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International Stem Cell Corporation Announces Financial Results for the Three and Nine-Months ended September 30, 2019

November 16, 2019 GMT
CARLSBAD, CA / ACCESSWIRE / November 15, 2019 / 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 ...
CARLSBAD, CA / ACCESSWIRE / November 15, 2019 / 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 ...

CARLSBAD, CA / ACCESSWIRE / November 15, 2019 / 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 announced operating results for the three and nine months ended September 30, 2019.

“As we mentioned before we completed the enrollment of the Phase I Parkinson’s disease clinical trial and currently involved in reorganizing our revenue-generating subsidiaries. We expect that we will see positive results of this reorganization next year.” - commented Andrey Semechkin, PhD., CEO and Co-Chairman of ISCO.

Year-to-Date Financial Highlights

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 results of clinical studies, 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 and par value) (Unaudited)

September 30,December 31,
20192018

Assets

Cash

$463$1,075

Accounts receivable, net

1,080651

Inventory, net

1,4091,501

Prepaid expenses and other current assets

307543

Total current assets

3,2593,770

Non-current inventory

745805

Property and equipment, net

691469

Intangible assets, net

2,6912,674

Right-of-use assets

784-

Deposits and other assets

9078

Total assets

$8,260$7,796

Liabilities, Redeemable Convertible Preferred Stock, and Stockholders' Equity (Deficit)

Accounts payable

$722$458

Accrued liabilities

651579

Operating lease liabilities, current

236-

Related party payable

1,8482,045

Advances

250250

Warrant liability

-1,745

Total current liabilities

3,7075,077

Long-term deferred rent

-182

Operating lease liabilities, net of current portion

929-

Total liabilities

4,6365,259

Commitments and Contingencies

Series D Redeemable Convertible Preferred stock, $0.001 par value, 50 shares authorized, 43 issued and

outstanding, with liquidation preference of $4,300 at September 30, 2019

4,300-

Stockholders' Equity (Deficit)

Series B Convertible Preferred stock, $0.001 par value, 5,000,000 shares authorized, 250,000

issued and outstanding, with liquidation preferences of $423 and $411 at September 30, 2019 and

December 31, 2018

--

Series D Convertible Preferred stock, $0.001 par value, 50 shares authorized, 43 issued and

outstanding, with liquidation preference of $4,300 at December 31, 2018

--

Series G Convertible Preferred stock, $0.001 par value, 5,000,000 shares authorized, issued and

outstanding, with liquidation preference of $5,000 at September 30, 2019 and December 31, 2018

55

Series I-1 Convertible Preferred stock, $0.001 par value, 2,000 shares authorized, 814 issued and

outstanding, with liquidation preferences of $814 at September 30, 2019 and December 31, 2018

--

Series I-2 Convertible Preferred stock, $0.001 par value, 4,310 shares authorized,

issued and outstanding with liquidation preference of $4,310 at September 30, 2019 and December 31, 2018

--

Common stock, $0.001 par value, 120,000,000 shares authorized, 7,533,083 and 6,933,861 shares

issued and outstanding at September 30, 2019 and December 31, 2018

87

Additional paid-in capital

102,988109,188

Accumulated deficit

(103,677)(106,663)

Total stockholders' equity (deficit)

(676)2,537

Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)

$8,260$7,796

International Stem Cell Corporation and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except per share data) (Unaudited)

Three Months EndedNine Months Ended
September 30,September 30,
2019201820192018

Revenues

Product sales

$2,096$3,195$6,635$8,866

Total revenues

2,0963,1956,6358,866

Expenses

Cost of sales

7991,3152,4973,235

Research and development

796161,0011,879

Selling and marketing

6266082,0571,940

General and administrative

1,4051,3194,3244,026

Total expenses

2,9093,8589,87911,080

Loss from operations

(813)(663)(3,244)(2,214)

Other income (expense)

Change in fair value of warrant liability

8377581,7451,092

Interest expense

(21)(17)(55)(26)

Miscellaneous income

-43245

Total other income (expense), net

8167841,6921,111

Net income (loss)

$3$121$(1,552)$(1,103)

Net income (loss) applicable to common stockholders

$3$121$(1,552)$(1,103)

Net income (loss) per common share-basic

$0.00$0.02$(0.21)$(0.18)

Net income (loss) per common share-diluted

$0.00$0.02$(0.21)$(0.18)

Weighted average shares-basic

7,5466,3377,5026,233

Weighted average shares-diluted

7,5466,4047,5026,233

Contacts:

International Stem Cell Corporation

Russell A. Kern, PhD

Phone: 760-940-6383

Email:

SOURCE: International Stem Cell CORP

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