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AgeX Therapeutics (NYSE American: AGE) announced on November 22, 2022, that the NYSE American has accepted its revised compliance plan to meet listing standards, including increasing stockholders' equity to $4,000,000. AgeX has until May 17, 2023, to comply; otherwise, it may face delisting proceedings. The company plans to seek alternative quotes for its common stock if delisted. AgeX focuses on developing therapeutics targeting aging and related diseases with innovative technologies like PureStem® and UniverCyte™.
AgeX Therapeutics, Inc. (AGE) reported Q3 2022 results, showing revenues of $9,000, down from $24,000 in Q3 2021 due to the expiration of an NIH grant. Operating expenses decreased slightly to $1.6 million, with R&D expenses down to $0.2 million. AgeX borrowed $11.66 million under a new Secured Note from Juvenescence, with a line of credit totaling $13.16 million available. However, the company faces liquidity challenges, as it projected insufficient cash flows to cover operating requirements for the next twelve months, raising doubts about its ability to continue as a going concern.
AgeX Therapeutics, Inc. (AGE) reported financial results for Q2 2022, showcasing total revenues of $12,000, a decline from $37,000 in Q2 2021. Operating expenses decreased to $1.6 million from $2.2 million year-over-year, attributed to reduced research and administrative costs. AgeX borrowed $10.16 million from Juvenescence, leaving $3 million for future drawdowns. However, concerns persist regarding AgeX's ability to meet financial obligations, as cash reserves totaled only $0.8 million, raising substantial doubt about its viability as a going concern.
AgeX Therapeutics announced Dr. Joanne Hackett as the new Chairperson of its Board of Directors, effective immediately. Dr. Hackett, who joined the board in December 2021, is currently the Head of Genomic and Precision Medicine at IQVIA. She succeeds Dr. Greg Bailey, who remains on the board. AgeX focuses on developing innovative therapeutics addressing human aging and regeneration through its proprietary technologies. The company is advancing preclinical programs for tissue ischemia and Type II diabetes, aiming to enhance healthspan and combat aging effects.
AgeX Therapeutics (AGE) announced its Q1 2022 financial results, reporting total revenues of $5,000, down from $56,000 in Q1 2021. The company’s operating expenses decreased to $2 million from $2.3 million year-over-year. AgeX confirmed its liquidity concerns as cash and equivalents totaled just $0.5 million as of March 31, 2022. Highlighting substantial doubt about its ability to continue as a going concern, AgeX noted it has drawn on a $13.16 million line of credit from Juvenescence, with future draws subject to approval.
AgeX Therapeutics, Inc. (AGE) reported fourth-quarter and full-year 2021 results, highlighting a significant decrease in revenues. Total revenues for Q4 2021 were $27,000, down from $158,000 in Q4 2020, with annual revenues of $144,000 compared to $361,000 the previous year.
Operating expenses decreased to $1.9 million for Q4 2021 from $2.5 million in Q4 2020, while the annual net loss narrowed to $8.7 million, or ($0.23) per share, from $10.9 million, or ($0.29) per share, in 2020. A collaboration with UCI aims to explore therapies for neurocognitive effects of chemotherapy.
AgeX Therapeutics (NYSE: AGE) has announced a collaboration with the University of California, Irvine (UCI) to explore the therapeutic potential of exosomes derived from neural stem cells. This research aims to develop treatments for neurocognitive impairments caused by cancer therapies, addressing significant needs for cancer survivors. Dr. Munjal Acharya will lead the study, which includes opportunities for AgeX to license resulting inventions for clinical development. AgeX is expanding its focus into neurology, which presents substantial commercial potential.
AgeX Therapeutics, Inc. (NYSE American: AGE) announced that ImStem Biotechnology has successfully dosed the first U.S. patient with the investigational drug candidate IMS001, derived from AgeX's pluripotent stem cell line ESI-053. This marks a significant milestone in advancing cellular therapies for multiple sclerosis (MS). AgeX stands to gain royalties from IMS001's potential future sales and revenues upon successful FDA approval. This investigational product aims to treat patients suffering from MS, showcasing AgeX's commitment to innovative therapeutic development.
AgeX Therapeutics (NYSE American: AGE) announced receipt of a Deficiency Letter from the NYSE American on November 17, 2021, indicating it does not meet listing standards due to stockholder equity below $2 million and recurring losses over recent fiscal years. AgeX must submit a compliance Plan by December 17, 2021, detailing actions to meet standards by June 17, 2023. Failure to comply may lead to delisting. The company is preparing for potential alternative quotations for its stock.
AgeX Therapeutics reported its Q3 2021 financial results, revealing total revenues of $24,000, down from $69,000 in Q3 2020. Operating expenses decreased to $1.7 million compared to $2.4 million last year, driven by reduced R&D expenses due to lab facility closures. AgeX has $1.5 million remaining in credit facilities and may sell up to $12.1 million in common stock. The company raised $0.5 million through loans recently but faces substantial doubt about its ability to continue as a going concern due to insufficient funds for future obligations.
