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International Stem Cell Corporation Announces Operating Results for the Quarter ended March 31, 2017

20:00 EDT 16 May 2017 | Globe Newswire

CARLSBAD, Calif., May 17, 2017 (GLOBE NEWSWIRE) -- International Stem Cell Corporation (OTCQB:ISCO) (www.internationalstemcell.com) (“ISCO” or “the Company”), a California-based clinical stage biotechnology company developing novel stem cell-based therapies and biomedical products, today provided a business update and announced operating results for the three months ended March 31, 2017.

“This was a successful quarter for us. We were able to grow our sales and to move forward our R&D activities. As a result we have significantly decreased our cash burn while continuing our clinical trial. These outcomes give us confidence in the Company’s future,” said Andrey Semechkin, PhD., CEO and Co-Chairman of ISCO.

Q1 2017 Financial Highlights

  • Consolidated revenue for the first quarter of 2017 was $2.0 million, an increase of 24% compared to the consolidated revenue of $1.6 million for the first quarter of 2016.
  • Combined operating income for the quarter ended March 31, 2017 from our two wholly owned revenue generating subsidiaries was $572,000, an increase of 95% compared to $293,000 in the first quarter of 2016.
  • Average net cash used in operating activities, excluding capital expenditures and patent costs, was approximately $190,000 per month during the three months ended March 31, 2017, a decrease of 71%, compared to $656,000 per month for the same period in 2016.

Recent Clinical Trial Highlights

  • The third and fourth patients in the first cohort of the clinical trial for Parkinson's disease (PD) were successfully transplanted with ISC-hpNSC® cells.
  • All brain surgeries went according to plan and no adverse events associated with ISC-hpNSC® have been reported in any of the patients in the clinical trial.

About International Stem Cell Corporation

International Stem Cell Corporation is focused on the therapeutic applications of human parthenogenetic stem cells (hpSCs) and the development and commercialization of cell-based research and cosmetic products.  ISCO's core technology, parthenogenesis, results in the creation of pluripotent human stem cells from unfertilized oocytes (eggs).  hpSCs avoid ethical issues associated with the use or destruction of viable human embryos.  ISCO scientists have created the first parthenogenetic, homozygous stem cell line that can be a source of therapeutic cells for hundreds of millions of individuals of differing genders, ages and racial background with minimal immune rejection after transplantation. hpSCs offer the potential to create the first true stem cell bank, UniStemCell™. ISCO also produces and markets specialized cells and growth media for therapeutic research worldwide through its subsidiary Lifeline Cell Technology (www.lifelinecelltech.com), and stem cell-based skin care products through its subsidiary Lifeline Skin Care (www.lifelineskincare.com). More information is available at www.internationalstemcell.com.

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Safe harbor statement

Statements pertaining to anticipated developments, expected clinical studies (including timing and results), progress of research and development, and other opportunities for the company and its subsidiaries, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates,") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, regulatory approvals, need and ability to obtain future capital, application of capital resources among competing uses, and maintenance of intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the company's business, particularly those mentioned in the cautionary statements found in the company's Securities and Exchange Commission filings. The company disclaims any intent or obligation to update forward-looking statements.


International Stem Cell Corporation and Subsidiaries 
Condensed Consolidated Balance Sheets
(in thousands, except share data)
 
  March 31,  December 31, 
  2017  2016 
Assets (Unaudited)     
Cash and cash equivalents $676  $110 
Accounts receivable, net of allowance for doubtful accounts of $12 at March 31, 2017 and
December 31, 2016
  615   574 
Inventory, net  1,423   1,390 
Prepaid expenses and other current assets  560   418 
Total current assets  3,274   2,492 
Property and equipment, net  355   396 
Intangible assets, net  3,526   3,484 
Non-current inventory  642   615 
Deposits and other assets  58   58 
Total assets $7,855  $7,045 
Liabilities and Stockholders' Equity        
Accounts payable $725  $841 
Accrued liabilities  860   465 
Related party payable  1,305   - 
Advances  250   250 
Fair value of warrant liability  4,077   2,045 
Total current liabilities  7,217   3,601 
Commitments and contingencies        
Stockholders' Equity        
Series B Convertible Preferred stock, $0.001 par value, 5,000,000 shares authorized, 250,000
  issued and outstanding, with liquidation preferences of $385 and $381 at March 31, 2017
  and December 31, 2016, respectively
      
Series D Convertible Preferred stock, $0.001 par value, 50 shares authorized, 43 issued and
  outstanding, with liquidation preference of $4,320
      
Series G Convertible Preferred stock, $0.001 par value, 5,000,000 shares authorized,
  issued and outstanding, with liquidation preference of $5,000
  5   5 
Series I-1 Convertible Preferred stock, $0.001 par value, 2,000 shares authorized
  1,645 and 1,680 issued and outstanding at March 31, 2017 and  December 31, 2016,
  respectively, with liquidation preferences of $1,645 and $1,680 at March 31, 2017
  and December 31, 2016, respectively
      
Series I-2 Convertible Preferred stock, $0.001 par value, 4,310 shares authorized,
  issued and outstanding with liquidation preferences of $4,310
      
Common stock, $0.001 par value, 120,000,000 shares authorized,
  3,984,905 and 3,950,979 shares issued and outstanding at March 31, 2017 and
  December 31, 2016, respectively
  4   4 
Additional paid-in capital  102,176   101,898 
Accumulated deficit  (101,547)  (98,463)
Total stockholders' equity  638   3,444 
Total liabilities and stockholders' equity $7,855  $7,045 
         



International Stem Cell Corporation and Subsidiaries  
Condensed Consolidated Statements of Operations  
(in thousands, except per share data)  
(Unaudited)  
  
 Three Months Ended  
 March 31,  
 2017  2016  
Revenues        
Product sales$2,005  $1,616  
Total revenue 2,005   1,616  
Expenses        
Cost of sales 553   377  
Research and development 645   579  
Selling and marketing 576   648  
General and administrative 1,277   1,179  
Total expenses 3,051   2,783  
Loss from operations (1,046)  (1,167) 
Other expense        
Change in fair value of warrant liability (2,032)  (2,630) 
Fair value of warrant liability in excess of proceeds    (9,902) 
Financing transaction costs    (869) 
Interest expense (6)  (5) 
Total other expense (2,038)  (13,406) 
Loss before income taxes (3,084)  (14,573) 
Provision for income taxes     
Net loss$(3,084) $(14,573) 
Net loss applicable to common stockholders$(3,084) $(14,573) 
Net loss per common share-basic and diluted$(0.78) $(5.19) 
Weighted average shares-basic and diluted 3,952   2,809  
         
Contacts:

International Stem Cell Corporation
Russell Kern, PhD
Executive Vice President
Phone: 760-940-6383
Email: ir@intlstemcell.com

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