Lineage Cell Therapeutics Inc (LCTX)

[bobby2loaves]

Book Value of BTX Getting Compelling

$29mm Cash
$43mm Sale of AgeX Shares to Juvenescence
$39mm Market Value of OCX Shares
$39mm Market Value of AST Shares
$39mm Value of spin-off shares at $3/share
$5mm Market Value of remaining 1.7mm AGE Shares at $3/share
$194mm Total Value of BTX Cash and Investments (about $1.50/share)

Here at $2.32/share, that leaves the core business of BTX valued at the remaining 83 cents a share, or about $100mm. With only a $6mm quarterly cash burn after the AgeX spin-off, and OCX and AST down so much, it’s hard for me to imagine BTX going much lower. With the downside fairly minimal, they only leaves potential upside - - my kind of investment - - and an especially unlikely situation for a developmental biotech.