XML 37 R11.htm IDEA: XBRL DOCUMENT v3.6.0.2
Equity Method of Accounting for Common Stock of Asterias, at fair value
 12 Months Ended
Dec. 31, 2016
Equity Method Accounting for Common Stock of Asterias, at fair value [Abstract]  
Equity Method of Accounting for Common Stock of Asterias, at fair value
4. 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 $100.0 million as of December 31, 2016 and a fair value of $65.7 million as of May 13, 2016, based on the closing price of Asterias common stock on the NYSE MKT on those respective dates. For the year ended December 31, 2016, BioTime recorded unrealized gains 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 Year Ended
December 31, 2016 (1)
 
Condensed Statements of Operations (1):
   
Total revenue
 
$
6,954
 
Gross profit
  
6,826
 
Loss from operations
  
(34,123
)
Net loss
 
$
(35,038
)

  
December 31, 2016
  
December 31, 2015
 
Condensed Balance Sheet information (2):
      
Current assets
 
$
36,990
  
$
29,789
 
Noncurrent assets
  
24,020
   
27,445
 
  
$
61,010
  
$
57,234
 
         
Current liabilities
 
$
6,051
  
$
4,980
 
Noncurrent liabilities
  
12,930
   
7,155
 
Stockholders’ equity
  
42,029
   
45,099
 
  
$
61,010
  
$
57,234
 

(1)
Asterias results of operations for the period from January 1, 2016 through May 12, 2016, the date immediately preceding the Asterias Deconsolidation, are included in the consolidated results of operations of BioTime for the year ended December 31, 2016 shown in the table below.
(2)
The condensed balance sheet information of Asterias as of December 31, 2016, provided for informational and comparative purposes only, was not included in BioTime’s consolidated balance sheet at December 31, 2016 due to the Asterias Deconsolidation on May 13, 2016. The condensed balance sheet information of Asterias as of December 31, 2015, included in the table above, was included in BioTime’s consolidated balance sheet at December 31, 2015, after intercompany eliminations.
 
The following table summarizes Asterias results of operations that are included in BioTime’s consolidated results of operations, after intercompany eliminations, for the period from January 1, 2016 through May 12, 2016, the date immediately preceding the Asterias Deconsolidation, and for the years ended December 31, 2015 and 2014 (in thousands).

  
For the Period
January 1, 2016
through May 12, 2016
  
Year Ended
December 31,
2015
  
Year Ended
December 31,
2014
 
Total revenue
 
$
2,354
  
$
3,582
  
$
1,224
 
Gross profit
  
2,301
   
3,314
   
1,129
 
Loss from operations
  
(13,944
)
  
(21,908
)
  
(17,461
)
Net loss
 
$
(13,113
)
 
$
(15,003
)
 
$
(10,097
)