Revenue and Financial Performance - Revenues for Q3 2024 were $14 thousand, a decrease from $29 thousand in Q3 2023[3] - Total revenues for September 2024 were $14 million, a decrease from $29 million in September 2023[22] Operating Expenses - Operating expenses for Q3 2024 increased to $5.3 million from $1.5 million in Q3 2023[3] - General and administrative expenses for Q3 2024 increased to $2.9 million from $0.9 million in Q3 2023[5] - Net loss from operations was $(5.312) million in September 2024, compared to $(1.463) million in September 2023[22] Research and Development - Research and development expenses for Q3 2024 rose to $2.4 million, up from $0.6 million in Q3 2023[4] - Research and development expenses increased to $2.415 million in September 2024 from $603 thousand in September 2023[22] Net Income and Loss - Net income for Q3 2024 was $1.4 million, compared to $1.8 million in Q3 2023[7] - Change in fair value of warrants contributed $6.669 million to other income in September 2024, up from $596 thousand in September 2023[22] Cash and Liquidity - Cash, cash equivalents, and restricted cash totaled $3.2 million as of September 30, 2024[8] - The company anticipates insufficient cash to meet operating needs for the next 12 months, raising substantial doubt about its ability to continue as a going concern[9] - Net cash used in operating activities was $(12.548) million for the period ending September 2024, compared to $(2.597) million in the same period of 2023[23] - Cash, cash equivalents, and restricted cash decreased by $4.384 million to $3.235 million at the end of September 2024[23] Financing Activities - Proceeds from the exercise of Post-Merger Warrants by Juvenescence amounted to $4.988 million in September 2024[23] - Net cash provided by financing activities was $8.181 million in September 2024, down from $10.080 million in September 2023[23] - Issuance of common stock upon conversion of Preferred Stock totaled $36.404 million in September 2024[23] - Merger and issuance of common stock upon consummation of Merger on March 26, 2024, amounted to $961 thousand[23] Assets and Liabilities - Total assets as of September 30, 2024, were $7.435 million, down from $8.968 million at the end of 2023[18] Product Development and Partnerships - SER-252, an investigational apomorphine therapy, is planned for clinical testing in 2025[10] - The POZ Platform™ technology has potential for broad applications, including a non-exclusive license agreement with Pfizer for LNP drug delivery formulations[12]
Serina Therapeutics, Inc.(SER) - 2024 Q3 - Quarterly Results