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Lineage Cell Therapeutics, Inc. (NYSE American:LCTX) announced Friday it has withdrawn its application for a Clinical Trial (CLIN2) award from the California Institute for Regenerative Medicine (CIRM). The grant was intended to support continued clinical development of OPC1, a treatment candidate for spinal cord injuries. The biotech company, currently valued at $424 million with shares trading at $1.76, has seen remarkable price appreciation of 250% year-to-date.
According to a press release statement and a filing with the Securities and Exchange Commission, the company withdrew its application after receiving comments from CIRM earlier in the week. Lineage stated that CIRM did not identify any specific content deficiencies in the application. Following discussions with CIRM representatives on Tuesday, the company plans to address the feedback and submit a revised application during the next CIRM grant application cycle, which is scheduled for January 2026.
Lineage said that neither the withdrawal nor the planned resubmission will affect its ongoing or planned development activities for OPC1. The company also reported that its current DOSED clinical study, which is evaluating a delivery device for OPC1 in both subacute and chronic spinal cord injury participants, will continue as planned.
The information is based on a press release statement and details provided in the company’s SEC filing.
In other recent news, Lineage Cell Therapeutics Inc. reported its financial results for the third quarter of 2025, revealing an earnings miss. The company announced earnings per share of -$0.13, which was significantly below the analysts’ forecast of -$0.02, marking a negative surprise of 550%. Despite this, Lineage Cell Therapeutics reported revenue of $3.68 million, surpassing the expected $2.3 million. In another development, the company raised $21 million through the sale of 12 million common shares to Janus Henderson Investors. The shares were sold at a price of $1.75 each as part of the company’s at-the-market offering program. This transaction was disclosed following a filing with the Securities and Exchange Commission. These recent developments highlight the company’s financial activities and market interactions.
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