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, leveraging proprietary POZ technology for improved pharmacokinetics and safety profiles.

• Lead candidates target Parkinson’s disease (SER 252), post-operative pain (SER 227), and refractory epilepsy (SER 228), all in preclinical or IND-enabling stages.

• Platform enables modification of existing drugs and novel molecules, with applications in CNS, pain, and potential partnerships for ADCs and lipid nanoparticle (LNP) therapeutics.

• Revenue sources include licensing agreements (notably with Pfizer for POZ-LNP technology) and government grants.

Financial performance and metrics

• As of March 31, 2024, cash and cash equivalents were $8.7 million; accumulated deficit was $5.4 million.

• FY 2023 revenue was $3.15 million, primarily from a $3 million Pfizer upfront payment; R&D expenses were $2.39 million, G&A $3.89 million, with a net income of $5.27 million due to fair value adjustments on convertible notes.

• Q1 2024 net loss was $9.4 million, driven by non-cash fair value changes on convertible notes; operating cash outflow was $1.6 million.

• Substantial doubt exists about ability to continue as a going concern beyond 2025 without additional capital; expects to fund operations through 2025 with anticipated warrant exercises by Juvenescence.

Use of proceeds and capital allocation

• Up to $46.8 million may be raised from warrant exercises, with proceeds allocated to working capital and general corporate purposes.

• Approximately $8 million planned for advancing SER 252 through Phase I, $2.5 million for POZ-LNP R&D, and the remainder for operations.

• No proceeds from secondary sales by selling securityholders.