Lineage Cell Therapeutics

LCTX

Biotechnology · Healthcare

Price

$1.08

-0.02 (-1.82%)

Market Cap

$269.2M

Exchange

New York Stock Exchange Arca

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+39.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 164.5M (2021) → 230.1M (2025)

Winston Score History

The full picture

Lineage Cell Therapeutics is a biotechnology company that develops cell-based therapies — treatments made from specially grown human cells — to help patients with serious medical conditions. Its main focus areas include eye diseases, neurological conditions, and cancer. The company's most advanced program is OpRegen, a treatment for dry age-related macular degeneration (AMD), a leading cause of blindness in older adults, being developed in partnership with Roche and Genentech.

Lineage earns revenue primarily through collaboration agreements and milestone payments from larger pharmaceutical partners rather than selling approved products directly to patients. It operates mainly in the United States and is a small-cap company still in the clinical-stage, meaning none of its therapies have received full regulatory approval yet. The extremely high gross margin reflects the nature of licensing income, but the deeply negative operating margin shows the company spends far more on research than it currently earns — a common and significant risk for pre-commercial biotech firms.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-61.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+104.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$18M/ year

↑ Rising (+42% vs prior year)

121.8% of revenue

6.8x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

5.1%ownership

Insiders own a meaningful stake in the company

Cash Runway

~21 months

$51M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Heavy R&D investment

Lineage Cell Therapeutics is putting 122% of revenue into R&D and that number is rising. That's 6.8x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

82.5%

Premium pricing power — 82.5% gross margin

Operating Margin

-834.7%

Losing money on operations — -834.7%

ROCE

-14.6%

Weak — -14.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+19.9%

Fast-growing sales (+19.9% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-183.8%

Burning cash (-183.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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