Serina Therapeutics Reports $19.2 Million Net Loss and Increased R&D Expenses for 2025

Serina Therapeutics, Inc., a clinical-stage biotechnology company, reported a net loss of $19.2 million for the year ended December 31, 2025, compared to a net loss of $11.2 million for the same period in 2024. The company's revenue primarily consists of grant revenues, which increased from $56,000 in 2024 to $130,000 in 2025. Operating expenses totaled $24.2 million in 2025, up from $17.1 million in 2024, driven by increased investments in research and development and higher general and administrative costs. As of December 31, 2025, Serina Therapeutics had cash and cash equivalents of $3.1 million.

Research and development expenses increased significantly to $13.2 million in 2025 from $7.5 million in 2024. This rise was mainly due to a $2.0 million increase in clinical-related activities, a $1.4 million increase in salaries, payroll-related expenses, and stock-based compensation due to increased headcount, and a $1.0 million increase in consultant spending for research programs. General and administrative expenses also rose, reaching $11.0 million in 2025 compared to $9.6 million in 2024, primarily driven by a $1.2 million increase in stock-based compensation expense and $0.6 million in consulting expenses for public company infrastructure. Other income, net, decreased by $1.0 million, from $5.8 million in 2024 to $4.8 million in 2025, mainly due to a decrease in gain from the change in fair value of liability-classified warrants.

Key operational developments in 2025 included the advancement of SER 252, a POZ-apomorphine drug candidate for Parkinson's disease, into Phase 1 clinical trials. In January 2026, the FDA cleared the IND application for SER-252, and the first patient was enrolled and dosed in the Phase 1b clinical trial in February 2026. The company also continued research and development efforts for POZ technology in LNP delivered RNA vaccines for infectious diseases. In April 2025, Serina entered into a securities purchase agreement for a private placement of Series A Convertible Preferred Stock, resulting in net proceeds of $4.9 million. Additionally, the company entered into an at-the-market (ATM) program, selling 0.5 million shares of common stock for gross proceeds of $2.8 million in 2025.

Serina Therapeutics faces substantial competition in the biotechnology industry, particularly in the areas of drug delivery and CNS disorders. The company's success depends on its ability to obtain and maintain patent protection for its POZ technology and product candidates. As of December 31, 2025, the company had U.S. federal net operating loss carryforwards of $106.8 million and state net operating loss carryforwards of $94.2 million. The company's ability to utilize these net operating loss carryforwards may be limited due to ownership change limitations.

The company acknowledges that its cash on hand is not sufficient to fund operations for the next twelve months, raising substantial doubt about its ability to continue as a going concern. To address this, Serina Therapeutics plans to seek additional funding through equity offerings, debt financings, or other capital sources, including potential collaborations and licensing agreements. However, there is no assurance that such funding will be available on favorable terms or at all.