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Serina Therapeutics Inc. (SER-0.19%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a net loss of $11.2 million for 2024, compared to a net income of $5.3 million in 2023. The loss is attributed to increased research and development expenses and general administrative costs.
Research and development expenses rose to $7.5 million from $2.4 million in the previous year, driven by higher compensation expenses and increased spending on the development of SER 252, the company's lead product candidate.
General and administrative expenses increased to $9.6 million from $3.9 million, primarily due to higher personnel costs, legal fees, and consulting expenses.
The company reported total revenues of $56,000 in 2024, a decrease from $3.2 million in 2023, which included a one-time payment from a licensing agreement with Pfizer.
Serina Therapeutics highlighted its ongoing development of SER 252, a POZ-apomorphine conjugate for the treatment of Parkinson's disease, which is expected to enter Phase I clinical trials in 2025.
The filing also discusses the company's merger with AgeX Therapeutics, Inc., completed in March 2024, resulting in a reverse recapitalization for financial reporting purposes.
Serina Therapeutics' cash and cash equivalents stood at $3.7 million as of December 31, 2024, with the company acknowledging the need for additional financing to continue its operations and development activities.
The company does not anticipate generating product sales in the near future and plans to finance its operations through equity offerings, debt financings, and potential collaborations.
Serina Therapeutics' strategic focus remains on advancing its pipeline of drug candidates and exploring partnerships to leverage its POZ platform technology across various therapeutic areas.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Serina Therapeutics Inc. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.