AgeX Therapeutics(AGE) - 2025 Q4 - Annual Results

Operating Expenses - Operating expenses for the year ended December 31, 2025, were $24.2 million, an increase of 41% from $17.1 million in 2024[4] - Research and development expenses rose to $13.2 million in 2025, up 76% from $7.5 million in 2024, primarily due to increased clinical activities and headcount[5] - General and administrative expenses increased to $11.0 million in 2025, compared to $9.6 million in 2024, reflecting higher stock-based compensation and consulting expenses[8] Financial Performance - The net loss attributable to Serina common stockholders for 2025 was $19.4 million, or $(1.91) per share, compared to a net loss of $11.1 million, or $(1.51) per share in 2024[10] - Total revenues for 2025 were $130,000, up from $56,000 in 2024, primarily from grant revenues[25] Cash and Cash Equivalents - Cash and cash equivalents totaled $3.1 million as of December 31, 2025, down from $3.7 million in 2024[11] - The net decrease in cash and cash equivalents was $(616) million in 2025, a significant improvement compared to $(3,947) million in 2024[27] - Cash and cash equivalents at the beginning of the year were $3,672 million, while at the end of the year, they decreased to $3,056 million[27] Financing Activities - Serina secured up to $30 million in new financing, with $16 million received as of March 23, 2026[2][7] - The company initiated an At-the-Market (ATM) equity program, raising $10 million from the sale of 3 million shares at an average price of $3.36 in 2026[7] - Net cash provided by financing activities increased significantly to $17,412 million in 2025 from $13,212 million in 2024, showing stronger financing support[27] Asset Management - Total assets as of December 31, 2025, were $6.951 million, compared to $6.724 million in 2024[23] Cash Flow Analysis - Net cash used in operating activities increased to $(17,955) million in 2025 from $(17,137) million in 2024, reflecting a decline in operational efficiency[27] - Net cash used in investing activities rose to $(59) million in 2025 compared to $(22) million in 2024, indicating increased investment expenditures[27] - The effect of foreign currency on cash and cash equivalents resulted in a decrease of $(14) million in 2025, highlighting currency impact on cash flow[27] Regulatory Milestones - The FDA granted IND clearance for SER-252, with the first patient dosed in a Phase 1 registrational trial for advanced Parkinson's disease[6][7]