Print Page     Close Window     

SEC Filings

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

 

Comparison of three and nine months ended September 30, 2018 and 2017.

 

For the three months ended September 30, 2018 and 2017, Asterias recorded net losses of $4.5 million and $6.8 million, respectively. For the nine months ended September 30, 2018 and 2017, Asterias recorded net losses of $13.7 million and $21.8 million, respectively.

 

Revenues

 

The following table shows certain information about Asterias’ revenues for the three and nine months ended September 30, 2018 and 2017 (in thousands, except for percentages):

 

  

Three Months Ended

September 30,

  

$

Increase/

  

%

Increase/

 
   2018   2017   Decrease   Decrease 
Grant income  $   $1,526   $(1,526)   (100)%
Royalties from product sales   116    162    (46)   (28)%
Total revenues   116    1,688    (1,572)   (93)%
Cost of sales   (57)   (81)   24    30%
Gross profit  $59   $1,607   $(1,548)   (96)%

 

  

Nine Months Ended

September 30,

  

$

Increase/

  

%

Increase/

 
   2018   2017   Decrease   Decrease 
Grant income  $   $3,711   $(3,711)   (100)%
License revenue   366        366    100%
Royalties from product sales   337    303    34    11%
Total revenues   703    4,014    (3,311)   (82)%
Cost of sales   (177)   (151)   (26)   (17)%
Gross profit  $526   $3,863   $(3,337)   (86)%

 

Grant income in 2017 was entirely from CIRM, which awarded Asterias a $14.3 million grant for clinical development of AST-OPC1. For the three and nine months ended September 30, 2018 Asterias had no grant or income. For the three and nine months ended September 30, 2017, Asterias recognized $1.5 million and $3.7 million of this grant income, respectively. Since the clinical trial for AST-VAC2 is being paid for and carried out by CRUK, Asterias does not recognize grant income related to this trial.

 

License revenue for the nine months ended September 30, 2018 results from licensing of certain intellectual property and a material transfer agreement for certain hESC-derived differentiated cells that are unrelated to Asterias’ core programs.

 

Royalty revenues from product sales are substantially from non-exclusive license agreements with StemCell Technologies, Inc., Corning Life Sciences, Life Technologies, GE Healthcare and EMD Millipore, each of which Asterias assumed as part of the consideration received from Geron under the 2013 Asset Contribution Agreement. Additional royalty revenues come from a non-exclusive license agreement with Ajinomoto, Inc.

 

148

© Copyright BioTime, Inc.