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SEC Filings

10-Q
BIOTIME INC filed this Form 10-Q on 05/10/2018
Entire Document
 
 

 

6. Property, Plant and Equipment, Net

 

At March 31, 2018 and December 31, 2017, property, plant and equipment was comprised of the following (in thousands):

 

  

March 31, 2018

(unaudited)

  

December 31,
2017

 
Equipment, furniture and fixtures  $4,002   $4,255 
Leasehold improvements   4,069    4,434 
Accumulated depreciation and amortization   (2,705)   (3,156)
Property, plant and equipment, net  $5,366   $5,533 

 

Depreciation expense, including amortization of leasehold improvements, amounted to $281,000 and $216,000 for the three months ended March 31, 2018 and 2017, respectively.

 

7. Intangible Assets, Net

 

At March 31, 2018 and December 31, 2017, intangible assets, primarily consisting of acquired patents, and accumulated amortization were as follows (in thousands):

 

  

March 31, 2018

(unaudited)

  

December 31,
2017

 
Intangible assets  $23,294   $23,294 
Accumulated amortization   (16,977)   (16,394)
Intangible assets, net  $6,317   $6,900 

 

BioTime recognized $582,000 and $602,000 in amortization expense of intangible assets, included in research and development expenses, during the three months ended March 31, 2018 and 2017, respectively.

 

8. Accounts Payable and Accrued Liabilities

 

At March 31, 2018 and December 31, 2017, accounts payable and accrued liabilities consisted of the following (in thousands):

 

  

March 31, 2018

(unaudited)

  

December 31,
2017

 
Accounts payable  $703   $938 
Accrued liabilities   2,010    2,368 
Accrued compensation   1,698    2,275 
Other current liabilities   292    137 
Total  $4,703   $5,718 

 

9. Related Party Transactions

 

Shared Facilities and Service Agreements with Affiliates

 

The receivables from affiliates shown on the condensed consolidated balance sheet as of March 31, 2018 and December 31, 2017, primarily represent amounts owed to BioTime from OncoCyte and other affiliates under certain Shared Facilities and Service Agreements (each a “Shared Facilities Agreement”). Under the terms of a Shared Facilities Agreement, BioTime allows OncoCyte to use BioTime’s premises and equipment located at Alameda, California for the sole purpose of conducting business. BioTime also provides accounting, billing, bookkeeping, payroll, treasury, payment of accounts payable, and other similar administrative services to OncoCyte. BioTime may also provide the services of attorneys, accountants, and other professionals who may provide professional services to BioTime and its other subsidiaries. BioTime also has provided OncoCyte with the services of laboratory and research personnel, including BioTime employees and contractors, for the performance of research and development work for OncoCyte at the premises.

 

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