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SEC Filings

10-Q
BIOTIME INC filed this Form 10-Q on 05/10/2018
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  (5) LifeMap Sciences, Inc. is a subsidiary of AgeX.
     
  (6) During July 2017, LifeMap Solutions ceased conducting its mobile health software application business and was dissolved on February 9, 2018.
     
  (7) Three months ended March 31, 2017 includes the period from January 1, 2017 through February 16, 2017, the date prior to the OncoCyte Deconsolidation.

 

The increase of $241,000 in total research and development expenses for the three months ended March 31, 2018 as compared to the same period in the prior year is mainly attributable to the following: an increase of $1.0 million related to AgeX programs, consisting primarily of a $800,000 nonrecurring in-process research and development expense related to assets acquired by AgeX in March 2018, and an increase of $344,000 in BioTime related program expenses. Those increases were partially offset by a decrease of $798,000 from the nonrecognition of OncoCyte research and development expenses incurred after February 17, 2017, as a result of the OncoCyte Deconsolidation, and a decrease of $422,000 in LifeMap Solutions expenses resulting from the discontinuation of its mobile health software application business in July 2017.

 

General and administrative expenses

 

The following table shows the amount of general and administrative expenses of BioTime and named subsidiaries during the three months ended March 31, 2018 and 2017 (in thousands):

 

  

Three Months Ended March 31,

(unaudited)

 
   Amount (1)   Percent 
Company  2018   2017   2018   2017 
BioTime and subsidiaries other than AgeX (2)  $4,756   $3,141    78.7%   61.5%
AgeX Therapeutics including ReCyte (3)   1,082    866    17.9%   17.0%
LifeMap Sciences, Inc. (4)   208    171    3.4%   3.4%
LifeMap Solutions, Inc. (5)   (2)   333    -%   6.5%
OncoCyte (6)   -    590    -%   11.6%
Total general and administrative expenses  $6,044   $5,101    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) 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 tables above, AgeX related general and administrative expenses that were previously included in BioTime have been reclassified to AgeX for the periods presented.
     
  (4) LifeMap Sciences, Inc. is a subsidiary of AgeX.
     
  (5) During July 2017, LifeMap Solutions ceased conducting its mobile health software application business and was dissolved on February 9, 2018.
     
  (6) Three months ended March 31, 2017 includes the period from January 1, 2017 through February 16, 2017, the date prior to the OncoCyte Deconsolidation.

 

The total increase of $943,000 in general and administrative expenses for the first quarter of 2018 as compared to the first quarter of 2017 was primarily attributable to the following: a $432,000 increase in legal and compliance costs; a $260,000 increase in license and patent related fees for patent prosecution and patent fees; and a $175,000 increase in salaries and related expenses, mostly consisting of noncash stock-based compensation expense.

 

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