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Serina Therapeutics, Inc. (SER)·Q4 2024 Earnings Summary

Executive Summary

  • Serina reported minimal 2024 revenues ($0.056M) and a full‑year net loss of $11.2M, driven by higher R&D and G&A as the company advanced SER‑252 and platform work; cash and equivalents were $3.7M at 12/31/24 and management projected runway (including $5M received Jan‑2025) through Q2 2025 .
  • For Q4 2024, document-derived math indicates negative revenue (timing adjustments vs 9M), operating expenses of ~$5.5M, other income (net) of ~$(1.7)M, and a net loss of ~$2.8M; S&P Global shows Q4 EPS of $(0.36)* versus a one‑estimate consensus of $0.42*, implying a significant miss on EPS with very limited coverage depth .
  • Strategic financing: $10M equity investment from JuvVentures at a 120% premium ($10/share), split in two tranches (Nov‑2024 and Jan‑2025), plus replacement warrants; proceeds support SER‑252 Phase 1 initiation targeted for 2H‑2025 .
  • Management reiterated advancement of SER‑252 (POZ‑apomorphine) with Enable Injections’ enFuse platform and highlighted plans to dose first patient in a Phase 1b clinical trial “in the fourth quarter” (management language from Mar‑2025 release) and “2H‑2025” in Dec‑2024 financing release—clinical execution and funding visibility remain the primary stock catalysts .

What Went Well and What Went Wrong

What Went Well

  • Strategic financing at a premium: Serina secured $10M at $10/share (120% premium to 11/26/24 close), delivered in two tranches; also received ~$5M in Jan‑2025, strengthening near‑term liquidity for SER‑252 .
  • Portfolio and platform positioning: “Our partnership with Enable Injections’ wearable technology, combined with our POZ optimization technology, is poised to deliver a differentiated product profile and potential best‑in‑class therapy… We are on track towards our goal of dosing the first patient in a Phase 1b clinical trial in the fourth quarter,” said CEO Steve Ledger .
  • Balance sheet simplification: Sale of UniverXome in Dec‑2024 eliminated $11.2M in subsidiary‑level debt, improving financial flexibility to fund SER‑252 and POZ platform work .

What Went Wrong

  • Operating expense escalation: FY24 operating expenses rose to $17.1M from $6.3M (R&D $7.5M vs $2.4M; G&A $9.6M vs $3.9M), reflecting headcount, stock‑based comp, consultants, IP/legal, and other costs—pressuring losses ahead of clinical readouts .
  • Revenue normalization: FY24 revenue fell to $0.056M from $3.153M, reflecting lapping of a $3.0M 2023 Pfizer non‑exclusive license upfront; negative Q4 revenue by derivation underscores timing/prior‑year mix .
  • Limited runway and going concern risk: Cash was $3.7M at 12/31/24 and projected (with Jan‑2025 $5M) to last through Q2‑2025; Q3 2024 filings flagged substantial doubt about ability to continue as a going concern absent additional financing .

Financial Results

Quarterly P&L summary (USD thousands except per-share; periods oldest → newest)

MetricQ3 2024Q4 2024 (Derived from filings)
Revenue$14 $(10) (FY $56 less 9M $66)
Operating Expenses$5,326 $5,535 (FY $17,104 less 9M $11,569)
Other Income (Expense), Net$6,695 $(1,747) (FY $5,841 less 9M $7,588)
Net Income (Loss)$1,410 $(2,752) (FY $(11,207) less 9M $(8,455))
Diluted EPS$0.13 $(0.36)* (S&P Global)

Notes: Q4 line items are computed from FY2024 minus 9M2024 reported figures; Q4 EPS shown from S&P Global due to share‑count dynamics making precise EPS derivation non‑trivial from filings . Values with asterisks are from S&P Global.

Q4 2024 vs Consensus (S&P Global)

MetricConsensusActual
Revenue ($USD)$0*$(14,000)*
Diluted EPS$0.42*$(0.3561)*

Values with asterisks retrieved from S&P Global.

Operating Mix and Liquidity (FY context)

MetricFY 2023FY 2024
Revenues ($000s)$3,153 $56
R&D Expense ($000s)$2,388 $7,480
G&A Expense ($000s)$3,894 $9,624
Operating Expenses ($000s)$6,282 $17,104
Other Income (Net) ($000s)$8,398 $5,841
Net (Loss) Income ($000s)$5,269 $(11,207)
Diluted EPS$0.73 $(1.51)
Cash & Cash Equivalents (12/31) ($000s)$7,619 $3,672

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayThrough Q2 2025Not previously quantified to this date in FY results release“Cash and cash equivalents… along with the $5.0M received in January 2025… to last through the second quarter of 2025.” New/Updated
SER‑252 first‑patient dosing2H 2025Q3 release: “plans to advance… to clinical testing in 2025.” “On track… dosing the first patient in a Phase 1b clinical trial in the fourth quarter” (management language, March 2025) ; financing release: Phase 1 in 2H‑2025 Maintained timeline within 2025; narrowed/affirmed window
Financing planNear termQ3: Expected ~$10M from Juvenescence warrant exercises per side letter $10M equity financing at $10/share in two tranches; first $5M received 11/27/24; second by 1/31/25 Executed financing, improved visibility

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was located in the filings/press releases retrieved; themes reflect Q3 press release and Q4/FY press releases.

TopicPrevious Mentions (Q-2: Q2’24)Previous Mentions (Q-1: Q3’24)Current Period (Q4’24)Trend
SER‑252 clinical timeline—“Serina plans to advance SER 252 to clinical testing in 2025.” “On track… dosing first patient in Phase 1b in the fourth quarter” (release dated Mar‑2025) ; financing PR: Phase 1 in 2H‑2025 Steady progress; timeline affirmed/narrowed
Enable Injections partnership—Featured in Q3 highlights and case study presentation Reiterated as key differentiator for CDS delivery Consistent strategic focus
Liquidity/runway—Substantial doubt noted; cash $3.2M at 9/30/24; contemplated ~$10M from Juvenescence $10M financing executed; runway through Q2‑2025 with Jan‑2025 proceeds Improved near‑term visibility, runway still limited
Portfolio/Platform—POZ platform breadth (RNA, ADCs) Continued platform positioning; business highlights reiterate scope Ongoing platform messaging
Balance sheet actions——Sale of UniverXome, elimination of $11.2M subsidiary debt De‑risking/liability reduction

Management Commentary

  • “Our partnership with Enable Injections’ wearable technology, combined with our POZ optimization technology, is poised to deliver a differentiated product profile and potential best‑in‑class therapy for advanced Parkinson’s patient care. We are on track towards our goal of dosing the first patient in a Phase 1b clinical trial in the fourth quarter.” — Steve Ledger, CEO .
  • Business highlights emphasized $10M financing (Nov‑2024/Jan‑2025 tranches) to advance SER‑252, sale of UniverXome eliminating $11.2M subsidiary debt, and board enhancements to strengthen financial and strategic capabilities .
  • Platform positioning reiterated: POZ technology targeting improved PK profiles and broader applications (RNA, ADCs), alongside a non‑exclusive LNP polymer license with Pfizer .

Q&A Highlights

  • No earnings call transcript was available for Q4 2024 in the documents retrieved; no Q&A items to report from a call.

Estimates Context

  • Q4 2024 vs S&P Global consensus: Revenue $0* est vs $(14,000)* actual; EPS $0.42* est vs $(0.3561)* actual — a material miss on both revenue and EPS with only one estimate contributing, limiting the robustness of consensus [S&P Global].
  • FY 2024 vs S&P Global consensus: Revenue $70,000* est vs $56,000* actual; EPS $0.24* est vs $(0.5604)* actual; reported FY diluted EPS from filings was $(1.51) due to differences in share counts and GAAP vs estimate convention .
  • Target price consensus mean: $13.00* (unchanged across periods requested) with minimal coverage depth; recommendation text not available in the pull [S&P Global].

Values with asterisks retrieved from S&P Global.

Estimates Tables (S&P Global)

  • Q4 2024 | Metric | Consensus | Actual | |---|---:|---:| | Revenue ($USD) | $0* | $(14,000)* | | Primary/Diluted EPS | $0.42* | $(0.3561)* |

  • FY 2024 | Metric | Consensus | Actual | |---|---:|---:| | Revenue ($USD) | $70,000* | $56,000* | | Primary EPS | $0.24* | $(0.5604)* |

Key Takeaways for Investors

  • Near‑term funded runway into Q2‑2025 (including Jan‑2025 tranche) reduces immediate financing overhang, but additional capital is likely needed ahead of/around Phase 1 execution; watch for financing cadence and terms .
  • Execution focus is on initiating SER‑252 clinical testing in 2H‑2025; timely IND/first‑patient dosing and Enable Injections integration are primary stock catalysts .
  • Operating expenses scaled meaningfully in 2024 to support development and public‑company infrastructure; monitor burn vs. runway and any cost discipline updates as clinical activities commence .
  • Balance sheet simplification via UniverXome divestiture (eliminating $11.2M subsidiary debt) improves flexibility; continued liability/risk management would be received positively .
  • Minimal revenue and one‑estimate coverage produced noisy consensus comparisons; nonetheless, the Q4 EPS/Rev miss highlights the importance of funding and clinical milestones rather than near‑term P&L optics .
  • Stock drivers: tangible clinical milestones for SER‑252, further partnership activity around POZ platform (including RNA/ADC avenues), and visibility on runway extension.

References and data sources:

  • Q4/FY 2024 8‑K and Exhibit 99.1 press release (annual results, liquidity, business highlights) .
  • Q3 2024 8‑K Exhibit 99.1 (quarterly results, balance sheet, going concern) .
  • Dec 2, 2024 financing 8‑K/press release (terms, tranches, warrants) .

Values marked with asterisks were retrieved from S&P Global.