LINEAGE CELL THERAPEUTICS REPORTs THIRD QUARTER 2022 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE Appointed Jill Howe as Chief Financial Officer Established New R&D Facility and Expanded Existing cGMP Manufacturing Fac

CELL THERAPEUTICS REPORTs THIRD QUARTER 2022 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE

CA - November 10, 2022 - Lineage Cell Therapeutics, Inc. (NYSE American and TASE: LCTX), a clinical-stage biotechnology

company developing allogeneic cell therapies for unmet medical needs, today reported financial and operating results for the third quarter

of 2022. Lineage management will host a conference call and webcast today at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss

its third quarter 2022 financial and operating results and to provide a business update.

single administration of RG6501 (OpRegen ), a proprietary retinal pigment epithelial cell transplant, across an area of

atrophy in advanced AMD patients has shown the potential to slow, stop, or reverse the progression of GA in our phase 1/2a clinical trial.

To our knowledge, this is the first intervention that has reported anatomical changes of this magnitude in the field of GA, so we are

pleased with the continued progress on RG6501 and the efforts which have been made to initiate its next clinical trial," stated

Brian M. Culley, Lineage CEO. "Looking ahead, our focus turns increasingly to planned regulatory interactions for OPC1 and VAC2,

from which we expect to inform and enable their next phases of clinical development in spinal cord injury and oncology, respectively.

In parallel, we are advancing our newly launched cell transplant programs in photoreceptors for vision disorders and auditory neurons

for hearing loss, with initial preclinical studies from our photoreceptor program currently ongoing and the start of preclinical testing

of our auditory neuron program anticipated prior to year-end. We believe that completing these efforts while maintaining our commitment

to disciplined spending will help Lineage create shareholder value in the coming year."

milestones and activities included:

of the key upcoming milestones and activities anticipated by Lineage include:

cash equivalents, and marketable securities totaled $66.4 million as of September 30, 2022, which is expected to support planned operations

Quarter Operating Results

Lineage's revenue is generated primarily from licensing fees, royalties, collaboration revenues, and research grants. Total revenues

for the three months ended September 30, 2022 were approximately $3.0 million, a net increase of $0.7 million as compared to $2.3 million

for the same period in 2021. The increase was driven by collaboration and licensing revenue recognized from deferred revenues from the

Roche Agreement, partially offset by less royalty revenues.

Expenses: Operating expenses are comprised of research and development ("R&D") expenses and general and administrative

("G&A") expenses. Total operating expenses for the three months ended September 30, 2022 were $8.0 million, a decrease

of $0.1 million as compared to $8.1 million for the same period in 2021.

Expenses: R&D expenses for the three months ended September 30, 2022 were $3.6 million, a net increase of $0.8 million as compared

to $2.8 million for the same period in 2021. The net increase was primarily driven by higher OpRegen related expenses to support the

Roche collaboration.

Expenses: G&A expenses for the three months ended September 30, 2022 were $4.4 million, a net decrease of approximately $0.9

million as compared to $5.3 million for the same period in 2021. The decrease was primarily driven by $1.1 million in lower litigation

and legal expenses and $0.3 million in lower investor relations expense, partially offset by a $0.5 million increase in payroll and related

from Operations: Loss from operations for the three months ended September 30, 2022 was $5.2 million, a decrease of $1.6 million

as compared to $6.8 million for the same period in 2021.

Expenses, Net: Other expenses, net for the three months ended September 30, 2022 reflected other expense, net of $0.3 million, compared

to other expense, net of $2.0 million for the same period in 2021. The net change was primarily driven by a decrease in the value of

marketable equity securities and exchange rate fluctuations related to Lineage's international subsidiaries.

Loss Attributable to Lineage: The net loss attributable to Lineage for the three months ended September 30, 2022 was $6.1 million,

or $0.04 per share (basic and diluted), compared to a net loss attributable to Lineage of $7.8 million, or $0.05 per share (basic and

diluted), for the same period in 2021.

parties may access today's conference call by dialing (800) 715-9871 from the U.S. and Canada and should request the "Lineage

Cell Therapeutics Call" or provide conference ID number 5262180 . A

live webcast of the conference call will be available online in the Investors section of Lineage's website. A replay of

the webcast will be available on Lineage's website for 30 days and a telephone replay will be available through November 17, 2022,

by dialing (800) 770-2030 from the U.S. and Canada and entering conference ID number 5262180 .

Lineage Cell Therapeutics, Inc.

Cell Therapeutics is a clinical-stage biotechnology company developing novel cell therapies for unmet medical needs. Lineage's

programs are based on its robust proprietary cell-based therapy platform and associated in-house development and manufacturing capabilities.

With this platform Lineage develops and manufactures specialized, terminally differentiated human cells from its pluripotent and progenitor

cell starting materials. These differentiated cells are developed to either replace or support cells that are dysfunctional or absent

due to degenerative disease or traumatic injury or administered as a means of helping the body mount an effective immune response to

cancer. Lineage's clinical and preclinical programs are in markets with billion dollar opportunities and include five allogeneic

("off-the-shelf") product candidates: (i) OpRegen, a retinal pigment epithelial cell therapy in development for the treatment

of geographic atrophy secondary to age-related macular degeneration, is being developed under a worldwide collaboration with Roche

and Genentech, a member of the Roche Group; (ii) OPC1, an oligodendrocyte progenitor cell therapy in Phase 1/2a development for the treatment

of acute spinal cord injuries; (iii) VAC2, a dendritic cell therapy produced from Lineage's VAC technology platform for immuno-oncology

and infectious disease, currently in Phase 1 clinical development for the treatment of non-small cell lung cancer; (iv) ANP1, an auditory

neuronal progenitor cell therapy for the potential treatment of auditory neuropathy; and (v) PNC1, a photoreceptor neural cell therapy

for the potential treatment of vision loss due to photoreceptor dysfunction or damage. For more information, please visit www.lineagecell.com

or follow the company on Twitter @LineageCell.

cautions you that all statements, other than statements of historical facts, contained in this press release, are forward-looking statements.

Forward-looking statements, in some cases, can be identified by terms such as "believe," "aim," "may,"

"will," "estimate," "continue," "anticipate," "design," "intend,"

"expect," "could," "can," "plan," "potential," "predict," "seek,"

"should," "would," "contemplate," "project," "target," "tend to,"

or the negative version of these words and similar expressions. Such statements include, but are not limited to, statements relating

to: our ability to support our planned operations into the third quarter of 2024 with our existing cash, cash equivalents and marketable

securities; Ms. Howe's employment with Lineage and the anticipated or implied benefits thereof to Lineage and Lineage's continued

growth and ability to exhibit greater productivity in the future; plans and expectations regarding our products in development and our

ability to advance our product candidates into their next phases of clinical or preclinical testing; our ability to create shareholder

value in the future; the potential benefits to us and our operations of our new and expanded facilities, including the broadening of

our R&D capabilities, advancing our programs and partnerships, and increasing our infrastructure; our ability to support multiple

years of progress and achieve important milestones; our collaboration and license agreement with Roche and Genentech and the potential

to receive milestone and other consideration thereunder; the potential benefits of treatment with OpRegen; the potential future achievements

of our clinical and preclinical programs; the timing of anticipated FDA interactions, preclinical activities, clinical trials, and clinical

data updates related to our programs, and the submission of a grant application to the CIRM; plans and expectations regarding publications

relating to our programs; plans and expectations regarding potential new partnership opportunities and existing collaborations; and our

ability to broaden awareness of our mission and accomplishments. Forward-looking statements involve known and unknown risks, uncertainties

and other factors that may cause Lineage's actual results, performance or achievements to be materially different from future results,

performance or achievements expressed or implied by the forward-looking statements in this press release, including, but not limited

to, the following risks: that we may need to allocate our cash to unexpected events and expenses causing us to use our cash more quickly

than expected; that potential benefits of the new and expanded facilities to the Company and its operations may not be realized as quickly

as expected or at all; that potential benefits of newly developed intellectual property to the Company may not be realized as quickly

as expected or at all; that positive findings in early clinical and/or nonclinical studies of a product candidate may not be predictive

of success in subsequent clinical and/or nonclinical studies of that candidate; that competing alternative therapies may adversely impact

the commercial potential of OpRegen; that Roche and Genentech may not successfully advance OpRegen or be successful in completing further

clinical trials for OpRegen and/or obtaining regulatory approval for OpRegen in any particular jurisdiction; that we may not establish

new partnerships or expand existing collaborations; that we do not successfully broaden awareness of our mission or accomplishments;

that we may not be able to manufacture sufficient clinical quantities of its product candidates in accordance with current good manufacturing

practice; and those risks and uncertainties inherent in Lineage's business and other risks discussed in Lineage's filings

with the Securities and Exchange Commission (SEC). Lineage's forward-looking statements are based upon its current expectations

and involve assumptions that may never materialize or may prove to be incorrect. All forward-looking statements are expressly qualified

in their entirety by these cautionary statements. Further information regarding these and other risks is included under the heading "Risk

Factors" in Lineage's periodic reports with the SEC, including Lineage's most recent Annual Report on Form 10-K and

Quarterly Report on Form 10-Q filed with the SEC and its other reports, which are available from the SEC's website. You are cautioned

not to place undue reliance on forward-looking statements, which speak only as of the date on which they were made. Lineage undertakes

no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made,

except as required by law.