Print Page     Close Window     

SEC Filings

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

 

SELECTED UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

 

The following table presents selected unaudited pro forma combined financial information about BioTime’s consolidated balance sheet and statements of operations, after giving effect to the Merger with Asterias. The information under “Pro Forma Statements of Operations Data” in the table below assumes the Merger had been consummated on January 1, 2017, the beginning of the earliest period presented. The information under “Pro Forma Balance Sheet Data” in the table below assumes the Merger had been consummated on September 30, 2018, using the per share closing price of BioTime Common Shares as of January 30, 2019, as quoted on the NYSE American, to determine the preliminary estimated purchase price. As of September 30, 2018, BioTime owns approximately 39% of the issued and outstanding shares of Asterias common stock.

 

The unaudited pro forma condensed combined financial information includes adjustments which are preliminary and may be revised. There can be no assurance that such revisions will not result in material changes. In addition, the unaudited pro forma condensed combined financial information does not reflect any cost savings or associated costs to achieve such savings from operating efficiencies, synergies, debt refinancing or other restructuring that may result from the Merger. The information presented below should be read in conjunction with the historical consolidated financial statements of each of BioTime and Asterias, including the related notes, filed by each of them with the SEC, and with the Pro Forma Condensed Combined Financial Statements of BioTime and Asterias, including the related notes, appearing elsewhere in this joint proxy statement/prospectus. See the sections entitled “Where You Can Find More Information” and “Unaudited Pro Forma Condensed Combined Financial Information” for more information. The unaudited pro forma condensed combined financial data are not necessarily indicative of results that actually would have occurred or that may occur in the future had the Merger been completed on the dates indicated.

 

(in thousands, except for per share data)  Nine months ended
September 31, 2018
   Year ended
December 31, 2017
 
Pro Forma Statements of Operations Data:          
Total revenues  $4,933   $7,500 
Gross profit   4,506    7,167 
Loss from operations   (45,602)   (69,467)
Other income, net (1)   51,871    71,994 
Net income attributable to shareholders   7,031    5,840 
Net income per share of common stock, basic and diluted  $0.05   $0.04 

 

   As of
September 30, 2018
 
Pro Forma Balance Sheet Data:     
Working capital  $34,164 
Total assets   215,987 
Current portion of long-term debt(2)   1,124 
Long-term debt, net of current portion(2)   2,025 
Noncontrolling interests deficit in subsidiaries   (1,569)

 

(1) Primarily generated by BioTime from gains on deconsoldiations of former subsidiaries other than Asterias and mark to market adjustments of retained ownership interests in those affiliates. Upon deconsolidation, the retained ownership interests in those affiliates, AgeX and OncoCyte Corporation (“OncoCyte”), are accounted for at fair value with changes in fair value included in other income and expenses, net. AgeX common stock is listed on the NYSE American under the symbol “AGE” and OncoCyte common stock is listed on the NYSE American under the symbol “OCX”.

(2) Primarily comprised of lease liabilities, capital lease obligations and liability classified warrants.

 

21

© Copyright BioTime, Inc.