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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Valued on Recurring Basis

The fair values of such assets and liabilities were as follows as of September 30, 2025 and December 31, 2024 (in thousands):

						Fair Value Measurements Using
		Balance at September 30, 2025				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Money market fund (1)		$	14,140			$	14,140			$	—			$	—
Marketable debt securities (1)			18,058				18,058				—				—
Marketable debt securities			—				—				—				—
Marketable equity securities (2)			23				23				—				—
Total assets measured at fair value		$	32,221			$	32,221			$	—			$	—
Liabilities:
Warrant liabilities (3)		$	45,171			$	—			$	—			$	45,171
Total liabilities measured at fair value		$	45,171			$	—			$	—			$	45,171

						Fair Value Measurements Using
		Balance at December 31, 2024				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Money market fund (1)		$	21,570			$	21,570			$	—			$	—
Marketable debt securities (1)			17,432				17,432				—				—
Marketable debt securities			1,992				1,992				—				—
Marketable equity securities (2)			24				24				—				—
Total assets measured at fair value		$	41,018			$	41,018			$	—			$	—
Liabilities:
Warrant liabilities (3)		$	6,161			$	—			$	—			$	6,161
Total liabilities measured at fair value		$	6,161			$	—			$	—			$	6,161

(1)Included in cash and cash equivalents in the accompanying condensed consolidated balance sheet. Marketable debt securities purchased with an original maturity of three months or less have been classified as cash equivalents.

(2)Lineage’s marketable equity securities include the shares of stock of OCX and HBL. Both securities have readily determinable fair values quoted on the NASDAQ or TASE (Level 1). These securities are measured at fair value and reported as current assets

on the accompanying condensed consolidated balance sheet based on the closing trading price of the security as of the date being presented. Lineage has not owned any shares of OCX since June 30, 2024.

(3)Liability-classified warrants are valued at issuance, upon warrant exercise, and at each reporting period end date while the warrants are outstanding using a Black-Scholes option pricing model that maximizes the use of observable inputs and minimizes the use of unobservable inputs to the extent possible. Changes in the fair value of liability-classified warrants are recorded in the condensed consolidated statements of operations, and reflected as an adjustment to reconcile net loss to net cash used in operating activities in the condensed consolidated statements of cash flows. A significant increase or decrease in these Level 3 inputs could result in a significantly higher or lower fair value measurement.

Summary of Changes to Level 3 Fair Value Measurement

The following table sets forth a summary of changes to Level 3 fair value measurements for the nine months ended September 30, 2025 (in thousands):

		Common Share Warrant Liabilities
Balance - December 31, 2024		$	6,161
Issued			2,205
Change in fair value of warrant liability recognized in the    consolidated statement of operations			36,992
Derivative warrant liability reclassified to share capital    upon exercise of warrants			(187	)
Balance - September 30, 2025		$	45,171

Summary of Significant Assumptions used in Valuing Warrant Liabilities

Level 3 inputs - Significant assumptions used in valuing the warrant liabilities for the nine months ended September 30, 2025, were as follows:

		Nine Months Ended September 30, 2025
Expected stock price volatility		71.78% - 77.23%
Risk-free interest rate		3.61% - 4.25%
Expected dividend yield			—
Expected term (in years)		2.64 - 3.32

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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