AgeX Therapeutics(US:AGE)2025-05-08 20:10Financial Performance - The company reported an operating loss of $5.9 million for the three months ended March 31, 2025, compared to a loss of $2.3 million for the same period in 2024, reflecting an increase of $3.6 million [117]. - The total operating expenses for the three months ended March 31, 2025, were $5.9 million, up from $2.3 million in the same period in 2024, indicating an increase of $3.5 million [138]. - The net loss for the three months ended March 31, 2025, was $4.8 million, with a difference of $0.5 million between net loss and net cash used in operating activities due to non-cash items [152]. - Other income, net was $1.0 million for the three months ended March 31, 2025, compared to a net expense of $12.7 million for the same period in 2024, resulting in a $13.7 million improvement [141]. Expenses - Research and development expenses increased to $3.0 million for the three months ended March 31, 2025, up from $1.1 million in the same period in 2024, representing a rise of $1.9 million [139]. - General and administrative expenses rose to $2.9 million for the three months ended March 31, 2025, compared to $1.2 million in the same period in 2024, an increase of $1.7 million [138]. - General and administrative expenses increased to $2.9 million for the three months ended March 31, 2025, from $1.2 million in the same period in 2024, representing a 141.7% increase [140]. - The company anticipates continued increases in research and development expenses, general and administrative expenses, and capital expenditures [148]. Cash Position - Cash and cash equivalents stood at $4.3 million as of March 31, 2025 [117]. - The company had $4.3 million in cash and cash equivalents as of March 31, 2025, and expects to require additional financing to continue operations beyond the first quarter of 2026 [144][149]. - Net cash used in operating activities was $4.3 million for the three months ended March 31, 2025, compared to $1.6 million for the same period in 2024, reflecting a 174.1% increase [151]. - Net cash provided by financing activities was $4.9 million for the three months ended March 31, 2025, compared to $2.7 million for the same period in 2024, indicating an 80.2% increase [155]. Financing and Future Outlook - The company expects to incur substantial expenditures for the development of product candidates and will require additional financing to continue this development [118]. - The company plans to seek additional funds through equity offerings, debt financings, or other capital sources to support ongoing operations and product development [149]. - The accumulated deficit as of March 31, 2025, was $49.1 million, raising substantial doubt about the company's ability to continue as a going concern [146]. - The company anticipates that research and development expenses will continue to increase significantly as it advances its product candidates through clinical development [128]. Corporate Changes - The company completed a merger on March 26, 2024, changing its name to "Serina Therapeutics, Inc." [116].