SAN DIEGO, CA / ACCESS Newswire / March 31, 2025 / 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 fourth quarter and year-end financial results for the period ending on December 31, 2024.
FY 2024 Financial Highlights:
Revenues increased to $9.09 million in 2024, an increase of 17% compared to $7.79 million in 2023.
Combined operating income for the year ended December 31, 2024, from our two wholly owned subsidiaries, Lifeline Cell Technology and Lifeline Skin Care, increased to $2.39 million, an increase of 29%, compared to $1.85 million in 2023.
Loss from operations decreased to $68,000 for the year ended December 31, 2024, a decrease of 90%, compared to $663,000 in 2023.
"2024 has been a successful year for International Stem Cell Corporation, marked by both strong financial performance and continued progress in our clinical trial. Our revenue growth, coupled with a significant reduction in operational losses, underscores the strength of our business model and the demand for our biomedical products. At the same time, we remain committed to advancing our pioneering ISC-hpNSC® program, building upon the promising interim results observed in our Phase 1 clinical trial. Looking ahead, we are focused on leveraging these achievements to drive further growth, accelerate our research, and enhance value for our shareholders," stated Andrey Semechkin, Ph.D., CEO and Co-Chairman of ISCO.
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).
For more information, please visit http://internationalstemcell.com/ or contact: ir@intlstemcell.com
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Safe harbor statement
Statements pertaining to anticipated developments and company achievements, expected clinical studies (including results and ongoing evaluation of the phase 1 clinical trial), 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 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
Consolidated Balance Sheets
(In thousands, except share and par value data)
|
December 31, |
|
||||||
|
2024 |
|
|
2023 |
|
|||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash |
|
$ |
1,230 |
|
|
$ |
1,588 |
|
Accounts receivable, net |
|
|
1,058 |
|
|
|
574 |
|
Inventories |
|
|
1,149 |
|
|
|
1,263 |
|
Prepaid expenses and other current assets |
|
|
123 |
|
|
|
96 |
|
Total current assets |
|
|
3,560 |
|
|
|
3,521 |
|
Non-current inventories |
|
|
252 |
|
|
|
266 |
|
Property and equipment, net |
|
|
257 |
|
|
|
215 |
|
Intangible assets, net |
|
|
721 |
|
|
|
800 |
|
Right-of-use assets |
|
|
352 |
|
|
|
557 |
|
Deposits and other assets |
|
|
31 |
|
|
|
31 |
|
Total assets |
|
$ |
5,173 |
|
|
$ |
5,390 |
|
Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Deficit |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
186 |
|
|
$ |
364 |
|
Accrued liabilities |
|
|
527 |
|
|
|
485 |
|
Operating lease liabilities, current |
|
|
330 |
|
|
|
276 |
|
Advances |
|
|
250 |
|
|
|
250 |
|
Related party note payable |
|
|
3,395 |
|
|
|
3,457 |
|
Total current liabilities |
|
|
4,688 |
|
|
|
4,832 |
|
Operating lease liabilities, net of current portion |
|
|
115 |
|
|
|
445 |
|
Total liabilities |
|
|
4,803 |
|
|
|
5,277 |
|
Commitments and contingencies (Note 11) |
|
|
|
|
|
|
|
|
Series D redeemable convertible preferred stock, $0.001 par value; 50 shares authorized; 43 shares issued and outstanding; liquidation preference of $4,300 at December 31, 2024 and 2023 |
|
|
4,300 |
|
|
|
4,300 |
|
Stockholders' Deficit: |
|
|
|
|
|
|
|
|
Non-redeemable convertible preferred stock, $0.001 par value; 10,004,310 and 10,004,310 shares authorized; 5,254,310 and 5,254,310 shares issued and outstanding; liquidation preference of $9,811 and $9,796 at December 31, 2024 and 2023, respectively |
|
|
5 |
|
|
|
5 |
|
Common stock, $0.001 par value; 120,000,000 shares authorized; 8,004,389 shares issued and outstanding at December 31, 2024 and 2023 |
|
|
8 |
|
|
|
8 |
|
Additional paid-in capital |
|
|
106,742 |
|
|
|
106,276 |
|
Accumulated deficit |
|
|
(110,685 |
) |
|
|
(110,476 |
) |
Total stockholders' deficit |
|
|
(3,930 |
) |
|
|
(4,187 |
) |
Total liabilities, redeemable convertible preferred stock and stockholders' deficit |
|
$ |
5,173 |
|
|
$ |
5,390 |
|
International Stem Cell Corporation and Subsidiaries
Consolidated Statements of Operations
(In thousands, except share and per share data)
|
Year Ended December 31, |
|
||||||
|
2024 |
|
|
2023 |
|
|||
Product sales |
|
$ |
9,085 |
|
|
$ |
7,789 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Cost of sales |
|
|
3,764 |
|
|
|
3,181 |
|
General and administrative |
|
|
3,516 |
|
|
|
3,514 |
|
Selling and marketing |
|
|
1,216 |
|
|
|
1,246 |
|
Research and development |
|
|
657 |
|
|
|
511 |
|
Total operating expenses |
|
|
9,153 |
|
|
|
8,452 |
|
Loss from operations |
|
|
(68 |
) |
|
|
(663 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
Employee retention credit |
|
|
- |
|
|
|
663 |
|
Interest expense |
|
|
(145 |
) |
|
|
(139 |
) |
Other income, net |
|
|
4 |
|
|
|
8 |
|
Total other (expense) income, net |
|
|
(141 |
) |
|
|
532 |
|
Net loss |
|
|
(209 |
) |
|
|
(131 |
) |
Net loss per common share, basic and diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
Weighted-average common shares used to compute net loss per share, basic and diluted |
|
|
8,004,389 |
|
|
|
8,004,389 |
|
Contacts:
International Stem Cell Corporation
Russell A. Kern, PhD, Executive VP
Phone: 760-940-6383
Email: ir@intlstemcell.com
SOURCE: International Stem Cell Corporation
View the original press release on ACCESS Newswire
