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SEC Filings

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

General and administrative expenses – General and administrative expenses decreased by $2.2 million and $9 million during the three and six months ended June 30, 2017 as compared to the same periods in 2016 primarily due to the deconsolidation of OncoCyte and Asterias, which combined, contributed $2.7 million and $10.6 million of expenses in the respective prior year periods when those subsidiaries were consolidated with BioTime. This total $9 million decrease for the six months ended June 30, 2017, in our general and administrative expenses was offset by an increase of $1.7 million in BioTime’s therapeutic entities’ general and administrative expenses shown below.

The following tables show the amount of our general and administrative expenses and those related to our subsidiaries and affiliates during the three and six months ended June 30, 2017 and 2016 (in thousands):

   
Three Months Ended June 30,
(unaudited)
 
   
Amount(1)
   
Percent
 
Company
 
2017
   
2016
   
2017
   
2016
 
BioTime
 
$
3,126
   
$
2,257
     
70.7
%
   
34.0
%
Cell Cure(2)
   
454
     
354
     
10.3
%
   
5.3
%
ReCyte Therapeutics
   
111
     
190
     
2.5
%
   
2.9
%
ESI
   
29
     
70
     
0.7
%
   
1.1
%
Subtotal therapeutic entities
   
3,720
     
2,871
     
84.2
%
   
43.3
%
                                 
Asterias
   
-
     
1,329
     
-
%
   
20.0
%
                                 
LifeMap Sciences(3)
   
703
     
1,100
     
15.8
%
   
16.6
%
OncoCyte
   
-
     
1,336
     
-
%
   
20.1
%
Subtotal non-therapeutic entities
   
703
     
2,436
     
15.8
%
   
36.7
%
                                 
Total
 
$
4,423
   
$
6,636
     
100.0
%
   
100.0
%

   
Six Months Ended June 30,
(unaudited)
 
   
Amount(1)
   
Percent
 
Company
 
2017
   
2016
   
2017
   
2016
 
BioTime
 
$
6,672
   
$
4,850
     
70.0
%
   
26.2
%
Cell Cure(2)
   
725
     
687
     
7.6
%
   
3.7
%
ReCyte Therapeutics
   
281
     
351
     
3.0
%
   
1.9
%
ESI
   
49
     
114
     
0.5
%
   
0.6
%
Subtotal therapeutic entities
   
7,727
     
6,002
     
81.1
%
   
32.4
%
                                 
Asterias
   
-
     
7,547
     
-
%
   
40.8
%
                                 
LifeMap Sciences(3)
   
1,207
     
1,873
     
12.7
%
   
10.1
%
OncoCyte(4)
   
590
     
3,087
     
6.2
%
   
16.7
%
Subtotal non-therapeutic entities
   
1,797
     
4,960
     
18.9
%
   
26.8
%
                                 
Total
 
$
9,524
   
$
18,509
     
100.0
%
   
100.0
%

(1) Amount includes general and administrative expenses incurred directly by the named subsidiary and allocations from BioTime for certain general overhead expenses 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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