FOXO Technologies Inc. reported financial results for the quarter ended September 30, 2023, with a net loss of $3.66 million, a significant improvement from the $41.03 million loss in the same period last year. The company's total revenue decreased by 29% year-on-year to $10 thousand, primarily due to reduced life insurance commissions as the company ceased placing policies from its legacy agency business. Research and development expenses decreased by 49% to $283 thousand, reflecting lower employee-related expenses and professional services. The company also reported a non-operating expense decrease of 153%, mainly due to changes in the fair value of convertible debentures, warrant liability, and forward purchase derivatives. FOXO Technologies continues to focus on commercializing epigenetic biomarker technology and has launched Bioinformatics Services. However, the...Show More

FOXO Technologies Inc. reported financial results for the quarter ended September 30, 2023, with a net loss of $3.66 million, a significant improvement from the $41.03 million loss in the same period last year. The company's total revenue decreased by 29% year-on-year to $10 thousand, primarily due to reduced life insurance commissions as the company ceased placing policies from its legacy agency business. Research and development expenses decreased by 49% to $283 thousand, reflecting lower employee-related expenses and professional services. The company also reported a non-operating expense decrease of 153%, mainly due to changes in the fair value of convertible debentures, warrant liability, and forward purchase derivatives. FOXO Technologies continues to focus on commercializing epigenetic biomarker technology and has launched Bioinformatics Services. However, the company faces challenges, including a history of losses, the need for additional capital, and maintaining compliance with NYSE American listing standards. As of September 30, 2023, FOXO Technologies had cash and cash equivalents of $42 thousand, and the company's accumulated deficit stood at $172.29 million. The company's future plans include pursuing additional funding and focusing on research and development to grow its business.