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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Brooklyn ImmunoTherapeutics Inc | AMEX:BTX | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.79 | 0 | 01:00:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
California
|
94-3127919
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☒
|
|
Non-accelerated filer
|
☐
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
Item 1. |
Financial Statements
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
REVENUES:
|
||||||||||||||||
Grant income
|
$
|
-
|
$
|
760
|
$
|
11
|
$
|
2,247
|
||||||||
Royalties from product sales and license fees
|
81
|
86
|
191
|
286
|
||||||||||||
Subscription and advertisement revenues
|
300
|
288
|
564
|
631
|
||||||||||||
Sale of research products
|
-
|
132
|
5
|
176
|
||||||||||||
Total revenues
|
381
|
1,266
|
771
|
3,340
|
||||||||||||
Cost of sales
|
(5
|
)
|
(95
|
)
|
(62
|
)
|
(320
|
)
|
||||||||
Gross Profit
|
376
|
1,171
|
709
|
3,020
|
||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Research and development
|
(6,271
|
)
|
(8,938
|
)
|
(12,765
|
)
|
(22,671
|
)
|
||||||||
General and administrative
|
(4,423
|
)
|
(6,636
|
)
|
(9,524
|
)
|
(18,509
|
)
|
||||||||
Total operating expenses
|
(10,694
|
)
|
(15,574
|
)
|
(22,289
|
)
|
(41,180
|
)
|
||||||||
Loss from operations
|
(10,318
|
)
|
(14,403
|
)
|
(21,580
|
)
|
(38,160
|
)
|
||||||||
OTHER INCOME/(EXPENSES):
|
||||||||||||||||
Interest expense, net
|
(413
|
)
|
(76
|
)
|
(719
|
)
|
(88
|
)
|
||||||||
BioTime’s share of losses in equity method investment in Ascendance Biotechnology, Inc.
|
-
|
(98
|
)
|
-
|
(333
|
)
|
||||||||||
Gain on deconsolidation of Asterias
|
-
|
49,048
|
-
|
49,048
|
||||||||||||
Gain on deconsolidation of OncoCyte
|
-
|
-
|
71,697
|
-
|
||||||||||||
Gain (loss) on equity method investment in Asterias at fair value
|
3,262
|
(13,483
|
)
|
(22,835
|
)
|
(13,483
|
)
|
|||||||||
Gain (loss) on equity method investment in OncoCyte at fair value
|
(11,006
|
)
|
-
|
5,136
|
-
|
|||||||||||
Other income, net
|
2,371
|
237
|
3,098
|
363
|
||||||||||||
Total other income/(expense), net
|
(5,786
|
)
|
35,628
|
56,377
|
35,507
|
|||||||||||
INCOME (LOSS) BEFORE INCOME TAX BENEFIT
|
(16,104
|
)
|
21,225
|
34,797
|
(2,653
|
)
|
||||||||||
Deferred income tax benefit
|
3,877
|
-
|
-
|
-
|
||||||||||||
NET INCOME (LOSS)
|
(12,227
|
)
|
21,225
|
34,797
|
(2,653
|
)
|
||||||||||
Net loss attributable to noncontrolling interests
|
576
|
3,324
|
2,840
|
10,091
|
||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO BIOTIME, INC.
|
$
|
(11,651
|
)
|
$
|
24,549
|
$
|
37,637
|
$
|
7,438
|
|||||||
NET INCOME (LOSS) PER COMMON SHARE:
|
||||||||||||||||
BASIC
|
$
|
(0.11
|
)
|
$
|
0.26
|
$
|
0.35
|
$
|
0.08
|
|||||||
DILUTED
|
$
|
(0.11
|
)
|
$
|
0.26
|
$
|
0.34
|
$
|
0.08
|
|||||||
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING:
|
||||||||||||||||
BASIC
|
110,874
|
93,240
|
108,804
|
91,831
|
||||||||||||
DILUTED
|
110,874
|
95,801
|
109,296
|
95,360
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
NET INCOME (LOSS)
|
$
|
(12,227
|
)
|
$
|
21,225
|
$
|
34,797
|
$
|
(2,653
|
)
|
||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||||||
Change in foreign currency translation
|
(440
|
)
|
(254
|
)
|
405
|
(27
|
)
|
|||||||||
Available for sale investments:
|
||||||||||||||||
Unrealized gain (loss) on available-for-sale securities, net of taxes
|
304
|
(190
|
)
|
603
|
(240
|
)
|
||||||||||
COMPREHENSIVE INCOME (LOSS)
|
(12,363
|
)
|
20,781
|
35,805
|
(2,920
|
)
|
||||||||||
Less: Comprehensive loss attributable to non-controlling interest
|
576
|
3,324
|
2,840
|
10,091
|
||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO BIOTIME, INC. COMMON SHAREHOLDERS
|
$
|
(11,787
|
)
|
$
|
24,105
|
$
|
38,645
|
$
|
7,171
|
Six Months Ended
June 30,
|
||||||||
2017
|
2016
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income attributable to BioTime, Inc.
|
$
|
37,637
|
$
|
7,438
|
||||
Net loss allocable to noncontrolling interests
|
(2,840
|
)
|
(10,091
|
)
|
||||
Adjustments to reconcile net income attributable to BioTime, Inc. to net cash used in operating activities:
|
||||||||
Gain on deconsolidation of Asterias
|
-
|
(49,048
|
)
|
|||||
Gain on deconsolidation of OncoCyte
|
(71,697
|
)
|
- | |||||
Unrealized loss on equity method investment in Asterias at fair value
|
22,835
|
13,483
|
||||||
Unrealized gain on equity method investment in OncoCyte at fair value
|
(5,136
|
)
|
-
|
|||||
Depreciation expense, including amortization of leasehold improvements
|
421
|
748
|
||||||
Amortization of intangible assets
|
1,184
|
2,292
|
||||||
Stock-based compensation
|
1,930
|
5,593
|
||||||
Subsidiary shareholder expense for subsidiary warrants
|
-
|
3,125
|
||||||
Amortization of discount on related party convertible debt
|
640
|
245
|
||||||
Foreign currency remeasurement (gain) or loss and other
|
(1,814
|
)
|
883
|
|||||
Gain on sale of assets
|
(1,754
|
)
|
-
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts and grants receivable, net
|
299
|
(54
|
)
|
|||||
Deferred revenue
|
-
|
1,496
|
||||||
Receivables from affiliates, net of payables
|
332
|
-
|
||||||
Prepaid expenses and other current assets
|
105
|
(396
|
)
|
|||||
Accounts payable and accrued liabilities
|
841
|
(211
|
)
|
|||||
Other
|
(144
|
)
|
(62
|
)
|
||||
Net cash used in operating activities
|
(17,161
|
)
|
(24,559
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Deconsolidation of cash and cash equivalents of OncoCyte
|
(8,898
|
)
|
-
|
|||||
Deconsolidation of cash and cash equivalents of Asterias
|
-
|
(8,376
|
)
|
|||||
Purchase of equipment and other assets
|
(474
|
)
|
(1,384
|
)
|
||||
Restricted cash equivalents in escrow
|
(5,100
|
)
|
-
|
|||||
Payments on construction in progress
|
-
|
(278
|
)
|
|||||
Other
|
(12
|
)
|
22
|
|||||
Cash used in investing activities
|
(14,484
|
)
|
(10,016
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from issuance of common shares
|
20,125
|
17,500
|
||||||
Fees paid on sale of common shares
|
(1,669
|
)
|
(1,311
|
)
|
||||
Proceeds deposited in escrow account
|
5,100
|
-
|
||||||
Proceeds from exercises of stock options
|
29
|
2,015
|
||||||
Reimbursement from landlord on construction in progress
|
198
|
411
|
||||||
Shares retired to pay for employees’ taxes
|
(31
|
)
|
-
|
|||||
Repayment of capital lease obligation
|
(31
|
)
|
(74
|
)
|
||||
Net proceeds from sale of common shares of subsidiary
|
-
|
171
|
||||||
Proceeds from issuance of related party convertible debt
|
299
|
1,019
|
||||||
Net cash provided by financing activities
|
24,020
|
19,731
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
87
|
317
|
||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(7,538
|
)
|
(14,527
|
)
|
||||
CASH AND CASH EQUIVALENTS:
|
||||||||
At beginning of the period
|
22,088
|
42,229
|
||||||
At end of the period
|
$
|
14,550
|
$
|
27,702
|
1. |
Organization and Business Overview
|
2. |
Basis of Presentation, Liquidity and Summary of Significant Accounting Policies
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Stock options
|
5,035
|
5,644
|
4,459
|
5,679
|
||||||||||||
Warrants
|
9,395
|
9,395
|
9,395
|
9,395
|
3. |
Deconsolidation of OncoCyte and Asterias
|
4. |
Equity Method Accounting for Common Stock of OncoCyte, at fair value
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
For the Period
January 1, 2017 to
February 16, 2017
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||||||
Condensed Statements of Operations (unaudited)
(1)
:
|
||||||||||||||||||||
Research and development expense
|
$
|
1,997
|
$
|
1,195
|
$
|
3,881
|
$
|
2,884
|
$
|
798
|
||||||||||
General and administrative expense
|
1,115
|
1,067
|
3,158
|
2,081
|
377
|
|||||||||||||||
Sales and marketing expense
|
477
|
270
|
1,132
|
499
|
213
|
|||||||||||||||
Loss from operations
|
(3,589
|
)
|
(2,532
|
)
|
(8,121
|
)
|
(5,464
|
)
|
(1,388
|
)
|
||||||||||
Net loss
|
$
|
(3,804
|
)
|
$
|
(2,543
|
)
|
$
|
(8,509
|
)
|
$
|
(5,471
|
)
|
$
|
(1,392
|
)
|
5. |
Equity Method Accounting for Common Stock of Asterias, at fair value
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
For the Period
January 1, 2016 to
May 12, 2016
|
||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||||||
Condensed Statements of Operations (unaudited)
(1):
|
||||||||||||||||||||
Total revenue
|
$
|
316
|
$
|
1,532
|
$
|
2,326
|
$
|
3,126
|
$
|
2,354
|
||||||||||
Gross profit
|
298
|
1,526
|
2,256
|
3,067
|
2,301
|
|||||||||||||||
Loss from operations
|
(8,533
|
)
|
(7,074
|
)
|
(17,640
|
)
|
(18,166
|
)
|
(13,944
|
)
|
||||||||||
Net loss
|
$
|
(8,728
|
)
|
$
|
(5,159
|
)
|
$
|
(15,015
|
)
|
$
|
(15,496
|
)
|
$
|
(13,113
|
)
|
6. |
Property, plant and equipment, net
|
June 30, 2017
(unaudited)
(1)
|
December 31,
2016
|
|||||||
Equipment, furniture and fixtures
|
$
|
4,001
|
$
|
4,718
|
||||
Leasehold improvements
|
4,016
|
3,791
|
||||||
Accumulated depreciation and amortization
|
(2,777
|
)
|
(2,980
|
)
|
||||
Property, plant and equipment, net
|
$
|
5,240
|
$
|
5,529
|
7. |
Intangible assets, net
|
June 30, 2017
(unaudited)
(1)
|
December 31,
2016
|
|||||||
Intangible assets
|
$
|
23,294
|
$
|
25,703
|
||||
Accumulated amortization
|
(15,230
|
)
|
(15,497
|
)
|
||||
Intangible assets, net
|
$
|
8,064
|
$
|
10,206
|
8. |
Accounts Payable and Accrued Liabilities
|
June 30, 2017
(unaudited)
(1)
|
December 31,
2016
|
|||||||
Accounts payable
|
$
|
752
|
$
|
1,593
|
||||
Accrued expenses
|
2,385
|
3,212
|
||||||
Accrued compensation
|
1,461
|
1,904
|
||||||
Other current liabilities
|
532
|
435
|
||||||
Total
|
$
|
5,130
|
$
|
7,144
|
9. |
Related Party Transactions
|
10. |
Shareholders’ Equity
|
11. |
Stock Option Plans
|
Shares
Available
for Grant
|
Number of
Options
Outstanding
|
Number
of RSUs
Outstanding
|
Weighted
Average
Exercise Price
of Options
|
|||||||||||||
December 31, 2016
|
2,894
|
6,958
|
100
|
$
|
3.60
|
|||||||||||
Increase to the 2012 Plan option pool
|
6,000
|
-
|
-
|
-
|
||||||||||||
Options granted
|
(1,509
|
)
|
1,509
|
-
|
3.12
|
|||||||||||
Options exercised
|
-
|
(9
|
)
|
-
|
2.66
|
|||||||||||
Restricted stock units vested
|
-
|
-
|
(25
|
)
|
n/a
|
|||||||||||
Options forfeited/cancelled
|
410
|
(590
|
)
|
-
|
4.02
|
|||||||||||
June 30, 2017
|
7,795
|
7,868
|
75
|
$
|
3.49
|
|||||||||||
Options exercisable at June 30, 2017
|
3,811
|
$
|
3.74
|
Six Months Ended
June 30,
|
||||||||
2017
|
2016
|
|||||||
Expected life (in years)
|
6.08
|
6.07
|
||||||
Risk-free interest rates
|
1.92
|
%
|
1.45
|
%
|
||||
Volatility
|
59.80
|
%
|
61.78
|
%
|
||||
Dividend yield
|
-
|
%
|
-
|
%
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Research and development
|
$
|
166
|
$
|
579
|
$
|
496
|
$
|
1,785
|
||||||||
General and administrative
|
739
|
1,641
|
1,434
|
3,808
|
||||||||||||
Total stock-based compensation expense
|
$
|
905
|
$
|
2,220
|
$
|
1,930
|
$
|
5,593
|
12. |
Income Taxes
|
13. |
Commitments and Contingencies
|
14. |
Subsequent Events
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Three Months Ended June 30, 2017
(unaudited)
|
Three Months Ended June 30, 2016
(unaudited)
|
|||||||||||||||||||||||
Consolidated
Revenues
|
Less:
Asterias
|
Consolidated
Revenues less Asterias
|
Consolidated
Revenues
|
Less:
Asterias
|
Consolidated
Revenues less
Asterias
|
|||||||||||||||||||
REVENUES:
|
||||||||||||||||||||||||
Grant income
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
760
|
$
|
760
|
$
|
-
|
||||||||||||
Royalties from product sales and license fees
|
81
|
-
|
81
|
86
|
-
|
86
|
||||||||||||||||||
Subscription and advertisement revenues
|
300
|
-
|
300
|
288
|
-
|
288
|
||||||||||||||||||
Sale of research products
|
-
|
-
|
-
|
132
|
-
|
132
|
||||||||||||||||||
Total revenues
|
$
|
381
|
$
|
-
|
$
|
381
|
$
|
1,266
|
$
|
760
|
$
|
506
|
Six Months Ended June 30, 2017
(unaudited)
|
Six Months Ended June 30, 2016
(unaudited)
|
|||||||||||||||||||||||
Consolidated
Revenues
|
Less:
Asterias
|
Consolidated
Revenues less
Asterias
|
Consolidated
Revenues
|
Less:
Asterias
|
Consolidated
Revenues less
Asterias
|
|||||||||||||||||||
REVENUES:
|
||||||||||||||||||||||||
Grant income
|
$
|
11
|
$
|
-
|
$
|
11
|
$
|
2,247
|
$
|
2,247
|
$
|
-
|
||||||||||||
Royalties from product sales and license fees
|
191
|
-
|
191
|
286
|
107
|
179
|
||||||||||||||||||
Subscription and advertisement revenues
|
564
|
-
|
564
|
631
|
-
|
631
|
||||||||||||||||||
Sale of research products and services
|
5
|
-
|
5
|
176
|
-
|
176
|
||||||||||||||||||
Total revenues
|
$
|
771
|
$
|
-
|
$
|
771
|
$
|
3,340
|
$
|
2,354
|
$
|
986
|
Three Months Ended June 30,
(unaudited)
|
$ Increase/
|
% Increase/
|
||||||||||||||
2017
|
2016
|
(Decrease)
|
(Decrease)
|
|||||||||||||
Research and development expenses
|
$
|
6,271
|
$ |
8,938
|
$ |
(2,667
|
)
|
-30
|
%
|
|||||||
General and administrative expenses
|
4,423
|
6,636
|
(2,213
|
)
|
-33
|
%
|
Six Months Ended June 30,
(unaudited)
|
$ Increase/
|
% Increase/
|
||||||||||||||
2017
|
2016
|
(Decrease)
|
(Decrease)
|
|||||||||||||
Research and development expenses
|
$ |
12,765
|
$ |
22,671
|
$ |
(9,906
|
)
|
-44
|
%
|
|||||||
General and administrative expenses
|
9,524
|
18,509
|
(8,985
|
)
|
-49
|
%
|
Three Months Ended June 30,
(unaudited)
|
|||||||||||||||||
Amount
(1)
|
Percent
|
||||||||||||||||
Company
|
Program
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
BioTime, ESI and OrthoCyte
|
PureStem
®
progenitor and pluripotent cell lines, and related research products, orthopedic therapy
|
$
|
2,076
|
$
|
1,682
|
33.1
|
%
|
18.8
|
%
|
||||||||
BioTime
|
Renevia
®
and other
HyStem
®
products and research
|
1,487
|
1,067
|
23.7
|
%
|
11.9
|
%
|
||||||||||
BioTime
|
Hextend
®
|
-
|
18
|
-
|
%
|
0.2
|
%
|
||||||||||
Cell Cure
(2)
|
OpRegen
®
|
2,076
|
1,115
|
33.1
|
%
|
12.5
|
%
|
||||||||||
ReCyte Therapeutics
|
Cardiovascular therapy
|
226
|
239
|
3.6
|
%
|
2.7
|
%
|
||||||||||
Subtotal therapeutic projects
|
5,865
|
4,121
|
93.5
|
%
|
46.1
|
%
|
|||||||||||
Asterias
|
Pluripotent cell therapy programs
|
-
|
2,344
|
-
|
%
|
26.2
|
%
|
||||||||||
LifeMap Sciences
(3)
|
Databases and mobile health products
|
406
|
1,278
|
6.5
|
%
|
14.3
|
%
|
||||||||||
OncoCyte
|
Cancer diagnostics
|
-
|
1,195
|
-
|
%
|
13.4
|
%
|
||||||||||
Subtotal non-therapeutic projects
|
406
|
2,473
|
6.5
|
%
|
27.7
|
%
|
|||||||||||
Total projects
|
$
|
6,271
|
$
|
8,938
|
100.0
|
%
|
100.0
|
%
|
Six Months Ended June 30,
(unaudited)
|
|||||||||||||||||
Amount
(1)
|
Percent
|
||||||||||||||||
Company
|
Program
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
BioTime, ESI and OrthoCyte
|
PureStem
®
progenitor and pluripotent cell lines, and related research products, orthopedic therapy
|
$
|
4,001
|
$
|
3,517
|
31.3
|
%
|
15.5
|
%
|
||||||||
BioTime
|
Renevia
®
and other
HyStem
®
products and research
|
2,552
|
2,024
|
20.0
|
%
|
8.9
|
%
|
||||||||||
BioTime
|
Hextend
®
|
-
|
31
|
-
|
%
|
0.1
|
%
|
||||||||||
Cell Cure
(2)
|
OpRegen
®
|
3,726
|
2,017
|
29.2
|
%
|
8.9
|
%
|
||||||||||
ReCyte Therapeutics
|
Cardiovascular therapy
|
518
|
442
|
4.0
|
%
|
1.9
|
%
|
||||||||||
Subtotal therapeutic projects
|
10,797
|
8,031
|
84.5
|
%
|
35.3
|
%
|
|||||||||||
Asterias
|
Pluripotent cell therapy programs
|
-
|
8,684
|
-
|
%
|
38.4
|
%
|
||||||||||
LifeMap Sciences
(3)
|
Databases and mobile health products
|
1,170
|
2,926
|
9.2
|
%
|
12.9
|
%
|
||||||||||
OncoCyte
(4)
|
Cancer diagnostics
|
798
|
3,030
|
6.3
|
%
|
13.4
|
%
|
||||||||||
Subtotal non-therapeutic projects
|
1,968
|
5,956
|
15.5
|
%
|
26.3
|
%
|
|||||||||||
Total projects
|
$
|
12,765
|
$
|
22,671
|
100.0
|
%
|
100.0
|
%
|
Three Months Ended June 30,
(unaudited)
|
||||||||||||||||
Amount
(1)
|
Percent
|
|||||||||||||||
Company
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
BioTime
|
$
|
3,126
|
$
|
2,257
|
70.7
|
%
|
34.0
|
%
|
||||||||
Cell Cure
(2)
|
454
|
354
|
10.3
|
%
|
5.3
|
%
|
||||||||||
ReCyte Therapeutics
|
111
|
190
|
2.5
|
%
|
2.9
|
%
|
||||||||||
ESI
|
29
|
70
|
0.7
|
%
|
1.1
|
%
|
||||||||||
Subtotal therapeutic entities
|
3,720
|
2,871
|
84.2
|
%
|
43.3
|
%
|
||||||||||
Asterias
|
-
|
1,329
|
-
|
%
|
20.0
|
%
|
||||||||||
LifeMap Sciences
(3)
|
703
|
1,100
|
15.8
|
%
|
16.6
|
%
|
||||||||||
OncoCyte
|
-
|
1,336
|
-
|
%
|
20.1
|
%
|
||||||||||
Subtotal non-therapeutic entities
|
703
|
2,436
|
15.8
|
%
|
36.7
|
%
|
||||||||||
Total
|
$
|
4,423
|
$
|
6,636
|
100.0
|
%
|
100.0
|
%
|
Six Months Ended June 30,
(unaudited)
|
||||||||||||||||
Amount
(1)
|
Percent
|
|||||||||||||||
Company
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
BioTime
|
$
|
6,672
|
$
|
4,850
|
70.0
|
%
|
26.2
|
%
|
||||||||
Cell Cure
(2)
|
725
|
687
|
7.6
|
%
|
3.7
|
%
|
||||||||||
ReCyte Therapeutics
|
281
|
351
|
3.0
|
%
|
1.9
|
%
|
||||||||||
ESI
|
49
|
114
|
0.5
|
%
|
0.6
|
%
|
||||||||||
Subtotal therapeutic entities
|
7,727
|
6,002
|
81.1
|
%
|
32.4
|
%
|
||||||||||
Asterias
|
-
|
7,547
|
-
|
%
|
40.8
|
%
|
||||||||||
LifeMap Sciences
(3)
|
1,207
|
1,873
|
12.7
|
%
|
10.1
|
%
|
||||||||||
OncoCyte
(4)
|
590
|
3,087
|
6.2
|
%
|
16.7
|
%
|
||||||||||
Subtotal non-therapeutic entities
|
1,797
|
4,960
|
18.9
|
%
|
26.8
|
%
|
||||||||||
Total
|
$
|
9,524
|
$
|
18,509
|
100.0
|
%
|
100.0
|
%
|
Three Months Ended
June 30,
(unaudited)
|
Six Months Ended
June 30,
(unaudited)
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Other income/(expenses), net
|
||||||||||||||||
Interest expense, net
|
$
|
(413
|
)
|
$
|
(76
|
)
|
$
|
(719
|
)
|
$
|
(88
|
)
|
||||
Gain on deconsolidation of Asterias
|
-
|
49,048
|
-
|
49,048
|
||||||||||||
Gain on deconsolidation of OncoCyte
|
-
|
-
|
71,697
|
-
|
||||||||||||
Gain (loss) on equity method investment in Asterias at fair value
|
3,262
|
(13,483
|
)
|
(22,835
|
)
|
(13,483
|
)
|
|||||||||
Gain (loss) on equity method investment in OncoCyte at fair value
|
(11,006
|
)
|
-
|
5,136
|
-
|
|||||||||||
Other income, net
|
2,371
|
139
|
3,098
|
30
|
||||||||||||
Total other income/(expense), net
|
$
|
(5,786
|
)
|
$
|
35,628
|
$
|
56,377
|
$
|
35,507
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings.
|
Item 1A.
|
Risk Factors
|
· |
We are attempting to develop new medical products and technology.
|
· |
Many of our experimental products and technologies have not been applied in human medicine and have only been used in laboratory studies in vitro or in animals. These new products and technologies might not prove to be safe and efficacious in the human medical applications for which they were developed.
|
· |
The experimentation we are doing is costly, time consuming, and uncertain as to its results. We incurred research and development expenses amounting to $12.8 million during the six months ended June 30, 2017, and $36.1 million and $42.6 million during the fiscal years ended December 31, 2016 and 2015, respectively.
|
· |
If we are successful in developing a new technology or product, refinement of the new technology or product and definition of the practical applications and limitations of the technology or product may take years and require the expenditure of large sums of money. Future clinical trials of new therapeutic products, particularly those products that are regulated as drugs or biological, will be very expensive and will take years to complete. We may not have the financial resources to fund clinical trials on our own and we may have to enter into licensing or collaborative arrangements with other companies. Any such arrangements may be dilutive to our ownership or economic interest in the products. In addition, we may discontinue one or more of the research or product development programs. Other programs slated for development including those we consolidate in a new subsidiary, AgeX Therapeutics, Inc., may be delayed or discontinued should adequate funding on acceptable terms not be available.
|
· |
At June 30, 2017, we had $14.6 million of cash and cash equivalents on hand. During the first quarter of 2017, we raised approximately $18.5 million after underwriting discounts and other expenses through the sale of our common shares, but there can be no assurance that we or our subsidiaries will be able to raise additional funds on favorable terms or at all, or that any funds raised will be sufficient to permit us or our subsidiaries to develop and market our products and technology. Unless we and our subsidiaries are able to generate sufficient revenue or raise additional funds when needed, it is likely that we will be unable to continue our planned activities, even if we make progress in our research and development projects.
|
· |
We may have to postpone or limit the pace of our research and development work and planned clinical trials of our product candidates unless our cash resources increase through a growth in revenues or additional equity investment or borrowing.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Default Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
(1)
|
Incorporated by reference to BioTime’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 filed with the Securities and Exchange Commission on August 9, 2016.
|
(2)
|
Incorporated by reference to Registration Statement on Form S-1, File Number 33-48717 and Post-Effective Amendment No. 1 thereto filed with the Securities and Exchange Commission on June 22, 1992, and August 27, 1992, respectively.
|
(3)
|
Incorporated by reference to Registration Statement on Form S-3, File Number 333-217182, filed with the Securities and Exchange Commission on April 6, 2017.
|
(4)
|
Incorporated by reference to Registration Statement on Form S-8, File Number 333-219204, filed with the Securities and Exchange Commission on July 7, 2017.
|
*
|
Filed herewith
|
BIOTIME, INC.
|
||
Date:
August 9
, 2017
|
/s/ Michael D. West
|
|
Michael D. West, Ph.D.
|
||
Co-Chief Executive Officer
|
Date: August 9, 2017
|
/s/ Aditya Mohanty
|
|
Aditya Mohanty
|
||
Co-Chief Executive Officer
|
||
Date: August 9, 2017
|
/s/ Russell L. Skibsted
|
|
Russell L. Skibsted
|
||
Chief Financial Officer
|
1 Year Brooklyn ImmunoTherapeut... Chart |
1 Month Brooklyn ImmunoTherapeut... Chart |
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