Full Press Release Details
Reports First Quarter Results and Recent Corporate Accomplishments
CE Mark application successfully submitted for European approval
cohort 4 initiated in better-vision patients
data slides, conference call and webcast today at 1:30pm PT/4:30pm ET
ALAMEDA, Calif.--(BUSINESS WIRE)--May 10, 2018--BioTime, Inc. (NYSE
American: BTX), a clinical-stage biotechnology company focused on
degenerative diseases, today reported financial results for the first
quarter ended March 31, 2018 and recent corporate accomplishments.
"With the European CE Mark submission of Renevia, the initiation of
patient recruitment for the fourth cohort of our OpRegen clinical trial,
sufficient capital to get us well into 2019 and the excellent OpRegen
data we reported at ARVO, 2018 is shaping up to be a transformative year
for BioTime," said Adi Mohanty, Co-Chief Executive Officer of BioTime.
First Quarter Highlights and Financial Results
Clinical Progress Highlights
Renevia (Facial Lipoatrophy)
Submitted Renevia for CE Marking in Europe.
U.S. investigator-initiated study in facial aesthetics is continuing
The independent Data Safety Monitoring Board approved initiation of
the fourth cohort for the OpRegen clinical trial in
patients in the advanced stage of the dry form of age-related macular
Positive OpRegen clinical trial data from the first
nine patients from the first three cohorts were presented at
the Annual Meeting of the Association for Research in Vision and
Ophthalmology in Honolulu, Hawaii.
Corporate Highlights
Ascendance Biotechnology was sold in March 2018. AgeX received
approximately $3.2 million for its interest in Ascendance.
First Quarter Financial Results
Cash Position and Marketable Securities: Cash, cash equivalents
and marketable securities totaled $31.4 million as of March 31, 2018,
compared to $38.2 million as of December 31, 2017.
Value of Holdings in Public Affiliates: At March 31,
2018, BioTime held common stock in publicly-traded affiliates valued
at approximately $62.4 million. This amount was the market value of
BioTime's 21.7 million shares in Asterias Biotherapeutics (NYSE
American: AST) and 14.7 million shares in OncoCyte (NYSE American: OCX).
Cash Used in Operating Activities: Cash used for operating
activities for the three months ended March 31, 2018 was approximately
$10.3 million, as reported, of which approximately $8.3 million was used
by BioTime and subsidiaries other than AgeX, and approximately $2.0
million was used by AgeX. The cash used for BioTime's and AgeX's
operating activities during the first quarter was in line with our
expectations. The first quarter is generally our highest cash use
quarter within the year, attributable to seasonal cashflows, such as
annual bonus payments and seasonal fluctuations in grant receipts
timing. We also had certain non-recurring payments related to the
planned distribution of AgeX.
Revenues: BioTime's revenue is generated primarily from research
grants, licensing fees and royalties, and subscription and advertising
from the marketing of online database products. Total revenue was $0.7
million for the first quarter of 2018, compared to $0.4 million in the
first quarter of 2017. Revenues increased by $0.3 million primarily due
to our grants, particularly from the new SBIR grant from the NIH which
was awarded to BioTime last September.
Operating Expenses: Total operating expenses for the first
quarter of 2018 were $12.8 million, as reported, which is comprised of
$9.1 million for BioTime and $3.7 million for AgeX. BioTime's
consolidated operating expenses, as adjusted, were $9.8 million, which
is comprised of $7.3 million for BioTime and $2.5 million for AgeX. The
difference in consolidated operating expenses, as reported, and total
operating expenses, as adjusted, is approximately $3 million in non-cash
and non-recurring expenses.
R&D Expenses: First quarter research and development expenses
were $5.9 million compared to $6.5 million for the comparable period in
2017, a decrease of $0.6 million. The decrease was primarily related to
nonrecognition of OncoCyte research and development expenses due to the
deconsolidation of OncoCyte on February 17, 2017, and LifeMap Solutions
expenses which ceased operations in July 2017. The current quarter also
includes an acquired in-process research and development expense of $0.8
million purchased by AgeX from Ascendance, which is a non-recurring
G&A Expenses: First quarter general and administrative
expenses were $6.0 million compared to $5.1 million for the comparable
period in 2017, an increase of $0.9 million. The increase in general and
administrative expenses was primarily attributable to increased legal
and compliance costs, including costs incurred for the planned
distribution of AgeX, and license and patent fees for patent prosecution
The reconciliation between GAAP and non-GAAP operating expenses by
entity is provided in the financial tables included with this earnings
Net Income or loss attributable to BioTime: First quarter
net loss attributable to BioTime was $63.5 million, or ($0.50) per
share, compared to net income attributable to BioTime of $49.3 million,
or $0.46 per share, for the first quarter of 2017. Net loss attributable
to BioTime for the first quarter of 2018 includes combined unrealized
losses of $54.8 million from a decrease in the value of marketable
securities and the $3.2 million gain sale of Ascendance. Net income
attributable to BioTime for the first quarter of 2017 includes the
noncash gain of $71.7 million for the deconsolidation of OncoCyte and
net unrealized losses of $10.0 million from a decrease in the value of
marketable securities.
Conference Call and Webcast Details
BioTime will host a conference call and webcast today, May 10, 2018 at
1:30pm PT/4:30pm ET to discuss results and corporate developments. The
conference call dial-in number in the U.S./Canada is 1-866-888-8633. For
international participants outside the U.S./Canada, the dial-in number
is 1-636-812-6629. For all callers, please refer to Conference ID number
7797422. The live webcast and OpRegen presentation
slides can be accessed on the "Events & Presentations" page of the
"Investors & Media" section on the company's website.
A replay of the conference call will be available for seven business