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SEC Filings

424B3
BIOTIME INC filed this Form 424B3 on 02/04/2019
Entire Document
 
 

 

BioTime, Inc.

Unaudited Pro Forma Condensed Combined Balance Sheet as of September 30, 2018

(in thousands)

 

   Historical   Pro Forma
Adjustments
      Pro Forma 
   BioTime   Asterias   (Note 4)      Combined 
ASSETS                   
                    
CURRENT ASSETS                       
Cash and cash equivalents  $19,467   $6,424   $-      $25,891 
Marketable equity securities   1,972    6,161    (6,161)  (a)   1,972 
Trade accounts and grants receivable, net   721    -    -       721 
Receivable from affiliates, net   2,185    -    -       2,185 
Receivable from Juvenescence   10,800    -    -       10,800 
Other receivables   -    2,429    -       2,429 
Prepaid expenses and other current assets   1,761    748    -       2,509 
Total current assets   36,906    15,762    (6,161)      46,507 
                        
Property, plant and equipment, net   5,117    598    -       5,715 
Deposits and other long-term assets   518    24    -       542 
Promissory note from Juvenescence   21,730    -    -       21,730 
Equity method investment in AgeX, at fair value   43,248    -    -       43,248 
Equity method investment in OncoCyte, at fair value   36,686    -    -       36,686 
Equity method investment in Asterias, at fair value   28,272    -    (28,272)  (b)   - 
                        
Goodwill   -    -    14,889   (c)   14,889 
Intangible assets, net   3,600    13,430    29,640   (d)   46,670 
TOTAL ASSETS  $176,077   $29,814   $10,096      $215,987 
                        
LIABILITIES AND SHAREHOLDERS’ EQUITY                       
CURRENT LIABILITIES                       
Accounts payable and accrued liabilities  $4,082   $2,017   $5,000   (e)  $11,099 
Capital lease and lease liability, current portion   231    7    -       238 
Promissory notes, current portion   70    -    -       70 
Deferred rent and lease incentives, current portion   -    402    (402)  (f)   - 
Asterias warrants   -    -    816   (h)   816 
Deferred license and subscription revenues   77    -    -       77 
Deferred grant revenue   43    -    -       43 
Total current liabilities   4,503    2,426    5,414       12,343 
                        
LONG-TERM LIABILITIES                       
Deferred rent liabilities, net of current portion   238    1,171    (1,171)  (f)   238 
Lease liability, net of current portion   1,221    -    -       1,221 
Capital lease liability, net of current portion   110    9    -       119 
Deferred license revenue   -    1,000    (700)  (g)   300 
Liability classified warrants and other long-term liabilities   447    703    (703)  (h)   447 
Deferred income tax liability   -    -    12,051   (i)   12,051 
TOTAL LIABILITIES   6,519    5,309    14,891       26,719 
                        
Commitments and contingencies                       
                        
SHAREHOLDERS’ EQUITY                       
BioTime Preferred Shares, no par value, authorized 2,000 shares; none issued and outstanding as of September 30, 2018   -    -    -       - 
Asterias Common Stock, $0.0001 par value, authorized 125,000 shares of Series A Common Stock and 75,000 shares of Series B Common Stock; 55,659 shares of Series A Common Stock and no shares of Series B Common Stock issued and outstanding at September 30, 2018, respectively   -    6    (6)  (j)   - 
Asterias Additional paid-in capital   -    156,760    (156,760)  (j)   - 
BioTime Common Shares, no par value, 250,000 shares authorized; 126,884 shares issued and outstanding, actual; and 151,376 shares issued and outstanding, pro forma, as of September 30, 2018   386,858    -    (3,723)  (k)   417,914 
              34,779   (k)     
                        
Accumulated other comprehensive loss   1,174    -    -       1,174 
Accumulated deficit   (216,905)   (132,261)   132,261   (j)   (228,251)
              (11,346)  (e)(m)     
BioTime, Inc. shareholders’ equity   171,127    24,505    (4,795)      190,837 
Noncontrolling interest (deficit)   (1,569)   -    -       (1,569)
Total shareholders’ equity   169,558    24,505    (4,795)      189,268 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $176,077   $29,814   $10,096      $215,987 

 

 

See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information

 

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