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SEC Filings

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

BIOTIME, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)

   
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2017
   
2016
   
2017
   
2016
 
REVENUES:
                       
Grant income
 
$
-
   
$
760
   
$
11
   
$
2,247
 
Royalties from product sales and license fees
   
81
     
86
     
191
     
286
 
Subscription and advertisement revenues
   
300
     
288
     
564
     
631
 
Sale of research products
   
-
     
132
     
5
     
176
 
Total revenues
   
381
     
1,266
     
771
     
3,340
 
                                 
Cost of sales
   
(5
)
   
(95
)
   
(62
)
   
(320
)
                                 
Gross Profit
   
376
     
1,171
     
709
     
3,020
 
                                 
OPERATING EXPENSES:
                               
Research and development
   
(6,271
)
   
(8,938
)
   
(12,765
)
   
(22,671
)
General and administrative
   
(4,423
)
   
(6,636
)
   
(9,524
)
   
(18,509
)
Total operating expenses
   
(10,694
)
   
(15,574
)
   
(22,289
)
   
(41,180
)
Loss from operations
   
(10,318
)
   
(14,403
)
   
(21,580
)
   
(38,160
)
OTHER INCOME/(EXPENSES):
                               
Interest expense, net
   
(413
)
   
(76
)
   
(719
)
   
(88
)
BioTime’s share of losses in equity method investment in Ascendance Biotechnology, Inc.
   
-
     
(98
)
   
-
     
(333
)
Gain on deconsolidation of Asterias
   
-
     
49,048
     
-
     
49,048
 
Gain on deconsolidation of OncoCyte
   
-
     
-
     
71,697
     
-
 
Gain (loss) on equity method investment in Asterias at fair value
   
3,262
     
(13,483
)
   
(22,835
)
   
(13,483
)
Gain (loss) on equity method investment in OncoCyte at fair value
   
(11,006
)
   
-
     
5,136
     
-
 
Other income, net
   
2,371
     
237
     
3,098
     
363
 
Total other income/(expense), net
   
(5,786
)
   
35,628
     
56,377
     
35,507
 
INCOME (LOSS) BEFORE INCOME TAX BENEFIT
   
(16,104
)
   
21,225
     
34,797
     
(2,653
)
                                 
Deferred income tax benefit
   
3,877
     
-
     
-
     
-
 
                                 
NET INCOME (LOSS)
   
(12,227
)
   
21,225
     
34,797
     
(2,653
)
                                 
Net loss attributable to noncontrolling interests
   
576
     
3,324
     
2,840
     
10,091
 
                                 
NET INCOME (LOSS) ATTRIBUTABLE TO BIOTIME, INC.
 
$
(11,651
)
 
$
24,549
   
$
37,637
   
$
7,438
 
                                 
NET INCOME (LOSS) PER COMMON SHARE:
                               
BASIC
 
$
(0.11
)
 
$
0.26
   
$
0.35
   
$
0.08
 
DILUTED
 
$
(0.11
)
 
$
0.26
   
$
0.34
   
$
0.08
 
                                 
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING:
                               
BASIC
   
110,874
     
93,240
     
108,804
     
91,831
 
DILUTED
   
110,874
     
95,801
     
109,296
     
95,360
 

 See accompanying notes to the condensed consolidated interim financial statements.

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