Lineage Cell Therapeutics is a clinical-stage biotech developing allogeneic, off-the-shelf cell transplant therapies for diseases caused by the loss or dysfunction of specific cell types. Rather than targeting molecular pathways with drugs, Lineage uses pluripotent stem cells as a manufacturing input, differentiating them into mature, functional human cells that replace what patients have lost. Lineage's lead program is OpRegen, an allogeneic retinal pigment epithelial cell transplant for geographic atrophy secondary to dry age-related macular degeneration, currently in Phase 2a development and fully funded by Roche and Genentech under a worldwide collaboration. OpRegen aims to replace the damaged RPE cell layer in a one-time procedure, targeting a disease where approved therapies only slow progression and require chronic injections. Lineage's second clinical program is OPC1, an oligodendrocyte progenitor cell therapy for spinal cord injury in Phase 1/2a, fully owned by Lineage. Earlier-stage programs span sensorineural hearing loss, Type 1 diabetes, and photoreceptor degeneration. Lineage generates revenue primarily through collaboration agreements — the Roche/Genentech partnership accounts for nearly all revenue today, with Lineage eligible for up to an additional $615M in milestones and tiered double-digit royalties on OpRegen net sales if approved. The company's core technology is its AlloSCOPE manufacturing platform, which differentiates a single pluripotent cell line into GMP-banked, off-the-shelf product at commercial scale. Lineage's strategy is to use this platform to build a portfolio of cell therapy assets, partnering select programs for external funding while retaining royalty and milestone economics.