Lineage Cell Therapeutics' Q4 2024 Earnings Call: Navigating Contradictions in OpRegen Data, Enrollment Strategies, and Funding Insights

These are the key contradictions discussed in Lineage Cell Therapeutics' latest 2024Q4 earnings call, specifically including: OpRegen data and regulatory path, DOSED study enrollment strategy, manufacturing and technology transfer, and the impact of CIRM grants:



OpRegen Program Progress:
- Lineage Cell Therapeutics reported favorable developments in its OpRegen program for dry AMD with geographic atrophy, indicating a 3-year improvement in patient conditions, with 5 patients demonstrating anatomical and functional improvements.
- These developments are attributed to Genentech's ongoing 3-year review of previous trial data, which showed persistent benefits, and Roche's recent actions such as RMAT designation for OpRegen.

Scalable Manufacturing Initiatives:
- Lineage emphasized investments in scalable GMP manufacturing, aiming to produce millions of doses, which is crucial for allogeneic therapies like OpRegen to address large patient populations.
- The company's focus on this area is to establish a leading position in allogeneic process development, production, and scale to ensure affordability and accessibility.

Funding and Financial Stability:
- Lineage completed a registered direct offering in November 2024, securing approximately $5.5 million, extending its cash runway to Q1 2027.
- This financing incorporated milestone warrants, reflecting the company's confidence in OpRegen's clinical progress and the potential for future capital.

OPC1 Program Advancements:
- Lineage initiated a new clinical study (DOSED) for its OPC1 program to evaluate a new delivery device, with enrollment expected to start at UC San Diego Health in Q2 2025.
- The study aims to enhance delivery and functional assessments, with plans to introduce a new immediate use formulation that simplifies cell administration.