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

 

BioTime, Inc.

Unaudited Pro Forma Condensed Combined Statement of Operations

For the year ended December 31, 2017

(in thousands, except for per share amounts)

 

   Historical   Pro Forma      
   BioTime
Consolidated
   Asterias   Adjustments
(Note 5)
   Pro Forma Combined 
REVENUES:                     
Grant income  $1,666   $3,711   $-    $5,377 
Royalties from product sales and license fees   389    331    -     720 
Subscription and advertisement revenues   1,395    -    -     1,395 
Sale of research products and services   8    -    -     8 
Total revenues   3,458    4,042    -     7,500 
Cost of sales   (168)   (165)   -     (333)
Gross profit   3,290    3,877    -     7,167 
                      
OPERATING EXPENSES:                     
Research and development   (24,024)   (26,640)   2,686  (a)  (47,978)
General and administrative   (19,922)   (10,488)   -     (30,410)
Total operating expenses   (43,946)   (37,128)   2,686     (78,388)
Gain on sale of assets   1,754    -    -     1,754 
Loss from operations   (38,902)   (33,251)   2,686     (69,467)
OTHER INCOME/(EXPENSES):                     
Interest expense, net   (692)   (465)   -     (1,157)
Gain on deconsolidation of OncoCyte   71,697    -    -     71,697 
Loss on equity method investment in OncoCyte at fair value   (2,935)   -    -     (2,935)
Loss on equity method investment in Asterias at fair value   (51,107)   -    51,107  (b)  - 
Loss on extinguishment of related party convertible debt   (2,799)   -    -     (2,799)
Gain from change in fair value of warrant liability        5,908    -     5,908 
Other income/(expense), net   1,449    (564)   395  (c)  1,280 
Total other income, net   15,613    4,879    51,502     71,994 
NET INCOME (LOSS)   (23,289)   (28,372)   54,188     2,527 
Net loss attributable to noncontrolling interest   3,313    -    -     3,313 
                      
NET INCOME (LOSS) ATTRIBUTABLE TO BIOTIME, INC.  $(19,976)  $(28,372)  $54,188    $5,840 
                      
NET INCOME (LOSS) PER COMMON SHARE:                     
BASIC AND DILUTED  $(0.17)             $0.04 
                      
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING:                     
BASIC AND DILUTED   114,476               138,968(d)

 

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

 

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