Serina Therapeutics Inc. Overview
| Attribute | Detail |
|---|---|
| Legal name | Serina Therapeutics, Inc. |
| Former names | AgeX Therapeutics, Inc. (listed registrant, renamed 26 March 2024); operating subsidiary is Serina Therapeutics (AL), Inc. (Legacy Serina, an Alabama corporation) |
| Founding year | Legacy Serina: 2006 (Huntsville, Alabama). Registrant (as AgeX): incorporated January 2017 |
| Incorporation jurisdiction | Delaware (registrant); Alabama (operating subsidiary) |
| IRS Employer ID | 82-1436829 |
| SEC Commission file no. | 1-38519 |
| Headquarters | 601 Genome Way, Suite 2001, Huntsville, Alabama 35806, USA (HudsonAlpha Institute for Biotechnology campus) |
| Telephone | +1 (256) 327-9630 |
| Exchange / ticker | NYSE American: SER (common stock, par value $0.0001) |
| CUSIP | 81751A108 (per equibles.com market-data listing) |
| ISIN | US81751A1088 (derived from CUSIP with standard check-digit calculation; confirm with depository before use) |
| Fiscal year end | 31 December |
| Filer status | Non-accelerated filer; smaller reporting company; not an emerging growth company |
| Employees | 16 full-time at 31 December 2025 (10-K FY2025); 3-year trend not fully disclosed (see table below) |
| Auditor | Frazier & Deeter, LLC (independent registered public accountants for FY2025; ratification proposed for FY2026 in DEF 14A) |
| Transfer agent | Equiniti Trust Company, LLC |
| Market capitalization | Approx. USD 58.7 M at USD 2.31/share on 21 September 2026 (BamSEC); approx. USD 64.0 M on 27 August 2026 (Yahoo Finance). Latest verifiable intraday October 2026 quote not confirmed |
| Shares outstanding | 12,314,159 (18 March 2026, 10-K cover); 14,898,617 common plus 965,250 Series A Preferred (20 April 2026 record date, DEF 14A); implied approx. 25.4 M after June 2026 conversions of pre-funded warrants and Series A Preferred (derived from market cap ÷ price; not a filed figure) |
| Website | https://www.serinatx.com |
| Investor contact | Stefan Riley (per press releases) |
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Full-time employees (year end) | — | — | 16 |
FY2023 (Legacy Serina) and FY2024 headcounts are not stated in the documents reviewed; market-data aggregators have displayed 12–13 employees at various points during 2025–2026, but these could not be tied to a filing and are not relied upon. The company disclosed headcount additions as a driver of higher R&D compensation in both FY2025 and Q2 2026 (10-K FY2025; Q2 2026 press release, 13 August 2026), indicating an upward trend.
Serina Therapeutics is a micro-cap, clinical-stage drug-delivery company built around poly(2-oxazoline), or POZ, a synthetic water-soluble polymer it positions as a next-generation alternative to polyethylene glycol (PEG). Its central thesis is that POZ can carry many copies of an existing, well-understood drug along a polymer backbone and release them at a programmable rate after a single subcutaneous injection, turning short-acting or poorly tolerated molecules into long-acting therapies. The lead asset, SER-252 (POZ-apomorphine), targets continuous dopaminergic stimulation in advanced Parkinson's disease via a twice-weekly injection intended to avoid the skin nodules associated with infused apomorphine; it is in a Phase 1b study the FDA has recognised as registrational under a 505(b)(2) pathway. A second neurology asset, SER-270 (once-weekly POZ-VMAT2 inhibitor for tardive dyskinesia), and a non-exclusive Pfizer licence for POZ-lipids in lipid nanoparticles provide platform optionality. The company is controlled in practice by insider-aligned capital (Dr. Greg Bailey and Juvenescence).
The company's own description (paraphrased from 10-K FY2025, Item 1)
Serina describes itself as a clinical-stage biotechnology company developing a pipeline of wholly owned drug candidates for neurological diseases and other indications. Its proprietary POZ technology is designed to modify existing drugs and novel candidates so as to improve the combined efficacy-and-safety profile across several modalities — small molecules, RNA-based therapeutics delivered by lipid nanoparticles (LNPs), and antibody-drug conjugates (ADCs). The polymer is engineered to give greater control over drug loading and more precise release rates for drugs delivered by long-acting subcutaneous injection. The company's small-molecule candidates typically use marketed drugs whose clinical usefulness is limited by pharmacokinetics (toxicity, side effects or short half-life), with the aim of keeping blood levels within narrow therapeutic windows.
The 10-K sets out five claimed advantages of POZ over PEG: (1) simple, low-cost "one-pot" synthesis from stable liquid monomers, versus PEG's reliance on hazardous ethylene oxide and limited high-grade supply; (2) non-immunogenic or reduced-immunogenicity behaviour in preclinical work and in the SER-214 human study; (3) much higher drug loading (10 or more drug copies on pendant side chains versus one or two end-chain attachments for PEG) with programmable release kinetics; (4) no tissue accumulation, with renal clearance of intact polymer in rodent and monkey studies (contrasted with PEG accumulation in liver, spleen, muscle, brain and kidney); and (5) orthogonal terminal chemistry that allows simultaneous attachment of drug payloads and a targeting moiety. The company acknowledges it has not performed head-to-head POZ-versus-PEG comparisons in humans.
Business model and revenue model
| Revenue model component | Status | Evidence |
|---|---|---|
| Product sales | None. No approved products | 10-K FY2025 |
| Licensing (upfront, milestones, royalties) | One non-exclusive licence to Pfizer (October 2023) for POZ polymer in LNP formulations in one field, one polymer structure: USD 3.0 M upfront received 15 December 2023; development/regulatory/commercial milestones (amounts not disclosed); tiered royalties of 2.75%–3.5% on net sales | 10-K FY2025; Legacy Serina MD&A (8-K, 1 April 2024) |
| Contract/collaboration revenue | USD 0.5 M in FY2022 from partner collaboration activities (feasibility study agreements on POZ-lipids) | Legacy Serina MD&A |
| Grant revenue | NIH grant revenue: USD 0.056 M (FY2024), USD 0.130 M (FY2025), nil in H1 2026 | 10-K FY2025; Q2 2026 press release |
| Subscription / services | — | — |
Independent characterisation: Serina is a pre-revenue platform-plus-lead-asset biotech. Its economic model has two legs: (a) internally developing wholly owned CNS candidates through registrational data and then either commercialising (U.S.) or partnering, and (b) out-licensing POZ for adjacent modalities (LNP, ADC, cannabinoids, early-Parkinson's rotigotine conjugate SER-214) where it lacks resources. Given a 16-person organisation, reliance on CROs and CDMOs is structural, and partnering is the most probable route to commercial scale.
Value-chain position
Serina sits at the discovery-to-early-clinical development segment of the pharmaceutical value chain: polymer chemistry, conjugate design, preclinical pharmacology and IND-enabling work are done in-house (Huntsville laboratory); GMP manufacturing is outsourced (most recently to Gannet BioChem for process development, scale-up and manufacturing of SER-252, announced 30 June 2026); clinical execution is outsourced to CROs; device integration was pursued through an exclusive worldwide licence to Enable Injections' enFuse on-body delivery system for use with SER-252 (announced 15 May 2024).
Customer types and end-markets
| End-market | Target customer (if approved/licensed) | Asset(s) |
|---|---|---|
| Advanced Parkinson's disease (motor fluctuations, "OFF" time, levodopa-induced dyskinesia) | Movement-disorder neurologists, patients, payers (Medicare Part D heavy) | SER-252 |
| Early Parkinson's / restless legs syndrome | Partner pharma | SER-214 (out-licensing candidate) |
| Tardive dyskinesia; Huntington's chorea (exploratory) | Psychiatrists, long-term-care institutions, patients on long-acting injectable antipsychotics | SER-270 |
| mRNA/RNA LNP delivery (vaccines, gene therapy, immuno-oncology) | Large pharma/biotech licensees | POZ-lipids (Pfizer licence) |
| ADCs | Partner pharma | POZ-ADC patent family (SER-18) |
| Cannabinoid therapeutics (epilepsy, pain) | Partner pharma | SER-228/229/232 patent family (SER-23); dormant |
Strategy
Stated strategy (paraphrased themes from 10-K FY2025)
The 10-K frames the strategy as developing and commercialising polymer therapeutics by conjugating suitable small molecules to POZ, addressing the "universe" of small molecules that PEG technologies — historically focused on proteins — did not serve. Five pillars are stated: (1) advance SER-252 to meet the unmet need for continuous dopaminergic stimulation in late-stage Parkinson's; (2) create value through POZ-LNP licensing across RNA indications; (3) create value from other POZ applications including ADCs; (4) expand the platform to new payloads; and (5) build academic and biopharma collaborations to validate further applications.
Strategic initiatives in the last 24 months
| Initiative | Date | Description | Status |
|---|---|---|---|
| SER-252 registrational programme | 2025–2027 | 505(b)(2) alignment (Aug 2025); IND hold and clearance (Nov 2025–Jan 2026); Phase 1b underway | Cohort 1 complete; SAD data 1H 2027 |
| SER-270 launch | Jul 2025 | Second POZ neurology programme (once-weekly VMAT2i) for TD and potentially Huntington's chorea | Preclinical |
| Device strategy | May 2024 | enFuse exclusive licence to enable home self-administration | Ongoing; device not referenced in Phase 1b design |
| Manufacturing scale-up | Jun 2026 | Gannet BioChem CDMO partnership | Ongoing |
| Capital-structure simplification | Jun–Oct 2026 | Series A Preferred converted and eliminated; pre-funded warrants exercised; authorised shares raised to 125 M | Complete |
| Liquidity programmes | Apr 2025; Aug 2026 | JonesTrading ATM (USD 13.27 M; ~USD 12.9 M utilised by March 2026); Roth committed equity facility (USD 25 M) | Active |
| Governance re-shaping | 2025–2026 | Board refreshed with CNS clinical (Brannan), finance (Wilson), capital-markets (Venkatesan) and commercial (Simon) expertise | Complete |
| ESG/sustainability commitments | — | None disclosed | — |
| Cost programmes | — | No formal cost-reduction programme disclosed; legacy AgeX IP maintenance costs reduced in FY2025 | — |
Management guidance and targets
Management provides operational, not financial, guidance. Current guidance: top-line data from the SER-252 SAD arm in 1H 2027; MAD study expected to follow in 2027 if SAD supports; Phase 2 design to be discussed with FDA after Phase 1 (10-K FY2025; Q2 2026 release). No revenue, expense or cash-runway guidance has been published in the documents reviewed. No medium-term financial targets exist.
Products & Services
All products are investigational; none is approved or generating sales.
POZ Platform™ (core technology)
| Attribute | Detail |
|---|---|
| Description | Poly(2-oxazoline) — principally poly(2-ethyl-2-oxazoline) — synthetic, water-soluble, low-viscosity polymer with pendant functional groups for multi-copy drug attachment and an orthogonal terminal group for targeting moieties |
| Key capabilities claimed | Programmable release via linker and "capping group" chemistry; high drug-to-polymer ratio; renal clearance without tissue accumulation; low immunogenicity; room-temperature stability of conjugates |
| Modalities | Small molecules (lead), lipids for LNPs, ADCs, proteins, oligonucleotides |
| Commercial model | Internal development of CNS assets; out-licensing for other fields |
SER-252 (POZ-apomorphine) — lead asset
| Attribute | Detail |
|---|---|
| Indication | Advanced Parkinson's disease with motor fluctuations |
| Mechanism | Continuous dopaminergic stimulation (CDS) via sustained release of apomorphine, a potent D1/D2 dopamine agonist |
| Dosing concept | Subcutaneous injection once or twice weekly; at-home self-administration; potential device pairing with enFuse |
| Differentiation claimed | Avoidance of skin nodules/ulceration seen with continuous apomorphine infusion (company cites ~40% nodule formation in the TOLEDO study of APO-go); no daily pump set-up; potential levodopa-sparing effect |
| Preclinical evidence | Linear dose–exposure in semi-weekly dosed monkeys (1.5, 4.5, 15 mg apo-eq/kg); no skin reactions in single or multi-dose monkey studies; human PK simulation suggests 0.25–1.0 mg apo-eq/kg could cover APO-go exposure range |
| Regulatory path | 505(b)(2) NDA (FDA written feedback, Aug 2025); Phase 1b recognised as registrational |
| Clinical status | SER-252-1b: randomised, double-blind, placebo-controlled; SAD of 5 cohorts × 8 (n=40) and MAD of up to 3 cohorts × 16 (n=48); U.S. and Australia sites. First patient dosed Feb 2026; Cohort 1 (8 patients) completed July 2026; SAD top-line targeted 1H 2027; MAD expected 2027 per 10-K |
| Manufacturing | Gannet BioChem (process development, scale-up, manufacturing), from June 2026 |
| Device | Enable Injections enFuse exclusive worldwide licence (May 2024) |
| Pricing | Not disclosed (pre-approval) |
SER-270 (POZ-VMAT2 inhibitor)
| Attribute | Detail |
|---|---|
| Indication | Tardive dyskinesia; exploring Huntington's disease chorea |
| Concept | Once-weekly subcutaneous long-acting VMAT2 inhibitor for adherence-challenged patients (on long-acting injectable antipsychotics, with dysphagia, institutionalised) |
| Status | Preclinical/development since July 2025; specific VMAT2 inhibitor payload not disclosed; no IND timing disclosed |
| Competitive frame | Oral VMAT2 inhibitors valbenazine (Ingrezza, Neurocrine) and deutetrabenazine (Austedo, Teva) |
SER-214 (POZ-rotigotine)
| Attribute | Detail |
|---|---|
| Indication | Early Parkinson's disease; restless legs syndrome |
| Status | Completed Phase 1a (19 patients, 2015–2017; published 2020). Not advanced internally; out-licensing candidate |
| Data highlights | Weekly 200 mg dose approximated the daily 3 mg Neupro patch exposure; approx. −6 point UPDRS Part III change from baseline at day 28 in the high-dose cohort (no placebo arm); no SAEs; one discontinuation for hives |
POZ-lipids for LNPs
| Attribute | Detail |
|---|---|
| Concept | Replace the 1–2 mol% PEG-lipid in LNPs to avoid anti-PEG antibody-mediated accelerated blood clearance and hypersensitivity |
| Status | Preclinical; non-exclusive licence to Pfizer (one structure, one field); co-owned APC-targeting application with Georgia Tech Research Corporation (SER-25); cationic-POZ LNP family filed June 2024 (SER-26) |
| Economics | USD 3.0 M upfront (2023); undisclosed milestones; 2.75–3.5% tiered royalty |
Other named/patented candidates
| Candidate | Description | Status |
|---|---|---|
| SER-226/227 | POZ conjugates (SER-227 described by aggregators as long-acting pain relief, e.g., POZ-buprenorphine) | Covered by SER-16 claims; no active disclosed programme |
| SER-228/229/232 | POZ-cannabinoid conjugates (SER-228 described by aggregators for epilepsy) | Patent applications pending (SER-23); dormant |
| POZ-ADC | High drug-to-antibody-ratio polymer ADCs | Patents granted (SER-18, to 2035); partnering only |
Financial Narrative
Basis: FY2021–FY2023 = Legacy Serina (private, audited statements filed with 8-K of 1 April 2024); FY2024–FY2025 = Serina Therapeutics consolidated (10-K FY2025). FY2021 detail beyond operating loss is not publicly disclosed in the documents reviewed. Blank cells = not publicly disclosed.
Income statement
Notes: FY2023 EPS figures are as restated on the post-merger share basis (aggregator compilation of 10-K data; fintool/edgar.tools). EBITDA is not reported; depreciation and amortisation are immaterial (FY2023 R&D depreciation USD 0.077 M and amortisation USD 0.023 M), so EBITDA approximates operating loss. FY2025 net loss attributable to common includes USD 0.25 M of preferred dividends/deemed charges relating to Series A Preferred (difference between USD 19.18 M attributable to Serina and USD 19.44 M to common).
Margins and growth
Revenue CAGR FY2022–FY2025: approx. −39.6% (USD 0.59 M → USD 0.13 M). Margin ratios are arithmetically correct but analytically meaningless for a pre-revenue biotech; they are shown only for completeness.
Balance sheet
FY2022 cash derived as FY2023 cash (USD 7.62 M) less FY2023 net increase (USD 7.09 M). Legacy Serina accumulated deficit was USD 33.18 M at 31 December 2023. The FY2025 balance sheet shows a small stockholders' deficit (USD −0.037 M), subsequently repaired by the March 2026 PIPE.
Interim balance sheet (30 June 2026, Q2 2026 release): cash USD 23.02 M; total current assets USD 25.03 M; total assets USD 25.81 M; total current liabilities USD 3.76 M; convertible note USD 3.09 M; total liabilities USD 7.08 M; stockholders' equity USD 18.73 M; working capital USD 21.27 M.
Cash flow
FY2024–FY2025 investing outflows are treated as capex (equipment) as no other investing items were disclosed in summary statements. H1 2026: operating cash flow USD −11.25 M (H1 2025: −8.07 M); investing −0.05 M; financing +31.26 M (H1 2025: +10.49 M).
Ratios
ROE is not meaningful (equity near zero/negative); ROIC, net debt/EBITDA and interest coverage are not meaningful with negative EBIT; cash conversion cycle is not applicable (no inventory or trade receivables). ROA FY2025 computed on average total assets of USD 6.84 M. At 30 June 2026, the current ratio was 6.66x and debt/equity 0.16x.
Quarterly trend (recent)
Sources: Q1 2025 release (opex USD 5.9 M; net loss USD 4.8 M); Q2 2025 release/10-Q; Q3 2025 release; Q1 2026 10-Q (equibles extraction: opex USD 6.28 M, R&D USD 3.199 M, net loss USD 6.898 M, EPS −0.58); Q2 2026 release. Q1 2025 R&D and G&A derived from six-month 2025 totals less Q2 2025 (R&D 6.10−3.15; G&A 5.45−2.54). Q1 2026 G&A derived as opex less R&D. Q3 2025 R&D/G&A and net loss before attribution not captured. Q1 2026 net loss to common derived as H1 2026 (USD 15.87 M) less Q2 (USD 8.93 M).
Commentary on trends, inflections and drivers
Expense inflection (FY2023 → FY2025). Operating expenses quadrupled from USD 6.3 M (FY2023) to USD 24.2 M (FY2025). FY2024 was the public-company transition year: G&A jumped to USD 9.6 M on legal, consulting, severance and the cost of carrying the AgeX legacy patent estate, while R&D tripled to USD 7.5 M on SER-252 IND-enabling work. FY2025 shifted the mix toward R&D (USD 13.2 M, +76%) on clinical start-up, CMC consulting, headcount and amortisation of a prepaid technology-access fee (consistent with the enFuse licence), while G&A grew more modestly (+14%) on stock-based compensation for new hires and directors and investor-relations spend, partly offset by lower legal and patent-maintenance costs for legacy AgeX assets (10-K FY2025).
Non-cash other income masks operating burn. Reported net results have been dominated by fair-value movements on hybrid instruments. FY2023's USD 5.3 M net income was driven by USD 8.4 M of other income (fair-value gains on the AgeX-Serina Note, convertible notes and A-5 warrants), not by operations. FY2024 and FY2025 included USD 5.8 M and USD 4.8 M of other income, largely warrant fair-value gains. Investors should anchor on operating cash burn (USD 17.1 M FY2024; USD 18.0 M FY2025; USD 11.3 M in H1 2026, an annualised rate of approx. USD 22.5 M).
Capital structure inflection (March 2026). Year-end 2025 cash of USD 3.1 M against a ~USD 18 M annual burn represented a going-concern-level liquidity position. The March 2026 PIPE (USD 21.2 M closed, including USD 5.2 M received in April) lifted cash to USD 24.5 M at 31 March 2026 and USD 23.0 M at 30 June 2026, and equity from a deficit to USD 18.7 M. Analyst estimate (not company guidance): at the H1 2026 burn rate, cash at 30 June 2026 funds operations into roughly mid-2027, i.e., approximately to the 1H 2027 SAD readout, before any draws on the USD 25 M Roth facility, residual ATM capacity, or exercise of USD 5.00 redeemable warrants. The 10-K FY2025 explicitly retains going-concern risk language.
Dilution trajectory. Weighted-average shares rose from 7.36 M (FY2024) to 10.19 M (FY2025) and 16.39 M (Q2 2026), and outstanding shares are implied at approx. 25 M after June 2026 conversions. The authorised share count was raised to 125 M in June 2026, and the Roth facility alone covers up to 12.5 M additional shares.
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Group Entities
| Entity | Jurisdiction | Role |
|---|---|---|
Serina Therapeutics, Inc. | Delaware | Listed parent (formerly AgeX Therapeutics, Inc.) |
Serina Therapeutics (AL), Inc. | Alabama | Operating subsidiary (Legacy Serina); employer of CEO and CTO per 8-Ks |
Legacy AgeX subsidiaries | Various | A subsidiary was sold in 2025, generating a USD 0.166 M loss on sale; the specific entity is not named in the documents reviewed. A non-controlling interest existed in 2024–2025 (USD 0.066 M and USD 0.033 M loss attribution) |
Foreign operating entity for Australian trial activity | — | Inferred from foreign-currency translation lines and Australian trial sites |
“—” = not publicly disclosed.
Revenue by Segment and Revenue by Segment (%)
| Segment metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
POZ platform segment revenue (USD Mn) | 3.15 | 0.06 | 0.13 |
Of which contract/licence revenue (USD Mn) | 3.00 | 0.00 | 0.00 |
Of which grant revenue (USD Mn) | 0.15 | 0.06 | 0.13 |
Segment operating loss (USD Mn) | -3.13 | -17.05 | -24.02 |
Segment pre-tax income (USD Mn) | 5.27 | -11.21 | -19.20 |
Contribution to total revenue (%) | 100 | 100 | 100 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total revenue (USD Mn) | — | 0.59 | 3.15 | 0.06 | 0.13 |
Gross profit (USD Mn; no cost of revenue reported) | — | 0.59 | 3.15 | 0.06 | 0.13 |
Research and development (USD Mn) | — | 1.57 | 2.39 | 7.48 | 13.16 |
General and administrative (USD Mn) | — | 1.29 | 3.89 | 9.62 | 11.00 |
Total operating expenses (USD Mn) | — | 2.86 | 6.28 | 17.10 | 24.15 |
Operating income / loss (USD Mn) | -1.63 | -2.27 | -3.13 | -17.05 | -24.02 |
Total other income / expense, net (USD Mn) | — | -0.41 | 8.40 | 5.84 | 4.83 |
Pre-tax income / loss (USD Mn) | — | -2.68 | 5.27 | -11.21 | -19.20 |
Net income / loss (USD Mn) | — | -2.68 | 5.27 | -11.21 | -19.22 |
Net loss attributable to common stockholders (USD Mn) | — | — | — | -11.14 | -19.44 |
EPS basic (USD) | — | — | 2.36 | -1.51 | -1.91 |
EPS diluted (USD) | — | — | 0.73 | -1.51 | -1.91 |
Dividends per share (USD) | 0 | 0 | 0 | 0 | 0 |
Weighted avg shares basic (M) | — | — | — | 7.36 | 10.19 |
Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Gross margin (%) | 100 | 100 | 100 | 100 |
Operating margin (%) | -384 | -99 | -30,443 | -18,478 |
EBITDA margin proxy (%) | -384 | -99 | -30,443 | -18,478 |
Net margin (%) | -453 | 167 | -20,013 | -14,785 |
Revenue growth YoY (%) | — | 433 | -98 | 132 |
Balance Sheet
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Cash and cash equivalents (USD Mn) | 0.53 | 7.62 | 3.67 | 3.06 |
Total current assets (USD Mn) | — | — | 5.68 | 6.08 |
Total assets (USD Mn) | — | — | 6.72 | 6.95 |
Total current liabilities (USD Mn) | — | — | 2.37 | 3.56 |
Short-term debt (USD Mn) | — | — | 0.00 | 0.00 |
Long-term debt — convertible note, net (USD Mn) | — | — | 0.00 | 2.95 |
Total debt (USD Mn) | — | — | 0.00 | 2.95 |
Net debt (USD Mn; negative = net cash) | — | — | -3.67 | -0.11 |
Warrant liabilities, current + non-current (USD Mn) | — | — | 3.58 | 0.37 |
Total liabilities (USD Mn) | — | — | 6.22 | 6.99 |
Total stockholders' equity (USD Mn) | — | — | 0.51 | -0.04 |
Goodwill and intangibles (USD Mn) | — | — | 0.00 | 0.00 |
Working capital (USD Mn) | — | — | 3.31 | 2.52 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | — | -2.08 | -2.48 | -17.14 | -17.96 |
Investing cash flow (USD Mn) | — | 0.98 | -0.50 | -0.02 | -0.06 |
Capital expenditure (USD Mn) | — | -0.01 | -0.50 | -0.02 | -0.06 |
Free cash flow (USD Mn) | — | -2.09 | -2.98 | -17.16 | -18.01 |
Financing cash flow (USD Mn) | — | 1.31 | 10.07 | 13.21 | 17.41 |
Dividends paid (USD Mn) | 0 | 0 | 0 | 0 | 0 |
Share buybacks (USD Mn) | 0 | 0 | 0 | 0 | 0 |
Net change in cash (USD Mn) | — | 0.22 | 7.09 | -3.95 | -0.62 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2024 | FY2025 |
|---|---|---|
Return on assets (%) | — | -281 |
Current ratio (x) | 2.40 | 1.71 |
Debt to equity (x) | 0.00 | — |
Asset turnover (x) | — | 0.02 |
Income Statement and Per-Share Data (Quarterly)
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 0.00 | 0.13 | 0.00 | 0.00 | 0.00 |
R&D expense (USD Mn) | 2.95 | 3.15 | — | 3.20 | 3.82 |
G&A expense (USD Mn) | 2.91 | 2.54 | — | 3.08 | 2.97 |
Total operating expense (USD Mn) | 5.86 | 5.70 | — | 6.28 | 6.78 |
Net loss (USD Mn) | -4.81 | -6.46 | — | -6.90 | -6.36 |
Net loss to common (USD Mn) | — | -6.57 | -4.60 | -6.94 | -8.93 |
EPS basic and diluted (USD) | -0.49 | -0.66 | -0.45 | -0.58 | -0.55 |
Cash at period end (USD Mn) | 4.30 | 6.04 | 8.60 | 24.50 | 23.02 |
Revenue by Region
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
United States revenue (USD Mn) | 3.15 | 0.06 | 0.13 |
Rest of world revenue (USD Mn) | 0.00 | 0.00 | 0.00 |
Share Price History
| Date | Price (USD) | Market cap (USD Mn) | Source |
|---|---|---|---|
3 Feb 2025 | 4.91 | Not stated | Dow Jones |
20 Mar 2025 (approx.) | 2.54 | 27.4 | Yahoo Finance snapshot |
25 Mar 2026 | 2.82 | 32.7 | Robinhood snapshot |
16 Jun 2026 | 1.94 | Not stated | RTTNews |
5 Aug 2026 | 2.15 | 34.4 | Robinhood snapshot |
21 Aug 2026 | 2.87 | Not stated | S-1 |
28 Aug 2026 | 2.46 | 62.5 | Yahoo Finance |
21 Sep 2026 | 2.31 | 58.7 | BamSEC |
Capital Markets
| Metric | 1-year | 3-year |
|---|---|---|
Total shareholder return (%) | -54 | -55 |
Valuation Multiples
| Multiple | Serina (Aug 2026) | Comment |
|---|---|---|
EV/Sales | Approx. 261x (Yahoo, 27 Aug 2026; trailing revenue USD 0.13 M from FY2025 NIH grant) | Not meaningful |
P/B | 3.42x (Yahoo, mrq) | Book equity USD 18.7 M at 30 Jun 2026 |
Enterprise value | USD 44.2 M (Yahoo, 27 Aug 2026) | Market cap less net cash |
Market cap / cash | Approx. 2.5x (USD 58.7 M ÷ USD 23.0 M) | Analyst computation |
Analyst Ratings & Targets
| Broker | Rating | Target (USD) | Date | Source |
|---|---|---|---|---|
BTIG (Thomas Shrader) | Buy (initiation) | 8.00 | — | stockanalysis.com |
JonesTrading | Buy | — | 19 May 2026 | TipRanks |
Consensus 1-year target | — | 11.00–13.00 (Yahoo displays at different dates) | 2025–2026 | Yahoo Finance |
Capital Markets — Dividend history/policy
| Item | Detail |
|---|---|
Dividend history/policy | No dividends paid; none expected (10-K risk factor) |
Credit ratings (Moody's/S&P/Fitch) | Not rated |
Debt outstanding | Senior unsecured convertible note (Bailey), carrying value USD 3.09 M at 30 Jun 2026; USD 5 M principal drawn September 2025; convertible at USD 5.18 (900,900 conversion shares plus 900,900 warrants at USD 5.44 per DEF 14A footnote); further funding obligations removed March 2026 |
Debt maturity profile | Note maturity date not captured in the documents reviewed; prepayable without penalty; mandatory cash repayment on certain liquidity events/change of control |
Equity overhang | Redeemable warrants at USD 5.00 (4-year term, callable) from March 2026 PIPE; warrants at USD 5.44 (2025 note); Juvenescence incentive warrants; USD 25 M Roth facility; residual ATM capacity |
Authorised shares | 125,000,000 common (from 17 June 2026); 5,000,000 preferred authorised |
Analyst Conclusions
Management guidance
SER-252 SAD top-line data in 1H 2027; MAD in 2027 if SAD supports; FDA meeting thereafter to design subsequent study (10-K FY2025; Q2 2026 release). No financial guidance. No consensus revenue is meaningful before 2028 at the earliest; consensus EPS estimates exist on some platforms (e.g., Q1 2025 consensus of USD −0.62 versus actual −0.49 per fintool) but coverage is thin.
Bull case
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Registrational read-through from a small study. Because the FDA has recognised the Phase 1b as registrational under 505(b)(2), clean SAD/MAD safety and PK data showing sustained apomorphine levels within the therapeutic window could support a relatively quick NDA pathway for a company valued at roughly USD 44 M enterprise value (August 2026).
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Clear clinical differentiation hypothesis. Infused apomorphine produced nodules in ~40% and dose reductions in ~60% of TOLEDO patients (company citation); a twice-weekly injection free of skin reactions would be a meaningful product improvement in a market that has just validated continuous dopaminergic delivery with two recent approvals.
-
Funded to the catalyst with insider alignment. USD 23.0 M cash at 30 June 2026 plus a USD 25 M equity facility likely bridges to the 1H 2027 readout, and the largest holders (Bailey ~41%, Juvenescence ~17%) have repeatedly funded the company.
Bear case
-
Unproven human pharmacology. Dosing assumptions rely on monkey data and modelling; if release kinetics or tolerability in humans disappoint, the platform's lead proof point fails and the company has no other clinical asset.
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Structural dilution and governance risk. The share count has more than doubled since 2024, the March 2026 PIPE priced at USD 2.25 versus USD 5.18 a year earlier, a 12.5 M-share facility is registered, and control is concentrated in a director who is also the lender and PIPE lead.
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Competitive and IP erosion. Vyalev and Onapgo are already approved, core POZ patents expire 2028–2031, and a 505(b)(2) product of an approved molecule is unlikely to receive NCE exclusivity, so commercial value hinges on SER-22 patents and a partner's willingness to pay.
Key catalysts and monitorables (next 12 months)
| Expected timing | Catalyst / monitorable |
|---|---|
| Nov 2026 | Q3 2026 10-Q: cash burn, Roth facility usage, Cohort 2 progress |
| Late 2026 | SMC review of Cohort 1 and dose escalation to Cohort 2+; any safety signals |
| Q1 2027 | FY2026 10-K: going-concern language, updated runway, pipeline timelines (SER-270 IND timing) |
| 1H 2027 | SER-252 SAD top-line data (safety, tolerability, PK, exploratory MDS-UPDRS/motor-state measures) |
| Ongoing | Warrant exercises at USD 5.00 (signal of re-rating); insider transactions; partnering announcements (SER-252, POZ-lipids, SER-214); Pfizer milestone payments |
| Ongoing | Board/governance changes, including any additional investor-designated director |
Analyst verdict
Serina Therapeutics is best understood as a single-asset clinical option wrapped in a platform narrative. The POZ technology is scientifically credible — a decade-plus patent estate, a completed Phase 1a with SER-214, and a Pfizer licence provide genuine third-party support — but the investment case over the next nine months reduces almost entirely to whether SER-252 delivers human pharmacokinetics consistent with twice-weekly continuous dopaminergic stimulation without the skin toxicity that limits infused apomorphine. Management has executed better in 2026 than in 2025: the excipient-driven clinical hold was cleared within roughly three months, first-patient dosing met the revised guidance, and Cohort 1 completed ahead of schedule. The March 2026 PIPE converted a precarious balance sheet (USD 3.1 M cash at year-end 2025) into an estimated runway to roughly the SAD readout.
Against this, the equity story carries unusually heavy structural costs. Dilution has been relentless and is set to continue via the Roth facility and warrant overhang; governance is concentrated in a director who simultaneously acts as co-chair, lender, lead PIPE investor and executive chairman of the second-largest holder; reported profits in prior years were artefacts of fair-value accounting; and platform-level patents begin expiring in 2028. Even a positive SAD readout leaves the company far from commercial capability, making a partnership the realistic monetisation route, with terms that will reflect Serina's weak bargaining position.
Net assessment: speculative, binary, catalyst-driven exposure suitable only for risk capital. The asymmetric upside is real given an enterprise value in the tens of millions, but the probability-weighted outcome is constrained by unproven human data, competitive entrenchment of newly approved continuous therapies, and a capital structure that will likely require further issuance before any value inflection. Monitor the Cohort 2+ escalation cadence and cash burn as leading indicators ahead of the 1H 2027 data.
Source register (primary documents referenced)
| Document | Date | Used for |
|---|---|---|
| Form 10-K FY2025 (sec.gov, accession 0001708599-26-000016) | 25 Mar 2026 | Business, pipeline, IP tables, risk factors, employees, facilities, licences |
| FY2025 results press release (8-K Ex. 99.1) | 25 Mar 2026 | FY2025/FY2024 financial statements; PIPE and ATM details |
| Q2 2026 results press release (8-K Ex. 99.1) | 13 Aug 2026 | H1/Q2 2026 financials; clinical progress; Gannet; board |
| Form 10-Q Q1 2026 and Q2 2026 | May / Aug 2026 | Ownership concentration; PIPE mechanics |
| DEF 14A (2026 AGM) | 27 Apr 2026 | Board, executives, compensation, ownership, auditor, history |
| DEF 14A / PRE 14A (2025) | 2,025 | 2025 convertible note; Series A Preferred; Juvenescence loans |
| Legacy Serina MD&A, 8-K Ex. 99.4 | 1 Apr 2024 | FY2023/FY2022 financials; Pfizer licence; pre-merger financing |
| 8-Ks: 3 Nov 2025; 18 Mar 2026; 21 Apr 2026; 24 Jun 2026; 22–23 Jul 2026 | Various | Clinical hold; PIPE; governance; AGM; CEO agreement; board |
| Form S-1 (Roth facility) | 24 Aug 2026 | Equity facility; share price |
| Q1/Q3 2025 press releases; SER-270 release (29 Jul 2025); clinical-hold response (10 Dec 2025) | 2,025 | Newsflow and pipeline |
| AgeX Q4 2023 release | 22 Mar 2024 | AgeX predecessor financials (FY2023 net loss USD 14.8 M; FY2022 USD 10.5 M) |
| Gannet BioChem release; Enable Injections coverage (Drug Delivery Business) | 30 Jun 2026; 15 May 2024 | Partnerships |
| Aggregators (Yahoo Finance, BamSEC, Boardroom Alpha, TipRanks, Robinhood, equibles, fintool, stockanalysis) | 2025–2026 | Market data, TSR, analyst ratings — flagged where used |
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Age | Tenure | Prior roles | Education |
|---|---|---|---|---|---|
Steve Ledger | Chief Executive Officer; Class II director; Corporate Secretary | 66 | CEO since Mar 2024; director since Dec 2022; Legacy Serina CFO Jun 2021–Mar 2024 | Managing Partner, Form & Fiction Ventures (2018–2025); advisor, Caldwell Sutter Capital (2018–Feb 2022); founder/managing member, Tamalpais Partners (2002–2012) | B.A. Economics, University of Connecticut |
Gregory S. Curhan | Chief Financial Officer (via FLG Partners) | 64 | Since Aug 2024 | Partner, FLG Partners (since 2020); CFO Curevo Vaccines (since 2020); CFO Angion Biomedica (2020–2023); CFO/SVP Corp Dev, Providence Medical Technology (2016–2020) | B.A. Economics, Dartmouth College |
Randall Moreadith, M.D., Ph.D. | Chief Development Officer | 72 | Since Mar 2024; Legacy Serina CEO 2010–2024 | Chief Development Officer, Nektar Therapeutics (2009); EVP/CMO Cardium Therapeutics (2006–2008); CMO Renovis (2004–2005); co-founder/President/COO ThromboGenics (1996–2003) | M.D., Duke; Ph.D., Johns Hopkins; HHMI fellow, Harvard Medical School |
Srini Tenjarla, Ph.D. | Chief Technical Operations Officer (proxy) / Chief Technology Officer (8-K, April 2026) | 63 | Since Mar 2026; SVP CMC & Formulation Jul 2024–Mar 2026 | VP & Head of Drug Product Development and Process Chemistry, Takeda; VP Pharmaceutical Sciences, Shire | Ph.D. Pharmaceutical Sciences, University of Houston; B.S. Pharmacy, Andhra University |
Directors' Remuneration
| Name / year | Salary | Bonus | Option awards | All other | Total |
|---|---|---|---|---|---|
Steve Ledger — 2025 | 450,000 | 187,500 | 0 | 0 | 637,500 |
Steve Ledger — 2024 | 326,250 | 144,949 | 3,232,422 | 0 | 3,703,621 |
Randall Moreadith — 2025 | 425,000 | 138,200 | 0 | 0 | 563,200 |
Srini Tenjarla — 2025 | 375,000 | 152,400 | 0 | 0 | 527,400 |
Srini Tenjarla — 2024 | 171,875 | 89,453 | 1,519,960 | 0 | 1,781,288 |
Board of Directors
| Director | Role | Class / term | Age | Since | Independent | Committees | Background |
|---|---|---|---|---|---|---|---|
Balkrishan "Simba" Gill, Ph.D. | Co-Chairman (Executive Chairman Apr 2024–Mar 2026) | I / 2027 | 62 | Apr 2024 | No | — | Founding Exec Chair/CEO Evelo Biosciences (2015–2023); Venture Partner, Flagship Pioneering; director Foghorn Therapeutics; CEO moksha8; Partner TPG Growth; President/CFO Maxygen. Ph.D. King's College London; MBA INSEAD. Executive Chairman fee USD 300,000/yr |
Gregory H. Bailey, M.D. | Co-Chairman (since Mar 2026) | III / 2029 | 70 | Aug 2018 | Yes (per company) | Compensation | Executive chairman, Juvenescence (CEO 2017–2023); director BioHaven Ltd., Manx Financial Group, SalvaRx; former managing partner Palantir Group; ten years emergency medicine. M.D., University of Western Ontario |
Richard Marshall, CBE, M.D., Ph.D. | Director | III / 2029 | 59 | Mar 2024 | Yes | Nominating & Governance | CEO Juvenescence (since Jan 2023); SVP & Global Head Respiratory & Immunology Development, AstraZeneca (2019–2023); GSK (2002–2018). UCL degrees |
Jay Venkatesan, M.D. | Director | III / 2029 | 54 | Feb 2025 | Yes | Audit; Nominating & Governance (Chair) | Former Chairman/President/CEO Angion Biomedica; co-founder/President Alpine Immune Sciences (acquired by Vertex, USD 4.9 B); director Elicio Therapeutics; founder Ayer Capital. M.D. Penn; MBA Wharton |
Stephen Brannan, M.D. | Director | I / 2027 | 69 | May 2025 | Yes | Audit; Compensation | Former CMO Karuna Therapeutics (KarXT; Karuna acquired by BMS for USD 14 B); senior roles at Takeda, Novartis, Cyberonics, Eli Lilly. A.B. Harvard; M.D. UT Southwestern |
Steve Ledger | Director, CEO | II / 2028 | 66 | Dec 2022 | No | — | See executives |
Karen J. Wilson | Director | II / 2028 | 63 | Jan 2025 | Yes | Audit (Chair; financial expert); Compensation (Chair); Nominating & Governance | Former SVP Finance and PAO, Jazz Pharmaceuticals; director Connect Biopharma, Elicio Therapeutics; ex-Vaxart, LAVA. CPA; B.S. UC Berkeley |
Farrell Simon, Pharm.D. | Director | — | — | 22 Jul 2026 | Presumed (appointed to Audit and Compensation) | Audit; Compensation | Chief Commercial Officer, Trevi Therapeutics; prior senior roles at Pfizer |
“—” = not publicly disclosed.
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Mar 2024 | Ledger CEO; Moreadith CDO; Joanne Hackett (AgeX interim CEO) departs | Merger close |
Apr 2024 | Gill Executive Chairman | Post-merger governance |
Aug 2024 | Curhan CFO (outsourced via FLG) | Finance build-out |
Jan 2025 | Steven Mintz resigns; Karen Wilson joins | Board refresh |
Feb 2025 | J. Milton Harris resigns, becomes Director Emeritus and SAB Chair (USD 40,000/yr); Venkatesan joins | Board refresh |
May 2025 | Remy Gross resigns; Brannan joins | CNS clinical expertise added |
Mar 2026 | Bailey and Gill become Co-Chairmen | PIPE condition |
Apr 2026 | Tenjarla promoted; CEO pay increased | Milestone-based |
Jul 2026 | Farrell Simon joins | Commercial expertise added |
Major Shareholders
| Holder | Shares / basis | Stake | As of | Source |
|---|---|---|---|---|
Gregory H. Bailey, M.D. | Incl. 6,666,667 PIPE shares (pre-funded warrants net-exercised) and 3,333,333 redeemable warrant shares | Approx. 41% (beneficial, incl. warrants) | Q2 2026 | 10-Q Q2 2026 |
Juvenescence Ltd and affiliates (JuvVentures (UK) Ltd) | 3,267,188 shares held directly plus warrants (April 2026) | Approx. 17% (beneficial, incl. warrants) | Q2 2026 | 10-Q Q2 2026; DEF 14A |
Puffinus L.P. | 904,884 shares (April 2026); 1,793,812 assuming approvals | 6.1% (April 2026); 7.0% pro forma | Apr 2026 | DEF 14A |
All directors and officers (10 persons) | 11,815,620 assuming approval of all proposals | 43.4% pro forma | Apr 2026 | DEF 14A |
Steve Ledger | 366,515 incl. options | 2.4% | Apr 2026 | DEF 14A |
Randall Moreadith | 361,461 (options) | 2.4% | Apr 2026 | DEF 14A |
Competitive Landscape
Key Competitors
| Competitor | Product(s) | Modality | Relative positioning vs SER-252 |
|---|---|---|---|
AbbVie | Vyalev (foslevodopa/foscarbidopa; FDA approved Oct 2024); Duopa (LCIG) | 24-hour subcutaneous pump; intestinal gel via PEG-J tube | Established CDS standard; pump burden and infusion-site reactions are SER-252's attack points |
Supernus Pharmaceuticals | Onapgo (apomorphine infusion; FDA approved Feb 2025); Apokyn (rescue pen) | 12–16 hour subcutaneous pump; injection | Same molecule; Serina positions against nodules and daily set-up |
Mitsubishi Tanabe / NeuroDerm | ND0612 (levodopa/carbidopa continuous subcutaneous) | 24-hour pump | — |
Amneal Pharmaceuticals | Crexont (extended-release carbidopa/levodopa oral) | Oral ER | Lower-burden oral competitor for fluctuations |
AbbVie (ex-Cerevel) | Tavapadon (D1/D5 partial agonist, oral once daily) | Oral | — |
Medtronic / Abbott / Boston Scientific | Deep brain stimulation systems (incl. adaptive DBS) | Device/surgery | Surgical alternative for advanced patients |
Sumitomo Pharma (Sunovion) | Kynmobi (sublingual apomorphine) | Rescue film | — |
Key Competitors — Neurocrine Biosciences
| Competitor | Product | Positioning |
|---|---|---|
Neurocrine Biosciences | Ingrezza (valbenazine), oral daily | Market leader; SER-270 targets the non-adherent subset |
Teva Pharmaceuticals | Austedo / Austedo XR (deutetrabenazine), oral | Second major entrant |
Key Competitors — Nektar Therapeutics
| Competitor | Platform | Positioning |
|---|---|---|
Nektar Therapeutics | PEGylation (historic leader) | Incumbent technology POZ seeks to displace |
Ascendis Pharma | TransCon transient-conjugation prodrugs | Commercially validated long-acting platform (TransCon hGH, PTH, CNP) |
Genevant, Acuitas, Arcturus and in-house LNP teams at Moderna/BioNTech/Pfizer | LNP delivery incl. PEG-lipid alternatives (e.g., polysarcosine) | Competing PEG-replacement chemistries in LNPs |
Peer Comparison FY2024
| Company | FY | Revenue (USD Mn) | Revenue growth | R&D intensity (R&D/revenue) |
|---|---|---|---|---|
Serina Therapeutics | FY2025 | 0.13 | +132% | Not meaningful (R&D USD 13.2 M) |
Supernus Pharmaceuticals | FY2024 | Approx. | — | — |
Neurocrine Biosciences | FY2024 | Approx. 2,360 total; Ingrezza approx. | — | — |
AbbVie | FY2024 | Approx. | — | — |
Recent Developments
Guidance revisions: first-patient timing slipped from Q4 2025 to Q1 2026 (met, February 2026); Cohort 1 completion beat guidance.
