Serina Therapeutics reported a net loss of $4.6 million for the third quarter ended September 30 2025, compared with a $1.4 million net income for the same period a year earlier. Operating expenses rose to $6.4 million, driven by $3.6 million in research and development costs that increased from $2.4 million. General and administrative expenses fell slightly to $2.7 million from $2.9 million, while other income dropped to $1.8 million from $6.7 million. Cash and cash equivalents stood at $8.6 million as of September 30, 2025, up from $6.0 million at the end of June.
The loss reflects Serina’s continued investment in its pipeline, particularly the accelerated development of its POZ‑based candidates. With no revenue disclosed, the company remains in a pre‑revenue stage and has disclosed substantial doubt about its ability to continue as a going concern. The FDA’s recent clinical hold on the IND for the lead candidate SER‑252 adds a regulatory headwind that could delay milestone‑based funding and further strain cash resources.
Comparing to the prior quarter, operating expenses in Q2 2025 were $5.7 million and R&D costs were $3.2 million, indicating a steady rise in research spend. The nine‑month cash burn was $11.9 million, underscoring the company’s rapid depletion of reserves even as cash balances increased from $6.0 million to $8.6 million.
CEO Steve Ledger emphasized that the FDA’s support for a 505(b)(2) pathway and recognition of the Phase 1b trial as registrational are strategic milestones, but he also acknowledged the impact of the IND hold and the need to secure additional financing to sustain operations.
Serina secured up to $20 million in a convertible note and warrant financing in September 2025, drawing $5 million, and an ATM program generated $2.8 million in net proceeds. Despite these inflows, the company’s cash runway remains limited, and the liquidity warning remains a key concern for investors.
Investors remain cautious, weighing the company’s aggressive R&D investment and regulatory setbacks against the potential upside of its POZ platform and lead candidate. The market’s focus on liquidity and the FDA hold highlights the near‑term risks that could impact the company’s ability to progress its pipeline and raise additional capital.
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