AgeX Therapeutics, Inc., now operating as Serina Therapeutics, Inc. following its merger with Legacy Serina on March 26, 2024, has reported significant financial developments in its latest 10-Q filing. The merger, treated as a reverse recapitalization, resulted in the issuance of 5,913,277 shares of common stock to Legacy Serina stockholders, with each share of Legacy Serina capital stock converted into approximately 0.9768 shares of AgeX common stock.
As of September 30, 2024, Serina reported total revenues of $14,000 for the third quarter, a decrease from $29,000 in the same period of 2023. For the nine months ended September 30, 2024, total revenues were $70,000, slightly up from $66,000 in the prior year. Grant revenues followed a similar trend, with Q3 2024 revenues at $14,000 compared to $29,000 in Q3 2023.
Operating expenses surged significantly, with total operating expenses for Q3 2024 reaching $5,326,000, up from $1,492,000 in Q3 2023. Research and development expenses for Q3 2024 were $2,415,000, compared to $603,000 in Q3 2023, reflecting the company's increased investment in clinical development. General and administrative expenses also rose to $2,911,000 from $889,000 year-over-year, driven by higher stock-based compensation, consulting fees, and legal expenses related to the merger.
The company reported a net income of $1,383,000 for Q3 2024, down from $1,752,000 in Q3 2023. However, for the nine months ended September 30, 2024, Serina experienced a net loss of $8,455,000, a stark contrast to a net income of $4,218,000 for the same period in 2023. The accumulated deficit as of September 30, 2024, stood at $21,775,000, a decrease from $33,177,000 at the end of 2023.
Cash and cash equivalents decreased to $3,185,000 as of September 30, 2024, down from $7,619,000 at the end of 2023. The company has drawn $2.9 million from loan facilities and received $5.0 million from the exercise of Post-Merger Warrants by Juvenescence, which is expected to provide an additional $10 million in capital through further exercises.
Serina has acknowledged substantial doubt about its ability to continue as a going concern, citing ongoing losses and negative cash flows. The company plans to seek additional financing through equity offerings, debt financings, or collaborations to support its operations and product development initiatives.
About AgeX Therapeutics, Inc.
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