LCTX Healthcare

Lineage Cell Therapeutics, Inc.

$1.01+0.00%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 255.4M USD
Enterprise value: 205.8M USD
Full-time employees: 72

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.60 vs a peer median of 0.63)bigger price swings (beta 1.60 vs peers 0.63)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #889 of 1,157 healthcare companies (bottom 24%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 49% from December 2022 to August 2026.
Lineage Cell Therapeutics had 49% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Lineage Cell Therapeutics had 49% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 33% of revenue in 2025.
Lineage Cell Therapeutics paid employees $5M in stock in 2025, 33% of its $15M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Lineage Cell Therapeutics looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $1.5M profit in the quarter to June 2026.
Lineage Cell Therapeutics reported a net loss over the last twelve months, but its most recent quarter was profitable ($1.5M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

StockQuotient Score

36/ 100

Oct 5 36 → Nov 4 36

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-12.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-12.7%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-9.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield23.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

64/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 11.5%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth7.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.20Sector median: 0.0584 · MAD: 0.0840

Revenue growth19.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.41Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-205.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -17.44Sector median: 0.0706 · MAD: 0.1217

Return on assets-30.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -5.97Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-90.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -9.43Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin-57.4%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-53.0%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Current ratio
▲ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.60

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.89Sector median: 0.6250 · MAD: 0.3380

Current ratio6.61×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.90Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.04×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.90Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Lineage Cell Therapeutics

Is Lineage Cell Therapeutics getting weaker?: Its latest SEC filing (Aug 6, 2026) got weaker in some ways: 12-month revenue fell 11.5%. Its overall score is unchanged at 36/100 since Oct 28, 2026.
How is Lineage Cell Therapeutics valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -12.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -12.6% vs peers 1.5% (weaker than 100% of peers).
Is Lineage Cell Therapeutics growing?: Yes, faster than most of its peers. Growth scores 64/100 against 1,393 healthcare peers. Revenue growth 19.9% vs a peer median of 6.1% (stronger than 78% of peers).Revenue growth 19.9% vs peers 6.1% (stronger than 78% of peers).
How profitable is Lineage Cell Therapeutics?: Less profitable than most of its peers. Profitability scores 10/100 against 1,393 healthcare peers. Return on invested capital -90.0% vs a peer median of 4.7% (weaker than 92% of peers).Return on invested capital -90.0% vs peers 4.7% (weaker than 92% of peers).
How risky is Lineage Cell Therapeutics?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 6.61× vs a peer median of 2.59× (stronger than 80% of peers).Current ratio 6.61× vs peers 2.59× (stronger than 80% of peers). Beta 1.60 vs a peer median of 0.63 (weaker than 89% of peers).Beta 1.60 vs peers 0.63 (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

12-month revenue fell 11.5%

Worth watching: Lineage Cell Therapeutics is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	14.8M USD	13.1M USD	−11.5%
Net income (12 months)	−64.2M USD	−32.3M USD	−49.8%
Operating margin	-255.1%	-205.2%	+49.9 pts
Free cash flow (12 months)	−22.6M USD	−24.4M USD	+8.0%
Cash	35.9M USD	37.4M USD	+3.9%
Shares outstanding	249.3M	252.9M	+1.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	67.2%	95.0%	92.5%	—	—	—
Operating margin	-1133.6%	-153.2%	-276.5%	-226.1%	-251.6%	▼ 25 pts
Net margin	-991.0%	-178.7%	-240.2%	-195.9%	-436.5%	▼ 241 pts
Return on assets (ROA)	-24.6%	-21.2%	-21.3%	-16.4%	-56.4%	▼ 40 pts
Return on equity (ROE)	-46.6%	-35.8%	-33.9%	-23.7%	-142.6%	▼ 119 pts
Free cash flow margin	-550.6%	4.4%	-326.9%	-249.0%	-133.6%	▲ 115 pts
Current ratio	2.37×	3.16×	2.14×	3.65×	5.20×	▲ 43%

LCTX price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

Arbutus Biopharma CorporationABUS97/ 100

Q32 Bio Inc.QTTB97/ 100

Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.60 vs a peer median of 0.63)bigger price swings (beta 1.60 vs peers 0.63)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #889 of 1,157 healthcare companies (bottom 24%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 49% from December 2022 to August 2026.

Lineage Cell Therapeutics had 49% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Lineage Cell Therapeutics had 49% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 33% of revenue in 2025.

Lineage Cell Therapeutics paid employees $5M in stock in 2025, 33% of its $15M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Lineage Cell Therapeutics looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $1.5M profit in the quarter to June 2026.

Lineage Cell Therapeutics reported a net loss over the last twelve months, but its most recent quarter was profitable ($1.5M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

Questions investors ask about Lineage Cell Therapeutics

Is Lineage Cell Therapeutics getting weaker?

Its latest SEC filing (Aug 6, 2026) got weaker in some ways: 12-month revenue fell 11.5%. Its overall score is unchanged at 36/100 since Oct 28, 2026.

How is Lineage Cell Therapeutics valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -12.6% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -12.6% vs peers 1.5% (weaker than 100% of peers).

Is Lineage Cell Therapeutics growing?

Yes, faster than most of its peers. Growth scores 64/100 against 1,393 healthcare peers. Revenue growth 19.9% vs a peer median of 6.1% (stronger than 78% of peers).Revenue growth 19.9% vs peers 6.1% (stronger than 78% of peers).

How profitable is Lineage Cell Therapeutics?

Less profitable than most of its peers. Profitability scores 10/100 against 1,393 healthcare peers. Return on invested capital -90.0% vs a peer median of 4.7% (weaker than 92% of peers).Return on invested capital -90.0% vs peers 4.7% (weaker than 92% of peers).

How risky is Lineage Cell Therapeutics?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 6.61× vs a peer median of 2.59× (stronger than 80% of peers).Current ratio 6.61× vs peers 2.59× (stronger than 80% of peers). Beta 1.60 vs a peer median of 0.63 (weaker than 89% of peers).Beta 1.60 vs peers 0.63 (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

14.8M USD

13.1M USD

−11.5%

Net income (12 months)

−64.2M USD

−32.3M USD

−49.8%

Operating margin

-255.1%

-205.2%

+49.9 pts

Free cash flow (12 months)

−22.6M USD

−24.4M USD

+8.0%

Cash

35.9M USD

37.4M USD

+3.9%

Shares outstanding

249.3M

252.9M

+1.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

67.2%

95.0%

92.5%

—

Operating margin

-1133.6%

-153.2%

-276.5%

-226.1%

-251.6%

▼ 25 pts

Net margin

-991.0%

-178.7%

-240.2%

-195.9%

-436.5%

▼ 241 pts

Return on assets (ROA)

-24.6%

-21.2%

-21.3%

-16.4%

-56.4%

▼ 40 pts

Return on equity (ROE)

-46.6%

-35.8%

-33.9%

-23.7%

-142.6%

▼ 119 pts

Free cash flow margin

-550.6%

4.4%

-326.9%

-249.0%

-133.6%

▲ 115 pts

Current ratio

2.37×

3.16×

2.14×

3.65×

5.20×

▲ 43%