Executive Summary

Q2 2025 results were typical of a pre-revenue biotech: grant revenue rose to $0.13M while net loss widened to $6.45M; diluted EPS of $(0.66) missed the Street’s $(0.43) consensus, driven by non-cash warrant fair value changes and higher R&D as programs advance . EPS consensus from S&P Global; see asterisk note.
Liquidity improved: cash rose to $6.0M, and management extended runway guidance from “through Q3’25” to “into Q4’25”; an ATM was established ($13.3M capacity) with $1.2M net proceeds raised by Aug 8, enhancing financing flexibility .
Pipeline momentum: SER-252 remains on track to enter the clinic in Q4 2025; SER-270 (tardive dyskinesia) advanced, broadening CNS optionality; POZ platform commentary reiterated and Pfizer LNP license referenced .
Near-term stock catalysts: FDA IND allowance and first-patient dosing for SER-252, any BD/licensing updates on the POZ platform, and financing cadence (ATM/tactical raises) .

What Went Well and What Went Wrong

What Went Well
- Runway extended and funding optionality: Cash rose to $6.0M with runway now “into Q4 2025”; ATM program ($13.3M) established and used ($1.2M net by Aug 8) to support operations .
- Pipeline advancement: Management reaffirmed SER-252 timing (“on track to enter the clinic later this year”); SER-270 moved forward in TD, with potential expansion into Huntington’s chorea, strengthening CNS breadth .
- Platform validation and leadership: Continued emphasis on POZ platform versatility and existing Pfizer LNP license; added neuroscience veteran Dr. Stephen Brannan to the Board to bolster clinical strategy .
What Went Wrong
- EPS miss vs consensus: Diluted EPS of $(0.66) vs $(0.43) consensus reflects non-cash warrant revaluation headwinds and higher R&D; net loss widened from $(4.81)M in Q1 and from $5.20M profit in Q2’24 (warrant/notes gains last year) . EPS consensus from S&P Global; see asterisk note.
- Non-operating swing: Other (expense) income turned to $(0.90)M vs $9.04M in Q2’24, primarily due to a $10.3M adverse change in warrant fair value vs a gain last year; this masked sequential OpEx discipline .
- YoY OpEx pressure from program build: R&D doubled YoY to $3.15M and G&A remained elevated at $2.54M as hiring, stock comp, and systems investments scaled infrastructure .

Financial Results

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD thousands)	$51	$0	$130
R&D Expense ($USD thousands)	$1,594	$2,951	$3,152
G&A Expense ($USD thousands)	$2,323	$2,907	$2,543
Total Operating Expenses ($USD thousands)	$3,917	$5,858	$5,695
Operating (Loss) ($USD thousands)	$(3,866)	$(5,858)	$(5,565)
Other (Expense) Income, net ($USD thousands)	$9,043	$1,036	$(897)
Net (Loss) Income attributable to SER ($USD thousands)	$5,204	$(4,813)	$(6,448)
Diluted EPS ($)	$0.51	$(0.49)	$(0.66)
Weighted Avg Diluted Shares (thousands)	10,157	9,756	10,004

Q2 2025 details: Revenue comprised entirely of NIH grant revenue; the YoY OpEx increase was driven by higher outside research, consultants, and personnel costs for R&D and higher stock comp and finance systems in G&A; other expense reflected a $10.3M adverse change in warrant fair value partially offset by lower interest expense .

KPIs and Balance Sheet

KPI / Metric	Dec 31, 2024	Mar 31, 2025	Jun 30, 2025
Cash & Cash Equivalents ($USD thousands)	$3,672	$4,267	$6,041
Total Current Assets ($USD thousands)	$5,676	$5,754	$7,991
Total Current Liabilities ($USD thousands)	$2,366	$2,352	$3,561
Warrant Liability ($USD thousands)	$3,582	$2,593	$3,549
Stockholders’ Equity ($USD thousands)	$508	$1,559	$1,646
ATM Proceeds (H1’25, net) ($USD thousands)	—	—	$629

Consensus vs Actual (Q2 2025)

Metric	Consensus	Actual
Primary EPS ($)	$(0.43)*	$(0.66)
Revenue ($USD)	$0*	$130,000
Primary EPS - # of Estimates	2*	—
Revenue - # of Estimates	2*	—
*Values retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Operating runway	Through Q3 2025	Into Q4 2025	Raised/extended
SER-252: First patient dosing	Q4 2025	“Phase 1b in Q4 2025”	“Enter the clinic in Q4 2025”	Maintained timing
SER-252: IND/allowance timeline	2025	—	IND submission 2Q’25; FDA allowance 3Q’25 (company deck)	Introduced
Capital plan (ATM)	2025	—	$13.3M ATM established; $1.2M net issued by Aug 8	Introduced
Pipeline expansion (SER-270)	2025	—	Advanced in TD; may evaluate Huntington’s chorea	Introduced

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript was available; themes reflect disclosures across press releases and investor materials.

Topic	Q4 2024 (Prev-2)	Q1 2025 (Prev-1)	Q2 2025 (Current)	Trend
R&D execution (SER-252)	On track for Phase 1b dosing in Q4’25; Enable Injections partnership highlighted	Reiterated Q4’25 dosing; emphasized POZ differentiation	“On track to enter the clinic later this year”	Consistent timing
Funding & Liquidity	Cash $3.7M; $10M JuvVentures financing; runway through Q2’25	Cash $4.3M; +$5M April private placement; runway through Q3’25	Cash $6.0M; runway into Q4’25; ATM in place/used	Improving runway/optional
Platform partnerships (POZ/LNP)	Pfizer LNP license cited; $3.0M upfront in 2023	Presented immune-silent POZ-LNP data	Reiterated Pfizer non-exclusive license	Steady validation
Pipeline breadth	Focus on SER-252; RNA/ADC optionality noted	Board strengthened; platform expansion reiterated	SER-270 advanced in TD; potential Huntington’s chorea	Expanding programs
Regulatory timeline	—	Target 1st patient Q4’25	Deck: IND 2Q’25; allowance 3Q’25	Milestones defined

Management Commentary

“We’re proud of the momentum we’ve built across our development programs. With SER-252 on track to enter the clinic later this year and the recent advancement of SER-270 for tardive dyskinesia, we are demonstrating how the POZ Platform can enable differentiated, long-acting therapies…” — Steve Ledger, CEO .
“Our partnership with Enable Injections, combined with our proprietary POZ optimization technology, continues to advance SER-252 toward a differentiated product profile and potential best-in-class therapy for advanced Parkinson’s care… focused on… dosing the first patient… by the fourth quarter of this year.” — Steve Ledger, CEO (Q1 release) .

Q&A Highlights

No Q2 2025 earnings call transcript was available; therefore, traditional Q&A highlights and on-call clarifications are not available for this period [ListDocuments: earnings-call-transcript not found].

Estimates Context

EPS missed consensus: $(0.66) vs $(0.43) consensus, with two covering estimates. The shortfall was primarily due to non-cash warrant liability fair value movements and higher R&D as programs advanced . EPS consensus from S&P Global; see asterisk note.
Revenue of $0.13M exceeded the $0 consensus baseline but remains de minimis and grant-driven; no product revenue was recorded . Revenue consensus from S&P Global; see asterisk note.
Given persistent OpEx investment and non-operating volatility from warrant fair value changes, Street EPS estimates may need to reflect near-term dilution risks (ATM) and continued R&D build into first-in-human milestones . *Consensus values marked with * retrieved from S&P Global.

Key Takeaways for Investors

Runway extended into Q4’25; watch pace of ATM usage and potential additional non-dilutive sources to bridge to 1H’26 interim readouts (per deck milestones) .
Near-term catalysts: FDA allowance for IND and initiation of Phase 1 SER-252 in Q4’25; initial SAD/MAD outputs to de-risk skin tolerability and PK steady-state profile in 2026 .
EPS variability is largely non-operating (warrant fair value); focus on operating burn trajectory (R&D/G&A) and capital efficiency as the program enters the clinic .
Platform optionality intact: Pfizer LNP license and immune-silent POZ-LNP data support broader partnering potential across RNA/ADC modalities .
Pipeline broadening with SER-270 in TD and potential HD chorea suggests multi-asset value creation beyond SER-252, enhancing optionality for BD or strategic interest .
Execution priorities: timely IND allowance, first-patient dosing, clean safety/skin local tolerability signals, and demonstration of steady-state PK within the apomorphine therapeutic window in early cohorts to underpin Phase 2b/3 design .
Trading lens: stock likely sensitive to clinical start/allowance headlines and financing cadence; positive regulatory milestones and early safety/PK readouts could re-rate risk as the story shifts from platform promise to clinical data .

Sources

Q2 2025 8-K and press release (financials, liquidity, pipeline updates):
Q1 2025 8-K and press release (prior quarter comps, liquidity):
FY 2024 8-K and press release (context, Pfizer license economics, balance sheet):
April 7, 2025 investor materials (milestones, POZ-LNP):
May 22, 2025 Board appointment 8-K (leadership):

Serina Therapeutics, Inc. (SER)·Q2 2025 Earnings Summary