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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.