Serina Therapeutics, Inc.
For the period ended Dec 31, 2024. Filed Mar 24, 2025.
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FY2024 · Filed Mar 24, 2025
SER$1.430.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| OPERATING ACTIVITIES: | ||
| Net (loss) income | $(11,207) | $5,269 |
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
| Depreciation and amortization | 194 | 90 |
| Non-cash lease expense | 227 | 174 |
| Non-cash interest expense on convertible promissory note | 164 | 558 |
| Amortization of debt issuance costs | 345 | — |
| Stock-based compensation | 2,595 | 25 |
| Fair value inception adjustment on convertible promissory note | — | (2,240) |
| Change in fair value of convertible promissory notes | 7,017 | (5,356) |
| Change in fair value of warrants | (13,156) | (1,077) |
| Changes in operating assets and liabilities: | ||
| Grant receivable | 65 | — |
| Prepaid expenses and other current assets | (1,906) | 16 |
| Accounts payable | (1,661) | 393 |
| Accrued expenses | 400 | (140) |
| Operating lease liabilities | (214) | (188) |
| Net cash used in operating activities | (17,137) | (2,476) |
| INVESTING ACTIVITIES: | ||
| Purchase of property and equipment | (22) | (504) |
| Net cash used in investing activities | (22) | (504) |
| FINANCING ACTIVITIES: | ||
| Proceeds from the issuance of common stock and warrants to Juvenescence | 5,000 | — |
| Drawdown on loan facilities from Juvenescence | 3,043 | — |
| Cash and restricted cash acquired in connection with the Merger | 337 | — |
| Proceeds from the exercise of stock options | 12 | 15 |
| Proceeds from the exercise of Post-Merger Warrants by Juvenescence | 4,988 | — |
| Proceeds from the issuance of convertible promissory notes | — | 10,100 |
| Principal repayment on loan facilities to Juvenescence | (133) | — |
| Principal repayments on finance lease liabilities | (35) | (48) |
| Net cash provided by financing activities | 13,212 | 10,067 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (3,947) | 7,087 |
| CASH AND CASH EQUIVALENTS: | ||
| At beginning of the year | 7,619 | 532 |
| At end of the year | $3,672 | $7,619 |
| SUPPLEMENTAL SCHEDULE OF NONCASH FINANCING AND INVESTING ACTIVITIES: | ||
| Property and equipment purchases payable as of December 31 | $— | $44 |
| Right of use asset acquired in exchange for operating lease liabilities | $— | $755 |
| Conversion of convertible promissory notes and warrants issued | $— | $1,137 |
| Issuance of common stock upon conversion of Preferred Stock | $36,404 | $— |
| Merger and issuance of common stock upon consummation of Merger on March 26, 2024 | $961 | $— |
|---|---|---|
| Deemed dividend from issuance of warrants | $18,501 | $— |
| Derecognition of Post Merger and Incentive Warrants liability upon exchange transaction | $(1,799) | $— |
| Issuance of common stock warrants upon exchange transaction | $1,407 | $— |
| Issuance of warrants upon exercise of Post-Merger warrants | $1,372 | $— |
| Extinguishment of debt upon sale of subsidiary | $10,786 | $— |
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