Serina Therapeutics Reports Significant Revenue Decline and Net Loss for Fiscal Year 2024

Serina Therapeutics, Inc. reported a significant financial downturn for the fiscal year ending December 31, 2024, with total revenues of $56,000, a sharp decline from $3.2 million in the previous year. The company experienced a net loss of $11.1 million, compared to a net income of $5.3 million in 2023. This loss translates to a basic and diluted net loss per share of $1.51, a stark contrast to earnings of $2.36 per share in the prior year. The substantial decrease in revenue was primarily attributed to the absence of license revenues, which had previously contributed $3 million in 2023.

Operating expenses surged to $17.1 million, up from $6.3 million in 2023, driven by increased research and development costs, which rose to $7.5 million from $2.4 million, and general and administrative expenses, which climbed to $9.6 million from $3.9 million. The company’s operational challenges were compounded by a significant increase in the weighted average number of common shares outstanding, which rose to 7.4 million from 2.2 million, reflecting the impact of the merger with Legacy Serina and subsequent equity transactions.

Strategically, Serina Therapeutics underwent a merger with Legacy Serina on March 26, 2024, which resulted in a rebranding from AgeX Therapeutics, Inc. to Serina Therapeutics, Inc. This merger was part of a broader strategy to focus on developing a pipeline of drug candidates utilizing the company's proprietary POZ drug delivery technology. Following the merger, the company also sold its subsidiary, UniverXome, to Juvenescence for a nominal cash payment, which included the assumption of approximately $11.3 million in secured debt.

Operationally, the company is now positioned as a clinical-stage biotechnology firm, with plans to submit an Investigational New Drug (IND) application for its lead product candidate, SER-252 (POZ-apomorphine), aimed at treating Parkinson's disease. The company anticipates initiating a Phase 1 clinical trial in 2025. However, as of December 31, 2024, Serina reported cash and cash equivalents of $3.7 million, which, along with a $5 million cash injection from Juvenescence in January 2025, is expected to fund operations but may not be sufficient to meet anticipated funding requirements over the next twelve months.

Looking ahead, Serina Therapeutics faces substantial challenges, including the need for additional capital to support its operations and product development efforts. The company has expressed concerns regarding its ability to continue as a going concern, given its history of operating losses and negative cash flows. Management is actively exploring various funding options, including potential equity financing and licensing agreements, to secure the necessary resources for its ongoing projects and to mitigate the risks associated with its financial position.