LINEAGE REPORTs THIRD QUARTER 2021 FINANCIAL RESULTS AND HIGHLIGHTS PROGRESS FROM CLINICAL CELL THERAPY PROGRAMS OpRegen Continues to Demonstrate Functional and Anatomical Improvements in Patients with Dry AMD Performanc

REPORTs THIRD QUARTER 2021 FINANCIAL RESULTS AND HIGHLIGHTS PROGRESS FROM CLINICAL CELL THERAPY PROGRAMS

CA - November 10, 2021 - 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 2021. Lineage will host a conference call today at 4:30 p.m. Eastern Time

to discuss its third quarter 2021 financial results and to provide a business update.

approach is to produce specific types of human cells and stably transplant those cells as a treatment for serious medical conditions.

We believe our approach, in certain settings, can generate clinical outcomes beyond the reach of traditional methods, as evidenced by

the restoration of retinal tissue in patients in our dry AMD trial and the restoration of a tissue matrix in patients in our spinal cord

injury trial," stated Brian M. Culley, Lineage CEO. "During the third quarter, we reported positive interim outcomes in patients

with dry AMD with geographic atrophy, initiated performance testing of our OPC1 delivery device for spinal cord injury, and we expanded

our executive team with the appointment of a new General Counsel. Looking ahead, we are preparing for engagement with FDA for our OpRegen

program to discuss aspects of product designation, manufacturing plans, and later-stage clinical development. In parallel, we look forward

to the initiation of our OPC1 and novel delivery device clinical safety study early next year. We believe our technology platform has

broad potential beyond even the indications we currently are pursuing and while we continue to advance our three clinical-stage programs,

we also are evaluating new applications of our technology, either on our own or through strategic alliances."

of the milestones achieved in the third quarter include:

of the events and milestones anticipated by Lineage include:

cash equivalents, and marketable securities totaled $65.1 million as of September 30, 2021. Marketable securities of $4.3 million as

of September 30, 2021 include the Company's remaining ownership in OncoCyte Corporation ("OncoCyte") and Hadasit Bio-Holdings

Quarter Operating Results

Lineage's revenue is generated primarily from research grants, royalties, and licensing fees. Total revenues for the three months

ended September 30, 2021 were approximately $2.3 million, an increase of $1.7 million as compared to $0.6 million for the same period

in 2020. The increase was primarily related to a $1.6 million increase in royalty revenues, and a $0.3 million increase in licensing

revenues in connection with a collaboration agreement, partially offset by a $0.2 million decrease in grant 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, 2021 were $8.1 million, an increase of $0.9 million as compared

to $7.2 million for the same period in 2020.

Expenses: R&D expenses for the three months ended September 30, 2021 were $2.8 million, a decrease of approximately $0.8 million

as compared to $3.6 million for the same period in 2020. The decrease was primarily driven by lower VAC program expenses, related to

a non-recurring prior year accrual of a $1.6 million signature fee to Cancer Research UK, partially offset by an increase in OPC1 expenses

resulting from a return of unspent project funds of approximately $0.8 million in the prior year period from a former Asterias BioTherapeutics,

Inc. ("Asterias") service provider.

Expenses: G&A expenses for the three months ended September 30, 2021 were $5.3 million, an increase of approximately $1.7 million

as compared to $3.6 million for the same period in 2020. The increase was primarily attributable to increases of $0.8 million in litigation

and other expenses related to Lineage's merger with Asterias, and $0.5 million in share-based compensation.

from Operations: Loss from operations for the three months ended September 30, 2021 was approximately $6.8 million, an increase of

$0.1 million as compared to $6.7 million for the same period in 2020.

Income/(Expenses), Net: Other income/(expenses), net for the three months ended September 30, 2021 reflected other expense, net of

($2.0) million, compared to other expense, net of ($1.2) million for the same period in 2020. The variance was primarily related to a

decrease in the value of Lineage's OncoCyte shares, a decrease in interest income following settlement of the Juvenescence Limited

note receivable in the prior year, and no sales of marketable equity securities as compared to the prior year's quarter.

loss attributable to Lineage: The net loss attributable to Lineage for the three months ended September 30, 2021 was $7.8 million,

or $0.05 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 2020.

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 2021

financial results and to provide a business update. Interested parties may access the conference call by dialing (866) 888-8633

from the U.S. and Canada and (636) 812-6629 from elsewhere outside the U.S. and Canada and should request the "Lineage Cell Therapeutics

Call". 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

18, 2021, by dialing (855) 859-2056 from the U.S. and Canada and (404) 537-3406 from elsewhere outside the U.S. and Canada and entering

conference ID number 9352189.

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 programs are in markets with billion dollar opportunities and include three allogeneic ("off-the-shelf")

product candidates: (i) OpRegen , a retinal pigment epithelium transplant therapy in Phase 1/2a development for the treatment

of dry age-related macular degeneration, a leading cause of blindness in the developed world; (ii) OPC1, an oligodendrocyte progenitor

cell therapy in Phase 1/2a development for the treatment of acute spinal cord injuries; and (iii) VAC2, an allogeneic 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. 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," "may," "will,"

"estimate," "continue," "anticipate," "design," "intend," "expect,"

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

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

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

approach to generate clinical outcomes beyond the reach of traditional methods, the broad potential for Lineage's technology platform,

the projected timing of milestones of future studies, including their initiation and completion, the projected timing of interactions

with the FDA to discuss product designation, manufacturing plans and improvements, and later-stage clinical development, the continued

development of its product candidates, the potential opportunities for the establishment or expansion of strategic partnerships and collaborations

and the timing thereof, and the potential for Lineage's investigational allogeneic cell therapies to provide safe and effective

treatment for multiple, diverse serious or life threatening conditions. 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 risks and uncertainties

inherent in Lineage's business and other risks 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.

Cell Therapeutics, Inc. IR

(ir@lineagecell.com)

(Mbiega@soleburytrout.com)

Partners - Media Relations

Johnson or David Schull

CELL THERAPEUTICS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

CELL THERAPEUTICS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

THOUSANDS, EXCEPT PER SHARE DATA)