Equity

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Equity

9. Equity

BioTime has issued warrants to purchase its common shares.  Activity related to warrants in 2013, 2012, and 2011 is presented in the table below:

	Number of Warrants			Per share exercise price		Weighted Average Exercise Price
Outstanding, January 1, 2011		649,000		$	0.68 - 10.00	$	6.42
Granted in 2011		206,613			10.00		10.00
Exercised in 2011		(219,000	)		0.68 - 3.00		1.94
Outstanding, December 31, 2011		636,613		$	3.00 – 10.00	$	9.13
Expired in 2012		(80,000	)		3.00		3.00
Outstanding, December 31, 2012		556,613		$	10.00	$	10.00
Granted in 2013		9,195,002			5.00		5.00
Outstanding, December 31, 2013		9,751,615		$	5.00 – 10.00	$	5.29

At December 31, 2013, 9,751,615 warrants to purchase common shares with a weighted average exercise price of $5.29 and a weighted average remaining contractual life of 0.32 years were outstanding.

At December 31, 2012, 556,613 warrants to purchase common shares with a weighted average exercise price of $10.00 and a weighted average remaining contractual life of 1.32 years were outstanding.

At December 31, 2011, 636,613 warrants to purchase common shares with a weighted average exercise price of $9.13 and a weighted average remaining contractual life of 1.68 years were outstanding.

A summary of all option activity under the subsidiary option plans (see Note 10) for the years ended December 31, 2013, 2012, and 2011 is as follows:

	Options Available for Grant			Number of Options Outstanding			Weighted Average Exercise Price
January 1, 2011		7,703,060			4,312,640		$	0.74
Added upon adoption of option plan in 2011		8,000,000			-			-
Granted in 2011		(4,685,000	)		4,685,000			0.36
Forfeited/Exercised in 2011		200,000			(200,000	)		0.05
December 31, 2011		11,218,060			8,797,640		$	0.56
Reverse stock split and change in plan in 2012		(3,697,014	)		(2,460,717	)		-
Granted in 2012		(1,479,490	)		1,479,490			1.39
Forfeited/Exercised in 2012		-			-			-
December 31, 2012		6,041,556			7,816,413		$	0.93
Increase option pool		500,000			-			-
Granted in 2013		(4,434,995	)		4,434,995			2.11
Expired/Forfeited/Exercised in 2013		785,000			(785,000	)		1.95
December 31, 2013		2,891,561			11,466,408		$	1.32

Preferred Shares

BioTime is authorized to issue 2,000,000 preferred shares.  BioTime’s shareholders approved an increase in the number of authorized preferred shares from 1,000,000 to 2,000,000 in May 2013.  The preferred shares may be issued in one or more series as the board of directors may by resolution determine. The board of directors is authorized to fix the number of shares of any series of preferred shares and to determine or alter the rights, references, privileges, and restrictions granted to or imposed on the preferred shares as a class, or upon any wholly unissued series of any preferred shares.  The board of directors may, by resolution, increase or decrease (but not below the number of shares of such series then outstanding) the number of shares of any series of preferred shares subsequent to the issue of shares of that series.

As of December 31, 2013 and 2012, BioTime has no issued and outstanding preferred shares.

Common shares

BioTime is authorized to issue 125,000,000 common shares with no par value.  BioTime’s shareholders approved an increase in the number of authorized common shares from 75,000,000 to 125,000,000 in May 2013.As of December 31, 2013, BioTime has 67,412,139 issued and 56,714,424 outstanding common shares.  As of December 31, 2012, BioTime had 51,183,318 issued and 49,383,209 outstanding common shares.  The difference of 10,697,715 and 1,800,109 common shares as of December 31, 2013 and 2012, respectively is attributed to treasury shares held by BioTime subsidiaries which are accounted for as treasury stock on the consolidated balance sheet.

Significant common share transactions during the year ended December 31, 2013 are as follows:

· In January 2013, as additional consideration for the lease for an office and research facility located in Menlo Park, California, BioTime issued to the landlord 73,553 BioTime common shares having a market value of $242,726, determined based upon the average closing price of BioTime common shares on the NYSE MKT for a designated period of time prior to the signing of the lease.  For accounting purposes, these shares were revalued at $253,758 which was based on the closing price of BioTime common shares on the NYSE MKT on the date the lease was fully executed at which time the shares were issued.

· In January 2013, BioTime and a private investor entered into a Stock and Warrant Purchase Agreement under which BioTime received $5,000,000 for the sale of 1,350,000 BioTime common shares and warrants to purchase 649,999 additional BioTime common shares at an exercise price of $5.00 per share.

· In January 2013, in accordance with a November 1, 2012 Share Purchase Agreement between BioTime and Cell Cure Neurosciences, BioTime purchased 87,456 Cell Cure Neurosciences ordinary shares in exchange for 906,735 of BioTime common shares.

· In June 2013, BioTime sold an aggregate of 2,180,016 common shares and 545,004 warrants to purchase common shares, in "units" with each unit consisting of one common share and one-quarter of a warrant, at an offering price of $4.155 per unit, to certain investors through an offering registered under the Securities Act.  BioTime received gross proceeds of $9,057,967 from the sale of the common shares and warrants. The warrants have an initial exercise price of $5.00 per share and are exercisable during the five year period beginning on the date of issuance, June 6, 2013.

· In October 2013, BioTime issued 8,902,077 common shares and warrants to purchase 8,000,000 common shares to Asterias under the Asset Contribution Agreement.

· During 2013 BioTime sold 3,665,646 BioTime common shares for gross proceeds of $15,722,339 at prevailing market prices through BioTime’s $25 million Controlled Equity Offering facility which was established with Cantor Fitzgerald & Co.

Significant common share transactions during the year ended December 31, 2012 are as follows:

· BioTime received total cash of $286,552 for the exercise of 98,541 options at a weighted average exercise price of $2.91.

· BioTime issued 448,429 common shares as consideration for the merger of XenneX, Inc. with LifeMap Sciences.

· In July and in December 2012, LifeMap Sciences received $250,000 cash and 592,533 BioTime common shares having a market value of $2,750,003 from certain private investors in exchange for 1,714,287 LifeMap Sciences shares of common stock.  LifeMap Sciences sold 78,598 BioTime common shares  for gross proceeds of $282,826 during 2012 and the remaining 513,935 BioTime common shares held by LifeMap Sciences are accounted for as treasury stock as of December 31, 2012. See Note 8.

· During 2012 BioTime sold 314,386 BioTime common shares for gross proceeds of $1,131,279 at prevailing market prices through BioTime’s Controlled Equity Offering facility with Cantor Fitzgerald & Co.