Regencell Bioscience : Announces First Half 2024 Financial Results Form 6 K

About this update from Regencell Bioscience Holdings Limited

Regencell Bioscience Holdings Limited Announces First Half 2024 Financial Results HONG KONG, June 20, 2024 - Regencell Bioscience Holdings Limited (Nasdaq: RGC) (the "Company"), today announced its unaudited condensed consolidated interim financial results for the six months ended December 31, 2023. Results of OperationsOperating Expenses For the Six Months Ended For the Six Months Ended December 31, December 31, Change Change 2023 2022 Amount % OPERATING EXPENSES: Selling and marketing $ 97,062 $ 98,093 $ (1,031 ) (1 )% General and administrative (including share-based compensation of approximately $0.3 million and $0.5 million for the six-month ended December 31, 2023 and 2022 respectively) 1,730,043 1,981,253 (251,210 ) (13 )% Research and development (including reversal of share-based compensation of approximately $0.1 million and share-based compensation of approximately $0.4 million for the six-month ended December 31, 2023 and 2022 respectively) 484,750 1,350,173 (865,423 ) (64 )% Total operating expenses 2,311,855 3,429,519 (1,117,664 ) (33 )% During the six-month period ended December 31, 2023, we incurred total operating expenses of approximately $2.3 million, a decrease of approximately $1.1 million, or 33%, as compared to total operating expenses of approximately $3.4 million during the six-month period ended December 31, 2022. Selling and marketing expenses decreased by approximately $1 thousand, or 1%, to approximately $0.1 million for the six-month period ended December 31, 2023 from approximately $0.1 million for the six-month period ended December 31, 2022. Selling and marketing expenses mainly related to digital marketing promotions and they remained at a stable level for both periods. General and administrative expenses decreased by approximately $0.3 million, or 13%, to approximately $1.7 million for the six-month period ended December 31, 2023 from approximately $2.0 million for the six-month period ended December 31, 2022. The decrease was mainly attributable to (i) decrease in share-based compensation for general and administrative personnel of approximately $0.2 million and (ii) decrease in corporate apartment expenses of approximately $0.1 million as fewer corporate apartments were rented for the six-month period ended December 31, 2023. Research and development expenses decreased by approximately $0.9 million, or 64%, to approxim...

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