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AgeX Therapeutics, Inc. (AGE) reported its Q2 2021 financial results with total revenues of $37,000, down from $45,000 in Q2 2020. Operating expenses decreased to $2.2 million from $2.4 million year-over-year, with R&D expenses at $0.5 million, reflecting reduced activities. AgeX holds $2.0 million in borrowings available and $0.7 million in cash as of June 30, 2021. However, the company raised concerns about its ability to meet future financial obligations, indicating a substantial doubt about its going concern status.
AgeX Therapeutics (NYSE American: AGE) and LyGenesis have mutually decided to terminate merger negotiations, with both boards citing the mismatch in technology platforms and product development focus as the reason. AgeX will pursue new strategic opportunities, emphasizing third-party collaborations and licensing for its core technologies, including UniverCyte™ and PureStem®, as well as its cell therapy programs, AGEX-VASC1 and AGEX-BAT1. Meanwhile, LyGenesis will continue its clinical endeavors in organ regeneration therapies.
AgeX Therapeutics (AGE) reported Q1 2021 results, with total revenues of $56,000, down from $89,000 in Q1 2020. Research and development expenses decreased to $0.3 million from $1.2 million due to reduced activities after layoffs and lab shutdowns. General and administrative expenses rose slightly to $2.0 million. The company indicated substantial doubt about its ability to continue as a going concern, citing insufficient cash and capital to meet future obligations. Recent highlights include a research agreement with The Ohio State University and the online publication of significant genomic data.
AgeX Therapeutics (AGE) reported a net loss of $10.9 million for 2020, improving from a loss of $12.2 million in 2019, with revenues of $1.9 million, up from $1.7 million in the prior year. The company has entered into a research agreement with The Ohio State University and a sublicense with ImStem Biotechnology for stem cell research. However, AgeX faces going concern challenges, projecting insufficient liquidity to meet obligations in the coming year. Cash reserves have decreased from $2.5 million in 2019 to $0.6 million by the end of 2020.
AgeX Therapeutics (NYSE American: AGE) announced the online publication of groundbreaking research related to regeneration, aging, and cancer. The study titled “Differential Expression of α, β, and γ Protocadherin Isoforms During Differentiation, Aging, and Cancer” uncovers gene alterations affecting regeneration in adult humans and links these changes to various cancers. CEO Michael D. West emphasized the study's significance for aging and cancer research. The company aims to embed these findings into its induced Tissue Regeneration (iTR) program and has filed relevant patent applications.
AgeX Therapeutics (NYSE American: AGE) announced a research collaboration with The Ohio State University to study the effects of its AgeX-BAT1 cell therapy on obesity and metabolic health in mice. This initiative, led by Dr. Kristin Stanford, aims to assess the therapy's impact on glucose metabolism and cardiac function. Previous studies indicated that BAT transplantation can enhance insulin sensitivity and reduce fat mass. AgeX's proprietary technology promises a scalable source of brown adipose tissue, positioning the company for potential breakthroughs in diabetes and obesity treatment.
AgeX Therapeutics (AGE) and LyGenesis are negotiating a merger that would position AgeX to leverage LyGenesis's cell therapy advancements. LyGenesis has FDA clearance for a Phase 2a trial targeting end-stage liver disease, aiming for a 2021 start. Post-merger, AgeX will issue shares to LyGenesis stockholders, granting them a two-thirds stake in the merged entity. Dr. Michael Hufford will serve as CEO post-merger. However, the merger is contingent on several approvals, including from AgeX's board and stockholders, with significant economic interests at stake.
AgeX Therapeutics, Inc. (NYSE American: AGE) will hold its 2020 Annual Meeting of Stockholders on December 28, 2020, via online participation due to California's COVID-19 health orders. Attendance will be restricted to stockholders who follow the procedures outlined in the Proxy Statement. They can vote and ask questions during the meeting. Both 'stockholders of record' and 'street name' stockholders must adhere to specific requirements to participate online. For those unable to attend, proxy voting options are available.