Serina Therapeutics Reports Full Year 2024 Financial Results and Recent Business Highlights
Rhea-AI Summary
Serina Therapeutics (NYSE: SER) reported its full year 2024 financial results, marking significant developments in its POZ Platform™ drug optimization technology. The company secured a $10 million equity financing from JuvVentures and completed the sale of UniverXome subsidiary, eliminating $11.2 million in debt.
Financial highlights include:
- Revenue decreased to $56,000 in 2024 from $3.2 million in 2023
- Operating expenses increased to $17.1 million from $6.3 million
- Net loss of $11.1 million ($1.51 per share) compared to net income of $5.3 million in 2023
- Cash position of $3.7 million as of December 31, 2024
The company strengthened its board with two appointments and advanced its partnership with Enable Injections for SER-252 development in advanced Parkinson's disease, with Phase 1b trial expected in Q4.
Positive
- Secured $10M equity financing from strategic investor
- Eliminated $11.2M debt through UniverXome subsidiary sale
- Strategic partnership with Enable Injections for advanced Parkinson's therapy
- Added two experienced board members strengthening financial and biotechnology expertise
Negative
- Revenue declined 98% to $56K from $3.2M in 2023
- Operating expenses increased 171% to $17.1M
- Net loss of $11.1M compared to $5.3M profit in 2023
- cash runway through Q2 2025 only
- R&D expenses increased 213% to $7.5M
- G&A expenses increased 146% to $9.6M
Insights
Serina Therapeutics' 2024 financials reveal concerning fundamentals with only $56,000 in revenue (down 98% from $3.2M in 2023), widening losses of $11.1M (versus $5.3M profit in 2023), and rapidly growing expenses ($17.1M vs $6.3M in 2023). The cash position of $3.7M plus January's $5M investment only provides runway through Q2 2025 - a critically short timeframe for clinical development.
The sale of UniverXome eliminated $11.2M in debt, significantly strengthening the balance sheet, but hasn't solved the cash burn problem. The $10M financing from JuvVentures provides essential capital for advancing SER-252 to Phase 1 trials for Parkinson's disease, though more funding will be needed soon.
While R&D expenses increased 213% to $7.5M, mainly directed toward SER-252 development, G&A expenses soared 146% to $9.6M - an inefficient ratio for a clinical-stage biotech. Strategic partnerships like the Enable Injections collaboration for wearable delivery represent potential value creation, but the immediate financial picture indicates significant operational inefficiency with questionable resource allocation.
Serina's POZ Platform technology advancement represents a potentially valuable approach for drug optimization, with their lead candidate SER-252 (POZ-apomorphine) for advanced Parkinson's disease progressing toward Phase 1b trials in Q4. The partnership with Enable Injections merits attention as it could address a critical delivery challenge in Parkinson's treatment.
The integration of Serina's polymer technology with Enable's enFuse wearable platform addresses the significant unmet need for continuous dopaminergic stimulation without the complications of traditional delivery methods. Current apomorphine delivery systems are by inconsistent absorption and challenging administration, making this potential advancement clinically significant.
However, early-stage clinical development carries substantial execution risk. While the $10M financing supports near-term clinical goals, the runway only extends through Q2 2025, creating timeline pressure. The sale of UniverXome indicates portfolio prioritization but raises questions about the commercial viability assessment of their other assets. The company's strategic focus on neurological applications is sensible, though the mentioned expansion into RNA and ADC therapeutics suggests potential resource dilution at a critical development stage.
HUNTSVILLE, March 24, 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 full year ended December 31, 2024 and provided recent business highlights.
"We are encouraged by the progress we’ve made this year. Our partnership with Enable Injections’ wearable technology, combined with our POZ optimization technology, is poised to deliver a differentiated product profile and potential best-in-class therapy for advanced Parkinson’s patient care. We are on track towards our goal of dosing the first patient in a Phase 1b clinical trial in the fourth quarter,” said Steve Ledger, CEO of Serina Therapeutics. "We also continue to advance our POZ Platform™ in addressing complex neurological needs and remain committed to pushing the boundaries of the platform’s potential in RNA and ADC therapeutics innovation to improve patient outcomes and quality of life."
Recent Highlights
$10 Million Financing: In November 2024, Serina secured a$10 million equity financing from strategic shareholder JuvVentures (UK) Limited. The funding, received in two tranches of$5 million each in November 2024 and January 2025, is being used to advance SER-252 (POZ-apomorphine) into a Phase 1 clinical trial in advanced Parkinson's disease patients.- Sale of UniverXome Subsidiary: In December 2024, Serina finalized the sale of its UniverXome subsidiary, eliminating
$11.2 million in subsidiary-level debt. This transaction strengthens Serina's financial position, providing a debt-free balance sheet to support the clinical development of SER-252 and expansion of its POZ Platform™ applications. - Board Appointments: In January 2025, Serina appointed Karen J. Wilson to its Board of Directors. Ms. Wilson, an accomplished financial executive in life sciences with expertise in corporate finance, accounting, and strategic planning, enhances Serina’s financial and strategic capabilities. In February 2025, Dr. Jay Venkatesan joined the Board, bringing extensive leadership experience in biotechnology, including corporate strategy, business development, and capital markets. These additions strengthen Serina’s Board as the company advances its innovative therapeutic pipeline and prepares for key growth milestones.
- Partnership and Presentations with Enable Injections: Building on its collaboration with Enable Injections, Serina presented a case study at the 14th Annual Injectables Summit in Boston, MA, detailing the combination of Serina’s lead candidate, SER-252 (POZ-apomorphine), with Enable’s enFuse™ wearable drug delivery platform. This innovative partnership aims to enhance patient comfort and convenience, providing continuous dopaminergic stimulation (CDS) for Advanced Parkinson's Disease patients through easy-to-administer subcutaneous injections.
Annual 2024 Operating Results
Revenues: Revenues were
Operating expenses: Operating expenses for the years ended December 31, 2024 and 2023 were
Research and Development (R&D) Expenses: R&D expenses were
General and Administrative Expenses: G&A expenses were
Other Income (Expense), Net: Other income, net was
Net Loss: The net loss attributable to Serina for the year ended December 31, 2024 was
Liquidity Information
Cash and cash equivalents totaled
The Company projects its cash and cash equivalents as of December 31, 2024 along with the
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™ 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 second 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; Serina’s ability to continue as a going concern; 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; and competitive developments. 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)
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 3,672 | $ | 7,619 | ||||
| Prepaid expenses and other current assets | 2,004 | — | ||||||
| Total current assets | 5,676 | 7,619 | ||||||
| Property and equipment, net | 501 | 573 | ||||||
| Right of use assets - operating leases | 461 | 666 | ||||||
| Right of use assets - finance leases | 86 | 110 | ||||||
| TOTAL ASSETS | $ | 6,724 | $ | 8,968 | ||||
| LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY/(DEFICIT) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 744 | $ | 580 | ||||
| Accrued expenses | 1,429 | 583 | ||||||
| Other current liabilities | 193 | 250 | ||||||
| Total current liabilities | 2,366 | 1,413 | ||||||
| Warrant liability | 3,582 | — | ||||||
| Convertible promissory notes, at fair value | — | 2,983 | ||||||
| Operating lease liabilities, net of current portion | 268 | 461 | ||||||
| Finance lease liabilities, net of current portion | — | 1 | ||||||
| TOTAL LIABILITIES | 6,216 | 4,858 | ||||||
| Commitments and contingencies (Note 12) | ||||||||
| Redeemable convertible preferred stock: | ||||||||
| Redeemable convertible preferred stock | — | 36,404 | ||||||
| Stockholders’ equity (deficit): | ||||||||
| Common stock | 1 | — | ||||||
| Additional paid-in capital | 44,958 | 883 | ||||||
| Accumulated deficit | (44,318 | ) | (33,177 | ) | ||||
| Total Serina Therapeutics, Inc. stockholders’ equity (deficit) | 641 | (32,294 | ) | |||||
| Noncontrolling interest | (133 | ) | — | |||||
| Total stockholders’ equity (deficit) | 508 | (32,294 | ) | |||||
| TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY(DEFICIT) | $ | 6,724 | $ | 8,968 | ||||
SERINA THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
| Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| REVENUES | ||||||||
| License revenues | $ | — | $ | 3,000 | ||||
| Grant revenues | 56 | 153 | ||||||
| Total revenues | 56 | 3,153 | ||||||
| OPERATING EXPENSES | ||||||||
| Research and development | 7,480 | 2,388 | ||||||
| General and administrative | 9,624 | 3,894 | ||||||
| Total operating expenses | 17,104 | 6,282 | ||||||
| Loss from operations | (17,048 | ) | (3,129 | ) | ||||
| OTHER INCOME (EXPENSE), NET | ||||||||
| Interest expense | (526 | ) | (558 | ) | ||||
| Fair value inception adjustment on convertible promissory note | — | 2,240 | ||||||
| Change in fair value of convertible promissory notes | (7,017 | ) | 5,356 | |||||
| Change in fair value of warrants | 13,156 | 1,077 | ||||||
| Other income, net | 228 | 283 | ||||||
| Total other income, net | 5,841 | 8,398 | ||||||
| NET (LOSS) INCOME | (11,207 | ) | 5,269 | |||||
| Net loss attributable to noncontrolling interest | 66 | — | ||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO SERINA THERAPEUTICS, INC. | $ | (11,141 | ) | $ | 5,269 | |||
| NET (LOSS) INCOME PER COMMON SHARE: | ||||||||
| BASIC | $ | (1.51 | ) | $ | 2.36 | |||
| DILUTED | $ | (1.51 | ) | $ | 0.73 | |||
| WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||
| BASIC | 7,359 | 2,235 | ||||||
| DILUTED | 7,359 | 7,351 | ||||||
SERINA THERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
| Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| OPERATING ACTIVITIES: | ||||||||
| Net (loss) income | $ | (11,207 | ) | $ | 5,269 | |||
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 194 | 90 | ||||||
| Non-cash lease expense | 227 | 174 | ||||||
| Non-cash interest expense on convertible promissory note | 164 | 558 | ||||||
| Amortization of debt issuance costs | 345 | — | ||||||
| Stock-based compensation | 2,595 | 25 | ||||||
| Fair value inception adjustment on convertible promissory note | — | (2,240 | ) | |||||
| Change in fair value of convertible promissory notes | 7,017 | (5,356 | ) | |||||
| Change in fair value of warrants | (13,156 | ) | (1,077 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Grant receivable | 65 | — | ||||||
| Prepaid expenses and other current assets | (1,906 | ) | 16 | |||||
| Accounts payable | (1,661 | ) | 393 | |||||
| Accrued expenses | 400 | (140 | ) | |||||
| Operating lease liabilities | (214 | ) | (188 | ) | ||||
| Net cash used in operating activities | (17,137 | ) | (2,476 | ) | ||||
| INVESTING ACTIVITIES: | ||||||||
| Purchase of property and equipment | (22 | ) | (504 | ) | ||||
| Net cash used in investing activities | (22 | ) | (504 | ) | ||||
| FINANCING ACTIVITIES: | ||||||||
| Proceeds from the issuance of common stock and warrants to Juvenescence | 5,000 | — | ||||||
| Drawdown on loan facilities from Juvenescence | 3,043 | — | ||||||
| Cash and restricted cash acquired in connection with the Merger | 337 | — | ||||||
| Proceeds from the exercise of stock options | 12 | 15 | ||||||
| Proceeds from the exercise of Post-Merger Warrants by Juvenescence | 4,988 | — | ||||||
| Proceeds from the issuance of convertible promissory notes | — | 10,100 | ||||||
| Principal repayment on loan facilities to Juvenescence | (133 | ) | — | |||||
| Principal repayments on finance lease liabilities | (35 | ) | (48 | ) | ||||
| Net cash provided by financing activities | 13,212 | 10,067 | ||||||
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (3,947 | ) | 7,087 | |||||
| CASH AND CASH EQUIVALENTS: | ||||||||
| At beginning of the year | 7,619 | 532 | ||||||
| At end of the year | $ | 3,672 | $ | 7,619 | ||||
FAQ
What caused Serina Therapeutics (SER) revenue to drop significantly in 2024?
How much cash runway does Serina Therapeutics (SER) have in 2025?
What is the status of Serina's (SER) Phase 1b trial for Parkinson's disease?
How did Serina (SER) improve its balance sheet in 2024?
