Business Context and Reporting Period
This Form 8-K Current Report was filed by Lineage Cell Therapeutics, Inc. (LCTX) on June 11, 2024. The filing addresses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Dismissal of Previous Auditor: The Audit Committee approved the dismissal of WithumSmith+Brown, PC ("Withum") effective June 11, 2024. Withum audited the financial statements for the years ended December 31, 2023, and 2022.
- Engagement of New Auditor: The Audit Committee approved the engagement of Moss Adams LLP ("Moss Adams") as the independent registered public accounting firm for the fiscal year ending December 31, 2024, effective June 11, 2024.
- Audit Opinion Status: Withum's most recent report (dated March 7, 2024) did not contain an adverse opinion, disclaimer of opinion, or qualification regarding uncertainty, audit scope, or accounting principles.
Management Commentary and Risks
The Company reported no disagreements with Withum on matters of accounting principles, practices, financial statement disclosure, or auditing scope during the two years ended December 31, 2023, or the interim period through June 11, 2024. Additionally, no "reportable events" requiring disclosure under Item 304(a)(1)(v) of Regulation S-K occurred during this period. The Company confirmed that no consultations regarding accounting principles or audit opinions were held with Moss Adams prior to their engagement.
Investor Verification Checklist
- Verify the content of the letter from WithumSmith+Brown, PC (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the dismissal.
- Monitor future filings for the first financial statements audited by Moss Adams LLP.
- Review the Company's upcoming 10-K or 10-Q filings for any material changes in financial performance or liquidity that may have prompted the auditor change, though none were disclosed in this report.