AgeX Therapeutics(US:AGE)2024-05-14 20:25Financial Performance - Revenues for Q1 2024 were $5,000, a decrease of 83.3% compared to $30,000 in Q1 2023[5] - Operating expenses for Q1 2024 increased to $2.3 million, up 134.4% from $1 million in Q1 2023[7] - Research and development expenses rose to $1.1 million in Q1 2024, a 175% increase from $0.4 million in Q1 2023[8] - General and administrative expenses increased to $1.2 million in Q1 2024, up 100% from $0.6 million in Q1 2023[9] - The net loss for Q1 2024 was $9.4 million, or ($3.38) per share, compared to a net income of $1.7 million, or $0.77 per share, in Q1 2023[11] Cash and Liabilities - Cash, cash equivalents, and restricted cash totaled $8.8 million as of March 31, 2024, compared to $7.6 million as of December 31, 2023[4] - The total liabilities as of March 31, 2024, were $15.2 million, significantly up from $4.9 million as of December 31, 2023[21] Corporate Developments - The company completed a merger with AgeX Therapeutics on March 26, 2024, and began trading under the ticker symbol "SER" on March 27, 2024[6] - The company plans to submit an Investigational New Drug (IND) application for SER-252 in 2025, targeting advanced Parkinson's Disease[6] - The company has increased its line of credit by $2.4 million and extended repayment terms to December 31, 2024[3]