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Serina Therapeutics, Inc. (SER)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 results were characterized by immaterial revenue, a narrowed net loss, and higher operating spend as SER ramped R&D ahead of SER-252 Phase 1b; diluted EPS of $(0.49) improved markedly YoY from $(5.38) on warrant and note fair value tailwinds .
  • EPS beat Wall Street consensus by $0.13 (actual $(0.49) vs $(0.62)) and normalized net loss was ~$1.20M better than consensus (actual $(4.81)M vs $(6.01)M); revenue was in line at $0.00* .
  • Guidance effectively shifted: cash runway extended to Q3 2025 after April financing, while first patient dosing for SER-252 moved to Q4 2025 vs a prior Q3 2025 initiation target .
  • Near-term catalysts center on IND/Phase 1b readiness for SER-252 and continued platform data (POZ-lipid immunogenicity), with financing and runway clarity reducing going-concern risk highlighted in prior disclosures .

What Went Well and What Went Wrong

What Went Well

  • Net loss narrowed to $(4.81)M vs $(15.02)M YoY, driven by a $1.04M positive swing in other income (change in warrant and note fair values) and tight cash operations; diluted EPS improved to $(0.49) vs $(5.38) .
  • Financing momentum: $15M aggregate equity raised since late 2024, including $10M two-tranche investment (Nov 2024/Jan 2025) and $5M private placement in April 2025, extending runway into Q3 2025 .
  • Platform/clinical progress: SER emphasized on-track Phase 1b dosing of SER-252 in Q4 2025 and presented POZ-lipid data showing no IgM/IgG response on repeat dosing in rats versus PEG-lipid, supporting a differentiated RNA/LNP profile. “We remain focused on reaching key milestones, including dosing the first patient… by the fourth quarter of this year” — CEO Steve Ledger .

What Went Wrong

  • Operating expenses expanded to $5.86M from $2.33M YoY as R&D rose to $2.95M and G&A to $2.91M, reflecting headcount and stock-based comp, IP maintenance costs, consultants, and D&O insurance increases .
  • Revenue remained immaterial (grant revenue $0 vs $5k YoY), limiting margin analysis and highlighting reliance on financing until clinical/partner milestones monetize .
  • Cash and equivalents were $4.27M at quarter-end, with runway only through Q3 2025 even after April financing, keeping liquidity risk elevated if timelines slip .

Financial Results

Year-over-Year (YoY) Comparison

MetricQ1 2024Q1 2025
Total Revenues ($USD Millions)$0.01 $0.00
R&D Expense ($USD Millions)$1.11 $2.95
G&A Expense ($USD Millions)$1.22 $2.91
Total Operating Expenses ($USD Millions)$2.33 $5.86
Other Income (Net) ($USD Millions)$(12.69) $1.04
Net Loss ($USD Millions)$(15.02) $(4.81)
Diluted EPS ($USD)$(5.38) $(0.49)

Note: Margins are not meaningful given immaterial revenue .

Sequential Comparison (last available prior quarter vs current)

MetricQ3 2024Q1 2025
Total Revenues ($USD Millions)$0.01 $0.00
R&D Expense ($USD Millions)$2.42 $2.95
G&A Expense ($USD Millions)$2.91 $2.91
Total Operating Expenses ($USD Millions)$5.33 $5.86
Other Income (Net) ($USD Millions)$6.70 $1.04
Net Income (Loss) ($USD Millions)$1.41 $(4.81)
Diluted EPS ($USD)$0.13 $(0.49)

KPIs and Balance Sheet Items

MetricQ1 2024Q3 2024Q1 2025
Cash and Equivalents ($USD Millions)$8.76 $3.19 $4.27
Warrant Liability ($USD Millions)—$6.74 $2.59
Additional Paid-in Capital ($USD Millions)$0.86 $8.00 $50.83
Accumulated Deficit ($USD Millions)$(33.18) $(21.78) $(49.13)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayOperating runwayThrough Q2 2025 Through Q3 2025 (after April $5M placement) Raised (extended)
SER-252 Phase 1b First Patient DosingInitiation timelineQ3 2025 initiation target (Phase 1 allowance/initiation) Q4 2025 first patient dosing Lowered (shifted later by ~1 quarter)
Revenue/Margins/TaxFY/QtrNot providedNot providedMaintained (no guidance)

Earnings Call Themes & Trends

Note: No Q1 2025 earnings call transcript was available; themes inferred from press releases and prior disclosures .

TopicPrevious Mentions (Q3 2024, FY 2024)Current Period (Q1 2025)Trend
Financing/RunwayGoing concern raised; $10M financing plan outlined Runway extended to Q3 2025 with April $5M placement Improving
SER-252 Clinical TimelinePhase 1b expected in 2025; prior target initiation Q3 2025 First patient dosing targeted Q4 2025 Slight delay
Partnerships (Enable/Pfizer)Enable enFuse case study; Pfizer non-exclusive POZ license Continued progress; platform expansion highlighted Steady
Platform Data (POZ-lipid)RNA/LNP opportunity; reduced reactogenicity concept Rat data: no IgM/IgG response vs PEG-lipid standards Positive validation
Operating DisciplineOpex ramp for R&D/G&A; warrant/note fair value volatility Opex higher; other income swing to positive Mixed (spend up, P&L aided by non-cash)

Management Commentary

  • “We remain focused on reaching key milestones, including dosing the first patient in our Phase 1b clinical trial by the fourth quarter of this year.” — Steve Ledger, CEO .
  • “With new capital infusions in the first quarter and April… we remain committed to pushing the boundaries of our platform’s potential, from neurological disorders to RNA-based and ADC therapeutics” .
  • Board strengthening: appointment of Karen J. Wilson and Dr. Jay Venkatesan adds capital markets and BD expertise to support upcoming milestones .

Q&A Highlights

  • No earnings call transcript was available for Q1 2025; therefore, no Q&A content or clarifications could be assessed [List: earnings-call-transcript returned none].

Estimates Context

MetricConsensus EstimateActual Q1 2025Surprise
EPS ($USD)$(0.62)*$(0.49) +$0.13*
Revenue ($USD Millions)$0.00*$0.00 In line*
Net Income Normalized ($USD Millions)$(6.01)*$(4.81) +$1.20*

Values retrieved from S&P Global*.
Implications: Modest EPS and net income beats reflect positive other income (warrant/notes fair value) rather than operational revenue leverage; estimate models may need to incorporate ongoing fair value volatility and higher opex run-rate .

Key Takeaways for Investors

  • EPS and normalized net loss both beat consensus, driven largely by non-cash fair value gains; operational revenue remains immaterial, so focus should be on cash runway and clinical execution rather than near-term P&L optics *.
  • Operating expenses rose to $5.86M as SER scaled R&D and G&A; expect elevated spend through IND/Phase 1b preparation and early patient dosing in Q4 2025 .
  • Runway extended into Q3 2025 through April $5M financing, reducing near-term liquidity risk noted in prior going-concern disclosures; continued funding optionality will be important if timelines slip .
  • Clinical catalyst: SER-252 first patient dosing in Q4 2025 is the key value inflection, with earlier guidance implying Q3 2025 initiation; monitor IND progress and Phase 1b setup .
  • Platform differentiation: POZ-lipid’s non-immunogenic profile vs PEG standards strengthens RNA/LNP partnering narrative, complementing Pfizer’s license; potential deal flow could augment non-dilutive funding .
  • Board/management augmentation enhances capital markets and clinical strategy ahead of trial start; continued governance strengthening supports credibility with partners and investors .
  • Trade setup: near-term stock reaction likely hinges on financing updates, IND/allowance milestones, and any partnering news; be mindful that headline EPS beats may be non-operational in nature due to fair value accounting .

Additional Relevant Press Releases (Q2 timing around Q1 results)

  • “Serina Therapeutics Makes Grants to New Employees Under Inducement Plan” (May 14, 2025) — hiring momentum ahead of clinical milestones .
  • “Serina Therapeutics Appoints Stephen Brannan, M.D., to Board of Directors” (May 22, 2025) — further clinical leadership depth .

Citations: Q1 2025 8-K and press release with financials and highlights ; FY 2024 press release ; Q3 2024 press release and financials ; Investor presentation for prior timeline .