder and breast cancer and the
American Thoracic Society (ATS) for lung cancer diagnostics.
-
OncoCyte announced the appointment of Andrew Arno to its Board of
Directors on July 15, 2015. Mr. Arno's depth of experience in the
capital markets, as well as advising emerging companies is expected to
greatly benefit the company.
Additional Updates
LifeMap Solutions, Inc.
-
LifeMap Solutions, Inc. (LifeMap Solutions) continues to extend its
lead as the premier commercial entity building on the new ResearchKit
software framework developed by Apple, Inc. As previously announced in
the first quarter, LifeMap Solutions launched the Asthma Health app.
Asthma Health serves as the interface for participants in
a large-scale medical asthma research study with the Icahn School of
Medicine at Mount Sinai. In the second quarter, the Company posted
initial user-behavior findings to the official ResearchKit blog; these
initial findings showed the app's user-retention numbers to be
comparable to those of top-charting apps like social networks.
-
In collaboration with the Mount Sinai - National Jewish Health
Respiratory Institute, the Company has also developed a clinical-care
app that empowers Chronic Obstructive Pulmonary Disease (COPD)
patients to manage their condition under the oversight of a physician.
This app, COPD Navigator, continues in its pilot program at Mount
Sinai. The company has announced that it will build additional
clinical-care apps to manage different chronic conditions.
Patents
-
In the first half of 2015, BioTime was notified of the issuance of 27
new patents that add to over 700 patents and patent applications filed
world wide and licensed or owned by the BioTime family of companies in
the field of regenerative medicine. The new patents, either issued or
licensed to BioTime or certain of its subsidiaries, includes seven
U.S. patents, as well as twenty additional patents issued in Europe,
Japan, Canada and Singapore.
Financial Results
Revenue
BioTime's operating revenues are currently generated from research
grants, licensing fees and royalties from the sale of Hextend®,
and advertising from the marketing of the LifeMap Sciences, Inc.'s
(LifeMap Sciences) online database products, and from the sale of
hydrogels and stem cell products for research.
Total consolidated revenues for the six months ended June 30, 2015, on a
consolidated basis, total revenues were $3.3 million, up $1.1 million or
50% from $2.2 million for the same period one year ago. The increase in
revenues is primarily attributable to a $0.9 million increase in grant
income primarily from Israel's Office of the Chief Scientist and CIRM.
Expenses
Consolidated operating expenses for the second quarter were $15.2
million, compared to $13.9 million for the same period in 2014. General
and administrative (G&A) expenses for the second quarter were $6.2
million, compared to $4.8 million in the second quarter a year ago. The
$1.4 million increase is in part a result of increased staffing at
Asterias and at LifeMap Solutions.
Operating expenses for the six months ended June 30, 2015 were $29.7
million, compared to expenses of $26.0 million for the same period of
2014. Excluding Asterias' operating expense of $10.8 million, BioTime's
expenses alone total $18.9 million. The increase in operating expenses
is primarily attributable to increase in staffing and increased
expenditures in the Asterias, OncoCyte, and LifeMap Solutions product
development programs offset in part by a reduction in development
expenses in BioTime's HyStem® hydrogel and the
OrthoCyte and ReCyte Therapeutics product development programs.
Net Loss
Net loss attributable to BioTime for the three months ended June 30,
2015 was $9.7 million, including deferred income tax benefits of $1.3
million. For the same period in 2014, net loss was $9.5 million,
including deferred income tax benefits of $1.5 million. On a per share
basis, net loss for the second quarter in 2015 was $0.12 per share,
compared to a net loss of $0.16 per share for the same period in 2014.
Net loss attributable to BioTime common shareholders for the six months
ended June 30, 2015 was $19.9 million or $0.25 per share, compared to a
net loss of $17.6 million or $0.29 per share per share for the same
period in 2014. The increase in net loss is primarily attributed to
increased expenditures in the Asterias, OncoCyte, and LifeMap Solutions
product development programs offset in part by a reduction in
development expenses in BioTime's HyStem® hydrogel and
the OrthoCyte and ReCyte Therapeutics product development programs. This
increase is to some extent offset by the $2.4 million income tax benefit
recorded as of June 30, 2015 and $2.9 million in the same period in 2014.
Net losses attributable to BioTime include losses from BioTime majority
owned subsidiaries based upon BioTime's percentage ownership of those
subsidiaries.
Balance Sheet and Subsequent Financing Events
Cash and cash equivalents totaled $31.5 million as of June 30, 2015,
compared to $29.5 million as of December 31, 2014. The cash on hand as
of June 30, 2015 includes $21.2 million held by Asterias and other
subsidiaries.
During the six months ended June 30, 2015, BioTime and certain of its
subsidiaries raised approximately $24.0 million of additional equity
capital and $5.2 million in non-dilutive funding as follows:
Asterias
-
$2.8 million gross proceeds from the sale of Asterias AST common stock
in "at-the-market" transactions;
-
$5.5 million in aggregate gross proceeds from the public offering and
concurrent private placement of Asterias' common stock;
-
$11.7 million from the exercise of 5,000,000 outstanding Asterias
common share purchase warrants originally issued in June 2014;
-
$3.3 million in non-dilutive funding from CIRM.
BioTime
-
$621,000 from the exercise of BioTime options by employees.
Cell Cure Neurosciences
-
$1.9 million in non-dilutive funding from the OCS.
OncoCyte
-
$3.3 million from the sale of 3,000,000 of OncoCyte common stock to
long-term OncoCyte investors.
About BioTime
BioTime, Inc., a pioneer in regenerative medicine, is a clinical-stage
biotechnology company. BioTime and its subsidiaries are leveraging their
industry-leading experience in pluripotent stem cell technology and a
broad intellectual property portfolio to facilitate the development and
use of cell-based therapies and gene marker-based molecular diagnostics
for major diseases and degenerative conditions for which there presently
are no cures. The lead clinical programs of BioTime and its subsidiaries
include OpRegen®, currently in a Phase I/IIa trial for
the treatment of the dry form of age-related macular degeneration;
AST-OPC1, currently in a Phase I/IIa trial for spinal cord injuries; Renevia™,
currently in a pivotal trial in Europe as an injectable matrix for the
engraftment of transplanted cells to treat HIV-related lipoatrophy; and PanC-Dx™
cancer diagnostics, nearing the completion of initial clinical studies
for the detection of bladder, breast, and lung cancers. AST-VAC2, a
cancer vaccine, is in the preclinical trial stage.
BioTime's subsidiaries include the publicly traded Asterias
Biotherapeutics, Inc. (NYSE MKT: AST), developing pluripotent stem
cell-based therapies in neurology and oncology, including AST-OPC1 and
AST-VAC2; Cell Cure Neurosciences Ltd., developing stem cell-based
therapies for retinal and neurological disorders, including OpRegen®;
OncoCyte Corporation, developing PanC-Dx™ cancer diagnostics;
LifeMap Sciences, Inc. (LifeMap Sciences), developing and marketing an
integrated online database resource for biomedical and stem cell
research; LifeMap Solutions, Inc., a subsidiary of LifeMap Sciences,
developing mobile health (mHealth) products; ES Cell International Pte
Ltd, which has developed cGMP-compliant human embryonic stem cell lines
that are being marketed by BioTime for research purposes under the ESI
BIO branding program; OrthoCyte Corporation, developing therapies to
treat orthopedic disorders, diseases and injuries; and ReCyte
Therapeutics, Inc., developing therapies to treat a variety of
cardiovascular and related ischemic disorders.
BioTime common stock is traded on the NYSE MKT under the symbol BTX. For
more information, please visit www.biotimeinc.com
or connect with the company on Twitter,
LinkedIn,
Facebook,
YouTube,
and Google+.
FORWARD-LOOKING STATEMENTS
Statements pertaining to future financial and/or operating results,
future growth in research, technology, clinical development, and
potential opportunities for BioTime and its subsidiaries, along with
other statements about the future expectations, beliefs, goals, plans,
or prospects expressed by management constitute forward-looking
statements. Any statements that are not historical fact (including, but
not limited to statements that contain words such as "will," "believes,"
"plans," "anticipates," "expects," "estimates") should also be
considered to be forward-looking statements. Forward-looking statements
involve risks and uncertainties, including, without limitation, risks
inherent in the development and/or commercialization of potential
products, uncertainty in the results of clinical trials or regulatory
approvals, need and ability to obtain future capital, and maintenance of
intellectual property rights. Actual results may differ materially from
the results anticipated in these forward-looking statements and as such
should be evaluated together with the many uncertainties that affect the
business of BioTime and its subsidiaries, particularly those mentioned
in the cautionary statements found in BioTime's Securities and Exchange
Commission filings. BioTime disclaims any intent or obligation to update
these forward-looking statements.
To receive ongoing BioTime corporate communications, please click on the
following link to join our email alert list: http://news.biotimeinc.com
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BIOTIME, INC. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(IN THOUSANDS)
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|
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|
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June 30, 2015
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December 31,
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(Unaudited)
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2014
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ASSETS
|
|
|
|
|
|
|
|
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CURRENT ASSETS
|
|
|
|
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Cash and cash equivalents
|
|
|
$
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31,465
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|
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$
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29,487
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Trade accounts and grants receivable, net
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|
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979
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1,042
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Inventory
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|
|
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297
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|
|
|
266
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|
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Landlord receivable
|
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|
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2,771
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|
|
|
378
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|
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Prepaid expenses and other current assets
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1,492
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|
|
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1,232
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Total current assets
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37,004
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32,405
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|
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|
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|
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Equipment, net and construction in progress
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|
|
5,652
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|
|
|
2,858
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|
|
Deferred license fees
|
|
|
|
282
|
|
|
|
337
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|
|
Deposits
|
|
|
|
446
|
|
|
|
443
|
|
|
Other long-term assets
|
|
|
|
6
|
|
|
|
10
|
|
|
Intangible assets, net
|
|
|
|
36,220
|
|
|
|
38,848
|
|
|
TOTAL ASSETS
|
|
|
$
|
79,610
|
|
|
$
|
74,901
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|
|
|
|
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|
|
|
|
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LIABILITIES AND SHAREHOLDERS' EQUITY
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|
|
|
|
|
|
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CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
$
|
6,604
|
|
|
$
|
6,803
|
|
|
Capital lease liability, current portion
|
|
|
|
58
|
|
|
|
58
|
|
|
Related party convertible debt, net of discount
|
|
|
|
238
|
|
|
|
60
|
|
|
Deferred grant income
|
|
|
|
1,932
|
|
|
|
-
|
|
|
Deferred license and subscription revenue, current portion
|
|
|
|
360
|
|
|
|
208
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|
|
Total current liabilities
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|
|
|
9,192
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|
|
|
7,129
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|
|
|
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|
|
|
|
|
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LONG-TERM LIABILITIES
|
|
|
|
|
|
|
|
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Deferred tax liabilities, net
|
|
|
|
2,067
|
|
|
|
4,515
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|
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Deferred rent liabilities, net of current portion
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|
|
|
36
|
|
|
|
97
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|
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Lease liability
|
|
|
|
3,331
|
|
|
|
378
|
|
|
Capital lease liability, net of current portion
|
|
|
|
3
|
|
|
|
31
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|
|
Other long-term liabilities
|
|
|
|
30
|
|
|
|
28
|
|
|
Total long-term liabilities
|
|
|
|
5,467
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|
|
|
5,049
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|
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Commitments and contingencies
|
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|
|
|
|
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|
|
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|
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|
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SHAREHOLDERS' EQUITY
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Series A Convertible Preferred Stock, no par value, authorized 2,000
shares as of June 30, 2015 and December 31, 2014; 70 issued and
outstanding as of June 30, 2015 and December 31, 2014
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|
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3,500
|
|
|
|
3,500
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|
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Common shares, no par value, authorized 125,000 shares as of June
30, 2015 and December 31, 2014; 83,281 issued and 78,387 outstanding
as of June 30, 2015 and 83,122 issued and 78,228 outstanding at
December 31, 2014
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235,555
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|
|
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234,850
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Accumulated other comprehensive income/(loss)
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|
|
|
(131
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)
|
|
|
186
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|
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Accumulated deficit
|
|
|
|
(202,055
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)
|
|
|
(182,190
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)
|
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Treasury stock at cost: 4,894 shares at June 30, 2015 and at
December 31, 2014
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|
|
|
(19,890
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)
|
|
|
(19,890
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)
|
|
BioTime, Inc. shareholders' equity
|
|
|
|
16,979
|
|
|
|
36,456
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Non-controlling interest
|
|
|
|
47,972
|
|
|
|
26,267
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|
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Total shareholders' equity
|
|
|
|
64,951
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|
|
|
62,723
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
$
|
79,610
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|
|
$
|
74,901
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|
|
|
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BIOTIME, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
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(IN THOUSANDS, EXCEPT PER SHARE DATA)
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(UNAUDITED)
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Three Months Ended June 30,
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Six Months Ended June 30,
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2015
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2014
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2015
|
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|
|
2014
|
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REVENUES:
|
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|
|
|
|
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|
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|
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|
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License fees
|
|
|
$
|
357
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|
|
|
$
|
300
|
|
|
|
$
|
676
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|
|
|
$
|
594
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|
Royalties from product sales
|
|
|
|
117
|
|
|
|
|
76
|
|
|
|
|
274
|
|
|
|
|
174
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|
Grant income
|
|
|
|
1,437
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|
|
|
|
640
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|
|
|
|
2,130
|
|
|
|
|
1,216
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|
Sale of research products and services
|
|
|
|
98
|
|
|
|
|
91
|
|
|
|
|
188
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|
|
|
|
189
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|
Total revenues
|
|
|
|
2,009
|
|
|
|
|
1,107
|
|
|
|
|
3,268
|
|
|
|
|
2,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
(260
|
)
|
|
|
|
(252
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)
|
|
|
|
(525
|
)
|
|
|
|
(383
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
1,749
|
|
|
|
|
855
|
|
|
|
|
2,743
|
|
|
|
|
1,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
(9,059
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)
|
|
|
|
(9,081
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)
|
|
|
|
(18,383
|
)
|
|
|
|
(17,470
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)
|
General and administrative
|
|
|
|
(6,186
|
)
|
|
|
|
(4,836
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)
|
|
|
|
(11,365
|
)
|
|
|
|
(8,503
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)
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Total operating expenses
|
|
|
|
(15,245
|
)
|
|
|
|
(13,917
|
)
|
|
|
|
(29,748
|
)
|
|
|
|
(25,973
|
)
|
Loss from operations
|
|
|
|
(13,496
|
)
|
|
|
|
(13,062
|
)
|
|
|
|
(27,005
|
)
|
|
|
|
(24,183
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME/(EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income/(expenses), net
|
|
|
|
4
|
|
|
|
|
(10
|
)
|
|
|
|
(79
|
)
|
|
|
|
(18
|
)
|
Other income, net
|
|
|
|
225
|
|
|
|
|
165
|
|
|
|
|
35
|
|
|
|
|
234
|
|
Total other income/(expenses), net
|
|
|
|
229
|
|
|
|
|
155
|
|
|
|
|
(44
|
)
|
|
|
|
216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME TAX BENEFIT
|
|
|
|
(13,267
|
)
|
|
|
|
(12,907
|
)
|
|
|
|
(27,049
|
)
|
|
|
|
(23,967
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax benefit
|
|
|
|
1,271
|
|
|
|
|
1,513
|
|
|
|
|
2,448
|
|
|
|
|
2,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
|
|
(11,996
|
)
|
|
|
|
(11,394
|
)
|
|
|
|
(24,601
|
)
|
|
|
|
(21,105
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interest
|
|
|
|
2,305
|
|
|
|
|
1,874
|
|
|
|
|
4,736
|
|
|
|
|
3,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO BIOTIME, INC.
|
|
|
|
(9,691
|
)
|
|
|
|
(9,520
|
)
|
|
|
|
(19,865
|
)
|
|
|
|
(17,609
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on preferred shares
|
|
|
|
(52
|
)
|
|
|
|
(34
|
)
|
|
|
|
(52
|
)
|
|
|
|
(34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO BIOTIME, INC. COMMON SHAREHOLDERS (1)
|
|
|
$
|
(9,743
|
)
|
|
|
$
|
(9,554
|
)
|
|
|
$
|
(19,917
|
)
|
|
|
$
|
(17,643
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED NET LOSS PER COMMON SHARE (1)
|
|
|
$
|
(0.12
|
)
|
|
|
$
|
(0.16
|
)
|
|
|
$
|
(0.25
|
)
|
|
|
$
|
(0.29
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC AND
DILUTED
|
|
|
|
78,362
|
|
|
|
|
61,498
|
|
|
|
|
78,312
|
|
|
|
|
59,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Basic and diluted loss per common share is calculated using "Net
loss attributable to BioTime, Inc. common shareholders."
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BIOTIME, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
(IN THOUSANDS)
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
$
|
(11,996
|
)
|
|
$
|
(11,394
|
)
|
|
$
|
(24,601
|
)
|
|
$
|
(21,105
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in foreign currency translation and other comprehensive
income/(loss) from equity investments:
|
|
|
|
Foreign currency translation loss
|
|
|
(317
|
)
|
|
|
(41
|
)
|
|
|
(318
|
)
|
|
|
(148
|
)
|
Unrealized gain/(loss) on available-for-sale securities, net of taxes
|
|
|
-
|
|
|
|
1
|
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE LOSS
|
|
|
(12,313
|
)
|
|
|
(11,434
|
)
|
|
|
(24,918
|
)
|
|
|
(21,254
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Comprehensive loss attributable to noncontrolling interest
|
|
|
(2,305
|
)
|
|
|
(1,874
|
)
|
|
|
(4,736
|
)
|
|
|
(3,496
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE LOSS ATTRIBUTABLE TO BIOTIME, INC. COMMON
SHAREHOLDERS BEFORE PREFERRED STOCK DIVIDEND
|
|
|
(10,008
|
)
|
|
|
(9,560
|
)
|
|
|
(20,182
|
)
|
|
|
(17,758
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividend
|
|
|
(52
|
)
|
|
|
(34
|
)
|
|
|
(52
|
)
|
|
|
(34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE LOSS ATTRIBUTABLE TO BIOTIME, INC. COMMON
SHAREHOLDERS(1)
|
|
$
|
(10,060
|
)
|
|
$
|
(9,594
|
)
|
|
$
|
(20,234
|
)
|
|
$
|
(17,792
|
)
|
(1) Comprehensive loss includes foreign currency translation loss of
$317,000 and $318,000 for the three and six months ended June 30, 2015,
respectively and translation loss of $41,000 and $148,000 for the same
periods in the prior year, respectively which arise entirely from the
translation of foreign subsidiary financial information for
consolidation purposes and therefore not used in the calculation of
basic and diluted loss per common share. Comprehensive loss does not
include dividends on preferred shares.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150810006340/en/
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