Print Page     Close Window     

SEC Filings

10-Q
BIOTIME INC filed this Form 10-Q on 08/09/2017
Entire Document
 

5.
Equity Method Accounting for Common Stock of Asterias, at fair value

BioTime elected to account for its 21.7 million shares of Asterias common stock at fair value using the equity method of accounting beginning on May 13, 2016, the date of the Asterias Deconsolidation. The Asterias shares had a fair value of $77.2 million as of June 30, 2017 and a fair value of $100 million as of December 31, 2016, based on the closing prices of Asterias common stock on the NYSE MKT of $3.55 per share and $4.60 per share on those respective dates. For the three months ended June 30, 2017, BioTime recorded an unrealized gain of $3.3 million on the Asterias shares due to the increase in Asterias’ stock price from March 31, 2017 to June 30, 2017, based on the closing prices of Asterias common stock on the NYSE MKT of $3.40 per share and $3.55 per share on those respective dates. For the six months ended June 30, 2017, BioTime recorded an unrealized loss of $22.8 million on the Asterias shares due to the decrease in Asterias’ stock price from December 31, 2016 to June 30, 2017, based on the closing prices of Asterias common stock on the NYSE MKT of $4.60 per share and $3.55 per share on those respective dates.

The unaudited condensed results of operations for the three and six months ended June 30, 2017 and 2016 and for the period from January 1, 2016 through May 12, 2016 are summarized below (in thousands):
 
   
Three Months Ended
June 30,
   
Six Months Ended
June 30,
   
For the Period
January 1, 2016 to
May 12, 2016
 
   
2017
   
2016
   
2017
   
2016
       
Condensed Statements of Operations (unaudited) (1):
                             
Total revenue
 
$
316
   
$
1,532
   
$
2,326
   
$
3,126
   
$
2,354
 
Gross profit
   
298
     
1,526
     
2,256
     
3,067
     
2,301
 
Loss from operations
   
(8,533
)
   
(7,074
)
   
(17,640
)
   
(18,166
)
   
(13,944
)
Net loss
 
$
(8,728
)
 
$
(5,159
)
 
$
(15,015
)
 
$
(15,496
)
 
$
(13,113
)
 
(1) The condensed unaudited statement of operations information included in the table above reflects Asterias’ results of operations for the three and six months ended June 30, 2017 and 2016. Although the periods shown are provided for comparative purposes only, the condensed results of operations of Asterias shown for the three and six months ended June 30, 2017 were not included in BioTime’s condensed consolidated statements of operations. The unaudited results of operations of Asterias for the period January 1, 2016 through May 12, 2016 only are included in the unaudited condensed consolidated results of BioTime for the three and six months ended June 30, 2016 due to the Asterias Deconsolidation on May 13, 2016.
 
10

© Copyright BioTime, Inc.