Filing Flows › Lineage Cell Therapeutics (LCTX) › Q4 2025
Lineage Cell Therapeutics (LCTX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 5, 2026
Lineage Cell Therapeutics (LCTX) reported revenue of $6.6M for the fourth quarter 2025 (Q4 2025), +130% from a year earlier and +80% from the quarter before. Operating margin was -99.1%, net earnings $892K (13.5% of revenue).
Lineage Cell Therapeutics, Q4 2025: revenue $6.6M (+130% year over year), operating margin -99.1%, net earnings $892K, operating cash flow −$4.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.6M | +80% | +130% |
| Operating profit | −$6.5M | — | — |
| Net earnings | $892K | — | — |
| Operating cash flow | −$4.9M | — | — |
What changed
Revenue was $6.6M in Q4 2025, up 130% year over year and up 80% from the previous quarter. Collaboration Revenues was the largest line at 95% of revenue.
Operating costs exceeded revenue by $6.5M, an operating margin of -99.1%. Total costs grew 65% against revenue growth of 130%. The fastest-growing cost line was Research & development (+141%). Net earnings were $851K. The effective tax rate was 0.0%. Non-operating items added $7.4M, 834% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$4.9M. Non-cash charges added back $186K of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items used $7.1M. Capital expenditures of $399K exceeded it, leaving free cash flow of −$5.3M.
Questions
What was Lineage Cell Therapeutics' revenue in the fourth quarter 2025?
Lineage Cell Therapeutics (LCTX) reported revenue of $6.6M for the fourth quarter 2025 (Q4 2025), +130% from a year earlier and +80% from the quarter before.
Was Lineage Cell Therapeutics profitable in the fourth quarter 2025?
Operating loss was $6.5M (-99.1% of revenue) and net earnings $892K.