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SEC Filings

10-K/A
BIOTIME INC filed this Form 10-K/A on 03/29/2017
Entire Document
 

Depreciation and amortization expense amounted to $1.2 million, $564,000, and $530,000 for the years ended December 31, 2016, 2015 and 2014, respectively.

Accrued expenses
 
As of December 31, 2016 and 2015, accrued expenses were comprised of the following (in thousands):

   
December 31,
 
 
2016
   
2015
 
Accrued compensation and benefits
 
$
1,770
   
$
188
 
Other accrued expenses
   
725
     
995
 
Accrued expenses
 
$
2,495
   
$
1,183
 

4. Investment in BioTime and OncoCyte Common Stock

Investment in BioTime Common Stock

BioTime common shares (traded on NYSE: MKT 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. As of December 31, 2016 and 2015, Asterias held 3,852,880 BioTime shares which are valued at $13.9 million and $15.8 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 shares of BioTime common stock 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: MKT (symbol “OCX”) and available for working capital purposes. As of December 31, 2016 and 2015, the OncoCyte shares are valued at $1.4 million and $1.2 million, respectively, based on the OncoCyte closing price on those dates.

5. Intangible assets, net

As of December 31, 2016 and, 2015, 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, 2016 and, 2015 are shown in the following table (in thousands):

   
December 31,
 
   
2016
   
2015
 
Intangible assets
 
$
26,860
   
$
26,860
 
Less - accumulated amortization
   
(8,730
)
   
(6,044
)
Intangible assets, net
 
$
18,130
   
$
20,816
 

Asterias recognized $2.7 million, $2.7 million, and $4.8 million in amortization expense of intangible assets for the years ended December 31, 2016, 2015 and 2014, respectively.

Amortization of intangible assets for periods subsequent to December 31, 2016 is as follows (in thousands):

Year Ending
December 31,
 
Amortization
Expense
 
2017
 
$
2,686
 
2018
   
2,686
 
2019
   
2,686
 
2020
   
2,686
 
2021
   
2,686
 
Thereafter
   
4,700
 
Total
 
$
18,130
 
 
57

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