Biotechnology company AgeX Therapeutics Inc (NYSE American:AGE) disclosed on Monday that it recorded a net loss of USD2.09m (USD0.05 per common share) for the quarter ended 31 March 2021.

This marks a rise in earnings when compared with a higher net loss of USD3.19m (USD0.08 per common share) in the corresponding period in 2020.

Total revenues of USD56,000 were generated for the first quarter of 2021, down over total revenues of USD89,000 in the same period in 2020, primarily comprised of allowable expenses under a research grant from the NIH.

Research and development (R&D) expenses of USD0.3m were recorded during the three months ended 31 March 2021, decreased by approximately USD0.9m to from R&D of USD1.2m during the same period in 2020. The company added that the decrease was attributable to the scaled down research and development related activities following the layoff of 11 employees and shutdown of laboratory facilities.