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| Delaware                                                       |   | 46-1047971                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

| Title of each class                      |   | Name of exchange on which registered |
|------------------------------------------|--------|--------------------------------------|
| Series A Common Stock, $0.0001 par value |   | NYSE MKT                             |

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| Large accelerated filer ☐                                                  | Accelerated filer ☐        |
|----------------------------------------------------------------------------------|----------------------------------|
| Non-accelerated filer ☒ (Do not check if a smaller reporting company) | Smaller reporting company☐ |

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|       |      |                                                                                            | PageNumber |
|------------|-----------|-------------------------------------------------------------------------------------------------|------------|
| Part III.  | Item 10 - | Directors, Executive Officers, and Corporate Governance                                         | 5          |
|       |      |                                                                                            |       |
|       | Item 11 - | Executive Compensation                                                                          | 8          |
|       |      |                                                                                            |       |
|       | Item 12 - | Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters | 15         |
|       |      |                                                                                            |       |
|       | Item 13 - | Certain Relationships and Related Transactions, and Director Independence                       | 17         |
|       |      |                                                                                            |       |
|       | Item 14 - | Principal Accounting Fees and Services                                                          | 20         |
|       |      |                                                                                            |       |
| Part IV    | Item 15 - | Exhibits, Financial Statement Schedules                                                         | 22         |
|       |      |                                                                                            |       |
| Signatures | 23        |

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Table of Contents

| Item 10. | Directors, Executive Officers, and Corporate Governance |
|----------|---------------------------------------------------------|

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Table of Contents

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Table of Contents

| Item 11. | Executive Compensation |
|----------|------------------------|

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| Name                   |  | Principal Position                           |        | Year   |    | Salary |    |   | Bonus  |   |   | Option Awards (1) |      |      | StockAwards |      |   | All other Compensation (8) |    |      | Total  |   |
|------------------------|--|----------------------------------------------|--------|--------|---------|--------|---------|--------|--------|--------|--------|-------------------|-----------|-----------|-------------|-----------|--------|----------------------------|---------|-----------|--------|--------|
|                   |  |                                         |        |   |    |        |    |   |        |   |   |                   |      |      |             |      |   |                            |    |      |        |   |
| Pedro Lichtinger(2)    |  | President and Chief Executive Officer        |        | 2014   |    | $      | 224,359 |   |   |   | -      |              |      | $         | 1,409,456   | (2)  |   | $                          | 468,000 | (2)  |   | $      | 8,333 |   |   | $ | 2,110,148 |   |
|                   |  |                                         |        |   |    |   |    |   |   |   |   |              |      |      |        |      |   |                       |    |      |   |   |   |   |   |   |   |   |
| Thomas B. Okarma(3)(4) |  | Former President and Chief Executive Officer |        | 2014   |    | $      | 340,769 |   |   |   | -      |              |      |      | -           |      |   |                       | -       |      |   |   | - |   |   | $ | 340,769 |   |
|                        |  | 2013                                         |   | $      | 400,000 |   |    |   | -      |   |   | $                 | 1,469,492 | (3)  |        |      | -      |                       |    |      | -      |   |   | $ | 1,869,492 |   |
|                   |  |                                         |        |   |    |   |    |   |   |   |   |              |      |      |        |      |   |                       |    |      |   |   |   |   |   |   |   |   |
| Michael D. West(5)     |  | Vice President of Technology Integration     |        | 2014   |    | $      | 50,003  |   |   | $      | 14,974 |              |      |      | -           |      |   |                       | -       |      |   | $      | 956 |   |   | $ | 65,932 |   |
|                        |  | 2013                                         |   | $      | 37,500  |   |    |   | -      |   |   | $                 | 146,949   | (5)  |        |      | -      |                       |    |      | -      |   |   | $ | 184,449 |   |
|                   |  |                                         |        |   |    |   |    |   |   |   |   |              |      |      |        |      |   |                       |    |      |   |   |   |   |   |   |   |   |
| Jane Lebkowski(6)      |  | President, Research and Development          |        | 2014   |    | $      | 275,000 |   |   |   | -      |              |      |      | -           |      |   |                       | -       |      |   | $      | 8,021 |   |   | $ | 283,021 |   |
|                        |  | 2013                                         |   | $      | 177,604 |   |    |   | -      |   |   | $                 | 587,797   | (6)  |        |      | -      |                       |    | $         | 1,146  |   |   | $ | 766,547 |   |
|                   |  |                                              |        |        |         |        |         |        |        |        |        |                   |           |           |             |           |        |                            |         |           |        |        |  |  |  |  |  |  |
| Katharine Spink(7)     |  | Vice President and Chief Operating Officer   |        | 2014   |    | $      | 250,000 |   |   |   | -      |              |      |      | -           |      |   |                       | -       |      |   | $      | 12,500 |   |   | $ | 262,500 |   |
|                        |  | 2013                                         |   | $      | 157,500 |   |    |   | -      |   |   | $                 | 293,898   | (7)  |        |      | -      |                       |    | $         | 5,156  |   |   | $ | 456,554 |   |

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| (1) | Option awards are valued at the aggregate grant date fair value, as if all options were fully vested and exercisable at the date of grant. Values are computed in accordance with FASB Accounting Standards Codification (ASC) Topic 718. We used the Black-Sholes-Merton Pricing Model to compute option fair values based on applicable exercise and stock prices, an expected option term of seven years, volatility ranging from 71.61% to 76.16%, and bond equivalent yield discount rates ranging from 0.66% to 1.105% depending on the date of grant. The assumptions that we utilized are described in Note 9, to our financial statements for the year ended December 31, 2014, which are included in our Annual Report on Form 10-K for the year ended December 31, 2014. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Mr. Lichtinger was appointed as our Chief Executive Officer on June 9, 2014. As a part of Mr. Lichtinger's initial compensation package, he was granted options to purchase 1,000,000 Series A Shares and 200,000 shares of restricted stock at $2.34 per share under the 2013 Equity Incentive Plan. The restricted stock is subject to restrictions on transfer and to forfeiture until the shares vest. The restricted stock will vest at the rate of 16,667 shares per month while Mr. Lichtinger remains employed by Asterias. In addition, Mr. Lichtinger received his 2014 bonus payment in the form of (i) 23,932 Restricted Stock Units ("RSU's"), and (ii) options to purchase 200,000 Series A Shares. These RSU's and options were granted under the Company's 2013 Equity Incentive Plan. The options are exercisable at an exercise price of $3.90 per share and are subject to time-based vesting in equal monthly installments over a four-year period beginning on the one month anniversary from the date of the grant, provided that Mr. Lichtinger remains employed with the Company through the vesting dates. Each RSU represents a contingent right to receive one share of the Company's Series A Shares. The RSU's are subject to time-based vesting in four equal quarterly payments beginning on June 30, 2015. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Dr. Okarma served as our Chief Executive Officer from September 24, 2012 to April 10, 2014. As part of his severance, he was paid his full salary through the end of October 2014. Dr. Okarma was granted options to purchase 1,000,000 Series A Shares under the 2013 Equity Incentive Plan. These options were forfeited following Dr. Okarma’s departure in April 2014. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The options were granted by BioTime under its 2012 Equity Incentive Plan. These options were forfeited following Dr. Okarma’s departure. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Dr. West served as our President and Chief Executive Officer for an interim period from April 10 to June 9, 2014. He was granted options to purchase 100,000 Series A Shares under the 2013 Equity Incentive Plan. Dr. West's salary and bonus represent an allocated percentage, 7.35% of his BioTime salary, all of which was paid by BioTime. In addition, Dr. West received his 2014 bonus payment in the form of (i) 3,846 RSU's, and (ii) options to purchase 20,000 Series A Shares. These RSU's and options were granted under the Company's 2013 Equity Incentive Plan. The options are exercisable at an exercise price of $3.90 per share and are subject to time-based vesting in equal monthly installments over a four-year period beginning on the one month anniversary from the date of the grant, provided that Dr. West remains employed with the Company through the vesting dates. Each RSU represents a contingent right to receive one share of the Company's Series A Shares. The RSU's are subject to time-based vesting in four equal quarterly payments beginning on June 30, 2015. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (6) | Dr. Lebkowski, as a part of her initial compensation package, was granted options to purchase 400,000 Series A Shares under the 2013 Equity Incentive Plan. In addition, Dr. Lebkowski received her 2014 bonus payment in the form of (i) 31,025 RSU's, and (ii) options to purchase 100,000 Series A Shares. These RSU's and options were granted under the Company's 2013 Equity Incentive Plan. The options are exercisable at an exercise price of $3.90 per share and are subject to time-based vesting in equal monthly installments over a four-year period beginning on the one month anniversary from the date of the grant, provided that Dr. Lebkowski remains employed with the Company through the vesting dates. Each RSU represents a contingent right to receive one share of the Company's Series A Shares. The RSU's are subject to time-based vesting in four equal quarterly payments beginning on June 30, 2015. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Dr. Spink, as a part of her initial compensation package, was granted options to purchase 200,000 Series A Shares under the 2013 Equity Incentive Plan. In addition, Dr. Spink received her 2014 bonus payment in the form of (i) 28,205 RSU's, and (ii) options to purchase 100,000 Series A Shares. These RSU's and options were granted under the Company's 2013 Equity Incentive Plan. The options are exercisable at an exercise price of $3.90 per share and are subject to time-based vesting in equal monthly installments over a four-year period beginning on the one month anniversary from the date of the grant, provided that Dr. Spink remains employed with the Company through the vesting dates. Each RSU represents a contingent right to receive one share of the Company's Series A Shares. The RSU's are subject to time-based vesting in four equal quarterly payments beginning on June 30, 2015. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Other compensation consists entirely of employer contributions to employee accounts under BioTime’s 401(k) plan in which employees of BioTime subsidiaries, including Asterias, are entitled to participate. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name               |  | Option Plan Name                    |   | Number ofSecurities Underlying Unexercised Options Exercisable |    |   | Number ofSecuritiesUnderlyingUnexercised Options Unexercisable |   |    | Option ExercisePrice |   | OptionExpiration Date (1) |   |  Number of Shares or Units of Stock that have not Vested(2) |          |   | Market Value of Shares or Units of Stock that have not Vested |   |
|--------------------|--|-------------------------------------|--------|----------------------------------------------------------------|---------|--------|----------------------------------------------------------------|--------|---------|----------------------|--------|---------------------------|--------|------------------------------------------------------------------|---------------|--------|---------------------------------------------------------------|--------|
|               |  |                                |   |                                                                |    |   |                                                                |   |    |                      |   |                      |   |                                                                  |          |   |                                                               |   |
| Pedro Lichtinger   |  | Asterias 2013 Equity Incentive Plan |   |                                                           | 125,000 |   |                                                           |   | 875,000 |                 |   | $                         | 2.34   |                                                             | June 8, 2021  |   |                                                          | 99,998 |   |   | $ | 323,994 |   |
| Jane Lebkowski     |  | Asterias 2013 Equity Incentive Plan |   |                                                           | 141,666 |   |                                                           |   | 258,334 |                 |   | $                         | 2.34   |                                                             | March 9, 2020 |   |                                                          | -      |   |   |   | - |   |
| Katharine E. Spink |  | Asterias 2013 Equity Incentive Plan |   |                                                           | 70,833  |   |                                                           |   | 129,167 |                 |   | $                         | 2.34   |                                                             | March 9, 2020 |   |                                                          | -      |   |   |   | - |   |
| Michael D. West    |  | Asterias 2013 Equity Incentive Plan |   |                                                           | 43,750  |   |                                                           |   | 56,250  |                 |   | $                         | 2.34   |                                                             | March 9, 2020 |   |                                                          | -      |   |   |   | - |   |
| Robert W. Peabody  |  | Asterias 2013 Equity Incentive Plan |   |                                                           | 46,875  |   |                                                           |   | 78,125  |                 |   | $                         | 2.34   |                                                             | June 23, 2020 |   |                                                          | -      |   |   |   | - |   |

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| (1) | These options are exercisable for Asterias Series A Shares and become exercisable in 48 equal monthly installments during the term of employment by Asterias. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | These RSU's are subject to time-based vesting in twelve equal monthly installments ending on June 8, 2015. |
|-----|------------------------------------------------------------------------------------------------------------|

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|  | · | Audit Committee Chairman: $10,000 |
|--|--------|-----------------------------------|

|  | · | Audit Committee Member other than Chairman: $7,000 |
|--|--------|----------------------------------------------------|

|  | · | Compensation Committee Chairman: $7,500 |
|--|--------|-----------------------------------------|

|  | · | Compensation Committee Member other than Chairman: $5,000 |
|--|--------|-----------------------------------------------------------|

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| Name                     |   | FeesEarned orPaid inCash |   |   | OptionAwards (1) |   |   | Total     |   |
|--------------------------|--------|--------------------------|--------|--------|------------------|--------|--------|-----------|--------|
| Alfred D. Kingsley       |   | $                        | 58,500 |   |             | $      | 90,531 |      |   | $ | 149,031 |   |
| Richard LeBuhn           |   | $                        | 34,750 |   |             | $      | 24,142 |      |   | $ | 58,892 |   |
| Natale Ricciardi         |   | $                        | 26,500 |   |             | $      | 24,100 |      |   | $ | 50,600 |   |
| Andrew Arno              |   | $                        | 24,000 |   |             | $      | 24,100 |      |   | $ | 48,100 |   |
| Andrew C. von Eschenbach |   | $                        | 7,500  |   |             | $      | 24,142 | (2)  |   | $ | 31,642 |   |
| Franklin Berger          |   | $                        | 2,000  |   |             | $      | 24,142 | (2)  |   | $ | 26,142 |   |
| Henry L. Nordhoff        |   | $                        | 8,750  |   |             | $      | 22,058 | (2)  |   | $ | 30,808 |   |

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| (1) | During 2014, our directors who are not salaried employees of Asterias each received an award of stock options entitling them to purchase 20,000 Series A Shares as partial compensation for serving on the Board of Directors for a period of one year, except that Mr. Kingsley received 75,000 stock options as partial compensation for serving in his capacity as Chairman of the Board. The options will vest and become exercisable in equal quarterly installments over a one-year period, but must be reported here at the aggregate grant date fair value, as if all options were fully vested and exercisable at the date of grant. Values are computed in accordance with FASB Accounting Standards Codification (ASC) Topic 718. We used the Black-Sholes-Merton Pricing Model to compute option fair values based on applicable exercise and stock prices, an expected option term of 2.72 years, volatility ranging from 69.99% to 83.98%, and bond equivalent yield discount rates ranging from 0.42% to 0.90% depending on the date of grant. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Mr. Berger resigned from our Board of Directors in March 2014. Dr. von Eschenbach and Mr. Nordhoff resigned from our Board of Directors during April 2014. All unvested options were cancelled upon resignation. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Item 12. | Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters |
|----------|-------------------------------------------------------------------------------------------------|

| Plan category                                              | Number of securitiesto be issued uponexercise ofoutstanding options, warrants and rights |   | Weighted-averageexercise price ofoutstanding options, warrants and rights |   | Number of securitiesremaining availablefor future issuanceunder equity compensation plans |   |
|------------------------------------------------------------|------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------|--------|
| Equity compensation plans approved by security holders     |                                                                                     |   | 3,346,666                                                                 |   |                                                                                      | $      | 2.42 |   |   |   | 1,150,001 |   |
| Equity compensation plans not approved by security holders |                                                                                     |   | —                                                                   |   |                                                                                      |   | — |   |   |   | — |   |
| Total                                                      |                                                                                     |   | 3,346,666                                                                 |   |                                                                                      | $      | 2.42 |   |   |   | 1,150,001 |   |

|                                                      |   | Number of Shares |       |   | Percent of Total |   |
|-----------------------------------------------------------|--------|------------------|------------|--------|------------------|--------|
|                                                      |   |                  |       |   |                  |   |
| BioTime, Inc.(1)                                          |   |             | 24,973,340 |   |             |   | 70.40 | % |
| 1301 Harbor Bay Parkway, Suite 100Alameda, CA 94502       |   |             |       |   |             |   |   |   |
|                                                      |   |             |       |   |             |   |   |   |
| Romulus Films, Ltd(2)                                     |   |             | 2,913,430  |   |             |   | 8.92 | % |
| Wessex House1 Chesham StreetLondon SW1X 8NDUnited Kingdom |   |             |       |   |             |   |   |   |
|                                                      |   |             |       |   |             |   |   |   |
| Broadwood Partner, LP(3)                                  |   |             | 1,641,025  |   |             |   | 4.93 | % |
| 724 Fifth Avenue, 9th FloorNew York, NY 10019             |   |             |       |   |             |   |   |   |

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| (1) | Includes 21,823,340 Series A Shares held by BioTime and 3,150,000 Series A Shares that BioTime may acquire upon the exercise of warrants at $5.00 per share expiring on September 30, 2016. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes 2,563,430 Series A Shares held by Romulus Films and affiliates and 350,000 Series A Shares that Romulus Films may acquire upon the exercise of warrants at $5.00 per share expiring on September 30, 2016. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes 641,025 Series A Shares held by Broadwood and 1,000,000 Series A Shares that Broadwood may acquire upon the exercise of warrants at $2.34 per share expiring on June 15, 2015. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                             |   | Number of Shares |      |   | Percent of Total |   |
|------------------------------------------------------------------|--------|------------------|-----------|--------|------------------|--------|
|                                                             |   |                  |      |   |                  |   |
| Pedro Lichtinger(1)                                              |   |             | 778,205   |   |             |   | 2.39 | % |
|                                                             |   |             |      |   |             |   |   |   |
| Jane S. Lebkowski(2)                                             |   |             | 183,809   |   |             |   | * |   |
|                                                             |   |             |      |   |             |   |   |   |
| Katharine Spink(3)                                               |   |             | 95,833    |   |             |   | * |   |
|                                                             |   |             |      |   |             |   |   |   |
| Robert W. Peabody(4)                                             |   |             | 59,936    |   |             |   | * |   |
|                                                             |   |             |      |   |             |   |   |   |
| Michael D. West(5)                                               |   |             | 56,250    |   |             |   | * |   |
|                                                             |   |             |      |   |             |   |   |   |
| Judith Segall(6)                                                 |   |             | 4,583     |   |             |   | * |   |
|                                                             |   |             |      |   |             |   |   |   |
| Alfred D. Kingsley(7)                                            |   |             | 168,750   |   |             |   | * |   |
|                                                             |   |             |      |   |             |   |   |   |
| Richard LeBuhn(8)                                                |   |             | 20,000    |   |             |   | * |   |
|                                                             |   |             |      |   |             |   |   |   |
| Andrew Arno(9)                                                   |   |             | 15,000    |   |             |   | * |   |
|                                                             |   |             |      |   |             |   |   |   |
| Natale S. Ricciardi(10)                                          |   |             | 15,000    |   |             |   | * |   |
|                                                             |   |             |      |   |             |   |   |   |
| All executive officers and directors as a group (10 persons)(11) |   |             | 1,397,366 |   |             |   | 4.21 | % |

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| (1) | Includes 208,333 Series A Shares owned by Mr. Lichtinger, 41,667 Series A Shares that may be acquired upon the exercise of stock options that will become exercisable, and 200,000 shares of Restricted Stock as to which the restrictions on transfer have expired or will expire within 60 days. Excludes 950,000 Series A Shares that may be acquired upon the exercise of certain stock options that are not presently exercisable and that will not become exercisable within 60 days. Excludes 23,932 Restricted Stock Units ("RSU's") granted in February 2015 under the Company's 2013 Equity Incentive Plan. Each RSU represents a contingent right to receive one share of the Company's Series A Shares. The RSU's are subject to time-based vesting in four equal quarterly payments beginning on June 30, 2015. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes 166,666 Series A Shares that may be acquired upon the exercise of stock options, and 16,667 Series A Shares that may be acquired upon the exercise of stock options that will become exercisable within 60 days. Excludes 316,667 Series A Shares that may be acquired upon the exercise of certain stock options that are not presently exercisable and that will not become exercisable within 60 days. Excludes 31,025 Restricted Stock Units granted in February 2015 under the Company's 2013 Equity Incentive Plan. Each RSU represents a contingent right to receive one share of the Company's Series A Shares. The RSU's are subject to time-based vesting in four equal quarterly payments beginning on June 30, 2015. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes 87,500 Series A Shares that may be acquired upon the exercise of certain stock options, and 8,333 Series A Shares that may be acquired upon the exercise of stock options that will become exercisable within 60 days. Excludes 204,167 Series A Shares that may be acquired upon the exercise of certain stock options that are not presently exercisable and that will not become exercisable within 60 days. Excludes 28,205 Restricted Stock Units granted in February 2015 under the Company's 2013 Equity Incentive Plan. Each RSU represents a contingent right to receive one share of the Company's Series A Shares. The RSU's are subject to time-based vesting in four equal quarterly payments beginning on June 30, 2015. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Includes 54,687 Series A Shares that may be acquired upon the exercise of certain stock options, and 5,208 Series A Shares that may be acquired upon the exercise of certain stock options that will become exercisable within 60 days. Excludes 115,105 Series A Shares that may be acquired upon the exercise of certain stock options that are not presently exercisable and that will not become exercisable within 60 days. Excludes 3,846 Restricted Stock Units granted in February 2015 under the Company's 2013 Equity Incentive Plan. Each RSU represents a contingent right to receive one share of the Company's Series A Shares. The RSU's are subject to time-based vesting in four equal quarterly payments beginning on June 30, 2015. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Includes 52,083 Series A Shares that may be acquired upon the exercise of certain stock options and 4,167 Series A Shares that may be acquired upon the exercise of stock options that will become exercisable within 60 days. Excludes 63,750 Series A Shares that may be acquired upon the exercise of certain stock options that are not presently exercisable and that will not become exercisable within 60 days. Excludes 3,846 Restricted Stock Units granted in February 2015 under the Company's 2013 Equity Incentive Plan. Each RSU represents a contingent right to receive one share of the Company's Series A Shares. The RSU's are subject to time-based vesting in four equal quarterly payments beginning on June 30, 2015. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (6) | Includes 4,166 Series A Shares that may be acquired upon the exercise of certain stock options and 417 Series A Shares that may be acquired upon the exercise of stock options that will become exercisable within 60 days. Excludes 25,417 Series A Shares that may be acquired upon the exercise of certain stock options that are not presently exercisable and that will not become exercisable within 60 days. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Includes 168,750 Series A Shares that may be acquired upon the exercise of certain stock options. Excludes 56,250 Series A shares that may be acquired upon the exercise of certain stock options that are not presently exercisable and that will not become exercisable within 60 days. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Includes 20,000 Series A Shares that may be acquired upon the exercise of certain stock. Excludes 20,000 Series A Shares that may be acquired upon the exercise of certain stock options that are not presently exercisable and that will not become exercisable within 60 days.  In addition, this excludes options to purchase 20,000 Series A Shares that were granted to Mr. LeBuhn on April 1, 2015, which are subject to approval by the stockholders of the Company at the 2015 Annual Meeting of a sufficient increase in the authorized number of shares issuable pursuant to the Company's 2013 Equity Incentive Plan. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Includes 15,000 Series A Shares that may be acquired upon the exercise of certain stock. Excludes 25,000 Series A Shares that may be acquired upon the exercise of certain stock options that are not presently exercisable and that will not become exercisable within 60 days. In addition, this excludes options to purchase 20,000 Series A Shares that were granted to Mr. Arno on April 1, 2015, which are subject to approval by the stockholders of the Company at the 2015 Annual Meeting of a sufficient increase in the authorized number of shares issuable pursuant to the Company's 2013 Equity Incentive Plan. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Includes 15,000 Series A Shares that may be acquired upon the exercise of certain stock. Excludes 25,000 Series A Shares that may be acquired upon the exercise of certain stock options that are not presently exercisable and that will not become exercisable within 60 days. In addition, this excludes options to purchase 20,000 Series A Shares that were granted to Mr. Ricciardi on April 1, 2015, which are subject to approval by the stockholders of the Company at the 2015 Annual Meeting of a sufficient increase in the authorized number of shares issuable pursuant to the Company's 2013 Equity Incentive Plan. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Includes 328,205 Series A Shares owned by Mr. Lichtinger, 476 Series A Shares owned by Dr. Lebkowski, 41 Series A Shares owned by Mr. Peabody, 792,185 Series A Shares that may be acquired upon the exercise of certain stock options, 76,459 Series A Shares that may be acquired upon the exercise of certain stock options that will become exercisable within 60 days, and 200,000 shares of Restricted Stock as to which the restrictions will expire within 60 days. Excludes 1,801,356 Series A Shares that may be acquired upon the exercise of certain stock options that are not presently exercisable and that will not become exercisable within 60 days. Excludes 90,853 Restricted Stock Units granted in February 2015 under the Company's 2013 Equity Incentive Plan. Each RSU represents a contingent right to receive one share of the Company's Series A Shares. The RSU's are subject to time-based vesting in four equal quarterly payments beginning on June 30, 2015. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 13. | Certain Relationships and Related Transactions, and Director Independence |
|----------|---------------------------------------------------------------------------|

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|  | · | the interest of the officer, director, beneficial owner of more than 5% of any class of our voting securities, or any member of their immediate family (“Related Person”) in the Related Person Transaction; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the approximate dollar value of the amount involved in the Related Person Transaction; |
|--|--------|----------------------------------------------------------------------------------------|

|  | · | the approximate dollar value of the amount of the Related Person’s interest in the transaction without regard to the amount of any profit or loss; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | whether the transaction was undertaken in the ordinary course of our business; |
|--|--------|--------------------------------------------------------------------------------|

|  | · | whether the transaction with the Related Person is proposed to be, or was, entered into on terms no less favorable to us than terms that could have been reached with an unrelated third party; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the purpose of, and the potential benefits to the transaction to us; and |
|--|--------|--------------------------------------------------------------------------|

|  | · | any other information regarding the Related Person Transaction or the Related Person in the context of the proposed transaction that would be material to investors in light of the circumstances of the particular transaction. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Item 14. | Principal Accountant Fees and Services. |
|----------|-----------------------------------------|

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|                   |   | Fiscal2014 ($) |    |   | Fiscal2013 ($) |   |
|------------------------|--------|----------------|---------|--------|----------------|--------|
|                   |   |                |    |   |                |   |
| Audit Fees (1)         |   | $              | 177,855 |   |           | $      | 45,500 |   |
| Audit Related Fees (2) |   |           | 64,455  |   |           |   | 179,500 |   |
| Tax Fees (3)           |   |           | 10,000  |   |           |   | - |   |
| Total Fees             |   | $              | 308,364 |   |           | $      | 295,000 |   |

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| (1) | Audit Fees consist of fees billed for professional services rendered for the audit of the Company’s consolidated annual financial statements included in our Annual Report on Form 10-K and review of the interim consolidated financial statements included in our Quarterly Reports on Form 10-Q and services that are normally provided by our independent registered public accountants in connection with statutory and regulatory filings or engagements. For the fiscal years ended December 31, 2014 and 2013, aggregate fees for professional services billed by Rothstein Kass were $125,000 and $45,500, respectively and by OUM were $52,855 and $0.00, respectively. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Audit-Related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s consolidated financial statements and are not reported under “Audit Fees.” This category includes fees related to non-routine SEC filings. For the fiscal years ended December 31, 2014 and 2013, aggregate fees for professional services billed by Rothstein Kass were $55,800 and $179,500, respectively and by OUM were $8,655 and $0.00, respectively. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Tax Fees were billed for services including assistance with tax compliance and the preparation of tax returns, tax consultation services, assistance in connection with tax audits and tax advice related to mergers, acquisitions and dispositions. For the fiscal years ended December 31, 2014 and 2013, fees for professional services billed by Rothstein Kass were $10,000 and $0.00, respectively and none by OUM. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Item 15. | Exhibits and Financial Statement Schedules. |
|----------|---------------------------------------------|

| Exhibit |   | Description                                                                            |
|---------|--------|----------------------------------------------------------------------------------------|
|    |   |                                                                                   |
| 31.1*   |   | Certification of Principal Executive Officer Pursuant to SEC Rule 13a-14(a)/15d-14(a). |
|    |   |                                                                                   |
| 31.2*   |   | Certification of Principal Financial Officer Pursuant to SEC Rule 13a-14(a)/15d-14(a). |
|    |   |                                                                                   |
| *       |   | Filed herewith.                                                                        |

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|   | ASTERIAS BIOTHERAPEUTICS, INC. |
|--------|--------------------------------|
|   |                           |
|   | By:                            | /s/ Pedro Lichtinger |
|   |                           | Pedro Lichtinger,President and Chief Executive Officer |

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