Serina Therapeutics, Inc. 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements SERINA THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value amounts) June 30, 2026 December 31, 2025 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 23,024 $ 3,056 Prepaid expenses and other current assets 2,006 3,024 Total current assets 25,030 6,080 Property and equipment, net 482 465 Right of use assets - operating leases 277 377 Other long-term prepaid assets 25 29 TOTAL ASSETS $ 25,814 $ 6,951 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Accounts payable $ 1,858 $ 1,931 Accrued expenses 1,359 1,207 Warrant liability — 88 Other current liabilities 545 337 Total current liabilities 3,762 3,563 Warrant liability, non-current 113 283 Convertible Note, net 3,087 2,946 Operating lease liabilities, net of current portion 122 196 TOTAL LIABILITIES 7,084 6,988 Commitments and contingencies (Note 9) Stockholders’ equity (deficit): Series A convertible preferred stock, $ 0.0001 par value, 5,000 shares authorized; zero and 965 issued and outstanding at June 30, 2026 and December 31, 2025, respectively; liquidation preference of $ 0 and $ 5,000 at June 30, 2026 and December 31, 2025, respectively — 4,940 Common stock, $ 0.0001 par value, 125,000 and 40,000 shares authorized; 25,400 and 10,767 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 3 1 Additional paid-in capital 95,481 58,536 Accumulated other comprehensive loss — ( 14 ) Accumulated deficit ( 76,754 ) ( 63,500 ) TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 18,730 ( 37 ) TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) $ 25,814 $ 6,951 See accompanying notes to these condensed consolidated interim financial statements. 4 Table of Contents SERINA THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 REVENUES Grant revenues $ — $ 130 $ — $ 130 Total revenues — 130 — 130 OPERATING EXPENSES Research and development 3,816 3,152 7,015 6,103 General and administrative 2,968 2,543 6,049 5,450 Total operating expenses 6,784 5,695 13,064 11,553 Loss from operations ( 6,784 ) ( 5,565 ) ( 13,064 ) ( 11,423 ) OTHER INCOME (EXPENSE), NET Interest expense ( 203 ) ( 9 ) ( 392 ) ( 9 ) Change in fair value of warrants 50 ( 956 ) 154 33 Change in fair value of t