AgeX Therapeutics, Inc. - AGE STOCK NEWS

AgeX Therapeutics, Inc. (AGE) reported Q3 financial results, including $36M of debt converted into preferred stock, a merger agreement with Serina Therapeutics, and an increase in line of credit by $4.4M. The company also issued shares of preferred stock to eliminate $36M of indebtedness, while the cash, cash equivalents, and restricted cash totaled $0.4M as of September 30, 2023. Operating expenses for Q3 2023 were $2.4M, with a net loss of $5.4M.

Serina Therapeutics and AgeX Therapeutics announce merger to focus on developing therapeutics based on Serina's proprietary POZ Platform™ delivery technology. Lead program will be SER-252 for advanced Parkinson's Disease. Focus on expanding partnerships in immunology, cancer Rx, and gene therapy fields.

AgeX Therapeutics cancels $36 million of debt in exchange for preferred stock, meeting NYSE listing requirements

AgeX Therapeutics, Inc. (NYSE American: AGE) entered into an Exchange Agreement with Juvenescence Limited, issuing 211,600 shares of Series A Preferred Stock and 148,400 shares of Series B Preferred Stock in exchange for the cancellation of $36 Million of indebtedness. The purpose is to bring AgeX common stock back into compliance with NYSE American listing requirements. The exchange would increase AgeX's stockholders equity to approximately $16 Million from a deficit of $20 Million. The exchange of indebtedness for Preferred Stock is expected to occur on or around July 25, 2023, subject to NYSE American approval and filing of necessary documents. The Preferred Stock is not entitled to receive cash or other dividends, and has limited voting rights.

AgeX Therapeutics (NYSE American: AGE) announced it received a Deficiency Letter from the NYSE American on April 20, 2023, indicating non-compliance with listing standards due to inadequate stockholders' equity. The company has less than $2 million in stockholders' equity, and has incurred losses in recent fiscal years. If compliance is not achieved by May 17, 2023, delisting proceedings may commence. AgeX plans to seek alternative trading platforms if delisted. The company focuses on innovative therapies for aging, utilizing technologies like PureStem® and UniverCyte™ to develop cell therapies targeting diseases with high unmet medical needs.

AgeX Therapeutics, Inc. (AGE) reported its Q4 and full-year 2022 financial results, noting significant revenue decline. Q4 2022 revenues were $8,000, down from $27,000 in Q4 2021, while total annual revenues fell to $34,000 from $144,000 in 2021. Operating expenses for 2022 decreased to $7.0 million from $8.2 million in 2021. The net loss attributable to AgeX increased to $10.5 million, or ($0.28) per share, up from $8.7 million in 2021. The company raised doubts regarding its ability to continue as a going concern due to insufficient cash flows, with cash and equivalents at $0.7 million as of December 31, 2022 and a debt owed to Juvenescence of $21.4 million.