Foxo Technologies Inc
OTC:FOXO
Foxo Technologies Inc
FOXO Technologies, Inc. develops genetic sequencing technology artificial intelligence and bioinformatics tools. The company is headquartered in Minneapolis, Minnesota and currently employs 24 full-time employees. The company went IPO on 2020-12-11. The firm is focused on commercializing longevity science through products and services that serve the life insurance industry. Its epigenetic technology applies artificial intelligence (AI) to deoxyribonucleic acid (DNA) methylation to identify molecular biomarkers of human health and aging. The firm operates through two segments: FOXO Labs and FOXO Life. FOXO Labs is commercializing epigenetic biomarker technology to be used for mortality underwriting and risk classification in the global life insurance industry. Its biomarker technology enables the adoption of new saliva-based health and wellness biomarker solutions for underwriting and risk assessment. FOXO Life is redefining the relationship between consumers and insurers by combining life insurance with healthy longevity. FOXO Life seeks to transform the value proposition of the life insurance carrier from a provider of mortality risk protection products.
FOXO Technologies, Inc. develops genetic sequencing technology artificial intelligence and bioinformatics tools. The company is headquartered in Minneapolis, Minnesota and currently employs 24 full-time employees. The company went IPO on 2020-12-11. The firm is focused on commercializing longevity science through products and services that serve the life insurance industry. Its epigenetic technology applies artificial intelligence (AI) to deoxyribonucleic acid (DNA) methylation to identify molecular biomarkers of human health and aging. The firm operates through two segments: FOXO Labs and FOXO Life. FOXO Labs is commercializing epigenetic biomarker technology to be used for mortality underwriting and risk classification in the global life insurance industry. Its biomarker technology enables the adoption of new saliva-based health and wellness biomarker solutions for underwriting and risk assessment. FOXO Life is redefining the relationship between consumers and insurers by combining life insurance with healthy longevity. FOXO Life seeks to transform the value proposition of the life insurance carrier from a provider of mortality risk protection products.
Strategic Shift: FOXO is refocusing from life insurance to bioinformatics and AI-powered R&D, pausing further development on consumer wellness products until more research is complete.
Cost Reductions: Management has reduced staff and streamlined expenses to improve the company's financial position.
Capital Secured: The company completed two tender offers and a private placement, improving its ability to raise capital and pursue new opportunities.
Financial Results: Net loss narrowed significantly year-over-year, with both net loss and adjusted EBITDA improving compared to the prior period.
R&D Emphasis: FOXO sees major growth opportunities in areas like blood testing, wellness testing, and at-home fitness, leveraging its proprietary data and partnerships.
Cash Position: As of June 30, 2023, FOXO expected to have enough capital to fund operations through mid-August 2023 and is seeking further funding.
