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1. Think of Serina Therapeutics as a 'Moderna for drug optimization.' It uses its proprietary POZ™ polymer platform to enhance the delivery, safety, and efficacy of various medicines across different therapeutic areas, similar to how Moderna leverages mRNA for a range of therapies, but focused on improving existing or new drugs rather than inventing entirely new drug modalities.

2. Serina Therapeutics is like the 'Intel Inside' for drug formulations. It develops a core polymer technology to improve the safety and effectiveness of many different drugs, similar to how Intel's chips are a foundational component powering various computers.

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• VOWST (SER-109): An FDA-approved oral microbiome therapeutic for preventing recurrent Clostridioides difficile infection (CDI).
• SER-155: An investigational oral microbiome therapeutic in clinical development for preventing gastrointestinal infections and graft-versus-host disease in immunocompromised patients.
• SER-301: An investigational oral microbiome therapeutic in clinical development for treating ulcerative colitis.

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Serina Therapeutics (symbol: SER) is a clinical-stage biotechnology company focused on the development of drug candidates and drug delivery technologies. As of its latest financial filings, the company has not yet generated revenue from commercial product sales, licenses, or collaborations.

Consequently, Serina Therapeutics does not currently have "major customers" in the traditional sense of companies purchasing its products or services, as it is a pre-revenue company.

The company's business model is centered on advancing its pipeline through research and development, with the strategic intent to license or partner its proprietary technologies and drug candidates with larger pharmaceutical and biotechnology companies for further development and commercialization. These pharmaceutical and biotechnology companies represent Serina's prospective major customers and collaborators.

While not a traditional customer, a significant recent corporate development involves a definitive merger agreement between Serina Therapeutics and NeuroOne Medical Technologies Corporation (NMTC), announced in October 2023. This transaction represents a major strategic interaction for Serina's assets with another public company.

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Steven Ledger, CEO & Director

Mr. Ledger was appointed CEO in March 2024, having previously served as CFO from March 2022 to March 2024. He brings over 35 years of experience as an investor, board member, advisor, and in operational roles with early-stage companies. Mr. Ledger is a General Partner of Form & Fiction Ventures (FFV), a venture studio that launches and invests in startup and seed stage companies. He also co-founded and serves as a board director for Entourage Genomics, Inc. Previously, he was the Founder and Managing Partner of Tamalpais Partners LLC.

Gregory S. Curhan, Chief Financial Officer and Principal Accounting Officer

Mr. Curhan joined Serina as CFO in August 2024. He has over 35 years of experience in operational, financial, capital markets, and strategic advisory roles across investment banking and life sciences sectors. Since 2020, he has been a Partner at FLG Partners and has concurrently served as the CFO for Curevo Vaccines, a private biotech company.

Simba Gill, Ph.D., Executive Chairman

Dr. Gill possesses extensive biotech and pharma experience, having served in key executive roles at Maxygen, Systemix, Boehringer Mannheim, and Celltech. He was a partner and advisor at Flagship Pioneering, where he founded Evelo Biosciences as its CEO, and was a Venture Partner at TPG, where he founded Moksh8 Pharmaceuticals as CEO. He currently sits on the boards of Foghorn Therapeutics (NASDAQ – FHTX) and Sensorium Therapeutics.

Dr. Randall W. Moreadith, M.D., Ph.D., Chief Development Officer

Dr. Moreadith served as Serina's President and CEO and a board member from September 2010 until March 2024. Prior to Serina, he was Chief Development Officer at Nektar Therapeutics, where he led clinical and drug development programs. He also co-founded, served as President, and Chief Operating Officer of ThromboGenics, Ltd. (now Oxurion).

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

Dr. Harris co-founded Serina in 2006. Before that, he founded and served as CEO of Shearwater Polymers, Inc. in 1992, which was later sold to Nektar Therapeutics, Inc. in 2001. Shearwater was responsible for patenting, manufacturing, and partnering PEG technology, which contributed to the development of drug products such as Neulasta® (Amgen) and Pegasys® (Roche).

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Key Business Risks for Serina Therapeutics (SER)

• Regulatory and Clinical Development Risk: Serina Therapeutics faces significant risks related to the regulatory approval process and clinical development of its product candidates. Notably, the U.S. Food and Drug Administration (FDA) has placed a clinical hold on the Investigational New Drug (IND) application for SER-252, the company's lead development program for advanced Parkinson's disease, requesting additional information concerning an excipient in its formulation. This directly impacts the timing and progression of the company's most advanced therapeutic candidate. The biotechnology industry generally carries inherent risks, including uncertain regulatory outcomes, the potential for unfavorable new clinical data, and challenges in meeting anticipated clinical endpoints and regulatory submission dates.
• Financial Health and Going Concern Risk: The company's financial health is weak, marked by a complete absence of revenue over the past year and a 100% decline in revenue growth year-over-year. Serina Therapeutics reports ongoing losses, with negative earnings per share and zero operating, net, and gross margins. Its financial strength is further indicated by a low Piotroski F-Score and negative free cash flow yield. The company anticipates substantial increases in expenses as it progresses with product development and seeks regulatory approvals, raising concerns about its ability to continue as a going concern.
• High Research and Development Costs and Commercialization Challenges: As a biopharmaceutical company focused on drug development, Serina Therapeutics incurs significant and increasing research and development (R&D) expenses. The biotechnology industry is highly competitive, with numerous companies vying for breakthroughs, which complicates market penetration even if products are successfully developed and approved. The absence of revenue highlights the challenges the company faces in commercializing its technology and recovering its substantial R&D investments.

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The emergence of defined microbial consortia as a therapeutic approach for preventing recurrent Clostridioides difficile infection (CDI).

While Seres Therapeutics' approved product, VOWST, utilizes a purified spore formulation derived from donor material for CDI recurrence prevention, other companies are actively developing and advancing "defined microbial consortia." These products consist of precisely selected and cultured bacterial strains. Companies like Vedanta Biosciences, with its VE303 candidate currently in Phase 2 clinical trials for CDI, represent this emerging technology. If these defined consortia demonstrate superior consistency, scalability, manufacturing advantages, precise targeting, or improved efficacy and safety in ongoing and future clinical trials, they could emerge as a more advanced or preferred treatment option, potentially challenging VOWST's market position by offering a "next-generation" therapeutic within the microbiome space.

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Serina Therapeutics (symbol: SER) is a clinical-stage biotechnology company developing drug product candidates for neurological diseases and pain, utilizing its proprietary POZ Platform™ delivery technology. The addressable markets for their main products and services are as follows:

Advanced Parkinson's Disease (SER-252)

The global market for Parkinson's disease treatment was estimated at approximately USD 6.2 billion in 2024 and is projected to reach USD 13.3 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 8.1% from 2025 to 2034. Another estimate places the global market at USD 7.17 billion in 2024, with a projection to grow to USD 13.46 billion by 2032 at a CAGR of 8.2%. North America holds a significant share of this market, accounting for approximately 39.5% in 2024.

Tardive Dyskinesia (SER-270)

The global tardive dyskinesia therapeutics market size was valued at approximately USD 2.9 billion in 2024 and is expected to grow to USD 4.11 billion by 2029, at a CAGR of 7.2%. Another report estimates the global market at USD 3.6 billion in 2024, with projections to reach USD 6.6 billion by 2034, growing at a CAGR of 6.3% during the forecast period from 2025 to 2034. North America was the largest regional market in 2024, holding a 39.6% market share in 2023.

Drug Delivery Technologies (POZ Platform™, POZ-lipids)

Serina Therapeutics' POZ Platform™ and POZ-lipids are part of broader drug delivery and polymer drug delivery markets. The global polymers drug delivery market was valued at USD 55.3 billion in 2023 and is projected to reach USD 108.6 billion by 2032, with a CAGR of 7.8% from 2024 to 2032. North America represents a substantial portion of this market, valued at approximately USD 20 billion in 2023.

Furthermore, given the application of POZ-lipids in lipid nanoparticles for RNA-based therapies, the relevant market sizes include:

• The global lipid nanoparticles market was valued at USD 1003.26 million in 2024 and is expected to reach USD 2886.07 million by 2032, demonstrating a CAGR of 14.15%. North America held a 51% market share in 2024.
• The global mRNA therapeutics market was estimated at USD 11.75 billion in 2023 and is projected to reach USD 31.30 billion by 2030, growing at a CAGR of 17.05% from 2024 to 2030. North America accounted for the largest revenue share of 40.37% in 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. Clinical Progression and Potential Commercialization of SER-252 for Advanced Parkinson's Disease: Serina Therapeutics' lead product candidate, SER-252 (POZ-apomorphine), is designed to treat advanced Parkinson's disease. The company is on track to initiate its registrational trial in the fourth quarter of 2025, with the first patient dosing expected before the end of the year. This program recently secured up to $20 million in financing tied to clinical and operational milestones, underscoring its importance to the company's future. Successful advancement through clinical trials and eventual regulatory approval would be the primary long-term driver for significant revenue generation, although commercial sales may extend beyond the immediate 2-3 year timeframe.
2. Advancement of SER-270 for Tardive Dyskinesia: Serina has also advanced SER-270, a once-weekly injectable therapy for tardive dyskinesia, into development. Progress in the clinical development of this candidate would represent another crucial pathway to potential future revenue, either through direct commercialization or through partnerships and licensing agreements.
3. Expansion of the POZ Platform™ Through New Collaborations: Serina's proprietary POZ Platform™ technology offers enhanced control in drug loading and precise release rates for therapeutic agents, with potential applications across various modalities, including small molecules, RNA-based therapeutics, and antibody-drug conjugates (ADCs). The company is actively working with pharmaceutical industry partners to explore the use of POZ polymer lipid-nanoparticles in next-generation RNA vaccines. New collaborations or licensing agreements leveraging this platform could generate revenue through upfront payments, research funding, and milestone payments.
4. Progression of Other Early-Stage Pipeline Assets: Beyond its lead candidates, Serina also has other pipeline assets, such as SER-214 for early Parkinson's and Restless Leg Syndrome (which has completed a Phase 1a clinical trial), and SER-227 (POZ-buprenorphine) for post-operative pain and SER-228 (POZ-cannabidiol) for refractory epilepsy, which are positioned to enter IND-enabling studies. Any significant progress in moving these earlier-stage programs into or through clinical trials could attract further investment, partnerships, or even lead to future product revenue streams beyond the current 2-3 year horizon.

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Share Issuance

• In March 2024, Serina Therapeutics completed a merger with AgeX Therapeutics, resulting in the issuance of 5,913,277 shares of AgeX common stock to Serina stockholders. Post-merger, former Serina shareholders owned approximately 75% of the combined company's roughly 10.1 million outstanding shares.
• In February 2025, Serina issued 500,000 shares of common stock, valued at $10 per share, as part of a $5 million tranche to JuvVentures. This was a component of a larger $10 million equity financing and included warrants for up to 755,728 additional shares.
• In September and October 2025, Serina entered into an agreement to access up to $20 million in financing, which includes the issuance of warrants that, if fully exercised, could provide an additional $20 million. This financing is structured as an unsecured convertible note.

Inbound Investments

• Serina Therapeutics secured $15 million in equity financing since late 2024, including a $10 million two-tranche investment from JuvVentures (closed in January 2025) and a $5 million private placement in April 2025 from certain board directors and investors.
• Prior to the merger, AgeX Therapeutics invested $10 million in Serina through the purchase of a Senior Convertible Loan Note in March 2023.
• In 2023, the company generated $3.2 million in grant revenues, which notably included a $3.0 million upfront payment from a non-exclusive license agreement with Pfizer, Inc. for Serina's POZ polymer technology.

Capital Expenditures

• Capital expenditures for the quarter ending June 30, 2025, were approximately $46,000.
• Annual capital expenditures were approximately $20,000 in 2024, $500,000 in 2023, $10,000 in 2022, and $80,000 in 2021.