Financial Performance - Revenues for the first quarter of 2025 were not material, remaining at $0 compared to $5,000 in the same period of 2024[4] - Operating expenses increased to $5.9 million in Q1 2025 from $2.3 million in Q1 2024, representing a 155% increase[4] - Research and development expenses rose to $3.0 million in Q1 2025, up from $1.1 million in Q1 2024, marking a 173% increase[5] - General and administrative expenses were $2.9 million in Q1 2025, compared to $1.2 million in Q1 2024, reflecting a 142% increase[6] - The net loss attributable to Serina for Q1 2025 was $4.8 million, or $(0.49) per share, significantly improved from a net loss of $15.0 million, or $(5.38) per share, in Q1 2024[10] - Net loss for the three months ended March 31, 2025, was $4.822 million, compared to a net loss of $15.015 million for the same period in 2024[25] Cash Flow and Financing - Cash and cash equivalents totaled $4.3 million as of March 31, 2025, with projections indicating sufficient funds to last through Q3 2025[11] - Serina secured $15 million in equity financing since late 2024, including a $10 million investment from JuvVentures and a $5 million private placement[7] - Net cash used in operating activities increased to $4.322 million from $1.577 million year-over-year[25] - Cash and cash equivalents at the end of the period were $4.267 million, down from $8.756 million at the end of the same period in 2024[25] - Net cash provided by financing activities was $4.917 million, compared to $2.728 million in the previous year[25] - The company drew down on loan facilities from Juvenescence, resulting in no cash outflow reported for the current period[25] Operational Developments - The company is on track to dose the first patient in the Phase 1b clinical trial of SER-252 for advanced Parkinson's disease by Q4 2025[6] - New data presented at a summit showed Serina's POZ-lipid did not trigger an immune response, indicating potential for safer LNP formulations[7] Changes in Financial Position - Other income for Q1 2025 was $1.0 million, a turnaround from a net expense of $12.7 million in Q1 2024, indicating a $13.7 million improvement[9] - Stock-based compensation increased significantly to $956,000 from $53,000 year-over-year[25] - The company reported a change in fair value of convertible promissory notes, which was $0 in the current period compared to $7.017 million in the previous year[25] - The company had a significant increase in accounts payable, which rose to $441,000 from $244,000 year-over-year[25] - The issuance of common stock upon conversion of Preferred Stock was $0 in the current period, compared to $36.404 million in the previous year[25] - The merger and issuance of common stock upon consummation of the merger on March 26, 2024, resulted in $0 in the current period, compared to $961,000 in the previous year[25]
Serina Therapeutics, Inc.(SER) - 2025 Q1 - Quarterly Results