Overview
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- TickerISCO on OTC1
- IndustryPharmaceutical Preparations1
- HeadquartersSan Diego, California1
- Incorporated inDE2
- Business address9745 Businesspark Avenue, San Diego, Ca 921312
- Filer categoryNon-accelerated filer, Smaller reporting company2
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International Stem Cell Corporation (sometimes referred to herein as “ISCO”, the “Company”, “we”, “us”, or “our”) is a clinical stage biotechnology company focused on therapeutic and biomedical product development with multiple long-term therapeutic opportunities and two revenue-generating businesses offering potential for increased future revenue.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Biomedical Market brought in 88% of the revenue International Stem Cell CORP broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| Biomedical Market | $8.3M | $8.5M |
| Anti Aging Market | $795.0K | $598.0K |
| Anti Aging Skincare Market | $795.0K | $598.0K |
Regions
United States brought in 86% of the revenue International Stem Cell CORP broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| United States | $7.7M | $7.8M |
| Asia | $890.0K | $719.0K |
| Europe | $407.0K | $448.0K |
| Other Regions | $61.0K | $95.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue44¢$4.0M
- Research and development8¢$684.0K
- Other costs47¢$4.2M
- Interest2¢$151.0K
Out of $9.1M in revenue.4 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending100¢$43.0K
Out of $8.0K of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Product sales | $9.1M | $9.1M |
| Cost of sales | $4.0M | $3.8M |
| General and administrative | $3.5M | $3.5M |
| Selling and marketing | $1.1M | $1.2M |
| Research and development | $684.0K | $657.0K |
| Total operating expenses | $9.4M | $9.2M |
| Loss from operations | -$267.0K | -$68.0K |
| Interest expense | -$6.0K | -$7.0K |
| Interest expense - related party | -$145.0K | -$138.0K |
| Other income, net | $4.0K | |
| Other expense, net | -$151.0K | -$141.0K |
| Net loss | -$418.0K | -$209.0K |
| Net loss per common share, basic | -$0.05 | -$0.03 |
| Net loss per common share, diluted | -$0.05 | -$0.03 |
| Weighted-average common shares used to compute net loss per share, basic | 8.0M shares | 8.0M shares |
| Weighted-average common shares used to compute net loss per share, diluted | 8.0M shares | 8.0M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2008-06-30 |
|---|---|---|---|---|
| Cash | $993.0K | $1.2M | ||
| Accounts receivable, net | $723.0K | $1.1M | ||
| Inventories | $1.5M | $1.1M | ||
| Prepaid expenses and other current assets | $181.0K | $123.0K | ||
| Total current assets | $3.4M | $3.6M | ||
| Non-current inventories | $229.0K | $252.0K | ||
| Property and equipment, net | $160.0K | $257.0K | ||
| Intangible assets, net | $644.0K | $721.0K | ||
| Right-of-use assets | $344.0K | $352.0K | ||
| Deposits and other assets | $31.0K | $31.0K | ||
| Total assets | $4.8M | $5.2M | ||
| Accounts payable | $168.0K | $186.0K | ||
| Accrued liabilities | $428.0K | $527.0K | ||
| Operating lease liabilities, current | $393.0K | $330.0K | ||
| Advances | $250.0K | $250.0K | $250.0K | |
| Related party note payable | $3.3M | $3.4M | ||
| Total current liabilities | $4.6M | $4.7M | ||
| Operating lease liabilities, net of current portion | $0 | $115.0K | ||
| Total liabilities | $4.6M | $4.8M | ||
| Common stock, $0.001 par value; 120,000,000 shares authorized; 8,004,389 shares issued and outstanding at December 31, 2025 and 2024 | $8.0K | $8.0K | ||
| Additional paid-in capital | $107.0M | $106.7M | ||
| Accumulated deficit | -$111.1M | -$110.7M | ||
| Total stockholders' deficit | -$4.1M | -$3.9M | -$4.2M | |
| Total liabilities, redeemable convertible preferred stock and stockholders' deficit | $4.8M | $5.2M | ||
| Non-redeemable convertible preferred stock, par value | $0.00 | $0.00 | ||
| Non-redeemable convertible preferred stock, shares authorized | 20.0M shares | 20.0M shares | ||
| Common stock, par value | $0.00 | $0.00 | ||
| Common stock, shares authorized | 120.0M shares | 120.0M shares | ||
| Common stock, shares issued | 8.0M shares | 8.0M shares | ||
| Common stock, shares outstanding | 8.0M shares | 8.0M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2008-06-30 |
|---|---|---|---|---|
| Cash | $993.0K | $1.2M | ||
| Accounts receivable, net | $723.0K | $1.1M | ||
| Inventories | $1.5M | $1.1M | ||
| Prepaid expenses and other current assets | $181.0K | $123.0K | ||
| Total current assets | $3.4M | $3.6M | ||
| Non-current inventories | $229.0K | $252.0K | ||
| Property and equipment, net | $160.0K | $257.0K | ||
| Intangible assets, net | $644.0K | $721.0K | ||
| Right-of-use assets | $344.0K | $352.0K | ||
| Deposits and other assets | $31.0K | $31.0K | ||
| Total assets | $4.8M | $5.2M | ||
| Accounts payable | $168.0K | $186.0K | ||
| Accrued liabilities | $428.0K | $527.0K | ||
| Operating lease liabilities, current | $393.0K | $330.0K | ||
| Advances | $250.0K | $250.0K | $250.0K | |
| Related party note payable | $3.3M | $3.4M | ||
| Total current liabilities | $4.6M | $4.7M | ||
| Operating lease liabilities, net of current portion | $0 | $115.0K | ||
| Total liabilities | $4.6M | $4.8M | ||
| Common stock, $0.001 par value; 120,000,000 shares authorized; 8,004,389 shares issued and outstanding at December 31, 2025 and 2024 | $8.0K | $8.0K | ||
| Additional paid-in capital | $107.0M | $106.7M | ||
| Accumulated deficit | -$111.1M | -$110.7M | ||
| Total stockholders' deficit | -$4.1M | -$3.9M | -$4.2M | |
| Total liabilities, redeemable convertible preferred stock and stockholders' deficit | $4.8M | $5.2M | ||
| Non-redeemable convertible preferred stock, par value | $0.00 | $0.00 | ||
| Non-redeemable convertible preferred stock, shares authorized | 20.0M shares | 20.0M shares | ||
| Common stock, par value | $0.00 | $0.00 | ||
| Common stock, shares authorized | 120.0M shares | 120.0M shares | ||
| Common stock, shares issued | 8.0M shares | 8.0M shares | ||
| Common stock, shares outstanding | 8.0M shares | 8.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$418.0K | -$209.0K |
| Stock-based compensation | $288.0K | $466.0K |
| Depreciation and amortization | $219.0K | $206.0K |
| Non-cash operating lease expense | $310.0K | $205.0K |
| Interest expense on related party note payable | $145.0K | $138.0K |
| Change in inventory reserve | $45.0K | $14.0K |
| Impairment of intangible assets | $2.0K | |
| Accounts receivable | $335.0K | -$484.0K |
| Inventories | -$387.0K | $114.0K |
| Prepaid expenses and other current assets | -$58.0K | -$27.0K |
| Accounts payable | -$18.0K | -$178.0K |
| Accrued liabilities | -$99.0K | $42.0K |
| Operating lease liabilities | -$354.0K | -$276.0K |
| Net cash provided by operating activities | $8.0K | $13.0K |
| Purchases of property and equipment | -$43.0K | -$166.0K |
| Payments for patent licenses | -$2.0K | -$5.0K |
| Net cash used in investing activities | -$45.0K | -$171.0K |
| Principal repayment on note payable from related party | -$200.0K | -$200.0K |
| Net cash used in financing activities | -$200.0K | -$200.0K |
| Net decrease in cash | -$237.0K | -$358.0K |
| Operating lease right-of-use asset obtained in exchange for operating lease liabilities | $302.0K | |
| Cash paid for interest | $6.0K | $10.0K |
No quarter-by-quarter statement was filed.
What it owns
What International Stem Cell CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $2.6M4 Dec 31, 2025 | $2.6M4 Dec 31, 2024 | +1.2% |
| Accumulated depreciation | $2.5M4 Dec 31, 2025 | $2.3M4 Dec 31, 2024 | +5.5% |
| Property and equipment, net | $160.0K4 Dec 31, 2025 | $257.0K4 Dec 31, 2024 | −37.7% |
| Operating-lease assets (leased space) | $344.0K4 Dec 31, 2025 | $352.0K4 Dec 31, 2024 | −2.3% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $644.0K4 Dec 31, 2025 | $721.0K4 Dec 31, 2024 | −10.7% |
| Trademarks and trade names (indefinite-lived) | $75.0K4 Dec 31, 2025 | $75.0K4 Dec 31, 2024 | 0% |
| Accumulated amortization | $665.0K4 Dec 31, 2025 | $647.0K4 Dec 31, 2024 | +2.8% |
| Finite-lived intangibles, net | $569.0K4 Dec 31, 2025 | $646.0K4 Dec 31, 2024 | −11.9% |
| Patents, net | $1.2M4 Dec 31, 2025 | $1.3M4 Dec 31, 2024 | −4.6% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $1.5M4 Dec 31, 2025 | $1.1M4 Dec 31, 2024 | +31.8% |
| Raw materials | $612.0K4 Dec 31, 2025 | $532.0K4 Dec 31, 2024 | +15.0% |
| Work in process | $626.0K4 Dec 31, 2025 | $538.0K4 Dec 31, 2024 | +16.4% |
| Finished goods | $1.3M4 Dec 31, 2025 | $1.1M4 Dec 31, 2024 | +20.5% |
Properties, in its own words
In October 2021, we entered into a joint lease agreement with S Real Estate Holding, LLC (an affiliate of our Chief Executive Officer and Executive Vice President, Chief Scientific Officer) for the purpose of establishing a new corporate headquarters that combines the Company’s research facility and corporate offices, including corporate, R&D, and manufacturing operations, in San Diego, California. In connection with entering into the joint lease agreement, we entered into a co-tenant agreement with S Real Estate Holdings, LLC, to share costs related to the leased premises. In addition to base rent, the Company and S Real Estate Holdings, LLC, are responsible for certain costs and expenses, including insurance, maintenance costs, taxes, and operating expenses. The lease covers approximately 7,300 square feet, of which portions of the facility are designated for use by the Company, S Real Estate Holdings, LLC, or shared. The lease for this facility expires in December 2026. At commencement, base rent due under the lease was approximately $11 thousand and increases approximately 3.5% per annum over the lease term. Pursuant to the co-tenant agreement with S Real Estate Holdings, LLC, we are liable for 75% of all costs incurred in connection with the lease. Refer to Note 9 – Related Party Transactions to the consolidated financial statements for further discussion.
We also lease supplemental office space in a building adjacent to our corporate headquarters from the same landlord. The supplemental office lease expires in December 2026 and is not subject to the co-tenant agreement with S Real Estate Holdings, LLC. The corporate headquarters lease and supplemental office lease do not contain any options to renew to extend the lease terms.
The rest of Item 2
In addition, we lease a 13,320 square foot facility in Frederick, Maryland, which is used for laboratory and administrative purposes. The current lease expires in December 2026. At December 31, 2025, the base rent was approximately $20 thousand per month. The laboratory is used to develop and manufacture our research products and the administration facility is used for sales and marketing, and general administration purposes. The monthly base rent will increase by 3% on each anniversary date of the agreement.
We believe our existing facilities are adequate to meet our current operational needs, and that suitable alternatives will be available in the future as and when needed on commercially reasonably terms.
Item 2 of the 10-K filed Mar 30, 2026.3
Leadership
Who has led International Stem Cell CORP, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerRouslan Semechkin Jan 17, 2012 to Jan 17, 201212
- Chief executive officerAndrei Semechkin Dec 15, 2009 to Nov 8, 202313
- Chief executive officerKenneth C. Aldrich Apr 24, 2008 to Nov 9, 200914
- Chief executive officerJeff Krstich Jan 3, 2007 to Jan 3, 200715
- Chief executive officerTimothy P. Halter Jun 8, 2006 to Jun 8, 200616
- ChairKenneth C. Aldrich Jan 3, 2007 to Nov 9, 200917
- ChairTimothy P. Halter Jun 8, 2006 to Jun 8, 200616
- PresidentKurt Andrew May Oct 13, 2011 to Oct 13, 201118
- PresidentBrian Lundstrom Nov 9, 2009 to Dec 21, 201019
- PresidentJeffrey Janus Jan 3, 2007 to Dec 31, 200820
- Chief financial officerJennifer Stephens Aug 30, 2017 to Aug 30, 201721
- Chief financial officerMahnaz Ebrahimi Sep 16, 2015 to Jun 1, 201722
- Chief financial officerTibor Jay Novak Apr 25, 2013 to Nov 12, 201423
- Chief financial officerEdmund R. Wood Jun 30, 2010 to Mar 3, 201124
- Chief financial officerWilliam B. Adams Jan 3, 2007 to Jan 2, 200925
- Chief financial officerTimothy P. Halter Jun 8, 2006 to Jun 8, 200616
- Chief operating officerKurt Andrew May Oct 13, 2011 to Oct 13, 201118
Board members and other officers (16)
- Dir. of Legal Affairs & Oper.Sofya Bakalova Aug 13, 2014 to Jun 11, 202126
- Vice PresidentRouslan Semechkin Mar 12, 2012 to Nov 8, 202327
- Executive Vice PresidentJohn Simon Craw Jun 8, 2012 to Mar 13, 201528
- Chief Business OfficerAndrei Semechkin Jan 2, 2009 to Dec 14, 200929
- VICE PRESIDENT, OPERATIONSJeffrey Janus Nov 9, 2009 to Jan 14, 201130
- VP Finance & SecretaryEdmund R. Wood Dec 15, 2009 to Dec 15, 200931
- Board memberJames H. Berglund Mar 22, 2012 to Jun 21, 201332
- Board memberCharles J. Casamento Jun 22, 2010 to Jun 25, 201833
- Board memberKenneth C. Aldrich Dec 29, 2010 to Feb 8, 201134
- Board memberAndrei Semechkin Jan 26, 2009 to Nov 8, 202335
- Board memberWilliam B. Adams Apr 24, 2008 to Jan 2, 200936
- Board memberRouslan Semechkin Oct 14, 2008 to Nov 8, 202337
- Board memberWright Don Jul 20, 2007 to now38
- Board memberPaul Maier V. Jul 24, 2007 to now39
- Board memberEdward O. Hunter Jul 31, 2007 to Dec 31, 200840
- Board memberJeffrey Janus Sep 7, 2007 to Jun 26, 201241
Former names
- BTHC III INC.Apr 4, 2006 to Jan 19, 20072
Timeline
- Sep 8, 20268-K Completed an acquisition or sale42
- Jul 16, 20268-K Entered a material agreement43
- Jun 12, 20268-K Shareholder vote44
- Nov 18, 20258-K Shareholder vote45
- Sep 16, 20258-K Entered a material agreement; New debt or obligation46
- Sep 17, 20248-K Entered a material agreement; New debt or obligation47
- Sep 18, 20238-K Entered a material agreement; New debt or obligation48
- Jun 21, 20238-K Shareholder vote49
- Mar 16, 20238-K Entered a material agreement; New debt or obligation50
- Sep 16, 20228-K Entered a material agreement; New debt or obligation51
- Jun 14, 20228-K Shareholder vote52
- Apr 29, 20228-K Executive or director change53
- Jan 17, 2012New chief executive Rouslan Semechkin becomes CEO12
- Dec 15, 2009New chief executive Andrei Semechkin becomes CEO13
- Apr 24, 2008New chief executive Kenneth C. Aldrich becomes CEO14
- Jan 3, 2007New chief executive Jeff Krstich becomes CEO15
- Jun 8, 2006New chief executive Timothy P. Halter becomes CEO16
Filings
68 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 17 major events, 17 insider forms, 14 other. The latest 20:
- Sep 17, 20264 EDGAR
- Sep 15, 20264 EDGAR
- Sep 11, 2026144 EDGAR
- Sep 8, 20268-K EDGAR
- Aug 13, 202610-Q EDGAR
- Aug 4, 2026DEF 14C DEFINITIVE INFORMATION STATEMENT EDGAR
- Jul 24, 2026PRE 14C PRELIMINARY INFORMATION STATEMENT EDGAR
- Jul 16, 20268-K CURRENT REPORT EDGAR
- Jun 23, 20264 EDGAR
- Jun 23, 20264 EDGAR
- Jun 12, 20268-K CURRENT REPORT EDGAR
- May 14, 202610-Q EDGAR
- Apr 29, 2026ARS EDGAR
- Apr 29, 2026DEF 14A EDGAR
- Mar 30, 202610-K EDGAR
- Nov 18, 20258-K CURRENT REPORT EDGAR
- Nov 13, 202510-Q EDGAR
- Sep 16, 20258-K CURRENT REPORT EDGAR
- Aug 14, 202510-Q EDGAR
- Jun 20, 20254 EDGAR
The 68 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | MAIER PAUL VDirector | Sale | 32,802 | $0.32 | $10.5K | Form 4 |
From Forms 4 filed with the SEC.
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Russell Kern | 40 | $260.0K | $370.0K54 |
| 2025 | Andrey Semechkin | 66 | $68.5K | $88.5K54 |
| 2024 | Russell Kern | 40 | $260.0K54 | |
| 2024 | Andrey Semechkin | 66 | $66.5K54 |
SEC filer profile
How International Stem Cell CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARInternational Stem Cell CORP1
- CIK0001355790
- Employer ID (EIN)20-44940983
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
- Incorporated inDelaware3
- Fiscal year endsDecember 311
- Industry code (SIC)2834 Pharmaceutical Preparations1
- SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
- Business address9745 Businesspark Avenue, San Diego, CA 921311
- Phone760-940-63831
- Shares outstanding8,004,389 as of Aug 11, 202611
- Public float$592.1K as of Jun 30, 20253
- AuditorBDO USA, P.C., San Diego, California PCAOB ID 243; no auditor attestation of internal control over financial reporting3
- On EDGAR sinceApr 4, 20061
- Filings825 in all: 4 (319), 8-K (161), 10-Q (56), 3 (28), SC 13D/A (21), DEF 14A (20), 10-K (18), CORRESP (18)1
All 44 form types
424B3 (16), UPLOAD (16), 4/A (15), EFFECT (14), S-1/A (12), S-8 (12), S-1 (9), SC 13D (7), 10QSB (6), 424B4 (5), 8-K/A (5), NT 10-K (5), POS AM (5), SB-2/A (5), SC 13G (5), ARS (4), DEFA14A (4), NT 10-Q (4), PRE 14A (4), SC 13G/A (4), 10-K/A (3), DEF 14C (3), 10-Q/A (2), 10KSB (2), 10KSB/A (2), 10QSB/A (2), 10SB12G/A (2), D (2), PRE 14C (2), 10SB12G (1), 144 (1), 424A (1), REGDEX/A (1), RW (1), SB-2 (1), SC 14F1 (1)
- Latest filingsAnnual report (10-K) Mar 30, 2026
Quarterly report (10-Q) Aug 13, 2026
Proxy statement (DEF 14A) Apr 29, 2026
Latest 8-K (8-K) Sep 8, 2026
Risk factors and legal proceedings
The risks International Stem Cell CORP names in Item 1A of its 10-K filed Mar 30, 2026: 46 risks under these headings, as written.3
- Risks Related to Our Business
- Our business is at an early stage of development, and we may not develop therapeutic products that can be commercialized.
- We have a history of operating losses, and we do not expect to be profitable in the near future.
- We will need additional capital to conduct our operations and develop our products and our ability to obtain the necessary funding is uncertain.
- We have limited clinical testing and regulatory capabilities, and human clinical trials are subject to extensive regulatory requirements, very expensive, time-consuming and difficult to design and implement. Our products may fail to achieve necessary safety and efficacy endpoints during clinical trials, which may limit our ability to generate revenues from therapeutic products.
- Patents held by other persons may result in infringement claims against us that are costly to defend and which may limit our ability to use the disputed technologies and prevent us from pursuing research and development or commercialization of potential products.
- The outcome of pre-clinical, clinical, and product testing of our products is uncertain, and if we are unable to satisfactorily complete such testing, or if such testing yields unsatisfactory results, we may be unable to sell our proposed products.
- Even if we are successful in developing a therapeutic application using our cell technologies, it is unclear whether cell therapy can serve as the foundation for a commercially viable and profitable business.
- Our competition includes fully integrated biotechnology and pharmaceutical companies that have significant advantages over us.
- If competitors develop and market products that are more effective, safer, or less expensive than our product candidates or offer other advantages, our commercial prospects will be limited.
- Restrictive and extensive government regulation could slow or hinder our production of a cellular product.
- The development and commercialization of our product candidates is subject to extensive regulation by the FDA and other regulatory agencies in the United States and abroad, and the failure to receive regulatory approvals for our product candidates would likely have a material and adverse effect on our business and prospects.
The other 35 risks
- Research in the field of embryonic stem cells is currently subject to strict government regulations, and our operations could be restricted or outlawed by any legislative or administrative efforts impacting the use of nuclear transfer technology or human embryonic material.
- We may be unsuccessful in our efforts to comply with applicable federal, state, and international laws and regulations, which could result in loss of licensure, certification, or accreditation or other government enforcement actions or impact our ability to secure regulatory approval of our product candidates.
- We will continue to be subject to extensive FDA regulation following any product approvals, and if we fail to comply with these regulations, we may suffer a significant setback in our business.
- Health care companies have been the subjects of federal and state investigations, and we could become subject to investigations in the future.
- Restrictions on the use of human stem cells, and the ethical, legal, and social implications of that research, could prevent us from developing or gaining acceptance for commercially viable products in these areas.
- To the extent we utilize governmental grants in the future, the governmental entities involved may retain certain rights in technology that we develop using such grant money and we may lose the revenues from such technology if we do not commercialize and utilize the technology pursuant to established government guidelines.
- We rely on parthenogenesis, cell differentiation, and other stem cell technologies that we may not be able to successfully develop, which may prevent us from generating revenues, operating profitably, or providing investors any return on their investment.
- If we are unable to keep up with rapid technological changes in our field or compete effectively, we will be unable to operate profitably.
- We may not be able to protect our proprietary technology, which could harm our ability to operate profitably.
- Our business is highly dependent upon maintaining licenses with respect to key technology.
- We have experienced in the past and may experience in the future network or system failures, or service interruptions, including cybersecurity attacks, or other technology risks. Our inability to protect our systems and data against such risks could harm our business and reputation.
- Certain of our technology may not be subject to protection through patents, which leaves us vulnerable to theft of our technology.
- We depend on our collaborators to help us develop and test our proposed products, and our ability to develop and commercialize products may be impaired or delayed if collaborations are unsuccessful.
- Contractual arrangements with licensors or collaborators may require us to pay royalties or make other payments related to the development of a product candidate, which would adversely affect the level of our future revenues and profits.
- Our reliance on the activities of our non-employee consultants, research institutions, and scientific contractors, whose activities are not wholly within our control, may lead to delays in development of our proposed products.
- We may not be able to obtain third-party patient reimbursement or favorable product pricing, which would reduce our ability to operate profitably.
- Our products may be expensive to manufacture, and they may not be profitable if we are unable to control the costs to manufacture them.
- We presently lack sufficient manufacturing capabilities to produce our therapeutic product candidates at commercial scale quantities and do not have an alternate manufacturing supply, which could negatively impact our ability to meet any future demand for the product.
- To be successful, our proposed products must be accepted by the health care community, which can be very slow to adopt or unreceptive to new technologies and products.
- Our business is based on novel technologies that are inherently expensive, risky and may not be understood by or accepted in the marketplace, which could adversely affect our future value.
- During the year ended December 31, 2025, we derived approximately 54% of our revenues from one customer.
- We depend on key personnel for our continued operations and future success, and a loss of certain key personnel could significantly hinder our ability to move forward with our business plan.
- We may not have sufficient product liability insurance, which may leave us vulnerable to future claims we will be unable to satisfy.
- Many of the key materials in our products and packaging, and manufacturing services for certain of our other products, are obtained from a single or limited number of suppliers. Thus, we are at risk of shortages, price increases, tariffs, changes, delay, or discontinuation of key materials and manufacturing services, which could disrupt and materially and adversely affect our business.
- Economic uncertainties and unfavorable economic conditions could adversely affect our business, financial condition, results of operations, or our access to capital.
- Risks Related to the Securities Markets and Our Capital Structure
- Stock prices for biotechnology companies have historically tended to be very volatile.
- Two of our executive officers and directors can significantly influence our direction and policies, and their interests may be adverse to the interests of our other stockholders.
- The rights of holders of our common stock are subordinate to significant rights, preferences, and privileges of our existing series of preferred stock, and to any additional series of preferred stock created in the future.
- The market price for our common stock has been and may continue to be particularly volatile given our status as a relatively unknown company with a limited operating history and lack of profits, which could lead to wide fluctuations in our share price. The price at which stockholders purchase shares of our common stock may not be indicative of the price of our common stock that will prevail in the trading market.
- Certain provisions of our Certificate of Incorporation and Delaware law may make it more difficult for a third-party to affect a change-in-control.
- The application of the “penny stock” rules to our common stock could limit the trading and liquidity of our common stock, adversely affect the market price of our common stock, and increase stockholder transaction costs to sell those shares.
- The sale or issuance of a substantial number of shares may adversely affect the market price for our common stock.
- Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.
- Limitations on director and officer liability and indemnification of our officers and directors by us may discourage stockholders from bringing suit against a director.
- Compliance with the rules established by the SEC pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 is complex. Failure to comply in a timely manner could adversely affect investor confidence and our stock price.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 17SEC EDGARKenneth C. Aldrich, Chair
- 18SEC EDGARKurt Andrew May, President
- 19SEC EDGARBrian Lundstrom, President
- 20SEC EDGARJeffrey Janus, President
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- 27SEC EDGARRouslan Semechkin, Vice President
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- 32SEC EDGARJames H. Berglund, Board member
- 33SEC EDGARCharles J. Casamento, Board member
- 34SEC EDGARKenneth C. Aldrich, Board member
- 35SEC EDGARAndrei Semechkin, Board member
- 36SEC EDGARWilliam B. Adams, Board member
- 37SEC EDGARRouslan Semechkin, Board member
- 38SEC EDGARWright Don, Board member
- 39SEC EDGARPaul Maier V., Board member
- 40SEC EDGAREdward O. Hunter, Board member
- 41SEC EDGARJeffrey Janus, Board member
- 42SEC EDGARCompleted an acquisition or sale
- 43SEC EDGAREntered a material agreement
- 44SEC EDGARShareholder vote
- 45SEC EDGARShareholder vote
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- 49SEC EDGARShareholder vote
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- 52SEC EDGARShareholder vote
- 53SEC EDGARExecutive or director change
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