HomeTop MoversWhyAgeX Therapeutics Inc. (AGE) stock declined after an exceptional surge on Friday?

WhyAgeX Therapeutics Inc. (AGE) stock declined after an exceptional surge on Friday?

AgeX Therapeutics Inc. (AGE) shares plummeted 16.06% in after-hours on Friday, December 31, 2021, and closed weekly trading at $0.92. However, in the regular trading session of Friday, AGE’s stock soared 85.09%. AGE shares have fallen 28.29% over the last 12 months, and they have moved up 81.67% in the past week. Over the past three months, the stock has gained 18.35%, while over the past six months, it has declined 24.31%.

Let’s see what are the latest news about the company?


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AGE collaboration with University of California, Irvine

On December 14, 2021, AgeX Therapeutics, Inc. (AGE) announced a research collaboration with the University of California, Irvine (UCI) to explore the therapeutic potential of exosomes and other extracellular vesicles produced by neural stem cells derived from AgeX pluripotent stem cells, to develop therapies to treat adverse neurocognitive effects of cancer chemotherapy and radiation therapy on brain function. This research project seeks to address a critical unmet medical need that impacts the quality of life for millions of cancer survivors.

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The first patient dosed with ImStem IMS001

On November 30, 2021, ImStem Biotechnology, Inc, which is a licensee of AgeX Therapeutics, Inc. (AGE) dosed the first U.S. multiple sclerosis (MS) patient with ImStem’s lead investigational drug candidate IMS001 at the Shepherd Center in Atlanta, GA. IMS001 was derived by ImStem from AgeX’s pluripotent stem cell line designated ESI-053, under a non-exclusive sublicense from AgeX.

AGE will receive revenues in the form of royalties on the sale of IMS001 if successfully developed by ImStem and approved for marketing by the FDA or foreign regulatory authorities.

AGE deficiency at NYSE

On November 17, 2021, AgeX Therapeutics, Inc. (AGE), received a deficiency letter from the staff of the NYSE indicating that AgeX does not meet certain of the Exchange’s continued listing standards as outlined in Section 1003(a)(i) and (ii) of the Exchange Company Guide.

AGEX has stockholders’ equity of less than $2,000,000 and in the last two financial years, it has reported operating losses. The company has reported net losses during three out of four of its most recent fiscal years.

AgeX needs to provide a plan to NYSE explaining the actions company has taken and will take that would bring AgeX into compliance with the Exchange’s continued listing standards by June 17, 2023.

AGE latest financial results

On November 12, 2021, AgeX Therapeutics, Inc. (AGE), announced its financial and operating results for the quarter ended September 30, 2021.

Q3 2021 financial highlights

  • AGE’s total revenue was $24,000 for the third quarter of 2021 compared with $69,000 for the third quarter of 2020.
  • Total operating expenses for the three months ended September 30, 2021, were $1.7 million as compared to $2.4 million Q3 2020.
  • It suffered a net loss of $1.95 million in Q3 2021 compared to a net loss of $2.54 million in Q3 2020.
  • The company ended the third quarter with cash, and cash equivalents, and restricted cash of $0.8 million.

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Conclusion

Well, as of this writing, there is no recent news or development which could be the reason behind its exceptional gains in regular trading on Friday and later for its decline. Let’s see how it commences trading on Monday?

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