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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2023
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | Note 7 – SUBSEQUENT EVENTS On July 13, 2023, the Company sold an aggregate of 685,033 shares of Common Stock to several institutional buyers and accredited investors in a registered direct offering at an offering price of $3.03 per share. The offering closed on July 13, 2023, with net proceeds of approximately $1.8 million. The Company intends to use the net proceeds from the offering in connection with its clinical trials with respect to its lead cell therapy candidate, BRTX-100, pre-clinical research and development with respect to its metabolic ThermoStem Program and for general corporate purposes and working capital. ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q includes a number of forward-looking statements that reflect management’s current views with respect to future events and financial performance. Forward-looking statements are projections in respect of future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. These statements include statements regarding the intent, belief or current expectations of us and members of our management team, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 27, 2023, any of which may cause our company’s or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in our forward-looking statements. These risks and factors include, by way of example and without limitation:
● | our ability to obtain financing needed to complete our clinical trials and implement our business plan;
● | our ability to successfully develop and commercialize BRTX-100, our lead product candidate for the treatment of chronic lumbar disc disease, as well as our metabolic ThermoStem Program;
● | our ability to protect our proprietary rights;
● | our ability to achieve and sustain profitability of the existing lines of business;
● | our ability to attract and retain world-class research and development talent;
● | our ability to attract and retain key science, technology and management personnel and to expand our management team;
● | the accuracy of estimates regarding expenses, future revenue, capital requirements, profitability, and needs for additional financing;
● | business interruptions resulting from geo-political actions, including war and terrorism or disease outbreaks (such as the recent outbreak of COVID-19);
● | our ability to attract and retain customers; and
● | our ability to navigate through the increasingly complex therapeutic regulatory environment.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity or performance. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are urged to carefully review and consider the various disclosures made by us in this report and in our other reports filed with the SEC. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in the future operating results over time, except as required by law. We believe that our assumptions are based upon reasonable data derived from and known about our business and operations. No assurances are made that actual results of operations or the results of our future activities will not differ materially from our assumptions. As used in this Quarterly Report on Form 10-Q and unless otherwise indicated, the terms “Company,” “we,” “us” and “our” refer to BioRestorative Therapies, Inc., a Nevada corporation (“BRT”), and its wholly-owned subsidiary, Stem Pearls, LLC, a New York limited liability company (“Stem Pearls”). Unless otherwise specified, all dollar amounts are expressed in United States dollars. Intellectual Property This report includes references to our federally registered trademarks, BioRestorative Therapies and Dragonfly design, BRTX-100, ThermoStem, and BRTX. The Dragonfly logo is also registered with the U.S. Copyright Office. This report may also include references to trademarks, trade names and service marks that are the property of other organizations. Solely for convenience, trademarks and trade names referred to in this report appear without the ®, SM or ™ symbols, and copyrighted content appears without the use of the symbol ©, but the absence of use of these symbols does not reflect upon the validity or enforceability of the intellectual property owned by us or third parties. Corporate History Our offices are located in Melville, New York where we have established a laboratory facility in order to increase our capabilities for the further development of possible cellular-based treatments, products and protocols, stem cell-related intellectual property and translational research applications. As of June 30, 2023, our accumulated deficit was $161,305,671. We have historically only generated a modest amount of revenue, and our losses have principally been operating expenses incurred in research and development, marketing and promotional activities in order to commercialize our products and services, plus costs associated with meeting the requirements of being a public company. We expect to continue to incur substantial costs for these activities over at least the next year. Business Overview We develop therapeutic products and medical therapies using cell and tissue protocols, primarily involving adult (non-embryonic) stem cells. We are currently pursuing our Disc/Spine Program with our initial investigational therapeutic product being called BRTX-100. In March 2022, a United States patent was issued in our Disc/Spine Program. We submitted an IND application to the FDA to obtain authorization to commence a Phase 2 clinical trial investigating the use of BRTX-100, our lead cell therapy candidate, in the treatment of chronic lower back pain arising from degenerative disc disease. We have received such authorization from the FDA and have commenced such clinical trial through the execution of a CRO agreement with Professional Research Consulting, Inc., d/b/a PRC Clinical (“PRC”), the execution of clinical trial site agreements, patient enrollment, the commencement of patient procedures, the purchase of manufacturing equipment and the expansion of our laboratory to include capabilities for clinical production. We have received a license from the New York State Department of Health to act as a tissue bank for mesenchymal stem cell processing. In June 2023, we received a unanimous recommendation from the Data Safety Monitoring Board (“DSMB”) to continue our Phase 2 clinical trial without any changes. We have obtained a license to use technology for investigational adult stem cell treatment of disc and spine conditions, including protruding and bulging lumbar discs. The technology is an advanced stem cell injection procedure that may offer relief from lower back pain, buttock and leg pain, and numbness and tingling in the leg and foot. We are investigating the expansion of the clinic application of BRTX-100 to other indications within the body. We are also developing our ThermoStem Program. This pre-clinical program involves the use of brown adipose (fat) in connection with the cell-based treatment of type 2 diabetes and obesity as well as hypertension, other metabolic disorders and cardiac deficiencies. United States patents related to the ThermoStem Program were issued in September 2015, January 2019, March 2020, March 2021, and July 2021; a notice of allowance was issued in February 2023 by the United States Patent Office for a patent application related to our ThermoStem Program; Australian patents related to the ThermoStem Program were issued in April 2017, October 2019, and August 2021; Japanese patents related to the ThermoStem Program were issued in December 2017, June 2021, and February 2022; a notice of allowance was issued in May 2023 by the Japanese Patent Office for a patent application related to our ThermoStem Program; Israeli patents related to our ThermoStem Program were issued in October 2019, May 2020, and March 2022; European patents related to the ThermoStem Program were issued in April 2020 and January 2021; and a notice of allowance was issued in February 2023 by the European Patent Office for a patent application related to our ThermoStem Program. We have licensed a patented curved needle device that is a needle system designed to deliver cells and/or other therapeutic products or materials to the spine and discs or other potential sites. We anticipate that FDA approval or clearance will be necessary for this device prior to commercialization. We do not intend to utilize this device in connection with our Phase 2 clinical trial with regard to BRTX-100. Revenue We derived all of our revenue pursuant to a license agreement with the SCTC entered into in January 2012, as amended in November 2015 and November 2022. Pursuant to the license agreement, the SCTC granted to us an exclusive license to use certain intellectual property related to, among other things, stem cell disc procedures and we have granted to the SCTC a sublicense to use, and the right to sublicense to third parties the right to use, in certain locations in the United States and the Cayman Islands, certain of the licensed intellectual property. In consideration of the sublicenses, the SCTC has agreed to pay us royalties on a per disc procedure basis. Results of Operations Comparison of the Three Months Ended June 30, 2023 to the Three Months Ended June 30, 2022 Our financial results for the three months ended June 30, 2023 are summarized as follows in comparison to the three months ended June 30, 2022:
|  | For the Three Months Ended, |
|  | June 30, 2023 |  |  | June 30, 2022 |
|  | (unaudited) |
Revenues |  | $ | 64,500 |  |  | $ | 71,100 |
Operating expenses: |  |  |  |  |  |  |  |
Research and development |  |  | 967,891 |  |  |  | 1,075,224 |
General and administrative |  |  | 2,213,160 |  |  |  | 3,624,504 |
Total operating expenses |  |  | 3,181,051 |  |  |  | 4,699,728 |
Loss from operations |  |  | (3,116,551 | ) |  |  | (4,628,628 | )
Other (income) expense: |  |  |  |  |  |  |  |
Interest (income) expense |  |  | (96,187 | ) |  |  | 46,613 |
Other income, net |  |  | (39,812 | ) |  |  | - |
Total other (income) expense |  |  | (135,599 | ) |  |  | 46,613 |
Net loss |  | $ | (2,980,552 | ) |  | $ | (4,675,241 | )
Revenues For the three months ended June 30, 2023 and 2022, we generated $64,500 and $71,000, respectively, of royalty revenue in connection with our sublicense agreement. Research and Development Research and development expenses include cash and non-cash compensation of (a) our Vice President of Research and Development; (b) our Scientific Advisory Board members; and (c) laboratory staff and costs related to our brown fat and disc/spine initiatives. Research and development expenses are expensed as they are incurred. For the three months ended June 30, 2023, research and development expenses decreased by $107,333, or 10.0%, compared to the three months ended June 30, 2022. The decrease was primarily the result of a difference in the timing of payments made for PRC service expenses. A milestone payment in the amount of $150,000 was paid on June 30, 2022 compared to the three months ended June 30, 2023 in which no milestone payment was due. We expect that our research and development expenses will increase in subsequent fiscal periods. General and Administrative General and administrative expenses consist primarily of salaries, bonuses, payroll taxes and stock-based compensation to employees, as well as corporate expenses such as legal and professional fees, investor relations and occupancy-related expenses. For the three months ended June 30, 2023, general and administrative expenses decreased by $1,411,344, or 38.9%, as compared to the three months ended June 30, 2022, primarily driven by a $1,618,481 decrease in stock-based compensation. Interest (income) expense For the three months ended June 30, 2023, interest income was $96,187 compared to interest expense of $46,613 for the three months ended June 30, 2022. The change was primarily due to our investments in marketable securities during the three months ended June 30, 2023, which generated interest income. During the three months ended June 30, 2022, we did not have any such investments and only incurred interest expense. Other income, net For the three months ended June 30, 2023, Other income, net primarily relates to gains from settlements of certain accrued expenses and realized and unrealized gain on investments. Comparison of the Six Months Ended June 30, 2023 to the Six Months Ended June 30, 2022 Our financial results for the six months ended June 30, 2023 are summarized as follows in comparison to the six months ended June 30, 2022:
|  | For the Six Months Ended, |
|  | June 30, 2023 |  |  | June 30, 2022 |
|  | (unaudited) |
Revenues |  | $ | 95,800 |  |  | $ | 87,100 |
Operating expenses: |  |  |  |  |  |  |  |
Research and development |  |  | 2,479,136 |  |  |  | 1,850,561 |
General and administrative |  |  | 6,512,313 |  |  |  | 7,918,960 |
Total operating expenses |  |  | 8,991,449 |  |  |  | 9,769,521 |
Loss from operations |  |  | (8,895,649 | ) |  |  | (9,682,421 | )
Other (income) expense: |  |  |  |  |  |  |  |
Interest (income) expense |  |  | (114,403 | ) |  |  | 75,624 |
Gain on PPP loan forgiveness |  |  | - |  |  |  | (250,000 | )
Grant income |  |  | - |  |  |  | (16,654 | )
Other income, net |  |  | (116,472 | ) |  |  | - |
Total other income |  |  | (230,875 | ) |  |  | (191,030 | )
Net loss |  | $ | (8,664,774 | ) |  | $ | (9,491,391 | )
Revenues For the six months ended June 30, 2023 and 2022, we generated $95,800 and $87,100, respectively, of royalty revenue in connection with our sublicense agreement. Research and Development Research and development expenses include cash and non-cash compensation of (a) our Vice President of Research and Development; (b) our Scientific Advisory Board members; and (c) laboratory staff and costs related to our brown fat and disc/spine initiatives. Research and development expenses are expensed as they are incurred. For the six months ended June 30, 2023, research and development expenses increased by $628,575, or 34.0%, compared to the six months ended June 30, 2022. The increase was primarily driven by increased salaries and wages of $836,000, increased lab site fees of $84,000, and increased consulting fees of 95,000, offset by a decrease in PRC service expenses of $532,000. We expect that our higher level of research and development expenses will continue in subsequent fiscal periods. General and Administrative General and administrative expenses consist primarily of salaries, bonuses, payroll taxes and stock-based compensation to employees, as well as corporate expenses such as legal and professional fees, investor relations and occupancy-related expenses. For the six months ended June 30, 2023, general and administrative expenses decreased by $1,406,647, compared to the six months ended June 30, 2022. The decrease was primarily driven by a $1,655,195 decrease in stock-based compensation, offset by an increase in salaries and wages of $167,000. We expect that our general and administrative expenses will increase as we expand our staff, develop our infrastructure and incur additional costs to support the growth of our business. Interest (income) expense For the six months ended June 30, 2023, interest income was $114,403 compared to interest expense of $75,624 for the six months ended June 30, 2022. The change was primarily due to our investments in marketable securities during the six months ended June 30, 2023, which generated interest income. During the six months ended June 30, 2022, we did not have any such investments and only incurred interest expense. Other income, net For the six months ended June 30, 2023, Other income, net primarily relates to gains from settlements of certain accrued expenses and realized and unrealized gain on investments. Gain on PPP loan forgiveness Under the terms of the U.S. Small Business Administration’s Paycheck Protection Program (“PPP”), our $250,000 PPP loan was forgiven during the six months ended June 30, 2022. Grant income Grant income of $16,654 during the six months ended June 30, 2022 consists of funding received under a $256,000 National Institutes of Health Small Business Technology Transfer (STTR) Phase 1 grant, which we were awarded in September 2021. There was no grant income during the six months ended June 30, 2023. Liquidity and Capital Resources Liquidity We measure our liquidity in a number of ways, including the following:
|  | June 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Cash, Cash Equivalents, and Investments |  | $ | 11,615,365 |  |  | $ | 14,749,408 |
Working Capital |  | $ | 11,231,071 |  |  | $ | 14,688,188 |
Working capital decreased by $3,457,117 primarily due to the $3,479,065 of cash used to fund our operations. Availability of Additional Funds Based upon our accumulated deficit of $161,305,671 as of June 30, 2023, along with our forecast for continued operating losses and our need for financing to fund our current and contemplated clinical trials, we will eventually require additional equity and/or debt financing to continue our operations. However, based on cash on hand as of June 30, 2023 and the recent offerings discussed below, we believe we have sufficient cash to fund operations for the twelve months subsequent to the filing date of this Form 10-Q. Our operating needs include the planned costs to operate our business, including amounts required to fund our clinical trials, working capital and capital expenditures. Our future capital requirements and the adequacy of our available funds will depend on many factors, including our ability to successfully commercialize our products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement our product and service offerings. We may be unable to raise sufficient additional capital when we need it or raise capital on favorable terms. Future financing may require us to pledge certain assets and enter into covenants that could restrict certain business activities or our ability to incur further indebtedness and may contain other terms that are not favorable to our stockholders or us. If we are unable to obtain adequate funds on reasonable terms, we may be required to significantly curtail or discontinue operations or obtain funds by entering into financing agreements on unattractive terms. “At-the-Market” Offering In April 2023, we entered into a Capital on Demand Sales Agreement with JonesTrading Institutional Services LLC (the “Sales Agent”) under which we have the ability to issue and sell shares of our Common Stock, from time to time, through the Sales Agent, up to an aggregate offering price of $4,200,000 in what is commonly referred to as an “at-the-market” (“ATM”) program. During the three months ended June 30, 2023, we sold 93,551 shares of our Common Stock under the ATM program with the Sales Agent at a weighted-average gross price of approximately $5.74 per share and raised approximately $536,600 of gross proceeds. The total commissions and related legal fees were approximately $125,000, and we received net proceeds of approximately $412,000. As of June 30, 2023, we had remaining capacity to sell up to an additional $3,663,407 of Common Stock under the ATM program. Registered Direct Offering In July 2023, we sold an aggregate of 685,033 shares of our Common Stock in a registered direct offering. We received net proceeds of approximately $1,831,000 from the offering. Cash Flows During the six months ended June 30, 2023 and 2022, our sources and uses of cash were as follows:
|  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |
Net cash used in operating activities |  | $ | (3,479,065 | ) |  | $ | (2,845,765 | )
Net cash provided by (used in) investing activities |  |  | 3,174,433 |  |  |  | (247,247 | )
Net cash provided by financing activities |  |  | 411,701 |  |  |  | - |
Net increase (decrease) in cash |  | $ | 107,069 |  |  | $ | (3,093,003 | )
Operating Activities Net cash used in operating activities was $3,479,065 for the six months ended June 30, 2023, primarily due to cash used to fund the net loss of $8,664,774, which was partially offset by non-cash expenses of $4,824,865 related primarily to stock-based compensation. Cash flows were also impacted by routine fluctuations in our operating assets and liabilities. Net cash used in operating activities was $2,845,756 for the six months ended June 30, 2022, primarily due to cash used to fund the net loss of $9,491,391 and a non-cash gain of $250,000 on forgiveness of our PPP loan, which were partially offset by non-cash expenses of $6,480,055 related primarily to stock-based compensation and $300,032 of cash provided by changes in the levels of operating assets and liabilities. Investing Activities Net cash provided by investing activities increased by $3,421,680 for the six months ended June 30, 2023 compared to the six months ended June 30, 2022, primarily due to a sale of marketable securities, which provided $3,263,504 of cash. Financing Activities Net cash provided by financing activities increased by $411,701 for the six months ended June 30, 2023 compared to the six months ended June 30, 2022, due to the net proceeds from the ATM offerings of the Company’s Common Stock. Effects of Inflation We do not believe that inflation had a material impact on our business, revenues or operating results during the periods presented. Critical Accounting Policies and Estimates Our significant accounting policies are more fully described in the notes to our unaudited condensed consolidated financial statements included herein for the quarter ended June 30, 2023, and in the notes to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 27, 2023. Item 3. Quantitative and Qualitative Disclosures about Market Risk Not applicable. As a smaller reporting company, we are not required to provide the information required by this Item. Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“the Exchange Act”), that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. In designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we are required to perform an evaluation of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Exchange Act, as of June 30, 2023. Management has completed such evaluation and has concluded that our disclosure controls and procedures were not effective to provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is appropriate to allow timely decisions regarding required disclosures. As a result of the material weakness in internal controls over financial reporting described below, we concluded that our disclosure controls and procedures as of June 30, 2023 were not effective. Material Weaknesses in Internal Control over Financial Reporting Management assessed the effectiveness of our internal control over financial reporting as of June 30, 2023 based on the framework established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has determined that our internal control over financial reporting as of June 30, 2023 was not effective. A material weakness, as defined in the standards established by Sarbanes-Oxley, is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected on a timely basis. The ineffectiveness of our internal control over financial reporting was due to the following material weaknesses:
● | Lack of adherence to formal policies and procedures;
● | Lack of risk assessment procedures on internal controls to detect financial reporting risks in a timely manner; and
● | Lack of sufficient formal management testing over documented formal procedures and controls, and time to evaluate continuous effectiveness of controls to achieve complete and accurate financial reporting and disclosures, including documented controls over the preparation and review of journal entries and account reconciliations.
Management’s Plan to Remediate the Material Weaknesses Management has been implementing and continues to implement measures designed to ensure that control deficiencies contributing to the material weaknesses are remediated, such that these controls are designed, implemented, and operating effectively. The remediation actions include:
● | New management personnel, including our Chief Financial Officer, who is overseeing the financial reporting process and implementation of enhanced controls and governance;
● | Engagement of external financial consulting firm to continue to enhance financial reporting, financial operations and internal controls; and
● | Documentation of key procedures and controls using a risk-based approach.
Management is committed to maintaining a strong internal controls environment and implementing measures designed to help ensure that control deficiencies contributing to the material weaknesses are remediated as soon as possible. We have documented key procedures and controls using a risk-based approach and have, therefore, made progress toward remediation. We continue to implement our remediation plan, which includes continued engagement of an external financial consulting firm to enhance financial reporting and operations as well as design and implementation of controls. We will consider the material weaknesses remediated after the applicable controls operate for a sufficient period of time, and Management has concluded, through testing, that the controls are operating effectively. Management will continue to monitor and evaluate the effectiveness of our internal controls and procedures over financial reporting on an ongoing basis and is committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow. Changes in Internal Control Over Financial Reporting Other than described above, there have been no changes in our internal control over financial reporting that occurred during our second quarter of 2023 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting. PART II - OTHER INFORMATION Item 1A. Risk Factors An investment in our Common Stock involves a number of very significant risks. You should carefully consider the risk factors included in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 27, 2023, in addition to other information contained in that report and in this quarterly report in evaluating the Company and its business before purchasing shares of our Common Stock. The Company’s business, operating results and financial condition could be adversely affected due to any of those risks. Item 2. Unregistered Sales of Equity Securities and Use Of Proceeds During the three months ended June 30, 2023, we did not have any unregistered sales of equity securities. Item 6. Exhibits
|  |  |  | Incorporated by Reference
Exhibit Number |  | Exhibit Description |  | Form |  | Exhibit |  | Filing Date
3.1 |  | Amended and Restated Articles of Incorporation |  | 8-K |  | 3.3 |  | 1/5/2023
3.2 |  | Certificate of Designations of Preferred Stock (Series B) |  | 8-K |  | 3.4 |  | 1/5/2023
3.3 |  | Bylaws |  | 8-K |  | 3.5 |  | 1/5/2023
31.1* |  | Certification of Principal Executive Officer |  |  |  |  |  |
31.2* |  | Certification of Principal Financial Officer |  |  |  |  |  |
32.1** |  | Section 1350 Certification of Principal Executive Officer and Principal Financial Officer |  |  |  |  |  |
101.INS |  | Inline XBRL Instance Document |  |  |  |  |  |
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document |  |  |  |  |  |
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document |  |  |  |  |  |
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document |  |  |  |  |  |
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document |  |  |  |  |  |
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  |  |  |
104 |  | Cover Page Interactive Date File (embedded within the Inline XBRL document) |  |  |  |  |  |
* | Filed herewith.
** | In accordance with SEC Release 33-8238, Exhibit 32.1 is being furnished and not filed.
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BIORESTORATIVE THERAPIES, INC. |
By: | /s/ Lance Alstodt |
| Lance Alstodt |
| Chief Executive Officer, President, and Chairman of the Board |
| (Principal Executive Officer) |
Date: | August 11, 2023 |
By: | /s/ Robert E. Kristal |
| Robert E. Kristal |
| Chief Financial Officer |
| (Principal Financial Officer) |
Date: | August 11, 2023 |

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