AgeX Therapeutics(AGE) - 2025 Q1 - Quarterly Results

Business Highlights 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][6] - 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] - Appointed two new experienced biotech leaders, Karen J. Wilson and Dr. Jay Venkatesan, to the Board of Directors[7] - 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] Financial Results Serina reported a reduced net loss of $4.8 million in Q1 2025, driven by other income gains despite increased operating expenses Operating Results 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] - 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][8] - 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] Liquidity and Financial Position 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] - 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] Corporate and Platform Overview 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 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] - 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] About the POZ Platform™ 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] - 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] - 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] About SER-252 (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] - Preclinical studies support the potential of SER-252 to provide CDS without causing skin reactions[15] - Serina plans to advance SER-252 to clinical testing in 2025[15] Consolidated Financial Statements (Unaudited) This section presents Serina Therapeutics' unaudited Q1 2025 consolidated financial statements, detailing assets, net loss, and cash flow changes Condensed Consolidated Balance Sheets 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 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 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 |