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SEC Filings

10-Q
BIOTIME INC filed this Form 10-Q on 05/10/2018
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4. Equity Method Accounting for Common Stock of OncoCyte, at Fair Value

 

BioTime elected to account for its 14.7 million shares of OncoCyte common stock at fair value using the equity method of accounting beginning on February 17, 2017, the date of the OncoCyte Deconsolidation. The OncoCyte shares had a fair value of $30.8 million as of March 31, 2018, and a fair value of $68.2 million as of December 31, 2017, based on the closing price of OncoCyte common stock on the NYSE American of $2.10 per share and $4.65 per share on those respective dates. For the three months ended March 31, 2018, BioTime recorded an unrealized loss of $37.4 million on the OncoCyte shares due to the decrease in OncoCyte stock price from December 31, 2017 to March 31, 2018 (see Note 12). For the three months ended March 31, 2017, BioTime recorded an unrealized gain of $16.1 million on the OncoCyte shares due to the increase in OncoCyte’s stock price from February 17, 2017 to March 31, 2017.

 

OncoCyte’s unaudited condensed results of operations for the three months ended March 31, 2018 and 2017 are summarized below (in thousands):

 

  

Three Months Ended

March 31, 2018

(unaudited)

  

February 17, 2017

to March 31, 2017

(unaudited)

  

January 1, 2017 to

February 16, 2017

(unaudited)

 
Condensed Statements of Operations (1):                
Research and development expense  $1,461   $1,049   $798 
General and administrative expense   1,732    1,651    377 
Sales and marketing expense   658    442    213 
Loss from operations   (3,851)   (3,142)   (1,388)
Net loss  $(3,723)  $(3,311)  $(1,392)

 

(1)The condensed unaudited statements of operations information included in the table above for the period January 1, 2017 through February 16, 2017 reflects OncoCyte results of operations included in BioTime’s consolidated statement of operations for the three months ended March 31, 2017, after intercompany eliminations. The information for OncoCyte shown for period from February 17, 2017 through March 31, 2017 is not included in BioTime’s consolidated statement of operations for the three months ended March 31, 2017, due to the OncoCyte Deconsolidation on February 17, 2017. The information for OncoCyte shown for three months ended March 31, 2018 is not included in BioTime’s consolidated statement of operations for the three months ended March 31, 2018.

 

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 $31.5 million as of March 31, 2018 and a fair value of $48.9 million as of December 31, 2017, based on the closing price of Asterias common stock on the NYSE American of $1.45 per share and $2.25 per share on those respective dates. For the three months ended March 31, 2018 and 2017, BioTime recorded an unrealized loss of $17.4 million and $26.1 million on the Asterias shares, respectively, due to the decrease in Asterias stock price (see Note 12).

 

Asterias’ unaudited condensed results of operations for the three months ended March 31, 2018 and 2017 are summarized below (in thousands):

 

  

Three Months Ended March 31,

(unaudited)

 
   2018   2017 
Condensed Statements of Operations (1):           
Total revenue  $478   $2,010 
Gross profit   415    1,957 
Loss from operations   (5,123)   (9,107)
Net loss  $(2,312)  $(6,287)

 

  (1) The condensed unaudited statements of operations information included in the table above reflect Asterias’ results of operations and were not included in BioTime’s condensed consolidated statements of operations.

 

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