Financial Performance - Total revenues for the three months ended June 30, 2020, were $414,000, an increase of 8.9% compared to $380,000 for the same period in 2019[115] - Subscription and advertisement revenues for the three months ended June 30, 2020, were $298,000, up 8.4% from $275,000 in 2019[116] - Grant revenues decreased by 23.4% to $36,000 for the three months ended June 30, 2020, compared to $47,000 in 2019[116] - Total revenues for the six months ended June 30, 2020, were $929,000, a 21.0% increase from $768,000 in 2019[117] Profit and Loss - Gross profit for the three months ended June 30, 2020, was $378,000, reflecting a decrease of 15.6% from $327,000 in 2019[116] - Total research and development expenses for the six months ended June 30, 2020 amounted to $3.0 million, with general and administrative expenditures at $3.7 million, resulting in a net loss of $5.9 million[143] - The accumulated deficit as of June 30, 2020 was $92.1 million, indicating ongoing operating losses and negative cash flows since inception[138] Expenses - Operating expenses for the three months ended June 30, 2020, included a reduction in research and development expenses by $300,000 to $1.4 million[125] - General and administrative expenses decreased by 22.0% to $2.1 million for the three months ended June 30, 2020[124] - General and administrative expenses for the three months ended June 30, 2020 decreased to $1.7 million from $2.1 million in the same period in 2019, primarily due to reductions in noncash stock-based compensation and other operational costs[132] - General and administrative expenses for the six months ended June 30, 2020 were $3.726 million, down from $4.228 million in 2019[131] Cash Flow and Financing - Cash used in operating activities during the six months ended June 30, 2020 was $1.6 million, with significant adjustments for depreciation and stock-based compensation[143] - Net cash provided by financing activities during the six months ended June 30, 2020 was $3.0 million, primarily from draws against loan facilities and Paycheck Protection Program loan proceeds[144] - AgeX borrowed an additional $1.0 million under the New Loan Agreement, bringing total borrowings to $3.5 million[109] - The company borrowed a total of $3.5 million under the New Loan Agreement, with additional loans subject to discretion and approval from Juvenescence[140] Future Outlook - The company anticipates needing to raise additional capital in the near term to meet operating expenses, raising concerns about its ability to continue as a going concern[139] - The ongoing COVID-19 pandemic may adversely impact the company's financing availability and operational capabilities[141] Restructuring - The company recognized approximately $194,800 in restructuring charges related to staff reductions in May 2020[122] - Research and development expenses for the six months ended June 30, 2020, were consistent at $3.0 million compared to the same period in 2019[126] - Total research and development expenses for the year 2020 were $2.953 million, slightly down from $2.988 million in 2019[1]

Revenue and Profit - Total revenues for the three months ended March 31, 2020, increased by 32.7% to $515,000 compared to $388,000 for the same period in 2019 [110]. - Subscription and advertisement revenues decreased by 2.0% to $338,000 in Q1 2020 from $345,000 in Q1 2019 [111]. - Grant revenues increased significantly to $86,000 in Q1 2020 from $15,000 in Q1 2019, reflecting a growth of 473.3% [112]. - Gross profit for the three months ended March 31, 2020, was $481,000, up 48.0% from $325,000 in the same period of 2019 [111]. Expenses - Research and development expenses rose by 19.8% to $1.6 million in Q1 2020 from $1.3 million in Q1 2019 [117]. - General and administrative expenses remained stable at $2.1 million for both Q1 2020 and Q1 2019, despite increased costs from leasing and staffing [122]. - Total research and development expenses for the three months ended March 31, 2020, were $1.6 million, while general and administrative expenditures were $2.1 million, resulting in a net loss of $3.2 million for the same period [133]. Operating Loss and Cash Flow - As of March 31, 2020, the company had an accumulated deficit of $89.4 million and expects to continue incurring operating losses and negative cash flows [129]. - Net cash used in operating activities during the three months ended March 31, 2020, amounted to $2.1 million, with a difference attributed to non-cash items including $0.5 million in working capital changes and $0.4 million in depreciation and amortization [133]. Future Outlook and Funding - Operating expenses are expected to decrease in future periods due to staff reductions and budget adjustments [115]. - The company anticipates recognizing approximately $194,800 in restructuring charges related to staffing reductions in Q2 2020 [115]. - The company borrowed an initial $500,000 under the New Loan Agreement, but additional loans are subject to Juvenescence's discretion, raising concerns about future funding availability [131]. - The company does not have any committed sources of funds for additional financing, raising substantial doubt about its ability to continue as a going concern [130]. Financing Activities - Net cash provided by financing activities for the three months ended March 31, 2020, amounted to $0.2 million, attributed to the draw of the remaining $0.2 million from a previous loan facility [134]. - The New Loan Agreement requires the company to issue shares and warrants to Juvenescence, which could dilute existing stockholders' equity interests [132]. Investment Activities - Cash used in investing activities during the three months ended March 31, 2020, was $4,000, entirely for laboratory equipment purchases [134]. Legal Matters - The company has not been involved in any material litigation or proceedings as of the reporting date [138].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol Name of exchange on which registered Common Stock, par value $0.0001 per share AGE NYSE American FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission file ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission file number 1-38519 AgeX Therapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 82-1436829 (State or ...

Revenue Performance - Total revenues for the three months ended June 30, 2019, were $380,000, a decrease of 18.1% from $464,000 in the same period in 2018[110] - Subscription and advertising revenues for the three months ended June 30, 2019, were $305,000, down 8.4% from $333,000 in 2018[110] - Grant revenues recognized during the three months ended June 30, 2019, amounted to $47,000, with no grant revenue in the same period of 2018[113] - Total revenues for the six months ended June 30, 2019, were $703,000, an increase of 9.2% from $638,000 in the same period in 2018[111] Profitability - Gross profit for the three months ended June 30, 2019, was $327,000, a decrease of 15.1% from $385,000 in 2018[110] - The company reported a gross profit margin of 86% for the three months ended June 30, 2019, compared to 83% in the same period of 2018[110] Expenses - Research and development expenses increased by $0.3 million to $1.7 million during the three months ended June 30, 2019, compared to $1.4 million in 2018, primarily due to increased expenses in specific programs[117] - General and administrative expenses for the three months ended June 30, 2019, were $2.1 million, an increase of 86.7% from $1.1 million in 2018[122] - Operating expenses for the three months ended June 30, 2019, totaled $3.8 million, an increase of 19.2% from $3.2 million in 2018[115] - General and administrative expenses for the three months ended June 30, 2019 increased by $1.0 million to $2.1 million compared to $1.1 million during the same period in 2018[124] - For the six months ended June 30, 2019, general and administrative expenses rose by $1.8 million to $4.2 million from $2.4 million in the same period in 2018[125] - Total research and development expenses for the six months ended June 30, 2019, were $2.99 million, a decrease of 21% from $3.77 million in 2018[120] Financial Position - Total research and development expenses for the six months ended June 30, 2019 were $3.0 million, while general and administrative expenditures were $4.2 million, resulting in a net loss of $6.2 million[138] - Net cash used in operating activities during the six months ended June 30, 2019 amounted to $5.4 million, with non-cash items including $1.0 million in stock-based compensation[138] - Cash provided by financing activities during the six months ended June 30, 2019 amounted to $4.5 million, attributed to proceeds from the exercise of warrants for 1,800,000 shares at an exercise price of $2.50 per share[139] - As of June 30, 2019, the company had an accumulated deficit of $80.3 million and expected to continue incurring operating losses and negative cash flows[132] - The company had cash and cash equivalents of $5.8 million as of June 30, 2019, plus a loan facility from Juvenescence of up to $2.0 million for operating capital[134] Future Outlook - The company recognized a gain of $277,000 on the sale of its Ascendance common stock for the three and six months ended June 30, 2019[127] - The company expects expenses to increase due to ongoing activities, including moving to a new office and laboratory facility and hiring internal administrative personnel[133] - The company does not have committed sources of funds for additional financing and may face dilution of ownership if additional capital is raised through equity sales[137]

Revenue Growth - Subscription and advertising revenues increased to $345,000 for the three months ended March 31, 2019, compared to $239,000 for the same period in 2018, representing a 44.4% increase[96] - Total revenues for the three months ended March 31, 2019, were $239,000, an increase of $149,000 or 62.3% compared to the same period in 2018[94] - The company recognized approximately $15,000 in grant income from the NIH during the three months ended March 31, 2019, compared to no grant revenue in the same period in 2018[97] Expense Management - Cost of sales decreased by $46,000 to $63,000 for the three months ended March 31, 2019, a decrease of 42.2% compared to $109,000 in 2018[94] - Research and development expenses decreased by $1.1 million to $1.3 million for the three months ended March 31, 2019, down from $2.4 million in the same period in 2018, primarily due to a decrease in expenses related to specific programs[102] - General and administrative expenses increased by $0.8 million to $2.1 million for the three months ended March 31, 2019, compared to $1.3 million in 2018, driven by increases in stock-based compensation and insurance premiums[108] - The decrease in research and development expenses was also attributed to the nonrecurrence of in-process research and development expenses incurred in March 2018[102] Financial Position - The company reported an accumulated deficit of $77.2 million as of March 31, 2019, indicating ongoing operating losses and negative cash flows since inception[115] - As of March 31, 2019, the company had cash and cash equivalents of $8.6 million, which is expected to sustain operations for at least twelve months[117] - Total research and development expenses for the three months ended March 31, 2019, were $1.3 million, while general and administrative expenditures were $2.1 million, resulting in a net loss of $3.1 million[120] - Net cash used in operating activities during the same period amounted to $2.6 million, with noncash items including $0.5 million in stock-based compensation[120] Future Outlook - The company expects to continue incurring operating losses and negative cash flows in the future[115] - The company anticipates an increase in expenses due to ongoing pre-clinical research and development activities, potential clinical trials, and commercialization efforts[116] - Future capital requirements will depend on various factors, including the scope and progress of research and development work and the ability to establish collaborations[118] - The company does not have committed sources of funds for additional financing and may face dilution of ownership if additional capital is raised through equity or convertible debt[119] - The company plans to defer certain development work to extend the operational period with available cash resources, which may delay progress in research and development[117] - Significant commercialization expenses are expected if marketing approval is obtained for product candidates, necessitating substantial additional funding[116] Tax and Compliance - The company has transitioned to filing separate tax returns from its former parent company, BioTime, starting from the three months ended March 31, 2019[111] - The company has no off-balance sheet arrangements as of March 31, 2019[123] Financing Activities - The company raised $4.5 million in financing activities during the three months ended March 31, 2019, from the exercise of warrants for 1,800,000 shares at an exercise price of $2.50 per share[121]

Financial Performance - For the year ended December 31, 2018, AgeX incurred operating losses of $11.2 million, compared to $6.7 million for 2017, resulting in an accumulated deficit of $74.1 million[371]. - Total revenues for the year ended December 31, 2018, were $1.396 million, a decrease of 0.6% compared to $1.404 million in 2017[420]. - Subscription and advertising revenues decreased by 12.3% to $1.227 million in 2018 from $1.399 million in 2017[421]. - The net loss for 2018 was $7,731,000, compared to a net loss of $6,637,000 in 2017, representing an increase in loss of approximately 16.5%[469]. - AgeX had an accumulated deficit of $74.1 million and incurred a net loss of $7.5 million for the year ended December 31, 2018[446][451]. - The gross profit for the year ended December 31, 2018, was $1.032 million, down 16.5% from $1.236 million in 2017[421]. - Operating expenses increased to $12.477 million in 2018 from $9.653 million in 2017, representing a 29.2% increase[424]. - Research and development expenses, including acquired in-process research and development, rose to $6.630 million in 2018, up from $5.784 million in 2017, a 14.6% increase[426]. - General and administrative expenses increased by 46.0% to $5.647 million in 2018 from $3.869 million in 2017[432]. - The company expects to incur significant operating losses and increased expenses in the coming years as it commences clinical development and expands its operations[419]. Capital and Financing - AgeX raised $10.0 million in cash from investors to finance operations following an asset acquisition from BioTime[363]. - During the warrant sale period from February 28, 2018 to July 10, 2018, AgeX sold 2,000,000 warrants for $0.50 each, generating aggregate cash proceeds of $1,000,000[364]. - On June 7, 2018, AgeX sold 2.0 million shares of common stock for $2.50 per share, resulting in total cash proceeds of $5.0 million[365]. - AgeX had cash and cash equivalents of $6.7 million as of December 31, 2018, plus an additional $4.5 million received from warrant exercises in March 2019[448]. - Net cash provided by financing activities during the year ended December 31, 2018 amounted to $6.0 million, including $5.0 million from the issuance of common stock[454]. - AgeX does not have any committed sources of funds for additional financing and may face dilution of ownership if additional capital is raised through equity sales[449]. - AgeX will need to obtain substantial additional funding for its continuing operations beyond the twelve-month period[488]. Revenue Recognition and Accounting - AgeX's revenues have primarily come from subscription and advertising revenue from LifeMap Sciences' online databases, with no product sales to date[369]. - Revenue from subscription contracts is recognized over the subscription period, which is generally the term of the subscription[408]. - LifeMap Sciences recognized $1.2 million and $1.4 million in subscription and advertisement revenues for the years ended December 31, 2018 and 2017, respectively[412]. - The adoption of Topic 606 on January 1, 2018, had an immaterial impact, with no cumulative effect adjustment made[406]. - AgeX adopted Topic 606 for revenue recognition as of January 1, 2018, with no material impact on financial statements[546]. Assets and Liabilities - Total assets increased to $10,671,000 in 2018, up 10.8% from $9,631,000 in 2017[465]. - Total liabilities rose to $2,440,000 in 2018, an increase of 86.1% from $1,312,000 in 2017[465]. - AgeX's balance at December 31, 2018, included total assets of $81,499,000, an increase from $73,761,000 at December 31, 2017[475]. - AgeX had net operating loss carryforwards of approximately $31.5 million for U.S. federal income tax purposes as of December 31, 2018[440]. - Research and development tax credit carryforwards for federal and state tax purposes were $903,000 and $831,000, respectively, as of December 31, 2018[444]. Research and Development - AgeX's research and development expenses include direct costs and indirect overhead costs allocated by BioTime, with significant allocations from former BioTime research departments[379]. - The company anticipates significant increases in expenses as it commences clinical development and expands its operations as a standalone public company[371]. - AgeX's in-process research and development expenses amounted to $800,000 for the year ended December 31, 2018[475]. - The company has focused on developing therapeutics targeting human aging, including programs for diabetes, obesity, and heart disease[479]. Stock and Ownership - Following a secondary sale on August 30, 2018, BioTime's ownership in AgeX decreased from 80.4% to 40.2%, resulting in AgeX no longer being considered a subsidiary of BioTime[366]. - AgeX's common stock began publicly trading on the NYSE American under the symbol "AGE" following a distribution of shares from BioTime[367]. - BioTime owned approximately 40.2% of AgeX common stock on the Distribution Date, distributing 12,697,028 shares to its shareholders, retaining 4.8% post-distribution[485]. - The weighted average number of common shares outstanding increased to 34,914,000 in 2018 from 30,644,000 in 2017[467]. Taxation - The 2017 Tax Cuts and Jobs Act lowered the U.S. federal tax rate to a 21 percent flat tax rate and eliminated the corporate alternative minimum tax[387]. - AgeX has elected to account for Global Intangible Low Tax Income (GILTI) as a current period expense when incurred[525]. - AgeX's deferred tax assets and liabilities include net operating loss carryforwards and research and development credits as of December 31, 2018[520].