Serina Therapeutics Announces Q1 2024 Financial Results and Business Highlights

HUNTSVILLE, May 14, 2024 -- Serina Therapeutics (NYSE American: SER), a clinical-stage biotechnology firm specializing in its proprietary POZ Platform™ drug delivery technology, has announced its financial results for the quarter ending March 31, 2024, alongside key business updates.

Recent Business Highlights

Progress of SER-252: Serina Therapeutics is moving forward with its primary drug candidate, SER-252 (POZ-apomorphine), developed for advanced Parkinson’s Disease treatment. The company plans to submit an Investigational New Drug (IND) application to the U.S. Food and Drug Administration, aiming to begin a Phase 1 clinical trial in 2025.

Merger with AgeX Therapeutics: The company has finalized its merger with AgeX Therapeutics, Inc., which became effective on March 26, 2024. The combined entity is now trading under the ticker "SER" on the NYSE American market, with Steven Ledger serving as the Interim Chief Executive Officer.

Appointment of Dr. Simba Gill: Dr. Simba Gill has been named Executive Chairman. Dr. Gill's extensive experience in biotech and pharma, including tenures at Maxygen, Systemix, Boehringer Mannheim, and Celltech, positions him as a vital asset for guiding Serina's future growth and strategic initiatives.

Financial Performance and Liquidity

Line of Credit Increase: On March 26, 2024, Serina's secured, convertible line of credit from Juvenescence Limited was increased by $2.4 million, which was fully drawn on March 29, 2024. Subsequently, on May 8, 2024, the repayment term was extended to December 31, 2024, with an additional $525,000 drawn on May 9, 2024.

Balance Sheet Information: As of March 31, 2024, the company reported cash and cash equivalents totaling $8.8 million. The company also disclosed a debt of $10.4 million in principal and origination fees to Juvenescence Limited.

First Quarter 2024 Operating Results

Revenue: The company reported grant revenues of $5,000 for the first quarter of 2024, compared to $30,000 for the same period in 2023.

Operating Expenses: Total operating expenses for Q1 2024 amounted to $2.3 million, up from $1 million in the same period in 2023. Research and development expenses rose to $1.1 million, primarily due to increased spending on external research services and patent-related fees. General and administrative expenses also increased to $1.2 million, driven mainly by legal and accounting services associated with the merger.

Net Loss: Serina recorded a net loss of $9.4 million for Q1 2024, compared to a net income of $1.7 million in Q1 2023. The increased net loss is largely attributed to the merger expenses and changes in the fair value of convertible promissory notes and warrants.

Going Concern Considerations: The company acknowledges substantial doubt regarding its ability to continue as a going concern based on its current cash flow projections. The available cash and the additional borrowings from Juvenescence are not expected to meet the company's anticipated financial requirements for the next twelve months.

About SER-252 (POZ-apomorphine): SER-252 is designed to offer continuous dopaminergic stimulation (CDS) for Parkinson’s disease, aiming to mitigate levodopa-related motor issues without causing skin reactions. Clinical testing is slated to commence in 2025.

About the POZ Platform™: Serina’s POZ technology uses a synthetic, water-soluble polymer, poly(2-oxazoline), to enhance drug delivery. This technology offers precise control over drug loading and release rates and is suitable for a wide range of medical applications. The company is exploring further applications of POZ through partnerships and licensing agreements, including a non-exclusive license with Pfizer for LNP drug delivery formulations.

About Serina Therapeutics: Headquartered in Huntsville, Alabama, Serina Therapeutics focuses on creating innovative drug delivery solutions for neurological diseases and pain management. The company's POZ Platform™ aims to overcome the limitations of existing drug delivery technologies, providing more stable and effective treatment options.

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