Serina Therapeutics Reports Third Quarter 2026 Financial Results and Provides Business Updates 

Rhea-AI Summary

Serina Therapeutics (SER) reported third-quarter results and initiated Cohort 2 dosing in its SER-252 study for advanced Parkinson's disease. An independent safety committee recommended advancement after reviewing Cohort 1. Serina reported preliminary blinded observations consistent with prolonged drug exposure and sustained motor-function improvements in individual patients. The company expects single-ascending-dose topline data in the first half of 2027.

Third-quarter common-stockholder net loss widened to $7.906 million from $4.686 million, while loss per share narrowed to $0.31 from $0.45. Revenue was $125,000 versus none a year earlier; operating expenses rose to $7.986 million from $6.392 million. Cash totaled $19.403 million at September 30, 2026, versus $3.056 million at year-end 2025. Nine-month operating cash use increased to $16.747 million from $11.922 million; financing provided $33.141 million.

7 points · 0 major

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1 major · 12 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointSER-252 Cohort 2 dosing initiated following the independent safety committee's recommendation to advance.
• Moderate point. Forward-looking: it has not happened yet and may not happen.SER-252 single-ascending-dose topline data are expected in the first half of 2027.
• Moderate pointCash increased to $19.403 million at September 30, 2026, from $3.056 million at December 31, 2025.
• Moderate pointNine-month financing cash inflows rose to $33.141 million from $16.931 million in 2025. 87% of market cap
• Moderate pointStockholders' equity reached $13.919 million, versus a $37,000 deficit at December 31, 2025.

2 minor points

• Minor pointSER-252 preliminary blinded observations showed prolonged drug exposure and sustained motor improvements in individual patients.
• Minor pointThird-quarter revenue reached $125,000, compared with none in the same period of 2025.

Negative

• Major pointNine-month common-stockholder loss widened to $23.773 million from $16.063 million; loss per share narrowed to $1.32 from $1.60.
• Moderate pointNine-month operating cash use increased to $16.747 million from $11.922 million in 2025.
• Moderate pointWeighted-average common shares rose to 25.413 million in the third quarter from 10.339 million a year earlier.
• Minor pointThird-quarter common-stockholder loss widened to $7.906 million from $4.686 million; loss per share narrowed to $0.31 from $0.45.
• Minor pointThird-quarter research and development expenses increased to $4.627 million from $3.651 million a year earlier.

7 minor points

• Minor pointThird-quarter general and administrative expenses increased to $3.359 million from $2.741 million a year earlier.
• Minor pointNine-month research and development expenses increased to $11.642 million from $9.754 million a year earlier.
• Minor pointNine-month general and administrative expenses increased to $9.408 million from $8.191 million a year earlier.
• Minor pointNine-month revenue declined to $125,000 from $130,000 in 2025.
• Minor pointThird-quarter other results shifted to $45,000 net expense from $1.797 million net income a year earlier.
• Minor pointNine-month other results shifted to $235,000 net expense from $1.936 million net income a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.SER-252 observations remain preliminary and blinded; further data will characterize potential safety and efficacy.

News Explained

At September 30, 2026, Serina’s cash balance of $19.403 million equaled 324.9 days of its last reported quarterly operating cash use at that rate—a backward-looking comparison, not a forecast.

Sources and calculations

• Third-quarter 2026 financial data (2026Q3)

• Available liquidity against the last reported quarterly operating outflow, in days at that rate $19,403,000 / ($5,495,000 / 92) = 324.9 days

Key Figures

Operating expenses: $8.0 million vs. $6.4 million Net loss attributable to common stockholders: $7.9 million vs. $4.7 million Loss per share: $(0.31) vs. $(0.45) +2 more

Operating expenses

$8.0 million vs. $6.4 million

Three months ended September 30, 2026 vs. 2025

Net loss attributable to common stockholders

$7.9 million vs. $4.7 million

Three months ended September 30, 2026 vs. 2025

Loss per share

$(0.31) vs. $(0.45)

Three months ended September 30, 2026 vs. 2025

Cash and cash equivalents

$19.4 million

As of September 30, 2026

Topline single-ascending-dose data

Expected in the first half of 2027

SER-252 study

Previous Earnings Reports

1 past event · Latest: Aug 13

Same Type 1 event

1. Aug 13

   Q2 earnings report

   24h Move

   -1.8%

   Completed Cohort 1 dosing ahead of guidance, with topline single-dose data targeted for 2027.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

pharmacokinetics, single-ascending-dose, placebo-controlled, mds-updrs

4 terms

pharmacokinetics medical

"safety, tolerability, pharmacokinetics and exploratory clinical measures"

Pharmacokinetics is the study of how a substance, such as a drug or chemical, moves through and is processed by the body over time. It tracks how it is absorbed, distributed, broken down, and eventually eliminated. For investors, understanding pharmacokinetics helps gauge the effectiveness, safety, and potential risks of new medications or treatments, which can influence a company’s success and valuation in the healthcare industry.

single-ascending-dose medical

"topline data from the single-ascending-dose portion expected in the first half of 2027"

A single-ascending-dose (SAD) study is an early-stage clinical trial where small groups of volunteers each receive one single dose of a drug or treatment, with later groups given progressively higher doses to assess safety, tolerability and how the body handles the compound. Think of it as testing one scoop at a time to see how people react before increasing the amount. For investors, SAD results provide first human data on safety and dosing that inform development risk and next steps.

placebo-controlled medical

"a randomized, double-blind, placebo-controlled trial"

"Placebo-controlled" describes a testing method where one group receives the actual treatment or intervention, while another group receives a harmless, inactive version called a placebo. This approach helps determine whether the real treatment has genuine effects beyond psychological expectations. For investors, understanding this ensures confidence that reported benefits are real and not influenced by bias or false perceptions.

mds-updrs medical

"exploratory efficacy measures that include MDS-UPDRS motor scores"

A clinician-rated scorecard used to measure the severity and progression of Parkinson’s disease symptoms, covering movement problems, daily activities and other related issues. Investors use changes in this score during clinical trials as a clear, standardized signal of a drug’s effectiveness—similar to a report card showing whether a treatment meaningfully improves patients’ lives, which can influence regulatory approval, market expectations and a company’s valuation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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– Independent Safety Monitoring Committee recommended advancement of SER-252 in Parkinson's disease to Cohort 2 
– Dosing initiated in Cohort 2 of the registrational study; topline single-ascending-dose data expected in the first half of 2027 –

HUNTSVILLE, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Serina Therapeutics, Inc. (“Serina” or the "Company") (NYSE American: SER), a clinical-stage biotechnology company developing its proprietary POZ Platform^™ drug optimization technology, today reported its financial results for the third quarter ended September 30, 2026, along with key business updates.

"We are excited about the achievement of important clinical milestones for SER-252 in Parkinson's disease, advancing from the initial evaluation of our lowest-dose cohort into the next stage of dose escalation,” said Steve Ledger, Chief Executive Officer of Serina. “Importantly, the blinded pharmacokinetic observations from Cohort 1 showed the sustained drug exposure SER-252 was designed to achieve, and the independent Safety Monitoring Committee recommended proceeding with continued development. Dosing in Cohort 2 is currently underway and focuses on demonstrating SER-252's potential as a differentiated treatment option for patients with advanced Parkinson's disease to improve the significant challenge of consistent symptom control."

Recent Business Highlights

• SER-252 Advanced to Cohort 2 Following Independent Safety Review: In September 2026, Serina announced that the independent Safety Monitoring Committee ("SMC") had completed its blinded review of safety and tolerability data from Cohort 1 of the ongoing registrational study of SER-252 in patients with advanced Parkinson's disease and recommended advancement to Cohort 2. The Company subsequently initiated dosing in Cohort 2, which is evaluating a higher dose level as part of the study's single-ascending-dose portion. The trial continues to assess safety, tolerability, pharmacokinetics and exploratory clinical measures of motor function, with topline data from the single-ascending-dose portion expected in the first half of 2027.
• Encouraging Initial Clinical Observations from Cohort 1: In September 2026, Serina reported initial blinded observations from the lowest-dose cohort of its SER-252 study. Pharmacokinetic findings were consistent with the prolonged apomorphine exposure the investigational treatment is designed to provide. Blinded exploratory clinical assessments also identified sustained periods of improvement in motor function in individual patients. These preliminary observations, together with the safety and tolerability findings reviewed by the SMC, support continued evaluation of SER-252 at higher dose levels. The study remains blinded, and additional clinical data will further characterize the treatment's potential safety and efficacy profile.

Third Quarter Operating Results

Operating expenses for the three months ended September 30, 2026 and 2025 were $8.0 million and $6.4 million, respectively.

Research and development expenses were $4.6 million for the three months ended September 30, 2026, compared to $3.6 million for the same period in 2025. The $1.0 million increase was primarily driven by increased clinical-related activities, contract manufacturing expenses, and compensation expenses, partially offset by lower amortization of a prepaid technology access fee that was fully amortized in 2025 and lower consultant spend.

General and administrative expenses were $3.3 million for the three months ended September 30, 2026, compared to $2.7 million for the same period in 2025. The increase of $0.6 million was primarily driven by increases in legal expenses related to financing and general corporate activities and compensation and recruiting expenses.

Other expense was immaterial for the three months ended September 30, 2026 compared to $1.8 million income for the same period in 2025. The $1.8 million decrease in income was primarily attributable to the decreases of 2025 non-cash gains resulting from the change in the fair value of our liability-classified warrants and the expiration of warrants, higher interest expense related to the 2025 Convertible Note and financing costs related to the Roth Committed Equity Facility, partially offset by higher interest income due to higher cash balances.

Net loss attributable to Serina common stockholders for the three months ended September 30, 2026 was $7.9 million, or $(0.31) per basic and diluted share, compared to net loss of $4.7 million, or $(0.45) per basic and diluted share for 2025.

Liquidity Information

Cash and cash equivalents totaled $19.4 million as of September 30, 2026.

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.

SER-252 Registrational Study Design Overview

The SER-252 study is a randomized, double-blind, placebo-controlled trial with single-ascending-dose (five cohorts of eight; n=40) and multiple-ascending-dose components (up to three cohorts of sixteen; n=48) in adults with Parkinson’s disease and motor fluctuations. The registrational study is designed to evaluate safety, tolerability, and pharmacokinetics of subcutaneous SER-252 versus placebo, with exploratory efficacy measures that include MDS-UPDRS motor scores and structured motor-state assessments. Dose escalation will be overseen by an independent Safety Monitoring Committee and the study will be conducted across sites in the U.S. and Australia.

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

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of federal securities laws that involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. 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. The facts and assumptions underlying these statements may change, and undue reliance should not be placed on these forward-looking statements which speak only as of the date they are made. Any statements that are not historical fact (including, but not limited to statements that contain words such as “may,” “will,” “believes,” “plans,” “intends,” “anticipates,” "targeting," “expects,” or “estimates”) should be considered to be forward-looking statements, 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, and Serina’s planned clinical programs, including planned clinical trials. Risks and uncertainties include, among other things, the fact that the Cohort 1 data described in this release are preliminary, blinded, and exploratory, and involve a small number of patients, and therefore may not be evidence of treatment effect or predictive of future results; the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory holds, 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, 2025, 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, except as required by law, 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)

	September 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	19,403			$	3,056
Prepaid expenses and other current assets		1,528				3,024
Total current assets		20,931				6,080
Property and equipment, net		466				465
Right-of-use assets, operating leases		394				377
Other assets		82				29
TOTAL ASSETS	$	21,873			$	6,951
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	1,338			$	1,931
Accrued expenses		2,480				1,207
Warrant liability		—				88
Other current liabilities		711				337
Total current liabilities		4,529				3,563
Warrant liability, non-current		55				283
Convertible Note, net		3,173				2,946
Operating lease liabilities, net of current portion		197				196
TOTAL LIABILITIES		7,954				6,988
Stockholders’ equity (deficit):
Series A convertible preferred stock		—				4,940
Common stock		3				1
Additional paid-in capital		98,580				58,536
Accumulated other comprehensive loss		(4	)			(14	)
Accumulated deficit		(84,660	)			(63,500	)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)		13,919				(37	)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$	21,873			$	6,951

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

	Three months ended September 30,								Nine months ended September 30,
		2026				2025				2026				2025
REVENUES
Contract revenues	$	125			$	—			$	125			$	—
Grant revenues		—				—				—				130
Total revenues		125				—				125				130
OPERATING EXPENSES
Research and development		4,627				3,651				11,642				9,754
General and administrative		3,359				2,741				9,408				8,191
Total operating expenses		7,986				6,392				21,050				17,945
Loss from operations		(7,861	)			(6,392	)			(20,925	)			(17,815	)
OTHER (EXPENSE) INCOME, NET
Interest expense		(204	)			(6	)			(596	)			(15	)
Change in fair value of warrants		58				1,044				212				1,076
Change in fair value of tranche liability		—				—				1,377				—
Loss on extinguishment of financial commitment assets and contingent warrants, net		—				—				(1,616	)			—
Gain on warrant expiration		—				724				—				724
Other income, net		101				35				388				151
Total other (expense) income, net		(45	)			1,797				(235	)			1,936
NET LOSS		(7,906	)			(4,595	)			(21,160	)			(15,879	)
Net loss attributable to noncontrolling interest		—				10				—				33
NET LOSS ATTRIBUTABLE TO SERINA THERAPEUTICS, INC.	$	(7,906	)		$	(4,585	)		$	(21,160	)		$	(15,846	)
NET LOSS ATTRIBUTABLE TO SERINA COMMON STOCKHOLDERS	$	(7,906	)		$	(4,686	)		$	(23,773	)		$	(16,063	)
NET LOSS PER SHARE ATTRIBUTABLE TO SERINA COMMON STOCKHOLDERS, BASIC AND DILUTED	$	(0.31	)		$	(0.45	)		$	(1.32	)		$	(1.60	)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING, BASIC AND DILUTED		25,413				10,339				18,013				10,032

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

	Nine months ended September 30,
		2026				2025
Net cash used in operating activities	$	(16,747	)		$	(11,922	)
Net cash used in investing activities		(56	)			(59	)
Net cash provided by financing activities		33,141				16,931
Effect of foreign currency on cash and cash equivalents		9				(2	)
Net change in cash and cash equivalents		16,347				4,948
Cash and cash equivalents, beginning of period		3,056				3,672
Cash and cash equivalents, end of the period	$	19,403			$	8,620

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does Serina expect SER-252 single-ascending-dose results?

Serina expects topline data from the SER-252 study's single-ascending-dose portion in the first half of 2027. Cohort 2 dosing has begun after an independent safety committee reviewed Cohort 1 safety and tolerability data and recommended advancement.

How is Serina's SER-252 Parkinson's disease study designed?

The SER-252 study is a randomized, double-blind, placebo-controlled trial with single-ascending-dose and multiple-ascending-dose components. The former includes five cohorts of eight participants; the latter includes up to three cohorts of sixteen. It evaluates safety, tolerability and how the drug moves through the body, alongside exploratory motor-function measures, in adults with Parkinson's disease and motor fluctuations.

What drove Serina's higher third-quarter research and development expenses?

Higher clinical activities, contract manufacturing expenses and compensation primarily drove the increase in research and development expenses. Lower consultant spending and lower amortization of a prepaid technology access fee, which was fully amortized in 2025, partly offset those increases.