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424B3
BIOTIME INC filed this Form 424B3 on 02/04/2019
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SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA OF BIOTIME

 

The following table sets forth selected historical consolidated financial data for BioTime. The historical consolidated financial information for each of the years in the three-year period ended December 31, 2017 is derived from the audited consolidated financial statements of BioTime as of and for each of the years in the three-year period ended December 31, 2017. The historical consolidated financial information for BioTime as of September 30, 2018 and for the nine months ended September 30, 2018 and September 30, 2017 has been derived from BioTime’s unaudited interim condensed consolidated financial statements and related notes contained in its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018, which is incorporated herein by reference, and in the opinion of BioTime’s management, include all normal and recurring adjustments that are considered necessary for the fair statement of the results for the interim periods. You should not assume the results of operations for any past periods indicate results for any future period, including with respect to the future performance of BioTime following the date of this joint proxy statement/prospectus or following the completion of the Merger. You should read this information in conjunction with BioTime’s consolidated financial statements and related notes thereto included in BioTime’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, which is incorporated by reference into this joint proxy statement/prospectus. See the section entitled “Where You Can Find More Information.” For financial information giving effect to the Merger and the transactions contemplated by the Merger Agreement, see the section entitled “Unaudited Pro Forma Condensed Combined Financial Information.”

 

   As of and for the Nine
Months Ended September 30,
   As of and for the
Year Ended December 31,
 
   2018(1)   2017   2017(1)   2016(1)   2015(1) 
   (in thousands, except per share data) 
Consolidated Statements of Operations Data:                         
                          
Total revenue  $4,230   $2,459   $3,458   $5,923   $7,036 
Gross profit   3,980    2,345    3,290    5,565    5,929 
Loss from operations   (31,580)   (29,339)   (38,902)   (58,967)   (65,809)
Net income (loss) attributable to BioTime, Inc.   (1,038)   51,958    (19,976)   33,572    (46,991)
Net income (loss) per common share, basic  $(0.01)  $0.47   $(0.17)   0.35   $(0.59)
Net income (loss) per common share, diluted  $(0.01)  $0.47   $(0.17)   0.34   $(0.59)
                          
Weighted average shares used in computing net income or loss per common share, basic   126,872    110,989    114,476    97,316    79,711 
Weighted average shares used in computing net income or loss per common share, diluted   126,872    111,124    114,476    99,553    79,711 
                          
Consolidated Balance Sheet Data (at period end):                         
Working capital  $32,403   $17,213   $35,744   $16,799   $34,775 
Total assets   176,077    221,867    173,241    142,572    94,660 
Total long-term obligations   2,016    6,868    2,099    3,214    5,751 

 

(1) Asterias’ financial statements and results of operations were included in BioTime’s consolidated financial statements and results of operations for all periods through May 12, 2016. Beginning on May 13, 2016, BioTime deconsolidated Asterias’ financial statements and results of operations. Since May 13, 2016, BioTime has elected to account for its Asterias shares at fair value using the equity method of accounting because since that date, BioTime has not had control of Asterias, as defined by U.S. GAAP, but BioTime continues to exercise significant influence over Asterias. Under the fair value method, the value of the shares of common stock BioTime holds in Asterias is carried on its consolidated balance sheet at fair value and is marked to market at each reporting period using the closing price of Asterias Common Stock on the NYSE American multiplied by the number of shares of Asterias held by BioTime, with changes in the fair value of the Asterias shares included in other income and expenses, net, in the consolidated statements of operations. See the section entitled “Unaudited Pro forma Condensed Combined Financial Information.”

 

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