5.	Equity Method 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 $73.9 million as of March 31, 2017 and a fair value of $100.0 million as of December 31, 2016, based on the closing price of Asterias common stock on the NYSE MKT of $3.40 per share and $4.60 per share on those respective dates. For the three months ended March 31, 2017, BioTime recorded an unrealized loss of $26.1 million on the Asterias shares due to the decrease in Asterias stock price from December 31, 2016 to March 31, 2017 (see Note 12).

The unaudited condensed results of operations for the three months ended March 31, 2017 and 2016, the unaudited condensed balance sheet information of Asterias at March 31, 2017 and the audited balance sheet information of Asterias at December 31, 2016 are summarized below (in thousands):

	Three Months Ended March 31, 2017 (unaudited)			Three months ended March 31, 2016 (unaudited)
Condensed Statements of Operations ⁽¹⁾:
Total revenue	$	2,010		$	1,594
Gross profit		1,957			1,541
Loss from operations		(9,107	)		(11,016	)
Net loss	$	(6,287	)	$	(10,262	)

	March 31, 2017 (unaudited)		December 31, 2016
Condensed Balance Sheet information ⁽²⁾:
Current assets	$	34,164	$	36,990
Noncurrent assets		23,057		24,020
	$	57,221	$	61,010

Current liabilities	$	2,883	$	6,051
Noncurrent liabilities		9,876		12,930
Stockholders’ equity		44,462		42,029
	$	57,221	$	61,010

⁽¹⁾ The condensed unaudited statement of operations information included in the table above reflects Asterias’ results of operations for the three months ended March 31, 2017 and 2016. Although the periods shown are provided for comparative purposes only, the condensed results of operations of Asterias shown for the three months ended March 31, 2017 was not included in BioTime’s consolidated statements of operations. For the three months ended March 31, 2016, Asterias information was included in BioTime condensed consolidated statements of operations, after intercompany eliminations.

⁽²⁾The condensed unaudited balance sheet information of Asterias in the table above was not included in BioTime’s condensed consolidated balance sheet as of March 31, 2017 and December 31, 2016.