Executive Summary

Q1 2024 reflected a pre-revenue, clinical-stage profile: total revenue was $0.005M, operating expenses rose to $2.326M, and net loss was $9.437M with diluted EPS of $(3.38) .
Liquidity: cash and equivalents were $8.706M; restricted cash $0.050M; the Juvenescence line of credit was increased and extended, with $10.439M total debt (including origination fees) outstanding and substantial near-term maturities, contributing to a going concern warning .
Strategic progress: merger with AgeX closed (company now Serina Therapeutics, Inc.); SER-252 (POZ‑apomorphine) targeting advanced Parkinson’s disease is expected to enter Phase 1 in 2025, and platform/partnering optionality (e.g., Pfizer non‑exclusive POZ polymer license for LNP delivery) was reiterated .
No formal financial guidance or earnings call transcript was available; estimates from S&P Global were unavailable for AGE due to mapping constraints, limiting beat/miss analysis. Stock reaction catalysts center on financing execution (Juvenescence warrant exercises), IND timing, and going concern resolution .

What Went Well and What Went Wrong

What Went Well

“Advancement of SER-252… anticipates submission of an IND… with plans to initiate a Phase 1 clinical trial in 2025,” signaling pipeline progress in Parkinson’s disease .
Strategic corporate actions completed: “Completion of merger with AgeX Therapeutics… trading on NYSE American under the ticker ‘SER’ on March 27, 2024” and appointment of Executive Chairman Dr. Simba Gill to drive platform expansion .
Financing support: Juvenescence increased and extended the convertible line of credit (additional $2.4M drawn Mar 29, 2024; +$0.525M added May 8–9, 2024) and committed via Side Letter to exercise post‑merger warrants providing ~$15M over set milestones .

What Went Wrong

Net loss of $9.437M and EPS of $(3.38) driven largely by a $7.017M adverse change in fair value of convertible promissory notes; operating expenses also increased year over year (R&D +$0.707M; G&A +$0.627M) .
Liquidity and going concern: Management concluded current cash plus near‑term borrowings would not meet 12‑month needs, raising “substantial doubt” about continuing as a going concern absent additional financing .
Controls: management disclosed material weaknesses in internal control over financial reporting (insufficient accounting staff, heavy manual processes, segregation‑of‑duties limitations), increasing execution risk as operations scale .

Financial Results

Metric	Q1 2023	Q1 2024
Revenue ($USD Thousands)	$30	$5
Total Operating Expenses ($USD Thousands)	$992	$2,326
Net Income (Loss) ($USD Thousands)	$1,658	$(9,437)
Diluted EPS ($USD)	$0.20	$(3.38)

KPI (Balance Sheet)	Dec 31, 2023	Mar 31, 2024
Cash and Equivalents ($USD Thousands)	$7,619	$8,706
Restricted Cash ($USD Thousands)	$0	$50
Accounts Payable & Accrued Liabilities ($USD Thousands)	$1,163	$4,013
Loans due to Juvenescence (Total Debt, Net) ($USD Thousands)	$2,983 (Convertible notes FV)	$10,439 (incl. $9,746 current + $693 non-current)
Total Assets ($USD Thousands)	$8,968	$10,856

Pre-merger quarterly snapshot (AgeX Therapeutics):

Metric	Q3 2023	Q4 2023
Revenues ($USD Thousands)	$67	N/A
Operating Expenses ($USD Thousands)	$2,390	$3,600
Net Loss ($USD Thousands)	$(5,389)	N/A
Diluted EPS ($USD)	$(0.14)	N/A
Cash & Equivalents at Period-End ($USD Thousands)	$397	$345

Notes: Q3–Q4 2023 figures reflect AgeX pre‑merger and are not directly comparable to Serina’s Q1 2024 consolidated results.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
SER-252 IND submission/Phase 1 start	2025	Not provided	Plans to submit IND and initiate Phase 1 in 2025	Initial timeline disclosed

No financial guidance (revenue, margins, OpEx, OI&E, tax rate, dividends) was provided in Q1 2024 materials .

Earnings Call Themes & Trends

No Q1 2024 earnings call transcript was available; themes below derive from the 8‑K and 10‑Q.

Topic	Previous Mentions (Q3 2023, Q4 2023)	Current Period (Q1 2024)	Trend
Financing/Capital	Line of credit increased by $4.4M; preferred stock issued to extinguish $36M debt	Line of credit increased further (+$2.4M Mar; +$0.525M May), repayment extended to Dec 31, 2024; Side Letter commits ~$15M via warrant exercises	Continued reliance on Juvenescence; staged capital infusion pending
Merger/Corporate actions	Agreement to merge with Serina; reverse split; capital structure changes	Merger closed; trading as SER; new Executive Chairman	Transition completed; leadership enhanced
R&D execution	Minimal R&D at AgeX; focus on corporate transactions	SER‑252 advancing; preclinical foundation; IND planned in 2025	R&D cadence increasing
Regulatory/Legal	N/A	Going concern warning; material weaknesses in ICFR	Risk disclosures intensified
Platform/Partnerships	N/A	POZ platform capabilities; non‑exclusive Pfizer POZ license for LNP delivery	Platform optionality emphasized

Management Commentary

“Advancement of SER-252… anticipates submission of an Investigational New Drug (IND)… with plans to initiate a Phase 1 clinical trial in 2025.” (Press release)
“Completion of merger with AgeX Therapeutics… began trading on NYSE American under the ticker symbol ‘SER’ on March 27, 2024.” (Press release)
“Appointment of Dr. Simba Gill as Executive Chairman… will play a pivotal role in guiding Serina through its next phase of growth and development.” (Press release)
Platform scope and Pfizer relationship: the POZ polymer technology is engineered for precise drug loading/release and includes “the non‑exclusive license agreement with Pfizer, Inc. to use Serina’s POZ polymer technology for use in lipid nanoparticle drug (LNP) delivery formulations.”

Q&A Highlights

No Q1 2024 earnings call transcript or Q&A session was available in the document catalog; therefore, no analyst Q&A themes or clarifications can be cited for this period [ListDocuments earnings-call-transcript: none].

Estimates Context

S&P Global/Capital IQ consensus estimates were unavailable for AGE due to missing CIQ mapping in the data source, preventing EPS/revenue beat/miss analysis (tool error: missing mapping). Values retrieved from S&P Global could not be displayed due to mapping limitations.*

Implication: Without consensus, we cannot quantify estimate surprises; investor focus should shift to liquidity trajectory, warrant exercises, and 2025 IND catalyst .

Key Takeaways for Investors

Liquidity runway is constrained: cash $8.706M against rising payables and $10.439M in Juvenescence-related debt; management disclosed substantial doubt about going concern—financing execution is the near-term gatekeeper .
Financing path is identified but contingent: ~$15M expected via Juvenescence warrant exercises across 2024–2025; monitoring adherence to the Side Letter schedule is critical .
P&L volatility from fair value accounting can mask underlying OpEx trends; the $7.017M non‑cash change in convertible notes drove the Q1 loss—focus on cash burn and OpEx to gauge operational trajectory .
R&D is ramping: SER‑252’s IND/Phase 1 in 2025 and POZ platform applications (including LNP delivery with Pfizer license) are medium‑term value drivers; watch preclinical/CMC milestones and trial initiation .
Governance/controls upgrades needed: disclosed ICFR material weaknesses and manual processes heighten execution risk; remediation progress is a key qualitative monitor .
Post‑merger integration completed; leadership additions may accelerate partnering; expect near‑term updates on capital structure (warrant exercises, credit draws) and clinical plans .
With no guidance and no consensus available, traders may react to discrete financing events (warrant exercise tranches) and regulatory filings (IND timing), alongside any going concern resolution .

Serina Therapeutics, Inc. (AGE)·Q1 2024 Earnings Summary