Cell therapy platform under Roche partnership with three early-stage bets riding on whether any one reaches proof-of-concept before Q3 2028 cash

Lineage Cell Therapeutics is an early-stage cell therapy company with three programs not yet approved, two in spinal cord injury and hearing loss and one in geographic atrophy under a partner's control.

Lineage's value today sits inside a Roche/Genentech collaboration on OpRegen, an RPE cell therapy for geographic atrophy, where 36-month Phase 1/2a data showed sustained visual acuity gains but Roche controls development. The thesis resolves on whether OPC1 in spinal cord injury or ReSonance in hearing loss generates independent clinical proof-of-concept before capital runs out. All three proprietary programs are pre-registrational, and the $51M runway through Q3 2028 leaves little margin if any readout slips.