AgeX Therapeutics(AGE) - 2025 Q3 - Quarterly Report

Financial Performance - The company reported an operating loss of $6.4 million for the nine months ended September 30, 2025, compared to a loss of $5.3 million for the same period in 2024[147]. - For the three months ended September 30, 2025, net loss was $4.6 million, compared to a net income of $1.4 million for the same period in 2024, representing a decrease of $5.98 million[168]. - For the nine months ended September 30, 2025, net loss was $15.9 million, compared to a net loss of $8.5 million for the same period in 2024, representing an increase of $7.4 million[168]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $11.9 million, a decrease of 5.0% from $12.5 million in 2024[193][194]. Research and Development - Research and development expenses are anticipated to increase significantly as the company advances its product candidates through clinical trials and seeks regulatory approvals[158]. - The company anticipates that its research and development expenses will continue to rise as product candidates advance into later stages of clinical development[163]. - Research and development expenses increased to $3.6 million for the three months ended September 30, 2025, up from $2.4 million in 2024, marking a $1.2 million increase[170]. - Research and development expenses for the nine months ended September 30, 2025, were $9.8 million, compared to $5.1 million in 2024, an increase of $4.6 million[171]. Financial Position - As of September 30, 2025, the company had an accumulated deficit of $60.2 million and $8.6 million in cash and cash equivalents[147]. - As of September 30, 2025, the company had $8.6 million in cash and cash equivalents, with significant reliance on financing from stock issuances and convertible notes[178]. - The company expects to incur substantial expenditures for product development and will require additional financing to continue operations beyond twelve months from the issuance of the financial statements[186]. Operating Expenses - General and administrative expenses are expected to increase to support ongoing research and development activities and compliance with public company regulations[164]. - General and administrative expenses decreased to $2.7 million for the three months ended September 30, 2025, down from $2.9 million in 2024, a decrease of $0.2 million[173]. - General and administrative expenses for the nine months ended September 30, 2025, were $8.2 million, up from $6.5 million in 2024, an increase of $1.7 million[174]. - Total operating expenses for the three months ended September 30, 2025, were $6.4 million, compared to $5.3 million in 2024, an increase of $1.1 million[168]. Financing Activities - The company has financed its operations primarily through aggregate net proceeds of $63.8 million from various equity and debt instruments[147]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $16.9 million, an increase of 107.0% from $8.2 million in 2024[195][196]. - Financing activities in 2025 included net proceeds of $4.9 million from the issuance of common stock to Juvenescence and $4.9 million from a securities purchase agreement[195]. - In 2024, the company received $5.0 million from the exercise of Post-Merger Warrants by Juvenescence, contributing to the total financing activities[196]. Clinical Development - The FDA placed a clinical hold on the company's IND application for SER-252, requesting additional information related to a commonly used excipient in the formulation[162]. - The company has not had any products approved for sale and does not expect to generate product sales until successful development and regulatory approval are achieved[150]. Cash Flow - The company experienced a net increase in cash of $4.95 million for the nine months ended September 30, 2025, compared to a net decrease of $4.38 million in 2024, representing a change of 212.9%[192]. - The significant increase in cash from financing activities reflects the company's strategic efforts to enhance liquidity and support growth initiatives[195]. - The company reported a $2.7 million cash increase from operating assets and liabilities for the nine months ended September 30, 2025[193].