Serina Therapeutics (SER) Registration filing summary

Company overview and business model

• Clinical-stage biotech focused on polymer-based drug delivery for neurological diseases and pain.

• Proprietary POZ Platform enables modification of existing and novel drugs for improved efficacy and safety.

• Lead candidates target Parkinson's disease, pain, and epilepsy; pipeline includes POZ-conjugated small molecules and cannabinoids.

• Business model includes internal development and out-licensing/partnerships for platform applications.

• Recent merger with AgeX Therapeutics, with Serina as accounting acquirer and primary business focus.

Financial performance and metrics

• As of March 31, 2024: $8.7M in cash and cash equivalents; net loss of $9.4M for Q1 2024.

• FY 2023: $3.15M in revenue (mainly from a $3M Pfizer license), net income of $5.3M due to fair value adjustments, but ongoing operating losses.

• Accumulated deficit of $5.4M as of March 31, 2024; recurring negative cash flows and substantial doubt about going concern status.

• Operations historically funded by equity, convertible notes, and licensing; no product sales to date.

Use of proceeds and capital allocation

• Up to $46.8M may be raised from warrant exercises; proceeds to be used for working capital and general corporate purposes.

• $15M expected from Juvenescence via warrant exercise, allocated to advance lead candidate SER 252 and POZ-LNP R&D.

• Additional capital needed to fund operations beyond 2025; failure to raise funds may require curtailment of programs.