Intrinsic value of BioTime - BTX

Previous Close

$1.68

  Intrinsic Value

$0.31

stock screener

  Rating & Target

str. sell

-82%

Previous close

$1.68

 
Intrinsic value

$0.31

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of BTX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  6
  9
  13
  19
  26
  36
  48
  63
  82
  103
  128
  156
  189
  224
  264
  307
  354
  404
  457
  514
  574
  637
  704
  773
  846
  921
  1,000
  1,082
  1,167
  1,256
Variable operating expenses, $m
  42
  65
  96
  139
  196
  269
  361
  474
  610
  770
  956
  1,168
  1,408
  1,676
  1,970
  2,292
  2,640
  3,014
  3,414
  3,838
  4,286
  4,759
  5,254
  5,773
  6,315
  6,880
  7,469
  8,081
  8,718
  9,380
Fixed operating expenses, $m
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  26
  27
  28
  28
  29
  29
  30
  31
  31
  32
  33
  33
  34
  35
  36
  36
Total operating expenses, $m
  61
  85
  116
  160
  217
  291
  383
  497
  633
  794
  980
  1,193
  1,433
  1,702
  1,996
  2,319
  2,668
  3,042
  3,443
  3,867
  4,316
  4,790
  5,285
  5,805
  6,348
  6,913
  7,503
  8,116
  8,754
  9,416
Operating income, $m
  -56
  -76
  -104
  -141
  -191
  -255
  -335
  -433
  -552
  -691
  -852
  -1,037
  -1,245
  -1,477
  -1,733
  -2,012
  -2,314
  -2,639
  -2,985
  -3,353
  -3,742
  -4,152
  -4,582
  -5,032
  -5,502
  -5,992
  -6,503
  -7,034
  -7,586
  -8,160
EBITDA, $m
  -52
  -70
  -95
  -129
  -173
  -231
  -303
  -391
  -497
  -623
  -768
  -934
  -1,122
  -1,330
  -1,560
  -1,811
  -2,083
  -2,375
  -2,686
  -3,017
  -3,367
  -3,736
  -4,122
  -4,527
  -4,949
  -5,390
  -5,849
  -6,326
  -6,823
  -7,339
Interest expense (income), $m
  0
  0
  3
  5
  9
  14
  20
  29
  39
  52
  68
  87
  108
  132
  160
  191
  225
  262
  302
  345
  391
  440
  492
  546
  603
  663
  726
  791
  859
  929
  1,002
Earnings before tax, $m
  -56
  -78
  -109
  -150
  -205
  -275
  -364
  -473
  -604
  -759
  -938
  -1,145
  -1,377
  -1,637
  -1,924
  -2,237
  -2,576
  -2,941
  -3,330
  -3,745
  -4,183
  -4,644
  -5,128
  -5,636
  -6,165
  -6,718
  -7,294
  -7,893
  -8,515
  -9,163
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -56
  -78
  -109
  -150
  -205
  -275
  -364
  -473
  -604
  -759
  -938
  -1,145
  -1,377
  -1,637
  -1,924
  -2,237
  -2,576
  -2,941
  -3,330
  -3,745
  -4,183
  -4,644
  -5,128
  -5,636
  -6,165
  -6,718
  -7,294
  -7,893
  -8,515
  -9,163

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  263
  407
  609
  883
  1,246
  1,713
  2,300
  3,020
  3,885
  4,908
  6,094
  7,451
  8,980
  10,685
  12,564
  14,615
  16,835
  19,221
  21,768
  24,474
  27,334
  30,346
  33,507
  36,816
  40,272
  43,875
  47,628
  51,533
  55,593
  59,813
Adjusted assets (=assets-cash), $m
  263
  407
  609
  883
  1,246
  1,713
  2,300
  3,020
  3,885
  4,908
  6,094
  7,451
  8,980
  10,685
  12,564
  14,615
  16,835
  19,221
  21,768
  24,474
  27,334
  30,346
  33,507
  36,816
  40,272
  43,875
  47,628
  51,533
  55,593
  59,813
Revenue / Adjusted assets
  0.023
  0.022
  0.021
  0.022
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
  0.021
Average production assets, $m
  18
  28
  42
  61
  86
  118
  158
  207
  267
  337
  418
  511
  617
  734
  862
  1,003
  1,156
  1,319
  1,494
  1,680
  1,876
  2,083
  2,300
  2,527
  2,765
  3,012
  3,270
  3,538
  3,816
  4,106
Working capital, $m
  -4
  -6
  -9
  -13
  -18
  -25
  -33
  -44
  -56
  -71
  -88
  -108
  -130
  -155
  -182
  -211
  -244
  -278
  -315
  -354
  -396
  -439
  -485
  -533
  -583
  -635
  -689
  -746
  -804
  -865
Total debt, $m
  10
  21
  35
  55
  81
  115
  157
  209
  271
  345
  430
  528
  638
  761
  896
  1,044
  1,203
  1,375
  1,559
  1,753
  1,959
  2,176
  2,404
  2,642
  2,891
  3,150
  3,421
  3,702
  3,994
  4,298
Total liabilities, $m
  19
  29
  44
  64
  90
  123
  166
  217
  280
  353
  439
  536
  647
  769
  905
  1,052
  1,212
  1,384
  1,567
  1,762
  1,968
  2,185
  2,412
  2,651
  2,900
  3,159
  3,429
  3,710
  4,003
  4,307
Total equity, $m
  244
  378
  565
  820
  1,156
  1,590
  2,134
  2,802
  3,606
  4,554
  5,655
  6,914
  8,334
  9,916
  11,659
  13,562
  15,623
  17,837
  20,201
  22,712
  25,366
  28,161
  31,094
  34,165
  37,372
  40,716
  44,199
  47,822
  51,590
  55,506
Total liabilities and equity, $m
  263
  407
  609
  884
  1,246
  1,713
  2,300
  3,019
  3,886
  4,907
  6,094
  7,450
  8,981
  10,685
  12,564
  14,614
  16,835
  19,221
  21,768
  24,474
  27,334
  30,346
  33,506
  36,816
  40,272
  43,875
  47,628
  51,532
  55,593
  59,813
Debt-to-equity ratio
  0.040
  0.050
  0.060
  0.070
  0.070
  0.070
  0.070
  0.070
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
Adjusted equity ratio
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -56
  -78
  -109
  -150
  -205
  -275
  -364
  -473
  -604
  -759
  -938
  -1,145
  -1,377
  -1,637
  -1,924
  -2,237
  -2,576
  -2,941
  -3,330
  -3,745
  -4,183
  -4,644
  -5,128
  -5,636
  -6,165
  -6,718
  -7,294
  -7,893
  -8,515
  -9,163
Depreciation, amort., depletion, $m
  4
  6
  9
  13
  18
  24
  32
  42
  54
  68
  84
  102
  123
  147
  172
  201
  231
  264
  299
  336
  375
  417
  460
  505
  553
  602
  654
  708
  763
  821
Funds from operations, $m
  -52
  -72
  -100
  -137
  -187
  -251
  -332
  -431
  -550
  -691
  -855
  -1,042
  -1,254
  -1,490
  -1,751
  -2,036
  -2,345
  -2,677
  -3,032
  -3,409
  -3,807
  -4,227
  -4,668
  -5,130
  -5,613
  -6,116
  -6,640
  -7,185
  -7,752
  -8,341
Change in working capital, $m
  -1
  -2
  -3
  -4
  -5
  -7
  -8
  -10
  -13
  -15
  -17
  -20
  -22
  -25
  -27
  -30
  -32
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
Cash from operations, $m
  -51
  -70
  -97
  -133
  -182
  -244
  -323
  -420
  -537
  -676
  -837
  -1,023
  -1,232
  -1,466
  -1,724
  -2,006
  -2,313
  -2,642
  -2,995
  -3,369
  -3,766
  -4,184
  -4,623
  -5,082
  -5,563
  -6,064
  -6,585
  -7,128
  -7,693
  -8,280
Maintenance CAPEX, $m
  -2
  -4
  -6
  -8
  -12
  -17
  -24
  -32
  -41
  -53
  -67
  -84
  -102
  -123
  -147
  -172
  -201
  -231
  -264
  -299
  -336
  -375
  -417
  -460
  -505
  -553
  -602
  -654
  -708
  -763
New CAPEX, $m
  -8
  -10
  -14
  -19
  -25
  -32
  -40
  -49
  -59
  -70
  -81
  -93
  -105
  -117
  -129
  -141
  -152
  -164
  -175
  -186
  -196
  -207
  -217
  -227
  -237
  -247
  -258
  -268
  -279
  -290
Cash from investing activities, $m
  -10
  -14
  -20
  -27
  -37
  -49
  -64
  -81
  -100
  -123
  -148
  -177
  -207
  -240
  -276
  -313
  -353
  -395
  -439
  -485
  -532
  -582
  -634
  -687
  -742
  -800
  -860
  -922
  -987
  -1,053
Free cash flow, $m
  -61
  -84
  -116
  -161
  -219
  -294
  -387
  -501
  -638
  -800
  -986
  -1,199
  -1,439
  -1,706
  -2,000
  -2,320
  -2,666
  -3,037
  -3,433
  -3,854
  -4,298
  -4,766
  -5,256
  -5,769
  -6,305
  -6,864
  -7,445
  -8,050
  -8,679
  -9,333
Issuance/(repayment) of debt, $m
  9
  10
  15
  20
  26
  34
  42
  52
  62
  74
  85
  98
  110
  123
  135
  148
  160
  172
  183
  195
  206
  217
  228
  238
  249
  259
  270
  281
  292
  304
Issuance/(repurchase) of shares, $m
  169
  212
  296
  405
  542
  709
  908
  1,141
  1,407
  1,707
  2,039
  2,403
  2,797
  3,219
  3,667
  4,140
  4,636
  5,155
  5,695
  6,255
  6,837
  7,439
  8,062
  8,706
  9,373
  10,062
  10,776
  11,516
  12,283
  13,079
Cash from financing (excl. dividends), $m  
  178
  222
  311
  425
  568
  743
  950
  1,193
  1,469
  1,781
  2,124
  2,501
  2,907
  3,342
  3,802
  4,288
  4,796
  5,327
  5,878
  6,450
  7,043
  7,656
  8,290
  8,944
  9,622
  10,321
  11,046
  11,797
  12,575
  13,383
Total cash flow (excl. dividends), $m
  118
  138
  194
  264
  349
  449
  563
  691
  832
  982
  1,139
  1,302
  1,468
  1,636
  1,803
  1,968
  2,130
  2,289
  2,445
  2,596
  2,745
  2,890
  3,033
  3,175
  3,316
  3,458
  3,601
  3,747
  3,896
  4,049
Retained Cash Flow (-), $m
  -169
  -212
  -296
  -405
  -542
  -709
  -908
  -1,141
  -1,407
  -1,707
  -2,039
  -2,403
  -2,797
  -3,219
  -3,667
  -4,140
  -4,636
  -5,155
  -5,695
  -6,255
  -6,837
  -7,439
  -8,062
  -8,706
  -9,373
  -10,062
  -10,776
  -11,516
  -12,283
  -13,079
Prev. year cash balance distribution, $m
  31
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -21
  -73
  -102
  -141
  -193
  -260
  -345
  -449
  -576
  -726
  -901
  -1,102
  -1,329
  -1,583
  -1,864
  -2,172
  -2,506
  -2,865
  -3,250
  -3,659
  -4,092
  -4,549
  -5,029
  -5,531
  -6,056
  -6,604
  -7,175
  -7,769
  -8,387
  -9,029
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -20
  -67
  -89
  -116
  -149
  -189
  -233
  -281
  -331
  -381
  -428
  -470
  -505
  -532
  -547
  -552
  -545
  -528
  -500
  -465
  -423
  -377
  -330
  -282
  -236
  -193
  -154
  -120
  -92
  -68
Current shareholders' claim on cash, %
  50.4
  30.4
  19.0
  12.3
  8.2
  5.6
  3.9
  2.8
  2.0
  1.5
  1.1
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

BioTime, Inc. is a clinical-stage biotechnology company focused on developing and commercializing products addressing degenerative diseases. Its clinical programs are based on two platform technologies: pluripotent stem cells and cell/drug delivery platform technologies. The foundation of its cell delivery platform is its HyStem cell and drug delivery matrix technology. Its clinical programs are targeting three primary sectors, aesthetics, ophthalmology and cell/drug delivery. Its facial aesthetics product, Renevia, is a potential treatment for facial lipoatrophy. It is in a pivotal clinical trial in Europe to assess its safety and efficacy in restoring normal skin contours in patients whose subcutaneous fat, or adipose tissue, has been lost due to the use of certain drugs often used to treat patients with human immune virus. OpRegen is its lead product for ophthalmological disorders. It is a suspension of retinal pigment epithelial cells that are derived from pluripotent stem cells.

FINANCIAL RATIOS  of  BioTime (BTX)

Valuation Ratios
P/E Ratio 5.1
Price to Sales 28.8
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow -4.1
Price to Free Cash Flow -3.9
Growth Rates
Sales Growth Rate -14.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 23
Current Ratio 0
LT Debt to Equity 2.5%
Total Debt to Equity 3.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 28.6%
Ret/ On Assets - 3 Yr. Avg. -27%
Return On Total Capital 44.2%
Ret/ On T. Cap. - 3 Yr. Avg. -76.8%
Return On Equity 46.9%
Return On Equity - 3 Yr. Avg. -81.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 100%
Gross Margin - 3 Yr. Avg. 88.6%
EBITDA Margin 400%
EBITDA Margin - 3 Yr. Avg. -424.8%
Operating Margin -166.7%
Oper. Margin - 3 Yr. Avg. -709.8%
Pre-Tax Margin 316.7%
Pre-Tax Margin - 3 Yr. Avg. -534.4%
Net Profit Margin 566.7%
Net Profit Margin - 3 Yr. Avg. -274.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 7.2%
Payout Ratio 0%

BTX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BTX stock intrinsic value calculation we used $3.458 million for the last fiscal year's total revenue generated by BioTime. The default revenue input number comes from 0001 income statement of BioTime. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BTX stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for BTX is calculated based on our internal credit rating of BioTime, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of BioTime.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BTX stock the variable cost ratio is equal to 766.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $19 million in the base year in the intrinsic value calculation for BTX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 25.1% for BioTime.

Corporate tax rate of 27% is the nominal tax rate for BioTime. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BTX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BTX are equal to 326.9%.

Life of production assets of 4.3 years is the average useful life of capital assets used in BioTime operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BTX is equal to -68.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $162.641 million for BioTime - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 126.877 million for BioTime is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of BioTime at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
PFE Pfizer 44.11 34.10  hold
AST Asterias Bioth 1.25 0.08  str.sell
GERN Geron 1.57 0.15  str.sell
BAX Baxter Interna 61.56 13.73  str.sell
EXAS EXACT Sciences 68.25 110.03  str.buy
TECH Bio-Techne 163.67 89.32  str.sell

COMPANY NEWS

▶ Asterias Biotherapeutics Reports Third Quarter Results   [Nov-09-18 04:10PM  GlobeNewswire]
▶ BioTime: 3Q Earnings Snapshot   [07:11AM  Associated Press]
▶ BioTime Warrants to Expire on October 1, 2018   [Sep-21-18 07:00AM  Business Wire]
▶ Can The Uptrend Continue for BioTime (BTX)?   [Sep-04-18 09:37AM  Zacks]
▶ BioTime: 2Q Earnings Snapshot   [05:31PM  Associated Press]
▶ BioTime, Inc. to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ Here's Why BioTime, Inc Rose as Much as 14.3% Today   [Jul-23-18 04:12PM  Motley Fool]
▶ BioTime (BTX) in Focus: Stock Moves 7.3% Higher   [Jul-12-18 09:04AM  Zacks]
▶ BioTime Awarded Grant From the NIH   [Jun-29-18 07:00AM  Business Wire]
▶ BioTime Licenses GMP Cell Line to Goliver Therapeutics   [Jun-25-18 07:00AM  Business Wire]
▶ June Fundamental Stock Pick: Forbuild SA (WSE:BTX)   [Jun-14-18 11:37AM  Simply Wall St.]
▶ BioTime to Present at the 8th Annual LD Micro Invitational   [May-30-18 07:00AM  Business Wire]
▶ BioTime: 1Q Earnings Snapshot   [May-10-18 05:23PM  Associated Press]
▶ AgeX Announces NIH Grant Award   [May-02-18 07:00AM  Business Wire]
▶ BioTime (BTX): Moving Average Crossover Alert   [Apr-10-18 07:41AM  Zacks]
▶ BioTime Announces Cash Sale of Ascendance Biotechnology   [Mar-27-18 07:00AM  Business Wire]
▶ BioTime reports 4Q loss   [Mar-15-18 05:35PM  Associated Press]
▶ BioTime, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ BioTime Q4 Earnings Outlook   [10:44AM  Benzinga]
▶ BioTime Appoints Cavan Redmond to Its Board of Directors   [Feb-22-18 07:00AM  Business Wire]
▶ ETFs with exposure to BioTime, Inc. : December 29, 2017   [Dec-29-17 11:38AM  Capital Cube]
▶ ETFs with exposure to BioTime, Inc. : December 18, 2017   [Dec-18-17 02:59PM  Capital Cube]
▶ ETFs with exposure to BioTime, Inc. : December 7, 2017   [Dec-07-17 01:06PM  Capital Cube]

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