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BioTime Announces Fourth Quarter And Fiscal Year End 2012 Financial Results And Recent Corporate Accomplishments

Stocks in this article: BTX

To receive ongoing BioTime corporate communications, please click on the following link to join our email alert list: http://phx.corporate-ir.net/phoenix.zhtml?c=83805&p=irol-alerts

         
BIOTIME, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
December 31, December 31,
2012   2011
 
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 4,349,967 $ 22,211,897
Inventory 55,316 51,174
Prepaid expenses and other current assets   2,774,196     2,692,303  
Total current assets 7,179,479 24,955,374
 
Equipment, net 1,348,554 1,347,779
Deferred license and consulting fees 669,326 843,944
Deposits 64,442 63,082
Intangible assets, net   20,486,792     18,619,516  
TOTAL ASSETS $ 29,748,593   $ 45,829,695  
 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 3,989,962 $ 2,681,111
Deferred grant income - 261,777
Deferred license revenue, current portion   400,870     203,767  

Total current liabilities

  4,390,832     3,146,655  
LONG-TERM LIABILITIES
Deferred license revenue, net of current portion 768,678 899,551
Deferred rent, net of current portion 57,214 66,688
Other long term liabilities   237,496     258,620  
Total long-term liabilities   1,063,388     1,224,859  
 
Commitments and contingencies
 
EQUITY
Preferred Shares, no par value, authorized 1,000,000 shares; none issued - -

Common Shares, no par value, authorized 75,000,000 shares; issued and outstanding shares; 51,183,318 issued, and 49,383,209 outstanding as of December 31, 2012 and 50,321,962 issued, and 49,035,788 outstanding at December 31, 2011, respectively

119,821,243 115,144,787
Contributed capital 93,972 93,972
Accumulated other comprehensive income (59,570 ) (122,749 )
Accumulated deficit (101,895,712 ) (80,470,009 )
Treasury Stock: 1,800,109 and 1,286,174 outstanding at December 31, 2012 and at December 31, 2011, respectively (8,375,397 )   (6,000,000 )
Total shareholders' equity 9,584,536 28,646,001
Noncontrolling interest   14,709,837     12,812,180  
Total equity   24,294,373     41,458,181  
TOTAL LIABILITIES AND EQUITY

$

29,748,593   $ 45,829,695  

BIOTIME INC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
           
Unaudited
Three Months Ended December 31, Full Year Ended December 31,
2012 2011 2012 2011
 
REVENUES:
License fees $350,477 $62,168 $899,998 $263,757
Royalties from product sales 133,878 187,693 541,681 756,950
Grant income 704,372 1,161,569 2,222,458 2,767,181
Sale of research products 33,810   240,290   251,190   646,271  
Total revenues 1,222,537   1,651,720   3,915,327   4,434,159  
 
Cost of Sales (160,355 ) (20,589 ) (434,271 ) (79,397 )
       
Total net revenues 1,062,182   1,631,131   3,481,056   4,354,762  
 
EXPENSES:
Research and development (4,793,278 ) (3,943,248 ) (18,116,688 ) (13,699,691 )
General and administrative (3,327,238 ) (3,148,119 ) (10,365,045 ) (9,341,502 )
Total expenses (8,120,516 ) (7,091,367 ) (28,481,733 ) (23,041,193 )
Loss from operations (7,058,334 ) (5,460,236 ) (25,000,677 ) (18,686,431 )
OTHER INCOME/(EXPENSES):
Interest income, net 2,062 10,022 19,383 29,727
Other income/(expense), net (93,811 ) (4,877 ) (317,710 ) 219,067
Loss on sale of fixed assets (1,859 ) -   (6,856 ) (6,246 )
Total other income/(expenses), net (93,608 ) 5,145 (305,183 ) 242,548
NET LOSS (7,151,942 ) (5,455,091 ) (25,305,860 ) (18,443,883 )
Less: Net loss attributable to the noncontrolling interest 1,116,988   94,440   3,880,157   1,928,383  
 
NET LOSS ATTRIBUTABLE TO BIOTIME, INC. (1) $(6,034,954 ) $(5,360,651 ) $(21,425,703 ) $(16,515,500 )
 
Foreign currency translation gain/(loss) 137,814   (118,206 ) 63,179   (1,020,087 )
 
TOTAL COMPREHENSIVE LOSS (2) $(5,897,140 ) $(5,478,857 ) $(21,362,524 ) $(17,535,587 )
 
BASIC AND DILUTED LOSS PER COMMON SHARE (1) $(0.12 ) $(0.11 ) $(0.44 ) $(0.35 )
 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC AND DILUTED 49,263,968   48,990,590   49,213,687   47,053,518  
 
(1) Basic and diluted loss per common share is calculated using "Net loss attributable to BioTime, Inc."
 
(2) Comprehensive net loss includes foreign currency translation gain of $137,814 and $63,179 for the three months and year ended December 31, 2012, respectively and translation loss of $118,206 and loss of $1,020,087 for the same periods in the prior year, respectively arise entirely from the translation of foreign subsidiary financial information for consolidation purposes and therefore not used in the calculation of basic and diluted loss per common share.




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