Summary of Alligator Energy Limited Extraordinary General Meeting Company Overview - **Company**: Alligator Energy Limited - **Industry**: Uranium exploration and development Key Points from the Meeting Capital Raise and Project Development - The company successfully raised capital in June 2025, providing funds to progress the Sandfire project from exploration to early development, and to cover future working capital and business development initiatives [3][5][31] - The meeting was held to consider two resolutions related to the capital raise: refreshing the company's 15% placement capacity and issuing options for shares [3][20] Resolutions and Voting Results - **Resolution 1**: Ratification of the prior share placement of 556,451,620 shares at an issue price of $0.031 per share. The resolution received 95.72% votes in favor [9][29] - **Resolution 2**: Approval to issue up to 278,225,810 options with an exercise price of $0.047, expiring two years from issuance. This resolution received 95.54% votes in favor [20][30] Shareholder Concerns - A shareholder raised concerns about the lack of a retail shareholder offer and questioned the 6% fees paid to joint lead managers for the capital raise. The company explained that institutional interest required a quick placement and that the fee is standard for companies of its size and risk profile [10][12][14][16] Project Updates - The environmental protection and rehabilitation program for the field recovery trial was approved, allowing the company to mobilize construction teams to the site [38] - Mobilization is expected to take up to six weeks, with drilling and logging crews set to begin work shortly [39] - The field recovery trial aims to confirm economic parameters and uranium recovery rates, which are critical for the project's feasibility study [40][41] - The company plans to apply for a mining lease and commence federal government approval processes in the coming months [42] Future Plans - The company intends to conduct a reconnaissance trip to the Big Lake project to assess flood impacts and plans for a drilling program around October-November [44][45] - The management is optimistic about upcoming news flow and results from ongoing projects [45] Additional Important Information - The company emphasized the importance of the field recovery trial as a major milestone in derisking future activities [41] - The company will keep the market updated on the progress of the trial and other developments [43][45]

Executive Summary [Q2 2025 Financial Results and Business Highlights Overview](index=1&type=section&id=Q2%202025%20Financial%20Results%20and%20Business%20Highlights%20Overview) Serina Therapeutics announced its financial results for the second quarter ended June 30, **2025**, along with key recent business updates, highlighting the advancement of its lead IND candidate, **SER-252**, and **SER-270**, both enabled by its proprietary **POZ Platform™** - **SER-252** is on track to enter the clinic later this year for advanced **Parkinson's disease**[2](index=2&type=chunk) - **SER-270** for **tardive dyskinesia** recently advanced, demonstrating the **POZ Platform's** capability for differentiated, long-acting therapies[2](index=2&type=chunk) [CEO Statement](index=1&type=section&id=CEO%20Statement) CEO Steve Ledger expressed pride in the development momentum, emphasizing the **POZ Platform's** potential to unlock best-in-class treatment profiles and improve patient outcomes in neurological conditions with high unmet needs, beyond what existing drug delivery approaches can achieve - CEO highlights strong momentum across development programs, with **SER-252** and **SER-270** advancing[2](index=2&type=chunk) - Believes the proprietary polymer technology (**POZ Platform**) can enable differentiated, long-acting therapies and improve patient outcomes[2](index=2&type=chunk) Business Highlights [Pipeline Advancement](index=1&type=section&id=Pipeline%20Advancement) Serina announced the advancement of **SER-270** for **tardive dyskinesia** in **July 2025** and secured funding to support the continued development of **SER-252**, its lead clinical candidate for **Advanced Parkinson's disease**, as it prepares for a **Phase 1 clinical trial** - In **July 2025**, Serina announced the advancement of **SER-270** (**POZ-VMAT2i**), a **once-weekly injectable therapy** for **tardive dyskinesia**[4](index=4&type=chunk) - **SER-270** aims to address unmet needs in TD treatment, particularly for institutional use and adherence challenges, and may be evaluated for **Huntington's disease chorea**[4](index=4&type=chunk) [SER-270 for Tardive Dyskinesia](index=1&type=section&id=SER-270%20for%20Tardive%20Dyskinesia) - **SER-270** (**POZ-VMAT2i**) is a **once-weekly injectable therapy** for **tardive dyskinesia**, enabled by the **POZ Platform**[4](index=4&type=chunk) - The program aims to address unmet needs in TD treatment, particularly for institutional use and adherence challenges[4](index=4&type=chunk) - **SER-270** may also be evaluated for **Huntington's disease chorea**[4](index=4&type=chunk) [Corporate Developments](index=1&type=section&id=Corporate%20Developments) Serina strengthened its Board of Directors with the appointment of Stephen (Steve) Brannan, M.D., bringing extensive experience in neuroscience and neuropsychiatry drug development to support the company's pipeline advancement - In **May 2025**, Stephen (Steve) Brannan, M.D. was appointed to Serina's Board of Directors[4](index=4&type=chunk) - Dr. Brannan brings over three decades of experience in neuroscience and neuropsychiatry drug development, including leadership roles at Takeda, Novartis, and Karuna Therapeutics[4](index=4&type=chunk) [Board Appointments](index=1&type=section&id=Board%20Appointments) - Stephen (Steve) Brannan, M.D., appointed to the Board in **May 2025**, has a proven track record of leading clinical programs from early development through regulatory approval and commercialization[4](index=4&type=chunk) - He led the clinical strategy for **KarXT** at Karuna Therapeutics, which was key in Karuna's **$14 billion** acquisition by Bristol Myers Squibb[4](index=4&type=chunk) [Financing Activities](index=1&type=section&id=Financing%20Activities) Serina secured **$5 million** in funding from strategic shareholders for **SER-252** development and initiated an 'at-the-market' (ATM) offering program, which has generated **$1.2 million** in **net proceeds** as of **August 8, 2025** - In **April 2025**, Serina secured **$5 million** from strategic shareholders to support the continued development of **SER-252**[4](index=4&type=chunk) - Entered into a **Capital on Demand™ Sales Agreement** for an **ATM offering program** to sell up to **$13.3 million** of common stock[4](index=4&type=chunk) - As of **August 8, 2025**, Serina issued **199,562** shares of common stock via **ATM**, resulting in **net proceeds** of **$1.2 million**[4](index=4&type=chunk) [$5 Million in Funding](index=1&type=section&id=%245%20Million%20in%20Funding) - Secured **$5 million** from strategic shareholders in **April 2025**[4](index=4&type=chunk) - Funding is dedicated to supporting the continued development of **SER-252** for **Advanced Parkinson's disease**[4](index=4&type=chunk) - This funding supports preparation to initiate a **Phase 1 clinical trial** in **Q4 2025**[4](index=4&type=chunk) [Financing via ATM](index=1&type=section&id=Financing%20via%20ATM) - Entered a **Capital on Demand™ Sales Agreement** in **April 2025** for an **at-the-market (ATM) offering program**[4](index=4&type=chunk) - The program allows the company to offer and sell up to **$13.3 million** of common stock[4](index=4&type=chunk) - As of **August 8, 2025**, **199,562** shares were issued at an average price of **$5.95**, yielding **$1.2 million** in **net proceeds**[4](index=4&type=chunk) Second Quarter Operating Results [Revenues](index=1&type=section&id=Revenues) Serina's revenues for the three months ended **June 30, 2025**, increased significantly to **$130 thousand**, up from **$51 thousand** in the same period of **2024**, entirely derived from **grant revenues** Q2 Revenues (in thousands) | Metric | Q2 2025 | Q2 2024 | Change | | :----- | :------ | :------ | :----- | | Revenues | $130 | $51 | +$79 | - Revenues were comprised entirely of **grant revenues** from the **National Institutes of Health**[3](index=3&type=chunk) [Operating Expenses](index=1&type=section&id=Operating%20Expenses) Total operating expenses for the second quarter of **2025** increased to **$5.7 million**, compared to **$3.9 million** for the same period in **2024**, driven by increases in both Research and Development (R&D) and General and Administrative (G&A) expenses Q2 Operating Expenses (in millions) | Metric | Q2 2025 | Q2 2024 | Change | | :--------------- | :------ | :------ | :----- | | Operating Expenses | $5.7 | $3.9 | +$1.8 | [Research and Development (R&D) Expenses](index=2&type=section&id=Research%20and%20Development%20(R%26D)%20Expenses) - The increase was primarily driven by increases in **outside research services**, **consultant spend for research programs**, and **higher salaries, payroll, and stock-based compensation** due to **increased headcount**[5](index=5&type=chunk) - These increases were partially offset by decreases in **professional fees for patent maintenance** and **severance-related costs**[5](index=5&type=chunk) Q2 R&D Expenses (in millions) | Metric | Q2 2025 | Q2 2024 | Change | | :----- | :------ | :------ | :----- | | R&D Expenses | $3.2 | $1.6 | +$1.6 | [General and Administrative Expenses](index=2&type=section&id=General%20and%20Administrative%20Expenses) - The increase was primarily due to **higher stock-based compensation expenses from new option grants** and **financial consulting expenses for new platforms and software**[6](index=6&type=chunk) - These increases were partially offset by a decrease in **legal fees following the conclusion of post-merger compliance and reporting activities**[6](index=6&type=chunk) Q2 G&A Expenses (in millions) | Metric | Q2 2025 | Q2 2024 | Change | | :----- | :------ | :------ | :----- | | G&A Expenses | $2.5 | $2.3 | +$0.2 | [Other (Expense) Income, Net](index=2&type=section&id=Other%20(Expense)%20Income%2C%20Net) Other expense, net, for **Q2 2025** was **$0.9 million**, a significant increase in expense compared to **$9.0 million** net income in **Q2 2024**, primarily due to a **$10.3 million** **change in the fair value of liability classified warrants** Q2 Other (Expense) Income, Net (in millions) | Metric | Q2 2025 | Q2 2024 | Change | | :----------------------- | :------ | :------ | :----- | | Other (Expense) Income, Net | $(0.9) | $9.0 | $(9.9) | - The **$9.9 million** increase in expenses was primarily attributable to a **$10.3 million** **change in fair value of liability classified warrants**[7](index=7&type=chunk) - This was partially offset by a **$0.3 million** decrease in **interest expense**[7](index=7&type=chunk) [Net (Loss) Income](index=2&type=section&id=Net%20(Loss)%20Income) Serina reported a net loss attributable to Serina of **$6.4 million**, or **$(0.66)** per basic and diluted share, for **Q2 2025**, a significant decline from a net income of **$5.2 million**, or **$0.61** per basic share and **$0.51** per diluted share, in **Q2 2024** Q2 Net (Loss) Income and EPS | Metric | Q2 2025 | Q2 2024 | Change | | :-------------------------------- | :------ | :------ | :----- | | Net (Loss) Income (in millions) | $(6.4) | $5.2 | $(11.6) | | Basic EPS | $(0.66) | $0.61 | $(1.27) | | Diluted EPS | $(0.66) | $0.51 | $(1.17) | Liquidity Information [Cash and Cash Equivalents and Runway](index=2&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Runway) As of **June 30, 2025**, Serina's cash and cash equivalents totaled **$6.0 million**, which the company projects will **fund operations into the fourth quarter of 2025** Cash and Cash Equivalents | Metric | As of June 30, 2025 | | :-------------------- | :------------------ | | Cash and cash equivalents | $6.0 million | - The Company projects its cash and cash equivalents as of **June 30, 2025**, to **fund operations into the fourth quarter of 2025**[10](index=10&type=chunk) Company and Technology Overview [About Serina Therapeutics](index=2&type=section&id=About%20Serina%20Therapeutics) Serina Therapeutics is a **clinical-stage biotechnology company** headquartered in Huntsville, Alabama, focused on developing a pipeline of **wholly-owned drug product candidates** for **neurological diseases and other indications**, leveraging its proprietary **POZ Platform™** - Serina is a **clinical-stage biotechnology company** developing a pipeline of **wholly owned drug product candidates**[11](index=11&type=chunk) - Focuses on treating **neurological diseases and other indications**[11](index=11&type=chunk) - Utilizes its proprietary **POZ Platform™** drug optimization technology[11](index=11&type=chunk) [About the POZ Platform™](index=2&type=section&id=About%20the%20POZ%20Platform%E2%84%A2) Serina's proprietary **POZ Platform** is based on poly(2-oxazoline), a **synthetic, water-soluble polymer**, engineered to provide greater control in drug loading and precision in release rates for subcutaneous injections. This technology aims to improve the efficacy and safety profiles of drugs, particularly those with narrow therapeutic windows, and has broad application potential, including a non-exclusive license agreement with Pfizer for LNP drug delivery - **POZ technology** is based on a **synthetic, water soluble, low viscosity polymer called poly(2-oxazoline)**[12](index=12&type=chunk) - Engineered to provide **greater control in drug loading and more precision in the rate of release of attached drugs delivered via subcutaneous injection**[12](index=12&type=chunk) - Has potential for use across a broad range of payloads and indications, including a **non-exclusive license agreement with Pfizer, Inc. for LNP drug delivery formulations**[13](index=13&type=chunk) [Key Pipeline Candidates](index=2&type=section&id=Key%20Pipeline%20Candidates) Serina is advancing two key pipeline candidates, **SER-252** (**POZ-apomorphine**) for **Advanced Parkinson's disease** and **SER-270** (**POZ-VMAT2i**) for **tardive dyskinesia**, both leveraging the **POZ Platform** to improve drug delivery and patient outcomes - **SER-252** is an investigational apomorphine therapy for **Advanced Parkinson's disease**[14](index=14&type=chunk) - **SER-270** is an investigational **once-weekly VMAT2 inhibitor** for **tardive dyskinesia**[15](index=15&type=chunk) - Both candidates are developed with Serina's **POZ platform** to address specific **unmet medical needs**[14](index=14&type=chunk)[15](index=15&type=chunk) [About SER-252 (POZ-apomorphine)](index=2&type=section&id=About%20SER-252%20(POZ-apomorphine)) - **SER-252** is designed to provide **continuous dopaminergic stimulation (CDS)** to reduce **levodopa-related motor complications** in **Parkinson's disease**[14](index=14&type=chunk) - Preclinical studies support its potential to provide **CDS without skin reactions**[14](index=14&type=chunk) - Serina plans to advance **SER-252** to **clinical testing in 2025**[14](index=14&type=chunk) [About SER-270 (POZ-VMAT2i)](index=2&type=section&id=About%20SER-270%20(POZ-VMAT2i)) - **SER-270** is an investigational **once-weekly VMAT2 inhibitor** developed with the **POZ platform** to address **adherence and access challenges** in **tardive dyskinesia**[15](index=15&type=chunk) - Its **subcutaneous formulation** is designed for **patients on long-acting injectable antipsychotics, those with dysphagia, and institutionalized populations**[16](index=16&type=chunk) - Serina is also exploring its development in **Huntington's disease chorea**[16](index=16&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of **June 30, 2025**, Serina's total assets increased to **$8.941 million** from **$6.724 million** at **December 31, 2024**, primarily driven by an increase in cash and cash equivalents and additional paid-in capital. Total liabilities also increased to **$7.295 million** from **$6.216 million**, mainly due to higher accounts payable and other current liabilities Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | Dec 31, 2024 | Change | | :-------------------------------- | :------------ | :----------- | :----- | | Total Assets | $8,941 | $6,724 | +$2,217 | | Cash and cash equivalents | $6,041 | $3,672 | +$2,369 | | Total Liabilities | $7,295 | $6,216 | +$1,079 | | Total Stockholders' Equity | $1,646 | $508 | +$1,138 | | Accumulated Deficit | $(55,579) | $(44,318) | $(11,261) | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended **June 30, 2025**, Serina reported a net loss of **$6.462 million**, a significant shift from a net income of **$5.177 million** in the prior year period. This was primarily due to increased operating expenses and a negative change in other (expense) income, net, largely driven by warrant fair value adjustments Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Grant revenues | $130 | $51 | $130 | $56 | | Total operating expenses | $5,695 | $3,917 | $11,553 | $6,243 | | Loss from operations | $(5,565) | $(3,866) | $(11,423) | $(6,187) | | Total other (expense) income, net | $(897) | $9,043 | $139 | $(3,651) | | NET (LOSS) INCOME | $(6,462) | $5,177 | $(11,284) | $(9,838) | | Basic EPS | $(0.66) | $0.61 | $(1.15) | $(1.74) | | Diluted EPS | $(0.66) | $0.51 | $(1.15) | $(1.74) | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended **June 30, 2025**, net cash used in operating activities decreased to **$8.072 million** from **$9.586 million** in the prior year period. Net cash provided by financing activities significantly increased to **$10.487 million** from **$8.095 million**, primarily due to **proceeds from issuance of stock to Juvenescence** and **Series A convertible preferred stock**, resulting in a net increase in cash and cash equivalents of **$2.369 million** Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | | Net cash used in operating activities | $(8,072) | $(9,586) | | Net cash used in investing activities | $(46) | $(14) | | Net cash provided by financing activities | $10,487 | $8,095 | | NET CHANGE IN CASH AND CASH EQUIVALENTS | $2,369 | $(1,505) | | Cash and cash equivalents at end of period | $6,041 | $6,114 | - Significant financing activities included **proceeds from issuance of stock to Juvenescence** (**$4,916k**) and **Series A convertible preferred stock** (**$4,940k**)[26](index=26&type=chunk) Additional Information [Cautionary Statement Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section advises against undue reliance on forward-looking statements, which are based on management's current expectations and subject to **substantial risks and uncertainties**. These risks include those inherent in R&D, clinical trial outcomes, regulatory approvals, financing needs, and competitive developments, as detailed in SEC filings. Serina disclaims any obligation to update these statements - Forward-looking statements are subject to **substantial risks and uncertainties** that could cause actual results to differ materially[19](index=19&type=chunk) - Risks include **uncertainties in research and development, clinical trial outcomes, regulatory approvals, and the need for additional financing**[19](index=19&type=chunk) - Serina **disclaims any intent or obligation to update these forward-looking statements**[19](index=19&type=chunk) [Investor Contact](index=3&type=section&id=Investor%20Contact) Contact information for investor inquiries is provided, including an email address and phone number for Stefan Riley - For inquiries, contact Stefan Riley at **sriley@serinatherapeutics.com** or **(256) 327-9630**[20](index=20&type=chunk)

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=Part%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section provides Serina Therapeutics, Inc.'s unaudited condensed consolidated financial statements and management's analysis of its financial condition and operations [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents Serina Therapeutics, Inc.'s unaudited condensed consolidated financial statements and notes, highlighting a net loss and going concern doubt [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Provides a snapshot of the company's assets, liabilities, and equity at specific reporting dates Key Balance Sheet Metrics | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Cash and cash equivalents | $6,041 | $3,672 | | Total current assets | $7,991 | $5,676 | | TOTAL ASSETS | $8,941 | $6,724 | | Total current liabilities | $3,561 | $2,366 | | Warrant liability | $3,549 | $3,582 | | TOTAL LIABILITIES | $7,295 | $6,216 | | Total stockholders' equity | $1,646 | $508 | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $8,941 | $6,724 | - Total assets increased by **$2,217 thousand** from December 31, 2024, to June 30, 2025, primarily driven by an increase in cash and cash equivalents[17](index=17&type=chunk) - Total liabilities increased by **$1,079 thousand**, while total stockholders' equity increased by **$1,138 thousand**, largely due to the issuance of Series A convertible preferred stock[17](index=17&type=chunk)[79](index=79&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Details the company's revenues, expenses, and net loss or income over specific reporting periods Statements of Operations Highlights | Metric (in thousands, except per share data) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Grant revenues | $130 | $51 | $130 | $56 | | Research and development | $3,152 | $1,594 | $6,103 | $2,700 | | General and administrative | $2,543 | $2,323 | $5,450 | $3,543 | | Total operating expenses | $5,695 | $3,917 | $11,553 | $6,243 | | Loss from operations | $(5,565) | $(3,866) | $(11,423) | $(6,187) | | Total other (expense) income, net | $(897) | $9,043 | $139 | $(3,651) | | NET (LOSS) INCOME | $(6,462) | $5,177 | $(11,284) | $(9,838) | | NET (LOSS) INCOME ATTRIBUTABLE TO SERINA THERAPEUTICS, INC. | $(6,448) | $5,204 | $(11,261) | $(9,811) | | BASIC EPS | $(0.66) | $0.61 | $(1.15) | $(1.74) | | DILUTED EPS | $(0.66) | $0.51 | $(1.15) | $(1.74) | - Net loss for the three months ended June 30, 2025, was **$(6,462) thousand**, a significant decrease from the net income of **$5,177 thousand** in the same period of 2024, primarily due to a **$9,900 thousand** increase in other expenses, net, largely from changes in fair value of warrants[19](index=19&type=chunk)[154](index=154&type=chunk) - For the six months ended June 30, 2025, net loss increased to **$(11,284) thousand** from **$(9,838) thousand** in 2024, driven by higher operating expenses, particularly R&D and G&A[19](index=19&type=chunk)[147](index=147&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Outlines changes in the company's equity, including stock issuances and net loss, over time - Total stockholders' equity increased from **$508 thousand** at December 31, 2024, to **$1,646 thousand** at June 30, 2025, primarily due to the issuance of Series A Convertible Preferred Stock for **$4,940 thousand** and common stock to Juvenescence for **$4,916 thousand**, offset by a net loss of **$(11,261) thousand**[20](index=20&type=chunk)[19](index=19&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) - The company issued **965 shares** of Series A Convertible Preferred Stock for **$4,940 thousand** and **124 shares** of common stock under an at-the-market sales agreement for **$629 thousand** during the six months ended June 30, 2025[20](index=20&type=chunk)[91](index=91&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash inflows and outflows from operating, investing, and financing activities Cash Flow Summary | Cash Flow Activity (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(8,072) | $(9,586) | | Net cash used in investing activities | $(46) | $(14) | | Net cash provided by financing activities | $10,487 | $8,095 | | NET CHANGE IN CASH AND CASH EQUIVALENTS | $2,369 | $(1,505) | | Cash and cash equivalents at end of period | $6,041 | $6,114 | - Net cash used in operating activities decreased by **$1,514 thousand**, from **$(9,586) thousand** in 2024 to **$(8,072) thousand** in 2025, primarily due to changes in operating assets and liabilities[25](index=25&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk) - Net cash provided by financing activities increased by **$2,392 thousand**, from **$8,095 thousand** in 2024 to **$10,487 thousand** in 2025, driven by proceeds from Series A preferred stock issuance and common stock sales[25](index=25&type=chunk)[168](index=168&type=chunk)[172](index=172&type=chunk) [1. Organization, Business Overview and Liquidity](index=11&type=section&id=1.%20Organization,%20Business%20Overview%20and%20Liquidity) Describes the company's business, recent merger, and liquidity challenges, including going concern doubt - Serina Therapeutics, Inc. (formerly AgeX Therapeutics, Inc.) completed a reverse recapitalization merger with Legacy Serina on March 26, 2024, becoming a clinical-stage biotechnology company focused on neurological diseases and pain using its proprietary POZ drug delivery technology[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - The company reported a net loss of **$11,300 thousand** and used **$8,100 thousand** in net cash from operating activities for the six months ended June 30, 2025, leading to substantial doubt about its ability to continue as a going concern[34](index=34&type=chunk)[35](index=35&type=chunk) - Management believes its **$6,000 thousand** cash and cash equivalents as of June 30, 2025, are insufficient to cover anticipated operating and funding requirements for the next twelve months, necessitating additional capital through equity investors, ATM offerings, or licensing agreements[35](index=35&type=chunk)[36](index=36&type=chunk) [2. Basis of Presentation and Summary of Significant Accounting Policies](index=12&type=section&id=2.%20Basis%20of%20Presentation%20and%20Summary%20of%20Significant%20Accounting%20Policies) Explains the financial statement preparation basis, consolidation policies, and recent accounting pronouncements - The unaudited condensed consolidated interim financial statements are prepared in accordance with U.S. GAAP and SEC interim reporting requirements, with certain information condensed or omitted[38](index=38&type=chunk) - The Company consolidates its wholly-owned subsidiaries (Legacy Serina) and NeuroAirmid (50% owned) due to contractual rights influencing decision-making, but deconsolidated UniverXome in December 2024 after its sale to Juvenescence[40](index=40&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - Recently adopted accounting pronouncements (ASU 2023-07, ASU 2023-09, ASU 2024-02) effective January 1, 2025, did not have a material impact on the financial statements[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) [3. Recapitalization](index=14&type=section&id=3.%20Recapitalization) Details the reverse recapitalization merger, its accounting treatment, and adjustments to equity and liabilities - The Merger on March 26, 2024, was accounted for as a reverse recapitalization, with Legacy Serina considered the accounting acquirer due to its stockholders holding a majority of voting rights, designating board members, and its management team leading the combined company[57](index=57&type=chunk) - AgeX issued **5,913,277 shares** of its common stock to Legacy Serina stockholders, and assumed Legacy Serina's 2017 Stock Option Plan, adjusting outstanding options and warrants[59](index=59&type=chunk)[60](index=60&type=chunk) Acquired Assets and Liabilities | Acquired Assets and Liabilities (in thousands) | Amount | | :--------------------------------------------- | :----- | | Cash and cash equivalents | $337 | | Other current assets | $174 | | Intangible assets | $576 | | Accounts payable and accrued expenses | $(2,830) | | Loan payable to Juvenescence | $(8,017) | | Net liabilities acquired | $(9,760) | | Conversion of AgeX-Serina Note | $10,721 | | Total net increase in additional paid-in capital | $961 | [4. Selected Balance Sheet Components](index=15&type=section&id=4.%20Selected%20Balance%20Sheet%20Components) Provides detailed breakdowns of specific balance sheet accounts like prepaid expenses and accrued liabilities Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------------------------- | :------------ | :---------------- | | Prepaid technology access fee | $1,000 | $1,333 | | Prepaid insurance | $526 | $192 | | Other prepaid expenses | $247 | $402 | | Other current assets | $177 | $77 | | Total | $1,950 | $2,004 | Accrued Liabilities | Accrued liabilities (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :------------ | :---------------- | | Research program and services | $669 | $329 | | Accrued compensation | $517 | $559 | | Accrued severance | $12 | $304 | | Other accrued expenses | $112 | $237 | | Total | $1,310 | $1,429 | - Property and equipment, net, increased from **$501 thousand** at December 31, 2024, to **$588 thousand** at June 30, 2025[64](index=64&type=chunk) [5. Related Party Transactions](index=16&type=section&id=5.%20Related%20Party%20Transactions) Describes transactions with related parties, including asset transfers and debt assumptions with Juvenescence - AgeX transferred assets and liabilities related to its subsidiaries Reverse Bio and ReCyte to UniverXome, which then assumed AgeX's obligations under convertible notes to Juvenescence, releasing AgeX from these debts[67](index=67&type=chunk)[68](index=68&type=chunk) - On December 23, 2024, the Company sold all outstanding shares of UniverXome to Juvenescence, which assumed approximately **$11,300 thousand** of secured debt, resulting in a **$10,900 thousand** capital contribution recognized by the Company[71](index=71&type=chunk) [6. Fair Value Measurements](index=17&type=section&id=6.%20Fair%20Value%20Measurements) Discusses the valuation of financial instruments, particularly warrant liabilities, and their impact on earnings Liabilities | Liabilities (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------- | :------------ | :---------------- | | Warrant liability | $3,549 | $3,582 | - The Company classifies Merger Warrants as liabilities, with changes in fair value recognized in the consolidated statements of operations. A **$1,000 thousand** loss was recognized for the three months ended June 30, 2025, compared to a **$9,300 thousand** gain in the prior year period[73](index=73&type=chunk) - The AgeX-Serina Note, initially valued at **$7,800 thousand**, was remeasured to **$10,700 thousand** at the Merger date and converted into equity, resulting in a **$7,000 thousand** loss from change in fair value for the six months ended June 30, 2024[78](index=78&type=chunk) [7. Stockholders' Equity](index=19&type=section&id=7.%20Stockholders'%20Equity) Covers changes in stockholders' equity, including preferred stock issuance, warrants, and at-the-market offerings - On April 8, 2025, the Company issued **965,250 shares** of Series A Convertible Preferred Stock for net proceeds of **$4,900 thousand**, with an 8% cumulative annual dividend payable in PIK Shares[79](index=79&type=chunk) - As of June 30, 2025, **366,658 Post-Merger Warrants** were outstanding, and Juvenescence held **377,865 Incentive Warrants** and **755,728 Replacement Incentive Warrants**, all classified as liabilities[83](index=83&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - Through an at-the-market (ATM) program established on April 25, 2025, the Company sold **124,454 shares** of common stock, generating net proceeds of **$600 thousand** as of June 30, 2025[91](index=91&type=chunk) [8. Stock-Based Awards](index=21&type=section&id=8.%20Stock-Based%20Awards) Details the company's equity incentive plans and the recognition of stock-based compensation expense - The Company has four equity incentive plans: 2024 Inducement Equity Plan (**1,000,000 shares** reserved), 2024 Equity Incentive Plan (**2,675,000 shares** reserved), and assumed 2017 Stock Option Plan and 2017 Equity Incentive Plan from Legacy Serina/AgeX[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - Total stock-based compensation expense for the six months ended June 30, 2025, was **$1,846 thousand**, significantly higher than **$511 thousand** in the same period of 2024[97](index=97&type=chunk) - As of June 30, 2025, total unrecognized compensation cost related to unvested stock option grants was **$9,400 thousand**, expected to be recognized over a weighted average period of 2.6 years[96](index=96&type=chunk) [9. Profit Sharing Plan](index=22&type=section&id=9.%20Profit%20Sharing%20Plan) Describes the company's 401(k) profit sharing plan and employer contribution policies - The Company maintains a 401(k) profit sharing plan for eligible employees, with discretionary employer matching and profit sharing contributions based on a graded vesting schedule[98](index=98&type=chunk)[99](index=99&type=chunk) - No discretionary employer contributions were made for the three and six months ended June 30, 2025 and 2024[99](index=99&type=chunk) [10. Income Taxes](index=22&type=section&id=10.%20Income%20Taxes) Explains the company's income tax position, including the absence of tax provisions due to recurring losses - Due to recurring losses, the Company did not record a provision or benefit for income taxes for any periods presented[101](index=101&type=chunk) - A full valuation allowance has been established against all deferred tax assets due to the uncertainty of realizing future tax benefits[101](index=101&type=chunk) [11. Commitments and Contingencies](index=22&type=section&id=11.%20Commitments%20and%20Contingencies) Outlines lease obligations, development partnerships, and potential legal claims in the ordinary course of business - The Company leases lab and office facilities under non-cancelable operating lease agreements expiring between October 2025 and January 2028, with total undiscounted lease payments of **$391 thousand** as of June 30, 2025[103](index=103&type=chunk)[108](index=108&type=chunk) - In May 2024, the Company partnered with Enable Injections, Inc. to develop and commercialize SER-252 (POZ-apomorphine) for Parkinson's disease, with an Investigational New Drug (IND) application anticipated in 2025[113](index=113&type=chunk) - The Company is subject to various claims and indemnification obligations in the ordinary course of business but is not aware of any claims likely to have a material adverse effect on its financial condition or results of operations[109](index=109&type=chunk)[114](index=114&type=chunk) [12. Net (Loss) Income Per Common Share](index=27&type=section&id=12.%20Net%20(Loss)%20Income%20Per%20Common%20Share) Presents basic and diluted earnings per share calculations, including anti-dilutive securities EPS Metric | EPS Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic EPS | $(0.66) | $0.61 | $(1.15) | $(1.74) | | Diluted EPS | $(0.66) | $0.51 | $(1.15) | $(1.74) | - For periods with net loss (three and six months ended June 30, 2025, and six months ended June 30, 2024), most outstanding stock options and warrants were excluded from diluted EPS calculation as their inclusion would be anti-dilutive[115](index=115&type=chunk) Anti-Dilutive Securities | Anti-Dilutive Securities (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Series A preferred stock | 984 | — | 984 | — | | Stock options | 3,295 | 652 | 3,295 | 2,304 | | Warrants | 1,997 | 3,226 | 1,997 | 3,226 | | Total anti-dilutive securities | 6,276 | 3,878 | 6,276 | 5,530 | [13. Segment Reporting](index=27&type=section&id=13.%20Segment%20Reporting) Identifies the company's single reportable segment and its primary revenue and expense components - The Company operates as one reportable segment focused on the research and development of its POZ platform, with revenues derived from Grant revenue[116](index=116&type=chunk)[117](index=117&type=chunk) Segment Expenses | Segment Expenses (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $3,152 | $1,594 | $6,103 | $2,700 | | General and administrative | $2,543 | $2,323 | $5,450 | $3,543 | | Total operating expenses | $5,695 | $3,917 | $11,553 | $6,243 | | Loss from operations | $(5,565) | $(3,866) | $(11,423) | $(6,187) | | Segment and consolidated net (loss) income | $(6,462) | $5,177 | $(11,284) | $(9,838) | [14. Subsequent Events](index=29&type=section&id=14.%20Subsequent%20Events) Reports significant events occurring after the reporting period, such as the establishment of a new subsidiary - On July 2, 2025, the Company established a new subsidiary, Serina Therapeutics Australia Pty Ltd, to conduct clinical research activities, which is not reflected in the current financial statements[121](index=121&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operational results, and future outlook, emphasizing liquidity challenges [Overview](index=30&type=section&id=Overview) Provides a high-level summary of the company's business, financial performance, and going concern considerations - Serina Therapeutics is a clinical-stage biotechnology company developing drug candidates for neurological diseases and other indications, leveraging its POZ platform to improve drug efficacy and safety profiles[125](index=125&type=chunk) - The Company completed a merger on March 26, 2024, and has since incurred significant operating losses, with an accumulated deficit of **$55,600 thousand** and **$6,000 thousand** in cash and cash equivalents as of June 30, 2025[126](index=126&type=chunk) - Recurring losses and negative operating cash flows raise substantial doubt about the Company's ability to continue as a going concern, necessitating additional financing to fund future operations and product development[127](index=127&type=chunk)[129](index=129&type=chunk) [Critical Accounting Policies and Estimates](index=31&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Affirms no significant changes to critical accounting policies and estimates from the prior annual report - Management believes there have been no significant changes to the critical accounting policies and estimates disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[131](index=131&type=chunk) [Components of Operating Results](index=31&type=section&id=Components%20of%20Operating%20Results) Explains the key drivers of grant revenues and operating expenses, including R&D and G&A costs - Grant revenues are recognized as allowable costs are incurred, and operating expenses primarily consist of research and development (R&D) and general and administrative (G&A) costs[132](index=132&type=chunk)[133](index=133&type=chunk) - R&D expenses, which are expensed as incurred, are expected to increase substantially due to investments in clinical trials, manufacturing, and advancing product candidates, including SER 252[137](index=137&type=chunk)[135](index=135&type=chunk) - G&A expenses are also projected to rise due to increased personnel costs, professional services, and compliance requirements associated with operating as a public company[143](index=143&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Compares financial performance for the current and prior periods, detailing changes in revenues and expenses Financial Performance Summary | Metric (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Grant revenues | $130 | $51 | $130 | $56 | | R&D expenses | $3,152 | $1,594 | $6,103 | $2,700 | | G&A expenses | $2,543 | $2,323 | $5,450 | $3,543 | | Loss from operations | $(5,565) | $(3,866) | $(11,423) | $(6,187) | | Other income (expense), net | $(897) | $9,043 | $139 | $(3,651) | | NET INCOME (LOSS) | $(6,462) | $5,177 | $(11,284) | $(9,838) | - Research and development expenses increased by **$1,558 thousand** for the three months and **$3,403 thousand** for the six months ended June 30, 2025, primarily due to higher outside research services, consultant spend, and compensation[149](index=149&type=chunk)[150](index=150&type=chunk) - General and administrative expenses increased by **$220 thousand** for the three months and **$1,907 thousand** for the six months ended June 30, 2025, driven by increased stock-based compensation, consulting expenses, and salaries[152](index=152&type=chunk)[153](index=153&type=chunk) - Other income (expense), net, shifted from a **$9,043 thousand** net income in Q2 2024 to a **$(897) thousand** net expense in Q2 2025, mainly due to a **$10,300 thousand** change in fair value of liability-classified warrants[154](index=154&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the company's cash position, funding sources, and future capital requirements amidst going concern doubt - As of June 30, 2025, the Company had **$6,000 thousand** in cash and cash equivalents, primarily financed by prior stock and convertible note issuances, Post-Merger warrant exercises, and recent Series A preferred stock and ATM common stock sales[157](index=157&type=chunk)[158](index=158&type=chunk)[160](index=160&type=chunk) - The Company's recurring losses and negative cash flows raise substantial doubt about its ability to continue as a going concern, with current cash not expected to fund operations for the next twelve months[162](index=162&type=chunk)[165](index=165&type=chunk) - Future funding requirements are significant and uncertain, depending on the progress of clinical trials, regulatory approvals, manufacturing, and intellectual property protection, necessitating additional capital through equity, debt, or collaborations[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk) Cash Flows | Cash Flows (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | $ Change | % Change | | :------------------------ | :----------------------------- | :----------------------------- | :------- | :------- | | Net cash used in operating activities | $(8,072) | $(9,586) | $1,514 | (15.8%) | | Net cash used in investing activities | $(46) | $(14) | $(32) | — % | | Net cash provided by financing activities | $10,487 | $8,095 | $2,392 | 29.5 % | | Net increase (decrease) in cash | $2,369 | $(1,505) | $3,874 | (257.4)% | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Serina Therapeutics, Inc. is exempt from providing market risk disclosures - The Company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[174](index=174&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to material weaknesses, with remediation ongoing - Disclosure controls and procedures were deemed ineffective as of June 30, 2025, due to material weaknesses[175](index=175&type=chunk) - Material weaknesses include insufficient qualified accounting personnel, lack of data validation, inadequate segregation of duties, substantial reliance on manual reporting, and lack of experience in monitoring internal controls[178](index=178&type=chunk) - Remediation efforts include hiring finance professionals, leveraging third-party consultants, developing standardized processes, and implementing IT system improvements, with full remediation still in progress[180](index=180&type=chunk)[181](index=181&type=chunk)[184](index=184&type=chunk) [PART II – OTHER INFORMATION](index=40&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section provides additional information not covered in the financial statements, including legal, risk, and equity matters [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The Company is not currently a party to any material legal proceedings, though it may face ordinary claims - The Company is not currently a party to any material legal proceedings[186](index=186&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors, except for new disclosures on ATM offerings and FDA approval unpredictability - No material changes to risk factors from the Annual Report on Form 10-K, except for new disclosures regarding potential stock price decline from 'at-the-market' offerings[187](index=187&type=chunk) - The FDA regulatory approval process is lengthy, unpredictable, and subject to delays, which could materially impact the Company's ability to commercialize product candidates[188](index=188&type=chunk)[189](index=189&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Information regarding unregistered sales of equity securities and use of proceeds has been previously reported - Information on unregistered sales of equity securities and use of proceeds was previously reported[190](index=190&type=chunk) [Item 3. Default Upon Senior Securities](index=40&type=section&id=Item%203.%20Default%20Upon%20Senior%20Securities) The Company has not defaulted upon any senior securities - There has been no default upon senior securities[191](index=191&type=chunk) [Item 4. Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures are not applicable to the Company's operations - Mine safety disclosures are not applicable[192](index=192&type=chunk) [Item 5. Other Information](index=41&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements - No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended June 30, 2025[193](index=193&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certificates of designations, a securities purchase agreement, certifications of the CEO and CFO, and Inline XBRL documents - The report includes various exhibits such as Certificate of Designations, Securities Purchase Agreement, Rule 13a-14(a)/15d-14(a) Certifications, Section 1350 Certification, and Inline XBRL documents[194](index=194&type=chunk)

Summary of Alligator Energy (AGE) Conference Call - July 23, 2025 Company Overview - **Company**: Alligator Energy (AGE) - **Industry**: Uranium mining - **Key Projects**: Sandfire uranium project, Big Lake uranium project Core Points and Arguments 1. **Project Development**: Alligator Energy is focused on derisking the Sandfire uranium project near Whyalla, South Australia, utilizing in situ recovery (ISR) methods similar to oil and gas extraction [2][4] 2. **Financial Position**: The company recently raised approximately $17 million, bringing total cash reserves to around $30 million, which will support necessary studies over the next 6 to 12 months [4] 3. **Resource Estimates**: The Blackbush deposit has delineated 18 million pounds of uranium, supporting a projected mine life of 12 years at an annual production rate of 1.2 million pounds [6][7] 4. **Market Conditions**: Current long-term uranium prices are around $78 per pound, making the project economically viable [10] 5. **Exploration Potential**: The company estimates a total potential range of 15 to 75 million pounds of uranium in the system, with only 30% of the area drill-tested so far [12] 6. **Field Recovery Trial**: A field recovery trial is planned for Q4 to Q1 next year to validate the ISR process, with construction of the trial plant expected to begin soon [14][18] 7. **Regulatory Pathway**: The mining lease approval process for uranium mines typically takes 4 to 5 years, but the company has streamlined many technical approvals, potentially expediting this timeline [19][20] Additional Important Information 1. **Community Impact**: The mining operation is expected to benefit the local community in Whyalla, which is a steel town with existing infrastructure to support mining activities [5] 2. **Geological Insights**: The uranium is located in paleo channels, which are ancient riverbeds, and the extraction process involves drilling wells into these channels [8][9] 3. **Future Plans**: The company plans to continue exploration at the Big Lake project, which has shown promising initial drilling results, although recent floods have delayed further exploration [16][17] This summary encapsulates the key aspects of Alligator Energy's current status, project developments, financial health, and future plans as discussed in the conference call.

Company Overview - Alligator Energy Limited has a market capitalization of A$128.5 million as of June 30, 2025 [5] - The company's cash reserves stood at A$30.1 million as of June 30, 2025, which includes A$16.2 million from a June share placement [5] - Retail investors hold 35.9% of the company's shares, institutions hold 37.6%, brokers and banks hold 22.4%, and directors and executives hold 4.1% [6] Samphire Uranium Project - The Blackbush Mineral Resource is located at a depth of 80m (260ft) [22] - The project has a resource of 18 Mlbs, including 14.2 Mlbs Indicated and 3.8 Mlbs Inferred, to support a startup mining operation with staged expansion [26] - A December 2023 scoping study indicates a 12-year mine life at a production rate of 1.2 Mlbs per annum [26] - At a uranium price of US$75/lb, the project has a post-tax, real, ungeared IRR of 42%, a payback period of 2.45 years, and a post-tax, real, ungeared NPV8 of A$257 million [28] - At a uranium price of US$90/lb, the project has a post-tax, real, ungeared IRR of 55%, a payback period of 1.93 years, and a post-tax, real, ungeared NPV8 of A$371 million [30] - The Exploration Target Range estimates an additional 14 to 75 Mlbs of uranium [35] Field Recovery Trial - A Field Recovery Trial (FRT) is planned for October to December 2025, involving three producing well patterns and a containerized pilot plant [38] Big Lake Uranium Project - Initial drilling program intersected significant thicknesses of anomalous uranium mineralization, including 20m (65ft) @ 110 ppm U from 347ft (106m) in AC24-021 and 35m (114ft) @ 117 ppm U from 305ft (93m) in AC24-022 [47]

[Business Highlights](index=1&type=section&id=Recent%20Highlights) Serina Therapeutics advanced its lead Parkinson's candidate, secured $15 million in financing, and presented promising POZ Platform data in Q1 2025 - The company is on track to begin dosing the first patient for its lead candidate, **SER-252**, in a Phase 1b clinical trial for advanced Parkinson's disease by the **fourth quarter of 2025**[2](index=2&type=chunk)[6](index=6&type=chunk) - Strengthened the balance sheet by securing **$15 million in equity financing** since late 2024, including a **$10 million investment** from JuvVentures and a **$5 million private placement**[7](index=7&type=chunk) - Appointed two new experienced biotech leaders, Karen J. Wilson and Dr. Jay Venkatesan, to the Board of Directors[7](index=7&type=chunk) - Presented new data demonstrating that its POZ-lipid did not trigger an antibody response after repeat dosing in rats, unlike standard PEG-lipids, suggesting potential for safer LNP formulations[7](index=7&type=chunk) [Financial Results](index=1&type=section&id=First%20Quarter%20Operating%20Results) Serina reported a reduced net loss of $4.8 million in Q1 2025, driven by other income gains despite increased operating expenses [Operating Results](index=1&type=section&id=Operating%20Results) Q1 2025 operating expenses rose to $5.9 million due to R&D and G&A increases, but net loss narrowed to $4.8 million from other income gains Q1 2025 vs. Q1 2024 Operating Results (in millions, except EPS) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $0.0M | $0.005M | ($0.005M) | | R&D Expenses | $3.0M | $1.1M | +$1.9M | | G&A Expenses | $2.9M | $1.2M | +$1.7M | | Total Operating Expenses | $5.9M | $2.3M | +$3.6M | | Net Loss | ($4.8M) | ($15.0M) | +$10.2M | | Net Loss Per Share | ($0.49) | ($5.38) | +$4.89 | - The increase in R&D expenses was primarily due to higher salaries from increased headcount, professional fees for patent and intellectual property maintenance, and spending on outside research services[5](index=5&type=chunk) - The increase in G&A expenses was mainly due to higher salaries and stock-based compensation from new hires, consulting fees for finance functions, and increased directors and officers insurance costs[6](index=6&type=chunk)[8](index=8&type=chunk) - Other income increased by **$13.7 million** year-over-year, primarily due to a **$6.6 million gain** from the change in fair value of Merger Warrants and a favorable **$7.0 million change** related to Convertible Notes[9](index=9&type=chunk) [Liquidity and Financial Position](index=2&type=section&id=Liquidity%20Information) Serina held $4.3 million in cash as of March 31, 2025, projecting sufficient liquidity through Q3 2025 with recent financing - Cash and cash equivalents totaled **$4.3 million** as of March 31, 2025[11](index=11&type=chunk) - The company projects its cash on hand as of March 31, 2025, combined with **$5.0 million** raised in April 2025, will be sufficient to fund operations through the **third quarter of 2025**[11](index=11&type=chunk) [Corporate and Platform Overview](index=2&type=section&id=About%20Serina%20Therapeutics) Serina Therapeutics is a clinical-stage biotech company leveraging its POZ Platform to develop neurological disease treatments, including lead candidate SER-252 [About Serina Therapeutics](index=2&type=section&id=About%20Serina%20Therapeutics_1) Serina is a clinical-stage biotechnology company developing wholly-owned drug candidates for neurological diseases using its POZ Platform technology - Serina is a clinical-stage biotechnology company developing a pipeline of wholly owned drug candidates for neurological diseases and other indications[12](index=12&type=chunk) - The company's POZ Platform has the potential to improve the efficacy and safety of multiple modalities, including small molecules, RNA therapeutics, and ADCs[12](index=12&type=chunk) [About the POZ Platform™](index=2&type=section&id=About%20the%20POZ%20Platform%E2%84%A2) The POZ Platform, based on poly(2-oxazoline), enhances drug stability and release, aiming to improve drug profiles and is open to partnerships - The POZ technology is based on a synthetic, water-soluble, low-viscosity polymer called poly(2-oxazoline)[13](index=13&type=chunk) - The platform is designed to improve drugs with narrow therapeutic windows by enabling more desirable and stable blood levels, potentially reducing side effects and toxicity[13](index=13&type=chunk) - Serina intends to advance the platform through partnerships, such as its non-exclusive license agreement with Pfizer, Inc. for use in lipid nanoparticle (LNP) drug delivery formulations[14](index=14&type=chunk) [About SER-252 (POZ-apomorphine)](index=2&type=section&id=About%20SER-252%20(POZ-apomorphine)) SER-252 is an investigational POZ-apomorphine therapy for Parkinson's disease, designed for continuous dopaminergic stimulation with planned 2025 clinical testing - SER-252 is an investigational apomorphine therapy developed with the POZ platform, designed to provide continuous dopaminergic stimulation (CDS) for Parkinson's disease[15](index=15&type=chunk) - Preclinical studies support the potential of SER-252 to provide CDS without causing skin reactions[15](index=15&type=chunk) - Serina plans to advance SER-252 to clinical testing in 2025[15](index=15&type=chunk) [Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) This section presents Serina Therapeutics' unaudited Q1 2025 consolidated financial statements, detailing assets, net loss, and cash flow changes [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, Serina's total assets were $6.73 million, with increased cash and equity, and reduced liabilities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $4,267 | $3,672 | | Total Assets | $6,731 | $6,724 | | Total Liabilities | $5,172 | $6,216 | | Total Stockholders' Equity | $1,559 | $508 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2025 net loss significantly narrowed to $4.8 million, or ($0.49) per share, driven by positive other income despite higher operating expenses Condensed Consolidated Statement of Operations (in thousands, except per share data) | Metric | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Total revenues | $— | $5 | | Total operating expenses | $5,858 | $2,326 | | Loss from operations | ($5,858) | ($2,321) | | Total other income (expense), net | $1,036 | ($12,694) | | Net Loss | ($4,822) | ($15,015) | | Net Loss Per Share | ($0.49) | ($5.38) | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash used in Q1 2025 operating activities was $4.3 million, offset by $4.9 million from financing, resulting in a $0.6 million cash increase Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Activity | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($4,322) | ($1,577) | | Net cash used in investing activities | $— | ($14) | | Net cash provided by financing activities | $4,917 | $2,728 | | Net change in cash and cash equivalents | $595 | $1,137 | | Cash and cash equivalents, end of period | $4,267 | $8,756 |

Financial Performance - The company reported an operating loss of $5.9 million for the three months ended March 31, 2025, compared to a loss of $2.3 million for the same period in 2024, reflecting an increase of $3.6 million [117]. - The total operating expenses for the three months ended March 31, 2025, were $5.9 million, up from $2.3 million in the same period in 2024, indicating an increase of $3.5 million [138]. - The net loss for the three months ended March 31, 2025, was $4.8 million, with a difference of $0.5 million between net loss and net cash used in operating activities due to non-cash items [152]. - Other income, net was $1.0 million for the three months ended March 31, 2025, compared to a net expense of $12.7 million for the same period in 2024, resulting in a $13.7 million improvement [141]. Expenses - Research and development expenses increased to $3.0 million for the three months ended March 31, 2025, up from $1.1 million in the same period in 2024, representing a rise of $1.9 million [139]. - General and administrative expenses rose to $2.9 million for the three months ended March 31, 2025, compared to $1.2 million in the same period in 2024, an increase of $1.7 million [138]. - General and administrative expenses increased to $2.9 million for the three months ended March 31, 2025, from $1.2 million in the same period in 2024, representing a 141.7% increase [140]. - The company anticipates continued increases in research and development expenses, general and administrative expenses, and capital expenditures [148]. Cash Position - Cash and cash equivalents stood at $4.3 million as of March 31, 2025 [117]. - The company had $4.3 million in cash and cash equivalents as of March 31, 2025, and expects to require additional financing to continue operations beyond the first quarter of 2026 [144][149]. - Net cash used in operating activities was $4.3 million for the three months ended March 31, 2025, compared to $1.6 million for the same period in 2024, reflecting a 174.1% increase [151]. - Net cash provided by financing activities was $4.9 million for the three months ended March 31, 2025, compared to $2.7 million for the same period in 2024, indicating an 80.2% increase [155]. Financing and Future Outlook - The company expects to incur substantial expenditures for the development of product candidates and will require additional financing to continue this development [118]. - The company plans to seek additional funds through equity offerings, debt financings, or other capital sources to support ongoing operations and product development [149]. - The accumulated deficit as of March 31, 2025, was $49.1 million, raising substantial doubt about the company's ability to continue as a going concern [146]. - The company anticipates that research and development expenses will continue to increase significantly as it advances its product candidates through clinical development [128]. Corporate Changes - The company completed a merger on March 26, 2024, changing its name to "Serina Therapeutics, Inc." [116].

Parkinson's Disease Treatment - SER-252 (POZ-Apomorphine) is projected to address a significant unmet need in the advanced Parkinson's disease market, with a commercial opportunity estimated between $2.1 billion and $3.3 billion[10]. - The lead program SER-252 is expected to enter clinical trials in 2025, focusing on continuous dopaminergic stimulation for advanced Parkinson's disease[4]. - The market for advanced Parkinson's disease treatments is growing at approximately 1.5% per year, with around 210,000 patients in the US and 150,000 in the EU and UK inadequately controlled on oral therapies[18]. - SER-252 aims to provide a differentiated treatment option with a dosing regimen of twice per week via subcutaneous injection, avoiding the need for electronic infusion pumps[10]. - The product development plan includes a Phase 1b trial in advanced Parkinson's disease patients, with interim data expected in the second half of 2026[30]. - Phase 1 trial of SER-252 in Advanced Parkinson's Disease is set to initiate in 3Q 2025, with interim readouts expected in 1Q 2026[47]. - Phase 1b trial for SER-252 in advanced Parkinson's patients is scheduled for 2H 2025, providing early efficacy readout[49]. - The small molecule pipeline includes SER-252 for Advanced Parkinson's and other candidates in CNS and cardiology indications[50]. Drug Development and Partnerships - The partnership with Pfizer in the RNA vaccine field represents a strategic collaboration to enhance the development of RNA-based therapeutics[34]. - The company has a strong history of drug development, with cumulative sales across 32 FDA-approved PEGylated drugs exceeding $25 billion[4]. - The first license deal for RNA products was executed in Q4 2023, indicating a proactive approach to expanding partnerships in the therapeutic landscape[34]. - POZ platform partnerships in RNA and ADCs are anticipated to be established by 2025/26[47]. - Company is exploring partnering opportunities in RNA delivery/targeting and ADC optimization[48]. POZ Platform and Technology - The POZ platform enables optimized drug delivery with reduced immunogenicity and improved safety profiles, addressing limitations of existing biocompatible polymers[7]. - Anticipated regulatory pathway for SER-252 includes a potential 505(b)(2) NDA submission, which could expedite the approval process[10]. - Preclinical data for POZ platform optimization of ADCs is expected in 1Q 2025[47]. - POZ-RNA and POZ-ADCs are under research and development with partners for RNA therapeutics and oncology, respectively[51]. Financial Position - Preliminary cash position at year-end 2024 is projected to be $3.4 million, with recent funding of $10 million extending runway through 1H 2025[48]. - Sale of UniverXome subsidiary in 4Q 2024 eliminates all corporate debt[49]. - Lead IND candidate SER-252 has a peak sales potential of $2.1 billion to $3.3 billion[48].

Part I [Business](index=7&type=section&id=Item%201.%20Business) Serina Therapeutics is a clinical-stage biotechnology company focused on developing drug candidates for neurological diseases using its proprietary POZ platform, a polymer drug delivery technology designed to improve the efficacy and safety of small molecules [Overview and POZ Platform](index=7&type=section&id=Overview%20and%20POZ%20Platform) Serina Therapeutics is a clinical-stage biotech company utilizing its proprietary POZ platform to develop treatments for neurological diseases - The company is a clinical-stage biotechnology firm developing a pipeline of wholly-owned drug candidates for neurological and other diseases using its POZ platform[29](index=29&type=chunk) - The POZ platform is designed to improve upon existing polymer delivery technologies like PEG, offering advantages in synthesis, stability, reduced immunogenicity, higher drug loading, programmable release, and no tissue accumulation[31](index=31&type=chunk)[32](index=32&type=chunk)[36](index=36&type=chunk) [Development Pipeline and Strategy](index=8&type=section&id=Development%20Pipeline%20and%20Strategy) The company's strategy centers on developing polymer therapeutics using its POZ platform, with a primary focus on advancing its lead program, SER-252, for late-stage Parkinson's disease Development Pipeline | Drug Candidate | Indication | Research | Preclinical | Phase 1 | Phase 2 | Phase 3 | | --- | --- | --- | --- | --- | --- | --- | | SER-252 (POZ-apomorphine) | Advanced Parkinson's | IND-enabling studies | | | | | | SER-2xx (POZ-undisclosed) | CNS | Proof of concept | | | | | | SER-2xx (POZ-undisclosed) | Cardiology | Proof of concept | | | | | | POZ-RNA | RNA therapeutics | R&D with partners | | | | | | POZ-ADCs | Oncology | Proof of concept | | | | | - The company's core strategy includes advancing the lead program SER-252, seeking partnerships for POZ LNP and ADC applications, expanding the POZ platform's use, and building a network of collaborations[40](index=40&type=chunk) [Product Candidates](index=10&type=section&id=Product%20Candidates) Serina's pipeline is led by SER-252 (POZ-apomorphine) for advanced Parkinson's disease, currently in IND-enabling preclinical studies with Phase I trials planned for the second half of 2025 - SER-252 (POZ-apomorphine) is the lead product candidate for advanced Parkinson's disease, with IND-enabling preclinical studies initiated in August 2023 and expected to complete in Q2 2025. Phase I clinical trials are planned for H2 2025[37](index=37&type=chunk)[48](index=48&type=chunk) - SER-214 (POZ-rotigotine) completed a Phase Ia trial, demonstrating proof-of-principle for the POZ platform by providing continuous drug delivery. However, it is not being advanced internally and the company will seek a partner for further development[46](index=46&type=chunk)[64](index=64&type=chunk) - The company is advancing preclinical research on POZ-lipids as a non-immunogenic alternative to PEG-lipids in LNP formulations for RNA therapeutics and has entered into feasibility studies with two major pharmaceutical companies[48](index=48&type=chunk) [Licensing and Collaboration Agreements](index=18&type=section&id=Licensing%20and%20Collaboration%20Agreements) In October 2023, Serina entered into a significant non-exclusive license agreement with Pfizer for the use of its POZ polymer technology in LNP drug delivery formulations - The company entered into a non-exclusive license agreement with Pfizer in October 2023 for the use of its POZ polymer technology in LNP drug delivery formulations[82](index=82&type=chunk) Pfizer License Agreement Financial Terms | Term | Amount/Rate | | :--- | :--- | | Upfront Payment | $3.0 million (received Dec 15, 2023) | | Milestone Payments | Undisclosed, upon achievement of specific development, regulatory, and commercial milestones | | Royalties on Net Sales | 2.75% – 3.5% (tiered) | [Intellectual Property](index=18&type=section&id=Intellectual%20Property) Serina maintains an extensive intellectual property portfolio crucial to its business, focusing on patent protection for its proprietary POZ technology and product candidates - The company owns an extensive patent estate covering its POZ technology and product candidates, with patent families protecting various forms and applications of the technology[84](index=84&type=chunk)[86](index=86&type=chunk) - The SER 03/07 patent family, expiring in 2029, is particularly broad, covering multifunctional POZ copolymers and their attachment to various molecules including small molecules, proteins, oligonucleotides, and lipids[92](index=92&type=chunk) - The SER-16 patent family, expiring in 2032, specifically covers poly(oxazoline) conjugates of dopamine agonists (including SER-214 and SER-252) for subcutaneous delivery in treating conditions like Parkinson's disease[95](index=95&type=chunk)[96](index=96&type=chunk) - The SER 22 patent family, with patents pending or granted and expiring in 2039, covers cleavable conjugates of catechol compounds, which is relevant to the SER-252 (POZ-apomorphine) program[100](index=100&type=chunk) [Competition](index=23&type=section&id=Competition) Serina faces substantial competition from a wide range of large and specialty pharmaceutical, biopharmaceutical, and biotechnology companies, as well as academic and research institutions - The company faces competition from large pharmaceutical and biotech companies, academic institutions, and other research organizations in the fields of CNS disorders and drug delivery[112](index=112&type=chunk)[113](index=113&type=chunk) - A key competitive technology is PEGylation, a clinically proven drug delivery approach used in over 30 FDA-approved drugs, which is marketed by several companies[114](index=114&type=chunk)[115](index=115&type=chunk) [Government Regulation](index=24&type=section&id=Government%20Regulation) The company's operations are subject to extensive government regulation in the U.S. and other countries, covering drug testing, manufacturing, labeling, and marketing - The FDA drug approval process is extensive, requiring preclinical studies and three phases of clinical trials to establish safety and efficacy before an NDA or BLA can be submitted for review[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - The company may be eligible for expedited FDA programs such as Fast Track, Breakthrough Therapy, or Accelerated Approval, which are designed to facilitate and speed up the development and review of drugs for serious conditions[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) - Sales and pricing are subject to significant regulation and pressure from third-party payors, including government programs (Medicare, Medicaid, 340B) and private insurers, which are increasingly implementing cost-containment measures[149](index=149&type=chunk)[155](index=155&type=chunk) - The company is also subject to healthcare fraud and abuse laws, such as the Anti-Kickback Statute and the False Claims Act, as well as federal and state "sunshine" provisions requiring disclosure of financial interactions with healthcare providers[158](index=158&type=chunk)[160](index=160&type=chunk) [Human Capital and Facilities](index=33&type=section&id=Human%20Capital%20and%20Facilities) As of December 31, 2024, Serina Therapeutics had thirteen employees and its headquarters is a 7,600 square foot leased facility in Huntsville, Alabama - As of December 31, 2024, the company had **thirteen employees** (twelve full-time, one part-time)[163](index=163&type=chunk) - The company's headquarters is a **7,600 sq. ft. leased facility** in Huntsville, Alabama, with the laboratory space lease expiring in January 2028[164](index=164&type=chunk) [Risk Factors](index=33&type=page&id=Item%201A.%20Risk%20Factors) The company faces significant risks, including a history of operating losses, dependence on additional financing to continue as a going concern, and the early stage of its product candidates - The company has a history of operating losses (**$44.3 million accumulated deficit** as of Dec 31, 2024) and expects them to continue, raising substantial doubt about its ability to continue as a going concern without additional financing[169](index=169&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) - All current product candidates are in preclinical development and face a high risk of failure at any stage of development. Success in early trials is not predictive of later-stage results[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) - The company relies on contract manufacturing organizations (CMOs) for clinical supplies and will for commercial supplies, creating risks related to manufacturing compliance (cGMP), supply chain disruptions, and protection of trade secrets[229](index=229&type=chunk)[230](index=230&type=chunk) - Juvenescence Limited owns approximately **40.5%** of the company's common stock and can substantially influence corporate matters, which may create conflicts of interest[387](index=387&type=chunk)[389](index=389&type=chunk) [Unresolved Staff Comments](index=82&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - Not Applicable[390](index=390&type=chunk) [Cybersecurity](index=82&type=section&id=Item%201C.%20Cybersecurity) The company has implemented cybersecurity measures through third-party providers, which are periodically assessed and reported to the Audit Committee - The company utilizes third-party providers for its cybersecurity systems and measures, which are periodically assessed and reported to the Audit Committee[391](index=391&type=chunk) - Serina is not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect its business[392](index=392&type=chunk) [Properties](index=82&type=section&id=Item%202.%20Properties) The company's principal place of business is a leased 7,600 square foot facility in Huntsville, Alabama, containing both office and laboratory space - The company leases approximately **7,600 square feet** of office and laboratory space in Huntsville, Alabama. The laboratory space lease expires on January 31, 2028[393](index=393&type=chunk) [Legal Proceedings](index=82&type=section&id=Item%203.%20Legal%20Proceedings) As of the report date, the company is not a party to any material legal proceedings - The company is not currently a party to any material legal proceedings[394](index=394&type=chunk) [Mine Safety Disclosures](index=82&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[395](index=395&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=83&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE American under the symbol "SER", with Juvenescence providing significant capital through warrant exercises and stock purchases in 2024 - The company's common stock is listed on the NYSE American under the symbol "**SER**"[398](index=398&type=chunk) - In June 2024, Juvenescence exercised warrants to purchase **377,865 shares** for **$5.0 million**[399](index=399&type=chunk) - In November 2024, Juvenescence entered into a stock purchase agreement to buy **1,000,000 shares** for **$10.0 million**, paid in two tranches (November 2024 and January 2025)[400](index=400&type=chunk)[401](index=401&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=83&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company reported a net loss of $11.2 million for 2024, a significant increase from 2023, primarily due to increased R&D and G&A expenses and the absence of one-time license revenue - The company's financial statements raise substantial doubt about its ability to continue as a going concern due to operating losses, negative cash flows, and the need for additional capital to fund operations within the next year[408](index=408&type=chunk)[444](index=444&type=chunk) Comparison of Years Ended December 31, 2024 and 2023 (in thousands) | | 2024 | 2023 | Increase/(Decrease) | | :--- | :--- | :--- | :--- | | **Total revenues** | **$ 56** | **$ 3,153** | **$ (3,097)** | | License revenues | $ — | $ 3,000 | $ (3,000) | | **Total operating expenses** | **$ 17,104** | **$ 6,282** | **$ 10,822** | | Research and development | $ 7,480 | $ 2,388 | $ 5,092 | | General and administrative | $ 9,624 | $ 3,894 | $ 5,730 | | **NET (LOSS) INCOME** | **$ (11,207)** | **$ 5,269** | **$ (16,476)** | - Research and development expenses increased by **$5.1 million** in 2024, primarily due to a **$1.9 million** increase in outside services for the SER-252 program and a **$1.8 million** increase in compensation expenses[437](index=437&type=chunk) - General and administrative expenses increased by **$5.7 million** in 2024, driven by a **$2.5 million** increase in compensation (including **$2.0 million** in stock-based compensation), and higher consulting, insurance, and legal fees associated with being a public company[438](index=438&type=chunk) [Financial Statements and Supplementary Data](index=94&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The audited consolidated financial statements for 2024 and 2023 are presented, with the auditor highlighting substantial doubt about the company's ability to continue as a going concern - The report from the independent registered public accounting firm includes a paragraph expressing substantial doubt about the company's ability to continue as a going concern[464](index=464&type=chunk) Key Balance Sheet Data (in thousands) | | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $ 3,672 | $ 7,619 | | Total Assets | $ 6,724 | $ 8,968 | | Total Liabilities | $ 6,216 | $ 4,858 | | Accumulated deficit | $ (44,318) | $ (33,177) | | Total stockholders' equity (deficit) | $ 508 | $ (32,294) | - The merger with AgeX was accounted for as a reverse recapitalization, with Legacy Serina as the accounting acquirer. The historical financial statements prior to the merger are those of Legacy Serina[542](index=542&type=chunk)[543](index=543&type=chunk) - The company classifies warrants issued in connection with the merger as liabilities, which are remeasured to fair value each reporting period. For the year ended Dec 31, 2024, this resulted in a **$13.2 million non-cash gain** from the change in fair value[595](index=595&type=chunk) [Controls and Procedures](index=143&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were not effective as of December 31, 2024, due to identified material weaknesses in internal control over financial reporting - Management determined that the company's disclosure controls and procedures were **not effective** as of December 31, 2024[662](index=662&type=chunk) - Material weaknesses were identified, including: insufficient qualified accounting personnel, lack of data validation, inadequate controls and segregation of duties, and reliance on manual reporting processes[666](index=666&type=chunk)[667](index=667&type=chunk) - A remediation plan has been initiated, which involves hiring experienced professionals, engaging consultants, developing standardized processes, and improving financial IT systems[669](index=669&type=chunk)[673](index=673&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=146&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) This section details the composition of the company's Board of Directors and executive leadership team, including key committee assignments and governance policies - The Board of Directors is composed of **seven members**, including CEO Steve Ledger and representatives with ties to major shareholder Juvenescence (Dr. Gregory H. Bailey and Dr. Richard Marshall)[678](index=678&type=chunk)[680](index=680&type=chunk)[682](index=682&type=chunk) - The executive team includes Steve Ledger as CEO, Gregory S. Curhan as CFO (via FLG Partners), Dr. Randall Moreadith as Chief Development Officer, and Dr. Srini Tenjarla as SVP of CMC & Formulation[691](index=691&type=chunk) - The company has established an Audit Committee, adopted a Code of Business Conduct and Ethics, and implemented an Insider Trading Policy in line with public company governance standards[685](index=685&type=chunk)[688](index=688&type=chunk)[689](index=689&type=chunk) [Executive Compensation](index=150&type=section&id=Item%2011.%20Executive%20Compensation) As a smaller reporting company, Serina provides reduced executive compensation disclosure, detailing salaries, bonuses, and stock option awards for its named executive officers in 2024 2024 Summary Compensation Table | Name and principal position | Year | Salary ($) | Bonus ($) | Option Awards ($) | All Other Compensation ($) | Total ($) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Steve Ledger, CEO | 2024 | 326,250 | 144,949 | 3,232,422 | — | 3,703,621 | | Gregory S. Curhan, CFO | 2024 | — | — | 1,447,750 | 252,663 | 1,700,413 | | Dr. Srinivas Tenjarla, SVP | 2024 | 171,875 | 89,453 | 1,519,960 | — | 1,781,288 | - CEO Steve Ledger's employment agreement provides for an annual base salary of **$450,000** and a target bonus of up to **50% of base salary**[704](index=704&type=chunk) - A new director compensation policy was adopted in 2024, providing non-employee directors with annual cash retainers (e.g., **$40,000 for board members**) and initial and annual stock option grants[714](index=714&type=chunk)[718](index=718&type=chunk)[720](index=720&type=chunk) [Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters](index=156&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details the beneficial ownership of the company's common stock as of March 1, 2025, highlighting Juvenescence Limited as the largest beneficial owner Security Ownership of 5% Stockholders | Name of Beneficial Owner | Number of Shares Beneficially Owned | Percentage of Shares Beneficially Owned | | :--- | :--- | :--- | | Juvenescence Limited and certain affiliates | 4,530,374 | 40.5 % | | Puffinus L.P. | 980,025 | 9.8 % | | Helen W. McMillan | 842,404 | 8.4 % | | Barbara M. Fisk | 536,279 | 5.4 % | | Randall Moreadith | 614,961 | 5.8 % | | Miguel Loya | 497,242 | 5.0 % | - As of March 1, 2025, all executive officers and directors as a group beneficially owned approximately **13.5%** of the company's common stock[728](index=728&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=159&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The company has extensive and complex related-party transactions, primarily with its largest shareholder, Juvenescence Limited, and confirms the independence of five board members - In connection with the merger, AgeX's legacy assets and certain liabilities, including secured debt owed to Juvenescence, were transferred to a subsidiary, UniverXome[732](index=732&type=chunk)[733](index=733&type=chunk) - In December 2024, the company sold the UniverXome subsidiary to Juvenescence. As consideration, Juvenescence assumed approximately **$11.3 million** of secured debt that UniverXome owed to it[763](index=763&type=chunk) - Prior to the merger, AgeX provided Legacy Serina with **$10.0 million** in financing via a convertible note, which was converted into equity and treated as a capital contribution at the time of the merger[764](index=764&type=chunk)[765](index=765&type=chunk) - Five directors (Gregory H. Bailey, Remy Gross, Richard Marshall, Karen J. Wilson, and Jay Venkatesan) are determined to be independent under NYSE American Company Guide rules[770](index=770&type=chunk) [Principal Accountant Fees and Services](index=165&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Following the merger, the company appointed Frazier & Deeter, LLC as its independent registered public accounting firm, with aggregate fees for 2024 and 2023 totaling $355,500 and $235,000 respectively Accountant Fees Billed (Fiscal Years 2024 & 2023) | | 2024 | 2023 | | :--- | :--- | :--- | | Audit Fees | $ 282,500 | $ 235,000 | | Audit Related Fees | $ 73,000 | $ — | | Tax Fees | $ — | $ — | | All Other Fees | $ — | $ — | | **Total Fees** | **$ 355,500** | **$ 235,000** | - On April 29, 2024, the Audit Committee appointed Frazier & Deeter, LLC as the company's independent registered public accounting firm, replacing WithumSmith+Brown, PC[771](index=771&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=167&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section provides a comprehensive list of all exhibits filed with or incorporated by reference into the Form 10-K, including merger agreements and corporate governance documents - The report includes a detailed list of exhibits, such as the Agreement and Plan of Merger, Amended Certificate of Incorporation, various debt and warrant agreements with Juvenescence, and the company's equity incentive plans[776](index=776&type=chunk)[777](index=777&type=chunk)[778](index=778&type=chunk) [Form 10-K Summary](index=173&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has not provided a summary for its Form 10-K - None[784](index=784&type=chunk)

[Serina Therapeutics Third Quarter 2024 Financial Results and Business Highlights](index=1&type=section&id=Serina%20Therapeutics%20Reports%20Third%20Quarter%202024%20Financial%20Results%20and%20Provides%20Business%20Highlights) [Recent Highlights](index=1&type=section&id=Recent%20Highlights) The company highlighted a collaboration with Enable Injections to enhance drug delivery for its Parkinson's disease candidate - The company is partnering with Enable Injections to combine its lead candidate **SER-252** with the **enFuse™ wearable drug delivery platform** for Advanced Parkinson's Disease treatment[2](index=2&type=chunk) [Third Quarter Operating Results](index=1&type=section&id=Third%20Quarter%20Operating%20Results) Net income decreased to $1.4 million in Q3 2024, as a significant rise in operating expenses offset higher other income Q3 2024 vs. Q3 2023 Financial Summary (in millions, except per share data) | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Grant Revenues | $0.014 | $0.029 | -51.7% | | Operating Expenses | $5.3 | $1.5 | +253.3% | | Other Income, net | $6.7 | $3.2 | +109.4% | | Net Income | $1.4 | $1.8 | -22.2% | | Diluted EPS | $0.13 | $0.23 | -43.5% | - **Research and development (R&D) expenses increased by $1.8 million** year-over-year to $2.4 million, driven by higher costs for headcount, patents, and outside research services[4](index=4&type=chunk) - **General and administrative (G&A) expenses grew by $2.0 million** year-over-year to $2.9 million, primarily due to stock compensation, consulting, and severance costs[5](index=5&type=chunk) [Liquidity and Going Concern](index=2&type=section&id=Liquidity%20and%20Going%20Concern) The company's current cash position is insufficient to fund operations for the next twelve months, raising going concern doubts - Cash, cash equivalents, and restricted cash totaled **$3.2 million** as of September 30, 2024[8](index=8&type=chunk) - Management has determined there is **substantial doubt about its ability to continue as a going concern** due to insufficient funding for the next twelve months[9](index=9&type=chunk) [Company and Technology Overview](index=2&type=section&id=Company%20and%20Technology%20Overview) [About SER-252 (POZ-apomorphine)](index=2&type=section&id=About%20SER-252%20(POZ-apomorphine)) SER-252 is an investigational therapy for Parkinson's disease designed for continuous stimulation, with clinical trials planned for 2025 - SER-252 is an investigational therapy for Parkinson's disease designed for **continuous dopaminergic stimulation (CDS)** to reduce motor complications[10](index=10&type=chunk) - Serina plans to advance **SER-252 to clinical testing in 2025**[10](index=10&type=chunk) [About the POZ Platform™](index=2&type=section&id=About%20the%20POZ%20Platform%E2%84%A2) The proprietary POZ Platform™ uses a synthetic polymer to improve drug profiles and is being pursued for licensing opportunities - The POZ technology uses a synthetic polymer to control drug release, aiming to **improve the safety and efficacy profiles** of drugs with narrow therapeutic windows[11](index=11&type=chunk) - The company's strategy includes out-licensing, highlighted by a **non-exclusive license agreement with Pfizer** for use in lipid nanoparticle (LNP) drug delivery[12](index=12&type=chunk) [About Serina Therapeutics](index=2&type=section&id=About%20Serina%20Therapeutics) Serina is a clinical-stage biotech company using its POZ Platform to develop drug candidates for neurological diseases - Serina is a clinical-stage biotechnology company developing drug candidates for neurological diseases using its **POZ Platform**[13](index=13&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a decline in assets and a significant increase in liabilities, widening the stockholders' deficit Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2024 (unaudited) | Dec 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $3,185 | $7,619 | | Total current assets | $5,423 | $7,619 | | **Total Assets** | **$7,435** | **$8,968** | | **Liabilities & Stockholders' Deficit** | | | | Total current liabilities | $13,514 | $1,413 | | Warrant liability | $6,744 | $— | | **Total Liabilities** | **$21,263** | **$4,858** | | Total stockholders' deficit | ($13,828) | ($32,294) | | **Total Liabilities & Stockholders' Deficit** | **$7,435** | **$8,968** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net income of $1.4 million for Q3 2024 but a significant net loss of $8.4 million for the nine-month period Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $14 | $29 | $70 | $66 | | Total Operating Expenses | $5,326 | $1,492 | $11,569 | $3,436 | | Loss from Operations | ($5,312) | ($1,463) | ($11,499) | ($3,370) | | Total Other Income, net | $6,695 | $3,215 | $3,044 | $7,588 | | **Net Income (Loss)** | **$1,383** | **$1,752** | **($8,455)** | **$4,218** | | **Diluted EPS** | **$0.13** | **$0.23** | **($1.24)** | **$0.57** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash used in operations increased significantly, and a net decrease in cash of $4.4 million was recorded for the nine-month period Cash Flow Summary for the Nine Months Ended September 30 (in thousands) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($12,548) | ($2,597) | | Net cash used in investing activities | ($17) | ($434) | | Net cash provided by financing activities | $8,181 | $10,080 | | **Net change in cash** | **($4,384)** | **$7,049** | | Cash at beginning of period | $7,619 | $532 | | **Cash at end of period** | **$3,235** | **$7,581** |