Serina Therapeutics Reports First Quarter 2025 Financial Results and Provides Business Highlights

Rhea-AI Summary

Serina Therapeutics (NYSE: SER) reported Q1 2025 financial results and business updates. The company secured $15 million in equity financing, including $10M from JuvVentures and $5M from board directors and investors. Key highlights include preparations for Phase 1b trial of SER-252 for advanced Parkinson's disease, scheduled for Q4 2025. The company reported a net loss of $4.8 million ($0.49 per share) compared to $15.0 million loss in Q1 2024. Operating expenses increased to $5.9M from $2.3M year-over-year. Cash position stands at $4.3M as of March 31, 2025, with runway through Q3 2025. The company also appointed two new board members and presented promising data on their POZ-lipid technology showing no immune response in contrast to PEG-lipid standards.

Positive

• Secured $15 million in equity financing to support operations
• Added two experienced biotech leaders to Board of Directors
• POZ-lipid technology showed superior immune response profile compared to PEG-lipid standards
• Reduced net loss to $4.8M in Q1 2025 from $15.0M in Q1 2024

Negative

• Operating expenses increased significantly to $5.9M from $2.3M year-over-year
• No material revenues reported for Q1 2025
• Current cash runway only extends through Q3 2025
• R&D expenses nearly tripled to $3.0M from $1.1M year-over-year

Insights

Biotech Investment Analyst

Serina reports widening operating losses despite reduced net loss; advancing Parkinson's therapy with tight cash runway through Q3 2025.

Serina's Q1 2025 results present a complex financial picture. While net losses improved from $15.0 million to $4.8 million year-over-year, this enhancement stems primarily from accounting adjustments related to financial instruments rather than operational improvements. The $13.7 million positive swing in other income masked concerning operational trends, including operating expenses that more than doubled to $5.9 million.

R&D expenses increased 173% to $3.0 million, reflecting investments in their POZ Platform and preparation for the SER-252 Phase 1b trial. Similarly, G&A costs rose 142% to $2.9 million due to increased headcount and administrative infrastructure. These escalating expenses create a challenging burn rate situation considering their limited cash reserves.

The company's $4.3 million cash position as of March 31, combined with April's $5 million private placement, provides runway only through Q3 2025 - creating a concerning timeline gap before their planned Q4 2025 first patient dosing in the Phase 1b trial. This timing discrepancy signals likely additional financing needs in the near term.

On the scientific front, Serina's POZ-lipid technology shows promise by avoiding the immunogenicity issues that plague current PEG-lipid formulations for RNA therapeutics. The absence of antibody responses following repeat dosing could position their platform favorably in the competitive RNA delivery landscape, where immunogenicity often limits therapeutic potential.

The recent board additions bring valuable experience as Serina transitions toward clinical-stage development, but their financial constraints remain the dominant narrative in this quarterly update.

• On track for first patient dosing of SER-252 in Phase 1b clinical trial in advanced Parkinson’s disease in Q4 2025
• Strengthened balance sheet with recent financing
• Advancing innovative POZ Platform across multiple therapeutic modalities
• Two new seasoned biotech leaders added to the Board of Directors

HUNTSVILLE, May 08, 2025 (GLOBE NEWSWIRE) -- Serina Therapeutics, Inc. (“Serina”) (NYSE American: SER), a clinical-stage biotechnology company developing its proprietary POZ Platform^™ drug optimization technology, today reported its financial results for the first quarter ended March 31, 2025, along with recent business highlights.

"We are energized by the substantial progress and strengthened foundation we've achieved in recent months. Our partnership with Enable Injections, combined with our proprietary POZ optimization technology, continues to advance SER-252 toward a differentiated product profile and potential best-in-class therapy for advanced Parkinson’s care. With new capital infusions in the first quarter and April from strategic investors, we remain focused on reaching key milestones, including dosing the first patient in our Phase 1b clinical trial by the fourth quarter of this year," said Steve Ledger, CEO of Serina Therapeutics. "Importantly, we are dedicated to expanding the impact of our POZ Platform and remain committed to pushing the boundaries of our platform’s potential, from neurological disorders to RNA-based and ADC therapeutics, to improve patient outcomes and quality of life."

Recent Highlights

• Secured Funding: Serina secured $15 million in equity financing since late 2024, including a $10 million two-tranche investment from JuvVentures (closed in January 2025) and a $5 million private placement in April 2025 from a Securities Purchase Agreement entered with certain board directors and investors. This financial foundation enhances Serina's ability to focus on advancing its core therapeutic programs as the company prepares to initiate a Phase 1b trial of SER-252 in Q4 2025.
• New Board Directors Appointed: Serina added experienced biotech leaders Karen J. Wilson and Dr. Jay Venkatesan to the Board of Directors during the quarter, adding deep collective experience in corporate strategy, business development, and capital markets.
• Presented New POZ Platform Data: Shared data at the 4th LNP Formulation & Process Development Summit 2025 demonstrating that Serina’s POZ-lipid, a key component of lipid nanoparticles (LNPs), did not trigger an IgM or IgG antibody response following repeat dosing in rats in a vaccine format. In contrast, polyethylene glycol (PEG)-lipid standards, commonly used in current LNP formulations, elicited a strong and boosted antibody response. The absence of an immune response to Serina’s POZ-lipid represents a novel discovery that could enable the development of safer and more effective LNP formulations for gene therapy and RNA-based medicines.
  

First Quarter Operating Results

Revenues: Revenues were not material for the three months ended March 31, 2025 and 2024.

Operating expenses: Operating expenses for the three months ended March 31, 2025 and 2024 were $5.9 million and $2.3 million, respectively.

Research and development (R&D) expenses: Research and development expenses were $3.0 million for the three months ended March 31, 2025, compared to $1.1 million for the same period in 2024. The increase of $1.9 million is primarily due to increases in salaries, payroll related expenses and stock based compensation due to increased headcount, professional fees for the maintenance of certain patent and other intellectual property and biological material assets, outside research services and consultant spend for research programs.

General and administrative expenses: General and administrative expenses were $2.9 million for the three months ended March 31, 2025, compared to $1.2 million for the same period in 2024. The increase of $1.7 million is due primarily to increases in salaries and stock based compensation expenses as a result of new hires and directors, consulting expenses for critical finance functions, including financial planning, reporting, and operations, as well as the deployment of new platforms and software, and increases in directors and officers insurance.

Other income (expense), net: Other income, net was $1.0 million for the three months ended March 31, 2025, compared to $12.7 million net expense for the same period in 2024. The increase of $13.7 million is primarily attributable to an increase of $6.6 million in the gain from the change in fair value of liability classified Merger Warrants combined with the $7.0 million change in fair value relating to the Legacy Serina Convertible Notes and the AgeX-Serina Note.

Net Loss: The net loss attributable to Serina for the three months ended March 31, 2025 was $4.8 million, or $(0.49) per basic and diluted share, compared to net loss of $15.0 million, or $(5.38) per basic and diluted share for the same period in 2024.

Liquidity Information

Cash and cash equivalents totaled $4.3 million as of March 31, 2025.

The Company projects its cash and cash equivalents as of March 31, 2025, along with the $5.0 million of cash proceeds received in April 2025 from a Securities Purchase Agreement entered with certain board directors and investors for a private placement of securities, to last through the third quarter of 2025.

About Serina Therapeutics

Serina is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ Platform^TM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.

About the POZ Platform^™

Serina’s proprietary POZ technology is based on a synthetic, water soluble, low viscosity polymer called poly(2-oxazoline). Serina’s POZ technology is engineered to provide greater control in drug loading and more precision in the rate of release of attached drugs delivered via subcutaneous injection. The therapeutic agents in Serina’s product candidates are typically well-understood and marketed drugs that are effective but are limited by pharmacokinetic profiles that can include toxicity, side effects and short half-life. Serina believes that by using POZ technology, drugs with narrow therapeutic windows can be designed to maintain more desirable and stable levels in the blood.

Serina’s POZ platform delivery technology has potential for use across a broad range of payloads and indications. Serina intends to advance additional applications of the POZ platform via out-licensing, co-development, or other partnership arrangements, including the non-exclusive license agreement with Pfizer, Inc. to use Serina’s POZ polymer technology for use in lipid nanoparticle drug (LNP) delivery formulations.

About SER-252 (POZ-apomorphine)

SER 252 is an investigational apomorphine therapy developed with Serina’s POZ platform and designed to provide continuous dopaminergic stimulation (CDS). CDS has been shown to reduce the severity of levodopa-related motor complications (dyskinesia) in Parkinson’s disease. Preclinical studies support the potential of SER 252 to provide CDS without skin reactions. Serina plans to advance SER 252 to clinical testing in 2025.

For more information, please visit https://serinatherapeutics.com.

Cautionary Statement Regarding Forward-Looking Statement

This release contains forward-looking statements within the meaning of federal securities laws. These statements are based on management’s current expectations, plans, beliefs or forecasts for the future, and are subject to uncertainty and changes in circumstances. Any express or implied statements in this press release that are not statements of historical fact, including statements about the potential of Serina’s POZ polymer technology, Serina’s estimates regarding future revenue, expenses, capital requirements and need for additional financing, the sufficiency of Serina’s existing cash and cash equivalents to support operations through the third quarter of 2025, and Serina’s planned clinical programs, including planned clinical trials, are forward-looking statements that involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from our clinical studies; whether and when any applications may be filed for any drug or vaccine candidates in any jurisdictions; whether and when regulatory authorities may approve any potential applications that may be filed for any drug or vaccine candidates in any jurisdictions, which will depend on a myriad of factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy and, if approved, whether any such drug or vaccine candidates will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of any drug or vaccine candidates; competitive developments; Serina’s ability to continue as a going concern; Serina’s estimates regarding future revenue, expenses, capital requirements and need for additional financing. These risks as well as other risks are more fully discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the company’s other periodic reports and documents filed from time to time with the SEC. The information contained in this release is as of the date hereof, and Serina assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.

For inquiries, please contact:

Stefan Riley
sriley@serinatherapeutics.com
(256) 327-9630

SERINA THERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)

		March 31, 2025				December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	4,267			$	3,672
Prepaid expenses and other current assets			1,487				2,004
Total current assets			5,754				5,676
Property and equipment, net			484				501
Right of use assets - operating leases			412				461
Right of use assets - finance leases			81				86
TOTAL ASSETS		$	6,731			$	6,724
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	1,188			$	744
Accrued expenses			979				1,429
Other current liabilities			185				193
Total current liabilities			2,352				2,366
Warrant liability			2,593				3,582
Operating lease liabilities, net of current portion			227				268
TOTAL LIABILITIES			5,172				6,216
Stockholders’ equity:
Common stock			1				1
Additional paid-in capital			50,831				44,958
Accumulated deficit			(49,131	)			(44,318	)
Total Serina Therapeutics, Inc. stockholders’ equity			1,701				641
Noncontrolling interest			(142	)			(133	)
Total stockholders’ equity			1,559				508
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	6,731			$	6,724

SERINA THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)

		Three months ended March 31,
		2025				2024
REVENUES
Grant revenues		$	—			$	5
Total revenues			—				5
OPERATING EXPENSES
Research and development			2,951				1,106
General and administrative			2,907				1,220
Total operating expenses			5,858				2,326
Loss from operations			(5,858	)			(2,321	)
OTHER INCOME (EXPENSE), NET
Interest expense			—				(186	)
Change in fair value of convertible promissory notes			—				(7,017	)
Change in fair value of warrants			989				(5,578	)
Other income, net			47				87
Total other income, net			1,036				(12,694	)
NET LOSS			(4,822	)			(15,015	)
Net loss attributable to noncontrolling interest			9				—
NET LOSS ATTRIBUTABLE TO SERINA THERAPEUTICS, INC.		$	(4,813	)		$	(15,015	)
NET LOSS PER COMMON SHARE:
BASIC AND DILUTED		$	(0.49	)		$	(5.38	)
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES
BASIC AND DILUTED			9,756				2,790

SERINA THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)

		Three months ended March 31,
		2025				2024
OPERATING ACTIVITIES:
Net loss		$	(4,822	)		$	(15,015	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			17				25
Non-cash lease expense			61				45
Non-cash interest expense on convertible promissory note			—				163
Amortization of debt issuance costs			—				22
Stock-based compensation			956				53
Change in fair value of convertible promissory notes			—				7,017
Change in fair value of warrants			(989	)			5,578
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			458				(57	)
Accounts payable			441				244
Accrued expenses			(388	)			403
Operating lease liabilities			(56	)			(55	)
Net cash used in operating activities			(4,322	)			(1,577	)
INVESTING ACTIVITIES:
Purchase of equipment			—				(14	)
Net cash used in investing activities			—				(14	)
FINANCING ACTIVITIES:
Drawdown on loan facilities from Juvenescence			—				2,400
Cash and restricted cash acquired in connection with the Merger			—				337
Proceeds from the exercise of stock options			1				4
Proceeds from Juvenescence stock purchase, net of issuance costs			4,916				—
Principal repayments on finance lease liabilities			—				(13	)
Net cash provided by financing activities			4,917				2,728
NET CHANGE IN CASH AND CASH EQUIVALENTS			595				1,137
CASH AND CASH EQUIVALENTS:
At beginning of the period			3,672				7,619
At end of the period		$	4,267			$	8,756
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING AND INVESTING ACTIVITIES:
Issuance of common stock upon conversion of Preferred Stock		$	—			$	36,404
Merger and issuance of common stock upon consummation of Merger on March 26, 2024		$	—			$	961
Deemed dividend from issuance of warrants		$	—			$	18,501

FAQ

What were Serina Therapeutics (SER) key financial results for Q1 2025?

Serina reported a net loss of $4.8M ($0.49 per share), operating expenses of $5.9M, and ended Q1 with $4.3M in cash. The company secured $15M in equity financing, including $10M from JuvVentures and $5M from a private placement.

When will Serina Therapeutics (SER) begin Phase 1b trials for SER-252?

Serina Therapeutics plans to begin Phase 1b clinical trials for SER-252 in advanced Parkinson's disease in Q4 2025.

How long will Serina Therapeutics' (SER) current cash runway last?

The company projects its cash position of $4.3M plus the additional $5M received in April 2025 will last through the third quarter of 2025.

What advantages does Serina's POZ-lipid technology show over traditional PEG-lipids?

Data showed that Serina's POZ-lipid did not trigger IgM or IgG antibody responses in rats, while traditional PEG-lipid standards elicited strong antibody responses, potentially enabling safer LNP formulations for gene therapy and RNA-based medicines.

How did Serina Therapeutics' (SER) operating expenses change in Q1 2025?

Operating expenses increased to $5.9M in Q1 2025 from $2.3M in Q1 2024, with R&D expenses rising to $3.0M from $1.1M and G&A expenses increasing to $2.9M from $1.2M.