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SEC Filings

10-Q
BIOTIME INC filed this Form 10-Q on 08/09/2017
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Comparison of Three and Six Months Ended June 30, 2017 and 2016 (in thousands)

Revenues

In order to provide comparability of the revenues of BioTime due to the deconsolidation of Asterias, the following tables provide consolidated revenues of BioTime for the three and six months ended June 30, 2017 and 2016, then show the revenues of Asterias that are included in BioTime’s consolidated revenues for the three and six months ended June 30, 2016. Asterias revenues are included in BioTime’s consolidated revenues for the periods from April 1, 2016 through May 12, 2016 and January 1, 2016 through May 12, 2016, after intercompany eliminations, to arrive at the BioTime consolidated revenues less Asterias for the three and six months ended June 30, 2016. OncoCyte had no revenues for any period presented. Amounts shown are in thousands:

   
Three Months Ended June 30, 2017
(unaudited)
   
Three Months Ended June 30, 2016
(unaudited)
 
   
Consolidated
Revenues
   
Less:
Asterias
   
Consolidated
Revenues less Asterias
   
Consolidated
Revenues
   
Less:
Asterias
   
Consolidated
Revenues less
Asterias
 
REVENUES:
                                   
Grant income
 
$
-
   
$
-
   
$
-
   
$
760
   
$
760
   
$
-
 
Royalties from product sales and license fees
   
81
     
-
     
81
     
86
     
-
     
86
 
Subscription and advertisement revenues
   
300
     
-
     
300
     
288
     
-
     
288
 
Sale of research products
   
-
     
-
     
-
     
132
     
-
     
132
 
Total revenues
 
$
381
   
$
-
   
$
381
   
$
1,266
   
$
760
   
$
506
 

   
Six Months Ended June 30, 2017
(unaudited)
   
Six Months Ended June 30, 2016
(unaudited)
 
   
Consolidated
Revenues
   
Less:
Asterias
   
Consolidated
Revenues less
Asterias
   
Consolidated
Revenues
   
Less:
Asterias
   
Consolidated
Revenues less
Asterias
 
REVENUES:
                                   
Grant income
 
$
11
   
$
-
   
$
11
   
$
2,247
   
$
2,247
   
$
-
 
Royalties from product sales and license fees
   
191
     
-
     
191
     
286
     
107
     
179
 
Subscription and advertisement revenues
   
564
     
-
     
564
     
631
     
-
     
631
 
Sale of research products and services
   
5
     
-
     
5
     
176
     
-
     
176
 
Total revenues
 
$
771
   
$
-
   
$
771
   
$
3,340
   
$
2,354
   
$
986
 

BioTime total revenues decreased by approximately $0.9 million and $2.6 million for the three and six months ended June 30, 2017 as compared to the same periods in the prior year primarily related to the deconsolidation of Asterias, which contributed to $0.8 million and $2.4 million in revenues during the prior year periods principally from grant income when Asterias was consolidated and included with BioTime. The total decrease in revenues was also attributed to a decrease of approximately $0.1 million from subscription and advertising revenues earned by LifeMap Sciences.

Operating Expenses

The amounts in the tables below are BioTime’s consolidated operating expenses for the periods presented (in thousands).

   
Three Months Ended June 30,
(unaudited)
   
$ Increase/
   
% Increase/
 
   
2017
   
2016
   
(Decrease)
   
(Decrease)
 
Research and development expenses
 
$
6,271
    $
8,938
    $
(2,667
)
    
-30
%
General and administrative expenses
    
4,423
      
6,636
      
(2,213
)
    
-33
%

   
Six Months Ended June 30,
(unaudited)
   
$ Increase/
   
% Increase/
 
   
2017
   
2016
   
(Decrease)
   
(Decrease)
 
Research and development expenses
  $
12,765
    $
22,671
    $
(9,906
)
    
-44
%
General and administrative expenses
 
9,524
      
18,509
      
(8,985
)
    
-49
%

20

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