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SEC Filings

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

Research and development expenses – Research and development expenses for the three and six months ended June 30, 2017 decreased by $2.7 million and $9.9 million as compared to the comparative prior year periods primarily due to the deconsolidation of OncoCyte and Asterias, which combined, contributed $3.5 million and $11.7 million of research and developments expenses incurred for the three and six months ended June 30, 2016, respectively. The $9.9 million decrease for the six months ended June 30, 2017 was offset by increases of approximately $2.8 million of expenses related to BioTime’s therapeutic programs as shown in the table below.

The following tables show the amount of our total research and development expenses allocated to our primary research and development projects during the three and six months ended June 30, 2017 and 2016 (in thousands).

      
Three Months Ended June 30,
(unaudited)
 
      
Amount(1)
   
Percent
 
Company
Program
 
2017
   
2016
   
2017
   
2016
 
BioTime, ESI and OrthoCyte
PureStem® progenitor and pluripotent cell lines, and related research products, orthopedic therapy
 
$
2,076
   
$
1,682
     
33.1
%
   
18.8
%
BioTime
Renevia® and other HyStem® products and research
   
1,487
     
1,067
     
23.7
%
   
11.9
%
BioTime
Hextend®
   
-
     
18
     
-
%
   
0.2
%
Cell Cure(2)
OpRegen®
   
2,076
     
1,115
     
33.1
%
   
12.5
%
ReCyte Therapeutics
Cardiovascular therapy
   
226
     
239
     
3.6
%
   
2.7
%
Subtotal therapeutic projects
     
5,865
     
4,121
     
93.5
%
   
46.1
%
                                   
Asterias
Pluripotent cell therapy programs
   
-
     
2,344
     
-
%
   
26.2
%
                                   
LifeMap Sciences(3)
Databases and mobile health products
   
406
     
1,278
     
6.5
%
   
14.3
%
OncoCyte
Cancer diagnostics
   
-
     
1,195
     
-
%
   
13.4
%
Subtotal non-therapeutic projects
     
406
     
2,473
     
6.5
%
   
27.7
%
                                   
Total projects
   
$
6,271
   
$
8,938
     
100.0
%
   
100.0
%

      
Six Months Ended June 30,
(unaudited)
 
      
Amount(1)
   
Percent
 
Company
Program
 
2017
   
2016
   
2017
   
2016
 
BioTime, ESI and OrthoCyte
PureStem® progenitor and pluripotent cell lines, and related research products, orthopedic therapy
 
$
4,001
   
$
3,517
     
31.3
%
   
15.5
%
BioTime
Renevia® and other HyStem® products and research
   
2,552
     
2,024
     
20.0
%
   
8.9
%
BioTime
Hextend®
   
-
     
31
     
-
%
   
0.1
%
Cell Cure(2)
OpRegen®
   
3,726
     
2,017
     
29.2
%
   
8.9
%
ReCyte Therapeutics
Cardiovascular therapy
   
518
     
442
     
4.0
%
   
1.9
%
Subtotal therapeutic projects
     
10,797
     
8,031
     
84.5
%
   
35.3
%
                                   
Asterias
Pluripotent cell therapy programs
   
-
     
8,684
     
-
%
   
38.4
%
                                   
LifeMap Sciences(3)
Databases and mobile health products
   
1,170
     
2,926
     
9.2
%
   
12.9
%
OncoCyte(4)
Cancer diagnostics
   
798
     
3,030
     
6.3
%
   
13.4
%
Subtotal non-therapeutic projects
     
1,968
     
5,956
     
15.5
%
   
26.3
%
                                   
Total projects
   
$
12,765
   
$
22,671
     
100.0
%
   
100.0
%

(1) Amount includes research and development expenses incurred directly by the named subsidiary and certain general research and development expenses, such as lab supplies, lab expenses, rent allocated, and insurance allocated to research and development expenses, incurred directly by BioTime on behalf of the subsidiary and allocated to the subsidiary.

(2) Cell Cure expenses, although shown at 100% in the table, were funded 75% by BioTime and 25% by non-controlling Cell Cure shareholders.

(3) Includes LifeMap Solutions, Inc.

(4) For the six months ended June 30, 2017, includes the period from January 1, 2017 through February 16, 2017, the date prior to the OncoCyte Deconsolidation.

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