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SEC Filings

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

 

 

4. Investments in BioTime and OncoCyte Common Stock

 

Investment in BioTime Common Shares

 

BioTime common shares (traded on NYSE American under the symbol “BTX”) are included at fair value in current assets on the balance sheets as the shares are available for use and could be sold at fair value for working capital purposes. During the year ended December 31, 2017, Asterias sold 371,795 of its BTX shares at a weighted-average price of $2.60. As of December 31, 2017 and 2016, Asterias held 3,481,085 and 3,852,880 BioTime shares, respectively. As of December 31, 2017 and 2016 these shares are valued at $7.5 million and $13.9 million, respectively, based on the closing price on those dates.

 

Investment in OncoCyte Common Stock

 

On December 31, 2015, in connection with BioTime’s distribution of OncoCyte common stock to BioTime shareholders, on a pro rata basis, Asterias received 192,644 shares of OncoCyte common stock from BioTime as a dividend in kind. On this date, BioTime shareholders, including Asterias, received one share of OncoCyte common stock for every twenty BioTime Common Shares held. Asterias recorded the fair value of the OncoCyte common stock as contributed capital from BioTime. The OncoCyte common stock distribution resulted in a taxable gain to Asterias of $819,000 (see Note 10).

 

The OncoCyte shares are included in available-for-sale securities at fair value in current assets in Asterias’ balance sheets as the shares are traded on NYSE American (symbol “OCX”) and available for working capital purposes. As of December 31, 2017 and 2016, Asterias held 181,756 and 192,644 shares of OncoCyte, respectively. As of December 31, 2017 and 2016, the OncoCyte shares are valued at $0.8 million and $1.4 million, respectively, based on the OncoCyte closing price on those dates.

 

5. Intangible assets, net

 

As of December 31, 2017 and, 2016, Asterias had capitalized intangible assets acquired from Geron Corporation, primarily related to patents and other intellectual property rights related to hES cells. These assets are being amortized over their estimated useful lives of 10 years.

 

Intangible assets, net at December 31, 2017 and, 2016 are shown in the following table (in thousands):

 

   December 31, 
   2017   2016 
Intangible assets  $26,860   $26,860 
Less - accumulated amortization   (11,416)   (8,730)
Intangible assets, net  $15,444   $18,130 

 

Asterias recognized $2.7 million in amortization expense of intangible assets for the years ended December 31, 2017, 2016 and 2015, respectively.

 

Amortization of intangible assets for periods subsequent to December 31, 2017 is as follows (in thousands):

 

Year Ending
December 31,
  Amortization
Expense
 
2018   2,686 
2019   2,686 
2020   2,686 
2021   2,686 
2022   2,686 
Thereafter   2,014 
Total  $15,444 

 

 F-16 

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