Name: Serina Therapeutics, Inc. Q2 2024 Earnings Call
Start: 2025-11-20 09:22:51.802828+00

Executive Summary

Q2 2024 revenue was $0.051M, up from $0.007M in Q2 2023 and $0.005M in Q1 2024; net income was $5.204M driven primarily by a $9.294M non‑cash gain from change in fair value of warrant liabilities, offsetting higher operating expenses .
Operating expenses ramped to $3.917M (R&D $1.594M; G&A $2.323M) as the company scaled post‑merger and invested in R&D and corporate infrastructure .
Liquidity remains constrained: cash and restricted cash totaled ~$6.1M at quarter‑end, with $11.2M owed to Juvenescence; management flagged substantial doubt about going concern without additional financing or warrant exercise proceeds .
Strategic catalysts: partnership with Enable Injections to develop/commercialize SER‑252 on enFuse for Parkinson’s, novel POZ‑lipid immunogenicity data, and IND/Phase 1 timing targeted for 2025; shares trade on NYSE American as “SER” post‑merger .

What Went Well and What Went Wrong

Enable Injections partnership strengthens the SER‑252 program and potential patient adoption via wearable enFuse delivery; “The Company will develop and commercialize SER‑252 (POZ‑apomorphine) in combination with enFuse… with plans to initiate a Phase 1 clinical trial in 2025.” .
Novel POZ‑lipid data: “POZ‑lipid does not induce an IgM or IgG antibody response, even with repeated dosing in in vivo models,” potentially mitigating anti‑PEG issues seen in mRNA LNPs and enhancing safety/efficacy .
Non‑cash gain from warrant revaluation ($9.294M) lifted Q2 net income to $5.204M despite operating losses, providing interim P&L support while pipeline investment increases .

OpEx increased sharply YoY and QoQ (Total OpEx $3.917M vs $0.952M in Q2 2023), with G&A up $1.8M largely due to merger‑related legal/accounting, director comp, insurance, PR, and infrastructure costs .
Going concern: current cash plus anticipated warrant exercise proceeds are not sufficient for 12 months of funding needs, necessitating further capital or warrant exercises to bridge to 2025 IND/Phase 1 .
Minimal revenue base (grant revenue only) magnifies volatility in reported margins and EPS, and leaves investor focus on financing runway and execution milestones rather than near‑term financial performance .

Metric	Q2 2023	Q1 2024	Q2 2024
Revenue ($USD Millions)	$0.007	$0.005	$0.051
Total Operating Expenses ($USD Millions)	$0.952	$2.326	$3.917
Loss from Operations ($USD Millions)	$(0.945)	$(2.321)	$(3.866)
Other Income (Expense), net ($USD Millions)	$1.753	$(7.116)	$9.043
Net Income (Loss) ($USD Millions)	$0.808	$(9.437)	$5.204
Basic EPS ($USD)	$0.37	$(3.38)	$0.61
Diluted EPS ($USD)	$0.11	$(3.38)	$0.51
Net Income Margin %	NM	NM	NM

Notes:

NM indicates “not meaningful” due to de minimis revenue and dominance of non‑cash fair value changes .

KPIs and Balance Sheet Highlights

KPI	Q4 2023	Q1 2024	Q2 2024
Cash, Cash Equivalents & Restricted Cash ($USD Millions)	$0.395	$8.8	$6.1
Loans due to Juvenescence (net of issuance costs) ($USD Millions)	$4.365 (current $3.672 + LT $0.693)	$10.439 (current $9.746 + LT $0.693)	$11.138 (current $10.445 + LT $0.693)
Warrant Liability ($USD Millions)	$0.000	—	$13.413
R&D Expense ($USD Millions)	—	$1.106	$1.594
G&A Expense ($USD Millions)	—	$1.220	$2.323

Segment Breakdown: Not applicable; revenue consists of grants (no commercial segments) .

Metric	Period	Previous Guidance	Current Guidance	Change
Financial guidance (Revenue, Margins, OpEx, Tax)	FY/Q2 2024	None issued	None issued	Maintained (no financial guidance)
SER‑252 IND timing	2025	Initiate Phase 1 in 2025	Initiate Phase 1 in 2025	Maintained
Platform partnerships (Pfizer LNP POZ‑polymer license)	Ongoing	Existing non‑exclusive license	Ongoing non‑exclusive license	Maintained

No Q2 2024 earnings call transcript was available in the filings catalog.

Topic	Previous Mentions (Q4 2023)	Previous Mentions (Q1 2024)	Current Period (Q2 2024)	Trend
Liquidity & Going Concern	Going concern; cash ~$0.395M; reliance on Juvenescence debt	Going concern; line increased and extended; cash ~$8.8M	Going concern persists; cash ~$6.1M; expects ~$10M from warrant exercises but insufficient for 12 months	Stable risk; runway needs
SER‑252 program	—	Advancing; IND/Phase 1 planned for 2025	Enable Injections partnership + 2025 IND/Phase 1 plan reiterated	Execution strengthening
POZ‑lipid (LNP, immunogenicity)	—	Platform capabilities reiterated	New data: no IgM/IgG response on repeat dosing; potential safety advantage vs PEG‑lipids	Positive validation
Corporate/merger integration	Preparing for Serina merger; elevated G&A	Merger closed; ticker changed to SER	Continued G&A ramp for infrastructure, IR/PR, insurance	Integration ongoing
Financing via Juvenescence	Debt increased; extensions	LOC increased/extended	Additional $0.525M LOC increase; near‑term borrowings	Continued reliance

Strategic focus on advancing SER‑252 into clinical testing: “The Company anticipates submission of an Investigational New Drug (IND) application… with plans to initiate a Phase 1 clinical trial in 2025.” (Serina press release, Aug 9, 2024) .
Differentiated platform feature: “POZ‑lipid does not induce an IgM or IgG antibody response, even with repeated dosing… PEG‑lipids currently used in mRNA vaccines can elicit an anti‑PEG antibody response… associated with serious adverse events, including anaphylaxis.” (Serina press release) .
Organizational build: Appointment of Dr. Srini Tenjarla (SVP, CMC & Formulation) with prior leadership at Takeda/Shire to accelerate clinical and CMC execution .

No earnings call transcript was available; therefore, no Q&A themes or guidance clarifications to report this quarter.

Wall Street consensus (S&P Global) for Q2 2024 EPS and revenue was unavailable due to missing mapping in the S&P Capital IQ company database for this ticker at the time of query. As a result, we cannot provide a beat/miss analysis versus consensus this quarter.

Reported profitability was driven by non‑cash warrant revaluation ($9.294M), not core operations; watch for volatility in EPS until revenue‑generating programs commence .
Execution momentum: Enable Injections partnership for SER‑252 and 2025 IND/Phase 1 plan signal tangible clinical progress and potential patient‑friendly administration advantages .
Liquidity and going concern are the primary risk: ~$6.1M cash with ~$11.2M owed to Juvenescence and substantial doubt flagged; near‑term financing is likely needed to sustain operations into/through 2025 .
Operating cost base is normalizing higher post‑merger (Q2 OpEx $3.917M), reflecting R&D build‑out and corporate infrastructure; monitor spend discipline versus financing runway .
Platform differentiation: emerging POZ‑lipid data suggests potential safety advantages over PEG‑lipids in LNPs—could be a valuable partnering lever beyond SER‑252 .
No formal financial guidance and no call transcript this quarter; focus near‑term on financing events (warrant exercises, debt extensions, equity raises) and clinical milestones for SER‑252 .
Post‑merger listing under “SER” on NYSE American may broaden visibility, but fundamentals hinge on capital access and clinical execution over the next 12 months .