AgeX Therapeutics Reports Fourth Quarter and Annual 2023 Financial Results

Core Insights - AgeX Therapeutics reported its financial and operational results for Q4 and the full year ended December 31, 2023, highlighting significant developments including a merger approval and financial restructuring [1] Recent Highlights - Stockholders approved the merger with Serina Therapeutics, Inc [2] - AgeX secured an additional $4.4 million line of credit from Juvenescence Limited [2] - Preferred stock was converted into common stock [2] - A reverse stock split was completed at a ratio of 1 for 35.17 [2] Liquidity and Capital Resources - AgeX issued Preferred Stock to eliminate $36 million of indebtedness, which was converted to common stock on February 1, 2024 [3] - The line of credit from Juvenescence was increased by $4.4 million on November 8, 2023, subject to future loan draw approvals [3] - The repayment date for borrowings under the Juvenescence line of credit was extended from February 14, 2024, to May 9, 2024 [4] Balance Sheet Information - As of December 31, 2023, AgeX had cash, cash equivalents, and restricted cash totaling $0.3 million [5] - AgeX owed Juvenescence Limited $4.5 million in principal and origination fees related to loans [5] Fourth Quarter and Annual 2023 Operating Results - Operating expenses for Q4 2023 were $3.6 million, up from $1.8 million in Q4 2022; total operating expenses for 2023 were $10.1 million compared to $7.0 million in 2022 [6] - Research and development expenses decreased to $0.7 million in 2023 from approximately $1.0 million in 2022 [6] - General and administrative expenses increased by $3.3 million to $9.3 million in 2023, primarily due to professional fees and litigation costs [7] Other Expense and Net Loss - Net other expense for 2023 included $5.4 million of amortization of deferred debt costs and other debt-related expenses [8] - The net loss attributable to AgeX for 2023 was $14.8 million, or ($13.73) per share, compared to a net loss of $10.5 million, or ($9.70) per share, in 2022 [9] Going Concern Considerations - AgeX expressed substantial doubt about its ability to meet future financial obligations based on projected cash flows, indicating potential challenges in continuing as a going concern [10] Company Overview - AgeX Therapeutics focuses on developing therapeutics aimed at treating human diseases and combating aging effects [11]