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 company reported net losses of $4.8 million for the three months ended March 31, 2025, compared to a net loss of $15.0 million for the same period in 2024, reflecting a decrease of $10.2 million [138]. - Other income net was $1.0 million for the three months ended March 31, 2025, compared to a net expense of $12.7 million in the same period in 2024, resulting in a $13.7 million improvement [141]. - The net loss for the three months ended March 31, 2025, was $4.8 million, compared to a net loss of $15.0 million in the same period in 2024 [152][154]. 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 $1.9 million increase [139]. - Total operating expenses for the three months ended March 31, 2025, were $5.9 million, compared to $2.3 million for the same period in 2024, indicating a $3.5 million increase [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]. - Net cash used in operating activities for the three months ended March 31, 2025, was $4.3 million, a 174.1% increase from $1.6 million in the same period in 2024 [151]. Cash and Financing - Cash and cash equivalents were reported at $4.3 million as of March 31, 2025 [117]. - As of March 31, 2025, the company had $4.3 million in cash and cash equivalents, with significant financing from the issuance of common stock and convertible notes prior to the merger [144]. - Net cash provided by financing activities for the three months ended March 31, 2025, was $4.9 million, an increase of 80.2% from $2.7 million in the same period in 2024 [155][156]. - The company may need to raise additional capital through equity offerings, debt financings, or other arrangements to fund operations for the foreseeable future [149]. Accumulated Deficit and Future Outlook - The company had an accumulated deficit of $49.1 million as of March 31, 2025 [117]. - 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 expects to incur substantial expenditures in the foreseeable future for the development of its product candidates and will require additional financing to continue this development [118]. - The company anticipates that research and development expenses, general and administrative expenses, and capital expenditures will continue to increase [148].
Serina Therapeutics, Inc.(SER) - 2025 Q1 - Quarterly Report