Demonstrações financeiras detalhadas de Lineage Cell Therapeutics, Inc. (LCTX): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Lineage Cell Therapeutics, Inc. registou receitas de $14.6M no último exercício, com um CAGR de 5 anos de 79.9%.
Margens dos últimos 12 meses: margem bruta 96.6%, margem operacional -205.2%, margem líquida -246.6%.
Ao preço atual de $1.07, LCTX apresenta lucros negativos (P/L não significativo) e um ROE de -71.14%. A capitalização de mercado é de $267M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $2.3M | $1.8M | $1.4M | $1.5M | $773000 | $3.9M | $14.7M | $8.9M | $9.5M | $14.6M |
| Custo da Receita | $358000 | $168000 | $302000 | $412000 | $385000 | $1.4M | $728000 | $671000 | $334000 | $845000 |
| Lucro Bruto | $1.9M | $1.6M | $1.1M | $1.1M | $388000 | $2.5M | $14.0M | $8.3M | $9.2M | $13.7M |
| P&D | $36.1M | $24.0M | $21.0M | $17.9M | $12.3M | $33.9M | $14.0M | $15.7M | $12.5M | $17.7M |
| Despesas Gerais e Administrativas | $28.4M | $19.9M | $24.7M | $24.0M | $15.6M | $18.2M | $22.5M | $17.3M | $18.2M | $18.5M |
| Despesas Operacionais | $60.9M | $42.3M | $42.1M | $39.9M | $26.8M | $51.7M | $36.5M | $33.0M | $30.6M | $35.5M |
| Lucro Operacional | -$59.0M | -$38.9M | -$41.8M | -$38.9M | -$26.4M | -$49.2M | -$22.5M | -$24.7M | -$21.5M | -$21.8M |
| EBITDA | -$54.2M | -$37.4M | -$37.7M | -$35.9M | -$24.4M | -$42.4M | -$25.1M | -$22.6M | -$18.0M | -$67.9M |
| Despesas com Juros | $747000 | $692000 | $10.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Lucro Antes de Impostos | $18.6M | -$23.3M | -$47.1M | -$19.2M | -$21.9M | -$43.3M | -$25.8M | -$23.3M | -$18.6M | -$68.6M |
| Imposto | 0 | 0 | -$346000 | -$7.4M | -$1.2M | 0 | $541000 | -$1.8M | 0 | -$5.1M |
| Lucro Líquido | $33.6M | -$20.0M | -$46.0M | -$11.7M | -$20.6M | -$43.0M | -$26.3M | -$21.5M | -$18.6M | -$63.5M |
| LPA | $0.35 | $-0.17 | $-0.36 | $-0.08 | $-0.14 | $-0.26 | $-0.15 | $-0.12 | $-0.09 | $-0.28 |
| LPA Diluído | $0.34 | $-0.17 | $-0.36 | $-0.08 | $-0.14 | $-0.26 | $-0.15 | $-0.12 | $-0.09 | $-0.28 |
| Ações em Circulação (Diluídas) | $99.6M | $114.5M | $126.9M | $145.5M | $150.0M | $164.5M | $169.8M | $172.7M | $200.2M | $230.1M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $3.7M | $6.6M | $1.7M | $1.1M |
| Lucro Bruto | $3.7M | $6.5M | $1.5M | $882000 |
| Lucro Operacional | -$3.8M | -$6.5M | -$7.6M | -$8.9M |
| EBITDA | -$29.6M | -$4.2M | -$4.6M | $1.7M |
| Lucro Líquido | -$29.8M | $851000 | -$4.8M | $1.5M |
| LPA | $-0.13 | $0.00 | $-0.02 | $0.01 |
| LPA Diluído | $-0.13 | $0.00 | $-0.02 | $0.01 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $22.1M | $36.8M | $23.6M | $9.5M | $32.6M | $55.7M | $11.4M | $35.4M | $45.8M | $40.8M |
| Investimentos de Curto Prazo | $627000 | $1.3M | $7.2M | $21.2M | $9.0M | $2.6M | $46.5M | $50000 | $2.0M | $15.0M |
| Contas a Receber | $1.2M | $3.0M | $3.7M | $24.7M | $4000 | $51.1M | $297000 | $745000 | $638000 | $1.6M |
| Estoque | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $25.6M | $42.6M | $36.4M | $57.5M | $44.0M | $111.5M | $60.0M | $38.4M | $51.0M | $59.2M |
| Imobilizado | $5.5M | $5.5M | $5.8M | $8.2M | $5.6M | $4.9M | $5.7M | $4.8M | $4.4M | $4.7M |
| Ágio | 0 | 0 | 0 | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M | $10.7M |
| Ativos Intangíveis | $10.2M | $6.9M | $3.1M | $48.2M | $47.0M | $46.8M | $46.7M | $46.6M | $46.5M | $31.7M |
| Ativos Totais | $142.6M | $173.2M | $101.7M | $125.5M | $107.9M | $174.5M | $123.7M | $101.0M | $113.2M | $112.6M |
| Contas a Pagar | $1.6M | $938000 | $2.4M | $2.4M | $2.6M | $3.5M | $2.4M | $2.0M | $1.2M | $2.3M |
| Dívida de Curto Prazo | $932000 | $152000 | $70000 | $1.2M | $523000 | 0 | 0 | 0 | 0 | 0 |
| Passivos Circulantes | $8.8M | $6.9M | $6.8M | $6.5M | $7.8M | $47.1M | $19.0M | $18.0M | $14.0M | $11.4M |
| Dívida de Longo Prazo | $1.2M | $18000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Passivos Totais | $12.1M | $9.0M | $9.4M | $14.2M | $12.8M | $83.6M | $51.7M | $39.0M | $36.2M | $69.2M |
| Reservas | -$196.3M | -$216.3M | -$261.9M | -$273.4M | -$294.1M | -$337.1M | -$363.4M | -$384.9M | -$403.5M | -$467.0M |
| Patrimônio Líquido | $117.9M | $162.6M | $93.8M | $113.0M | $96.2M | $92.2M | $73.3M | $63.4M | $78.4M | $44.5M |
| Dívida Total | $4.0M | $1.5M | $2.3M | $5.2M | $3.8M | $2.8M | $3.9M | $3.0M | $2.5M | $2.4M |
| Dívida Líquida | -$18.7M | -$36.6M | -$28.5M | -$25.5M | -$37.7M | -$55.6M | -$54.0M | -$32.5M | -$45.3M | -$53.4M |
| Capital de Giro | $16.8M | $35.7M | $29.5M | $51.0M | $36.2M | $64.4M | $41.0M | $20.5M | $37.0M | $47.8M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $40.5M | $40.8M | $35.9M | $37.4M |
| Ativos Totais | $89.6M | $112.6M | $109.5M | $106.2M |
| Passivos Totais | $68.8M | $69.2M | $56.8M | $46.4M |
| Patrimônio Líquido | $22.0M | $44.5M | $53.9M | $60.9M |
| Dívida Total | $2.6M | $2.4M | $2.4M | $2.3M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $18.6M | -$23.3M | -$46.8M | -$11.8M | -$20.7M | -$43.3M | -$26.4M | -$21.5M | -$18.6M | -$63.5M |
| Depreciação e Amortização | $4.8M | $3.3M | $3.3M | $3.0M | $2.0M | $873000 | $727000 | $692000 | $609000 | $699000 |
| Compensação em Ações | $8.0M | $3.9M | $5.4M | $3.6M | $2.2M | $3.5M | $4.3M | $4.6M | $5.1M | $4.8M |
| Variação Capital de Giro | -$741000 | $2.5M | $638000 | -$2.0M | $1.4M | $21.1M | $18.7M | -$10.8M | -$8.8M | -$4.1M |
| Fluxo de Caixa Operacional | -$42.3M | -$30.5M | -$30.9M | -$31.9M | -$19.8M | -$23.6M | $1.1M | -$28.6M | -$23.1M | -$18.9M |
| CapEx | -$2.5M | -$1.3M | -$3.3M | -$440000 | -$64000 | -$354000 | -$413000 | -$674000 | -$565000 | -$522000 |
| Aquisições | -$8.4M | -$8.9M | $15.1M | $17.3M | $13.1M | $10.1M | $45.7M | 0 | 0 | 0 |
| Recompra de Ações | 0 | -$888000 | -$241000 | -$110000 | -$27000 | -$54000 | -$17000 | -$37000 | -$23000 | 0 |
| Dividendos Pagos | 0 | 0 | -$34.4M | -$182000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | -$44.9M | -$31.8M | -$34.2M | -$32.4M | -$19.8M | -$23.9M | $646000 | -$29.2M | -$23.7M | -$19.4M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | -$3.6M | -$4.9M | -$8.1M | -$7.2M |
| CapEx | -$12000 | -$111000 | -$55000 | $55000 |
| Fluxo de Caixa Livre | -$3.6M | -$5.0M | -$8.1M | -$7.2M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $1.2M | $1.1M | $1.2M | $1.6M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | -20.4% | -21.0% | +4.4% | -47.7% | +404.0% | +277.4% | -39.2% | +6.2% | +53.2% |
| Crescimento Lucro Líquido (anual) | | -159.5% | -130.2% | +74.5% | -76.4% | -108.3% | +38.9% | +18.2% | +13.4% | -241.4% |
| Crescimento LPA (anual) | | -148.6% | -111.8% | +77.4% | -72.2% | -85.7% | +42.3% | +20.0% | +22.5% | -201.1% |
| Variação de Ações (anual) | | +15.0% | +10.9% | +14.7% | +3.1% | +9.6% | +3.2% | +1.7% | +15.9% | +14.9% |
| Crescimento FCF (anual) | | +29.0% | -7.3% | +5.2% | +38.8% | -20.7% | +102.7% | -4626.3% | +19.1% | +17.8% |
| Margem Bruta | 84.1% | 90.6% | 78.7% | 72.1% | 50.2% | 63.4% | 95.0% | 92.5% | 96.5% | 94.2% |
| Margem Operacional | -2618.4% | -2170.9% | -2951.6% | -2630.3% | -3421.3% | -1263.1% | -153.2% | -276.5% | -226.1% | -149.6% |
| Margem EBITDA | -2407.2% | -2084.8% | -2664.0% | -2427.3% | -3157.6% | -1088.2% | -170.6% | -252.5% | -189.2% | -466.8% |
| Margem Líquida | 1490.8% | -1114.7% | -3247.9% | -792.2% | -2671.3% | -1104.2% | -178.7% | -240.2% | -195.9% | -436.5% |
| Margem FCF | -1991.7% | -1777.0% | -2413.1% | -2191.3% | -2563.6% | -613.8% | 4.4% | -326.9% | -249.0% | -133.6% |
| Taxa Efetiva de Imposto | 0.0% | -0.0% | 0.7% | 38.5% | 5.7% | -0.0% | -2.1% | 7.7% | -0.0% | 7.4% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-0.45 | $-0.28 | $-0.27 | $-0.22 | $-0.13 | $-0.15 | $0.00 | $-0.17 | $-0.12 | $-0.08 |
| Dividendo por Ação | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $97.3M | $114.5M | $126.9M | $145.5M | $150.0M | $164.5M | $169.8M | $172.7M | $200.2M | $230.1M |
O que olhar em Biotech
A maioria das biotechs pequenas perde dinheiro. Analisar com P/E não faz sentido — olha caixa e pipeline.
- Cash Runway — Meses de caixa ao ritmo atual de gasto. <18 meses = risco de diluição urgente
- Cash burn anual — Ritmo a que queimam caixa operacional. Comparar com posição de caixa para projetar runway
- Dívida Total — Biotech sem receita + dívida = receita para falência
- I+D / Capitalização — Quanto investem em pipeline vs valor da empresa — indicador de intensidade de pesquisa
- Market cap / Caixa — Se cota perto do caixa, o mercado dá ~0 valor ao pipeline — oportunidade ou armadilha
Rentabilidade
| Retorno sobre patrimônio | -71.14% |
| Retorno sobre capital investido | -23.25% |
| Retorno sobre ativos | -30.37% |
| Margem bruta | 96.59% |
| Margem operacional | -205.23% |
| Margem líquida | -246.58% |
Saúde financeira
| Dívida / Patrimônio | 0.04 |
| Liquidez corrente | 6.61 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 10.31 | -12.65 | -2.53 | -10.95 | -12.57 | -9.42 | -7.80 | -9.08 | -5.40 | -5.96 |
| P/VP | 2.98 | 1.51 | 1.23 | 1.15 | 2.75 | 4.37 | 2.71 | 2.97 | 1.28 | 8.63 |
| P/V | 156.00 | 137.35 | 81.55 | 87.63 | 341.63 | 103.45 | 13.51 | 21.04 | 10.59 | 26.40 |
| Margem Bruta | 84.1% | 90.6% | 78.7% | 72.1% | 50.2% | 63.4% | 95.0% | 92.5% | 96.5% | 94.2% |
| Margem Operacional | -2618.4% | -2170.9% | -2951.6% | -2630.3% | -3421.3% | -1263.1% | -153.2% | -276.5% | -226.1% | -149.6% |
| Margem Líquida | 1490.8% | -1114.7% | -3247.9% | -792.2% | -2671.3% | -1104.2% | -178.7% | -240.2% | -195.9% | -436.5% |