AgeX Therapeutics(AGE) - 2023 Q4 - Annual Results

Financial Performance - AgeX reported a net loss of $14.8 million for the year ended December 31, 2023, compared to a net loss of $10.5 million in 2022, representing a 41% increase in losses[11]. - Total revenues for 2023 reached $142 million, a significant increase from $34 million in 2022, representing a growth of 317.6%[21]. - Grant revenues amounted to $77 million in 2023, while other revenues increased to $65 million from $34 million in 2022[21]. - Gross profit for 2023 was $102 million, compared to $21 million in 2022, indicating a gross margin improvement[21]. - Net loss attributable to AgeX for 2023 was $14,803 million, compared to a net loss of $10,462 million in 2022, reflecting a 41.5% increase in losses[21]. - Basic and diluted net loss per common share for 2023 was $13.72, up from $9.70 in 2022[21]. Operating Expenses - Operating expenses for Q4 2023 were $3.6 million, up from $1.8 million in Q4 2022, marking a 100% increase year-over-year[6]. - Total operating expenses rose to $10,062 million in 2023 from $6,996 million in 2022, primarily driven by increased research and development and general administrative costs[21]. - General and administrative expenses increased by $3.3 million to $9.3 million in 2023, compared to approximately $6.0 million in 2022, reflecting a 55% rise[8]. Cash and Assets - Total cash, cash equivalents, and restricted cash as of December 31, 2023, amounted to $0.3 million, down from $0.6 million in 2022, a decrease of 48%[5]. - AgeX's total assets increased to $11.965 million as of December 31, 2023, from $3.241 million in 2022, representing a 270% growth[19]. - The company ended 2023 with cash, cash equivalents, and restricted cash totaling $395 million, down from $695 million at the beginning of the year[23]. Debt and Financing - The company eliminated $36 million of indebtedness through the issuance of preferred stock in July 2023, which converted to common stock on February 1, 2024[3]. - AgeX's line of credit was increased by $4.4 million in November 2023, with repayment extended to May 9, 2024[4]. - Cash advanced on convertible note receivable was $10,000 million in 2023, with no such activity reported in 2022[23]. - Draw down on loan facilities from Juvenescence provided $17,500 million in financing activities, an increase from $6,000 million in 2022[23]. Going Concern - AgeX has raised substantial doubt regarding its ability to continue as a going concern due to insufficient cash and capital resources to meet future obligations[12]. - AgeX's accumulated deficit reached $131.0 million as of December 31, 2023, compared to $116.2 million in 2022, indicating a 13% increase in accumulated losses[19]. Stock and Shareholder Actions - The company completed a reverse stock split at a ratio of 1 for 35.17[9].