Equity Method Accounting for Common Stock of Asterias, at Fair Value

12 Months Ended

Dec. 31, 2017

Equity Method Accounting for Common Stock of Asterias, at fair value [Abstract]

Equity Method Accounting for Common Stock of Asterias, at Fair Value

5. Equity Method of Accounting for Common Stock of Asterias, at Fair Value

BioTime elected to account for its 21.7 million shares of Asterias common stock at fair value using the equity method of accounting beginning on May 13, 2016, the date of the Asterias Deconsolidation. The Asterias shares had a fair value of $48.9 million as of December 31, 2017 and a fair value of $100 million as of December 31, 2016, based on the $2.25 and $4.60 closing prices of Asterias common stock on the NYSE American on those respective dates. For the year ended December 31, 2017, BioTime recorded an unrealized loss of $51.1 million on the Asterias shares due to the decrease in Asterias stock price from December 31, 2016 to December 31, 2017. The Asterias shares had a fair value of $100.0 million as of December 31, 2016 and a fair value of $65.7 million as of May 13, 2016, based on the $4.60 and $3.02 closing prices of Asterias common stock on the NYSE American on those respective dates. For the year ended December 31, 2016, BioTime recorded an unrealized gain of $34.3 million on the Asterias shares due to the increase in Asterias stock price from May 13, 2016 to December 31, 2016.

The condensed results of operations and condensed balance sheet information of Asterias are summarized below (in thousands):

	For the Period January 1, 2016 through May 12, 2016 (1)
Condensed Statement of Operations (1):
Total revenue	$	2,354
Gross profit		2,301
Loss from operations		(13,944)
Net loss	$	(13,113)

(1) Asterias condensed results of operations for the period from January 1, 2016 through May 12, 2016, the date immediately preceding the Asterias Deconsolidation, for the year ended December 31, 2016, and for the year ended December 31, 2015, shown in the table below, are included in the consolidated results of operations of BioTime for the years ended December 31, 2016 and 2015, respectively, after intercompany eliminations, as applicable.

The following table summarizes Asterias results of operations for the full years ended December 31, 2017, 2016 and 2015 (in thousands).

Condensed Statements of Operations	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Total revenue	$	4,042	$	6,954	$	3,582
Gross profit		3,877		6,826		3,314
Loss from operations		(33,251)		(34,123)		(21,908)
Net loss	$	(28,372)	$	(35,489)	$	(15,003)

	December 31, 2017		December 31, 2016
Condensed Balance Sheet information (1):
Current assets	$	22,716	$	36,990
Noncurrent assets		20,376		24,020
	$	43,092	$	61,010
Current liabilities	$	3,521	$	6,535
Noncurrent liabilities		6,028		12,447
Stockholders’ equity		33,543		42,028
	$	43,092	$	61,010

(1) The condensed balance sheet information of Asterias as of December 31, 2017 and 2016, is provided for informational and comparative purposes only and was not included in BioTime’s consolidated balance sheet as of December 31, 2017 and 2016 due to the Asterias Deconsolidation on May 13, 2016.