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Here are 1-3 brief analogies for Serina Therapeutics (SER):

• A younger Biogen developing drugs for neurological diseases like Parkinson's and pain.
• Like an early-stage Eli Lilly focused on creating new medicines for brain disorders and chronic pain.
• A biotech company with a platform approach, like Moderna or BioNTech, but applying its technology to both neurological diseases and RNA vaccines.

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• SER 252: A POZ conjugate, the company's lead product candidate, for the treatment of Parkinson's disease.
• SER 227: A drug candidate currently being developed for long-acting pain relief.
• SER 214: A drug candidate currently being developed to treat Parkinson's disease.
• SER 228: A drug candidate currently being developed for the treatment of epilepsy.
• POZ technology: A platform being developed for use in lipid nanoparticle delivered ribonucleic acid vaccines for infectious diseases.

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Serina Therapeutics, Inc. (SER) is a biotechnology company focused on the development of drug candidates for neurological diseases, pain, and infectious diseases. As a company primarily engaged in research and development and clinical trials, it does not currently have major customers in the traditional sense of selling approved products to individuals or other companies.

Biotechnology companies at this stage typically rely on funding from investors, grants, and potential future partnerships or licensing agreements with larger pharmaceutical companies for commercialization of their drug candidates, rather than direct product sales to customers.

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Steve Ledger, Chief Executive Officer

Steve Ledger has over 35 years of experience as an investor, board member, advisor, and in operational roles with early-stage companies. He became CEO of Serina Therapeutics in March 2024, after serving as CFO from March 2022 to March 2024. He is a General Partner of Form & Fiction Ventures (FFV), a venture studio that launches and invests in startup and seed stage companies focused on socially responsible initiatives. He is also a co-founder and board director of Entourage Genomics, Inc. Mr. Ledger has held investment management roles at Caldwell Sutter Capital, Tamalpais Partners (where he founded and was managing member of funds focused on special situations in small capitalization public equity markets), SF Sentry Securities, Kayne Anderson, and Fidelity Investments.

Gregory Curhan, Chief Financial Officer

Gregory Curhan joined Serina Therapeutics as CFO in August 2024. He brings over 35 years of operational, financial, capital markets, and strategic advisory experience, spanning investment banking and the medical device/life sciences sectors. Since 2020, he has been a Partner at FLG Partners and has also served as the CFO for Curevo Vaccines, a private biotech company. Mr. Curhan has experience in raising equity and debt capital, completing numerous successful IPOs, and executing M&A transactions, including both acquiring and divesting companies. He has also held roles as CEO, President, and Board Director.

Simba Gill, Ph.D., Executive Chairman

Simba Gill has extensive experience in building companies and transformative platforms, and developing products within the biotech and pharma industries over a thirty-year career. He has held key executive positions at Maxygen, Systemix, Boehringer Mannheim, and Celltech. Dr. Gill served as a partner and advisor at Flagship Pioneering, where he was the founding CEO of Evelo Biosciences, and as a Venture Partner at TPG, where he was the Founder CEO of Moksh8 Pharmaceuticals.

J. Milton Harris, Ph.D., Co-Founder, Chairman Emeritus

J. Milton Harris co-founded Serina Therapeutics in 2006. Before founding Serina, he was the Founder and Chief Executive Officer of Shearwater Polymers, Inc. Dr. Harris founded Shearwater in 1992 and sold it in 2001 to Nektar Therapeutics, Inc. Shearwater successfully patented, manufactured, and partnered PEG technology.

Srini Tenjarla, Ph.D., Senior Vice President of CMC and Formulation

Srini Tenjarla serves as the Senior Vice President of CMC and Formulation at Serina Therapeutics.

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1. Financial Health and Going Concern Risk

   Serina Therapeutics faces significant financial challenges, characterized by declining revenue and substantial losses, with negative revenue growth and profitability metrics. The company has a high debt-to-equity ratio and limited liquidity. An Altman Z-Score of -10.48 indicates a high risk of bankruptcy within the next two years. Furthermore, the company has less than one year of cash runway, making its survival dependent on its ability to raise additional capital, which could be highly dilutive to existing shareholders given its low market capitalization. Serina Therapeutics has also received a notice from the NYSE regarding its non-compliance with continued listing requirements due to low stockholders' equity and recurring losses, posing a significant delisting risk.

2. Clinical Trial and Regulatory Approval Risk

   The pharmaceutical development process is inherently complex, capital-intensive, and carries substantial risks related to project execution, regulatory hurdles, and scientific attrition. There is a low probability (around 20%) for a compound to advance from Phase 1 clinical trials to market approval. Serina Therapeutics' lead product candidate, SER-252 for Parkinson's disease, recently experienced a clinical hold placed by the FDA, requesting additional information about a formulation excipient. While the company has submitted a response and aims to initiate its Phase 1b study, this event underscores the ongoing regulatory uncertainties and potential delays. Future risks include the ability to meet anticipated clinical endpoints, adherence to clinical trial timelines, successful regulatory submissions and approvals, and the possibility of unfavorable clinical data.

3. Competition and Commercialization Risk

   The biotechnology industry is highly competitive, with numerous companies vying for breakthroughs in drug development. Serina Therapeutics competes not only with other drug delivery platform companies but also directly with larger pharmaceutical companies and smaller biotechs developing new therapies for neurological diseases and pain. For its technology to be successful, it must offer a compelling clinical and commercial advantage over existing and emerging solutions. Post-development, the company faces significant market and commercialization risks, including potential slow market adoption, intense pricing pressures, and challenges in securing adequate reimbursement for its products.

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Serina Therapeutics (symbol: SER) is developing drugs for neurological diseases and pain, and also utilizing its POZ technology in RNA vaccines for infectious diseases. The addressable markets for their main products and services are as follows:

• Parkinson's Disease (SER 252, SER 214): The global Parkinson's disease therapeutics market was valued at approximately USD 6.2 billion in 2024 and is projected to reach around USD 13.3 billion by 2034. The U.S. market specifically for Parkinson's disease therapeutics was estimated at USD 2.3 billion in 2024. North America held a significant share of the global market, accounting for 39.5% in 2024. Globally, over 10 million people are estimated to be living with Parkinson's disease.
• Long-Acting Pain Relief (SER 227): The global pain relief medication market was valued at approximately USD 56.8 billion in 2024 and is anticipated to grow to USD 88 billion by 2035. Other estimates place the global pain management drugs market size at USD 76.02 billion in 2024, with a projection to reach USD 123.34 billion by 2035. The global analgesics market was estimated at USD 54.53 billion in 2025 and is expected to reach USD 85.91 billion by 2032. North America held the largest revenue share in the pain management drugs market, at 41.51% in 2024.
• Epilepsy (SER 228): The global epilepsy treatment drugs market was estimated at USD 8.3 billion in 2024 and is projected to grow to USD 13 billion by 2034. Another report valued the global epilepsy drugs market at USD 11.13 billion in 2024, with a forecast to reach USD 15.48 billion by 2030. The U.S. epilepsy treatment drugs market was valued at USD 3.1 billion in 2024. North America's epilepsy treatment drugs market represented the largest share globally, at 41% in 2024.
• POZ Technology in Lipid Nanoparticle Delivered Ribonucleic Acid (RNA) Vaccines for Infectious Diseases: The global mRNA vaccines and therapeutics market reached approximately USD 46.32 billion in 2024 and is expected to grow to USD 200.11 billion by 2033. Another source indicates the RNA Therapeutics Market was valued at USD 19.2 billion in 2023 and is estimated to grow to USD 31.1 billion by 2032. The infectious disease segment accounted for the largest share within the RNA therapeutics industry in 2022 and 2023.

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Here are 3-5 expected drivers of future revenue growth for Serina Therapeutics (SER) over the next 2-3 years:

1. Advancement and Potential Regulatory Approval of SER-252 for Advanced Parkinson's Disease: Serina Therapeutics' lead product candidate, SER-252, a POZ conjugate for advanced Parkinson's disease, is currently undergoing a Phase 1b registrational clinical trial, with the first patient dosed in February 2026. The U.S. Food and Drug Administration (FDA) has supported a 505(b)(2) New Drug Application (NDA) pathway for SER-252, which could potentially expedite its regulatory review and approval process. Successful completion of clinical trials and subsequent regulatory approval would be the primary driver of future revenue through product sales.
2. Development and Commercialization of SER-270 for Tardive Dyskinesia: The company is also advancing SER-270, its follow-on candidate, for the treatment of Tardive Dyskinesia. Serina Therapeutics anticipates SER-270 to enter IND-enabling studies in the fourth quarter of 2025 and complete formulation optimization and pre-IND activities in 2026. The successful progression through clinical development and eventual commercialization of SER-270 could provide a significant new revenue stream.
3. Strategic Partnerships and Out-licensing of the POZ Platform™ Technology: Serina Therapeutics' proprietary POZ Platform™ drug optimization technology is central to its strategy to develop a pipeline of product candidates. The company aims to advance additional applications of its POZ platform through out-licensing, co-development, or other partnership arrangements. An example includes a non-exclusive license agreement with Pfizer, Inc. for the use of Serina's POZ polymer technology in lipid nanoparticle drug (LNP) delivery formulations. Such collaborations and licensing agreements have the potential to generate revenue through upfront payments, milestone payments, and future royalties on commercialized products developed using the POZ platform.

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Share Issuance

• In March 2024, Serina Therapeutics completed a merger, resulting in approximately 10.1 million shares of the combined company's common stock.
• The company secured $10 million in equity financing from JuvVentures, received in two tranches in November 2024 and January 2025, involving the issuance of one million shares.
• Serina entered into a convertible note and warrant financing agreement in September 2025 for up to $20 million, with the first $5 million tranche drawn, and also initiated an At-the-Market (ATM) equity program in April 2025, generating $2.8 million in net proceeds by November 2025.

Inbound Investments

• Serina Therapeutics secured $10 million in equity financing from strategic shareholder JuvVentures (UK) Limited in November 2024 and January 2025.
• The company received $5 million from a private placement in April 2025, with funds coming from certain board directors and investors.
• In September 2025, Serina entered into a convertible note and warrant financing agreement providing up to $20 million in funding, with the initial $5 million tranche drawn.

Capital Expenditures

• Capital expenditures were reported as $13,000 in Q3 2025 and $22,000 in Q2 2025.
• The primary focus of capital allocation is on research and development (R&D), with R&D expenses increasing to $3.6 million in Q3 2025 and $3.0 million in Q1 2025.
• These R&D expenditures primarily support outsourced research services, consultant fees for chemistry, manufacturing, and controls activities, and clinical development.