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SEC Filings

BIOTIME INC filed this Form 10-Q on 05/10/2018
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Operating expenses


The amounts in the table below are BioTime’s consolidated operating expenses for the periods presented (in thousands).



Three Months Ended March 31


   $ Increase/   % Increase/ 
   2018   2017   (Decrease)   (Decrease) 
Research and development expenses  $5,935   $6,494   $(559)   (8.6)%
Acquired in-process research and development   800    -   800    -
General and administrative expenses   6,044    5,101   943    18.5%


Research and development expenses


The following table shows the amount of our total research and development expenses allocated to our primary research and development projects, by respective entity conducting the research and development, during the three months ended March 31, 2018 and 2017 (in thousands).



Three Months Ended March 31,


      Amount (1)   Percent of Total 
Company  Program  2018   2017   2018   2017 
BioTime and subsidiaries other than AgeX (2)  OpRegen® and Renevia® and other HyStem® products and PureStem® progenitor cell lines for orthopedic applications  $4,344   $4,000    64.5%   61.6%
AgeX Therapeutics including
ReCyte (3)
  PureStem® progenitor cell lines, brown adipose fat, iTR technology, and pre-clinical cardiovascular therapy research and development   1,212    932    18.0%   14.3%
AgeX Therapeutics (4)  Acquired in-process research and development   800    -    11.9%   -%
LifeMap Sciences, Inc. (5)  Biomedical, gene, disease, and stem cell databases and tools   379    342    5.6%   5.3%
LifeMap Solutions, Inc. (6)  Mobile health software application   -    422    -%   6.5%
OncoCyte (7)  Cancer diagnostics   -    798    -%   12.3%
Total research and development expenses     $6,735   $6,494    100.0%   100.0%


  (1) Amount includes research and development expenses incurred directly by BioTime or the named subsidiary and certain general research and development expenses, such as lab supplies, lab expenses, rent and insurance allocated to research and development expenses, incurred directly by BioTime on behalf of the subsidiary and allocated to the subsidiary.
  (2) BioTime includes Cell Cure, ESI, and OrthoCyte.
  (3) Although AgeX was capitalized during August 2017 by the contribution of assets from BioTime and cash from outside investors, for comparative purposes in the table , AgeX related research and development expenses that were previously included in BioTime have been reclassified to AgeX for the periods presented.
  (4) On March 23, 2018, AgeX purchased certain in-process research and development assets, primarily related to stem cell derived cardiomyocytes (heart muscle cells) to be developed by AgeX, for a total cash consideration of $800,000. The transaction was considered an asset acquisition rather than a business combination. Accordingly, the $800,000 was expensed on the acquisition date as acquired in-process research and development as those assets have no alternative future use. See Note 9 to our condensed consolidated financial statements included elsewhere in this Report.



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