FOXO Technologies Inc. (FOXO) reported financial results for the quarter ended September 30, 2023, with a net loss of $3.66 million, compared to a net loss of $41.03 million for the same period in the previous year, marking a significant reduction in losses by 91%. The company's accumulated deficit as of September 30, 2023, was $173.2 million. Operating expenses decreased by 5% to $18.47 million, primarily due to lower research and development costs, which dropped by 57% to $925,000. Selling, general, and administrative expenses also decreased by 13% to $15.05 million. The company's revenue for the quarter was $10,000, a decrease from $14,000 in the prior-year period. FOXO Technologies also highlighted the completion of the sale of FOXO Life Insurance Company, which provided access to $4.75 million previously held as statutory capital and surplus...Show More

FOXO Technologies Inc. (FOXO) reported financial results for the quarter ended September 30, 2023, with a net loss of $3.66 million, compared to a net loss of $41.03 million for the same period in the previous year, marking a significant reduction in losses by 91%. The company's accumulated deficit as of September 30, 2023, was $173.2 million. Operating expenses decreased by 5% to $18.47 million, primarily due to lower research and development costs, which dropped by 57% to $925,000. Selling, general, and administrative expenses also decreased by 13% to $15.05 million. The company's revenue for the quarter was $10,000, a decrease from $14,000 in the prior-year period. FOXO Technologies also highlighted the completion of the sale of FOXO Life Insurance Company, which provided access to $4.75 million previously held as statutory capital and surplus. The company acknowledged the need for additional funding to support operations and growth, having raised capital through a private placement and a strategic agreement with ClearThink Capital Partners, LLC, which agreed to purchase up to $2 million of FOXO's Class A common stock. The company's management is reviewing strategic goals and focusing on Bioinformatics Services, which offers epigenetic data processing and analysis. FOXO Technologies also noted the challenges of maintaining compliance with NYSE American listing standards, having received a notice of noncompliance due to stockholders' deficit and net losses. The company submitted a compliance plan to regain listing standards by December 2024.