Elevai Labs, Inc. - ELAB STOCK NEWS

Elevai Labs Inc. (Nasdaq: ELAB) announced a strategic reorganization effective December 20, 2024, including a name change to PMGC Holdings Inc. and redomiciling from Delaware to Nevada. The company will continue trading under 'ELAB' on Nasdaq, with changes effective December 23, 2024.

The reorganization reflects an expanded vision to build a portfolio of growth companies. The current portfolio includes Elevai Skincare Inc. (skincare solutions), Elevai Biosciences Inc. (biopharmaceutical developments), Elevai Research Inc. (life sciences research), and PMGC Capital (multi-strategy investment vehicle).

The move to Nevada offers benefits including a business-friendly regulatory environment, enhanced director protections, lower state franchise taxes, and flexible shareholder governance.

Elevai Biosciences, a subsidiary of Elevai Labs, has announced a regulatory pathway for EL-22, a pioneering obesity therapy. EL-22, a first-in-class myostatin asset, aims to preserve muscle mass while reducing fat, addressing muscle loss often seen with GLP-1-based treatments. The company plans to file an Investigational New Drug (IND) application with the FDA in 2025.

Elevai is preparing for a pre-IND meeting with the FDA in Q1 2025 to establish the development pathway for EL-22. This meeting will clarify additional preclinical requirements and adjustments to Chemistry, Manufacturing, and Controls before IND submission. EL-22 has shown significant physiological and functional improvements in preclinical studies and completed a Phase 1 clinical trial in South Korea, demonstrating safety and tolerability in healthy volunteers.

Leveraging data from their Korean partner, Elevai aims to accelerate the IND process and subsequent U.S. clinical trials, potentially redefining obesity care by combining effective weight loss with muscle preservation.

Elevai Labs Inc. (NASDAQ: ELAB) announces the launch of S-Series Root Renewal System, marking its entry into the hair care market through subsidiary Elevai Skincare. The three-part system includes shampoo, conditioner, and serum, featuring proprietary PREx Exosomes™ and Y100™ technologies targeting scalp and hair health at the cellular level.

The system will initially launch through select medical aesthetics partners before a full e-commerce rollout in January 2025. The product combines nano-encapsulated growth factors and AI-discovered molecules supporting mitochondrial function. This marks Elevai Skincare's first new product launch since 2022, with BosleyMD® recognizing Y100 technology as a major innovation in hair loss treatment.

Elevai Labs announces record-breaking sales for its Elevai Skincare division in 2024. The company reported $300K revenue in November 2024, exceeding the previous four months average by 65%. Monthly revenues were: July ($160K), August ($199K), September ($168K), and October ($198K).

The achievement follows transformational restructuring efforts by the new executive team implemented in Q3 2024, focusing on operational efficiency and a performance-driven culture. Key success drivers included sales culture transformation, optimized budgets, improved marketing strategies, and targeted training programs. The company reports reduced operating expenses while achieving higher revenue, demonstrating progress toward positive net profits.

Elevai Labs Inc. (NASDAQ: ELAB) has announced a 1-for-200 reverse stock split effective November 27, 2024, to maintain Nasdaq listing compliance. The split aims to meet Nasdaq's minimum bid price requirement of $1.00 per share. After the split, approximately 3.07 million shares will be outstanding. Shareholders will receive one share for every 200 shares held, with fractional shares rounded up to one full share. While the trading symbol remains 'ELAB', a new CUSIP number (28622K 203) has been assigned. The split proportionally adjusts outstanding stock awards, options, and equity incentive plans without affecting overall shareholder equity value.

Elevai Labs (NASDAQ: ELAB) has withdrawn its previously announced exchange offer that would have allowed holders to exchange up to 15,000,000 shares of Common Stock for an equal number of newly issued Series B Preferred Stock. The withdrawal was due to the Depositary Trust Company's inability to accept Common Stock tenders due to logistical issues. The company had planned to complete this offer before a reverse stock split but faced delays from SEC comment responses. Elevai will now focus on regaining Nasdaq listing compliance and will evaluate the possibility of initiating a new exchange offer, though terms and execution are not guaranteed.

Elevai Labs (NASDAQ: ELAB) reported Q3 2024 financial results with mixed performance. Revenue decreased 4.9% to $527,478 for Q3 2024, while nine-month revenue increased 72.3% to $1.7M. The company achieved improved gross margins of 74.7% in Q3 2024, up from 66% in Q3 2023. Operating expenses increased to $1.3M in Q3, resulting in a net loss of $1.5M.

The company completed an $8 million public offering to support growth initiatives. Key developments include preclinical advancements in obesity treatment with EL-22 and EL-32, positive clinical results for Elevai Enfinity™, and expansion of their patent portfolio. Research partnerships with Yuva Biosciences and Dalhousie University strengthened their position in hair restoration and exosome technology.

Elevai Labs (NASDAQ: ELAB) has extended its Offer to Exchange program until November 27, 2024. The offer allows holders of Common Stock to exchange up to 15,000,000 shares for an equal number of newly issued Series B Preferred Stock. Key aspects include: the Series B Preferred Stock will be restricted and non-tradeable, potential pro-rata adjustments if oversubscribed, no capital appreciation rights, and possible dilution risks from future preferred stock issuances. The Board of Directors has not provided a recommendation regarding participation in the exchange offer.

Elevai Biosciences, a subsidiary of Elevai Labs Inc. (NASDAQ: ELAB), has engaged KCRN Research, Inc. to support its regulatory planning efforts for EL-22, a novel myostatin asset for potential obesity treatment. The company aims to submit an Investigational New Drug (IND) application to the FDA in 2025 and initiate clinical trials in the U.S. to evaluate EL-22 in combination with GLP-1 receptor agonists for obesity treatment.

EL-22 is an engineered probiotic targeting the myostatin pathway, which regulates muscle. It may offer a solution to muscle wasting, a common side effect of popular GLP-1 weight-loss medications. Preclinical results have shown improvements in dystrophic features of mdx mice. The company believes EL-22's oral approach differentiates it from other injectable myostatin strategies being tested for obesity treatment.