Revenue Growth - Total revenues for the three months ended September 30, 2019, increased by 8.2% to $411,000 compared to $380,000 in the same period of 2018[114] - Subscription and advertising revenues for the nine months ended September 30, 2019, rose by 5.0% to $992,000 from $945,000 in 2018[116] - Grant revenues recognized during the three and nine months ended September 30, 2019, were $41,000 and $103,000, respectively, with no grant revenue in the same periods of 2018[117] - Gross profit for the nine months ended September 30, 2019, increased by 12.8% to $1,014,000 compared to $899,000 in the same period of 2018[114] - The company reported a gross profit margin of approximately 86.5% for the nine months ended September 30, 2019, compared to 83.0% in the same period of 2018[114] Expenses - Research and development expenses for the three months ended September 30, 2019, increased by 8.6% to $1,447,000 compared to $1,332,000 in 2018[122] - General and administrative expenses for the three months ended September 30, 2019, surged by 75.0% to $2,194,000 from $1,254,000 in 2018[122] - Total general and administrative expenses for the nine months ended September 30, 2019, were $6,422,000, a 74.6% increase from $3,679,000 in 2018[129] - Research and development expenses for the nine months ended September 30, 2019, decreased by 13.2% to $4,435,000 from $5,107,000 in 2018, primarily due to the non-recurrence of in-process research and development expenses[124] - General and administrative expenses for the nine months ended September 30, 2019 increased by $2.7 million to $6.4 million compared to $3.7 million during the same period in 2018[131] Financial Position - Total research and development expenses for the nine months ended September 30, 2019 were $4.4 million, while net loss attributable to the company amounted to $9.4 million[142] - Net cash used in operating activities during the nine months ended September 30, 2019 was $7.7 million, with a difference primarily due to non-cash items including $1.5 million in stock-based compensation[142] - Cash provided by financing activities amounted to $5.0 million, which included $4.5 million from the exercise of warrants to purchase 1,800,000 shares of common stock[144] - The company had an accumulated deficit of $83.5 million as of September 30, 2019, and expects to continue incurring operating losses and negative cash flows[138] - As of September 30, 2019, cash and cash equivalents were $3.8 million, which, along with a potential $1.5 million loan facility, may not be sufficient to meet anticipated operating requirements for the next twelve months[140] Other Financial Activities - The company recognized a gain of $354,000 on the sale of its Ascendance common stock during the nine months ended September 30, 2019[133] - The Shared Facilities Agreement with Lineage terminated on September 30, 2019, leading to increased expenses related to new office and laboratory facilities[139] - A foreign income tax provision of $130,000 was recorded for the nine months ended September 30, 2019, primarily due to foreign currency transaction gains[136] - The company established a full valuation allowance for all domestic deferred tax assets due to uncertainty in realizing future tax benefits[137]
Serina Therapeutics, Inc.(SER) - 2019 Q3 - Quarterly Report