Serina Therapeutics has entered into an agreement to access up to $20 million in financing led by board director Greg Bailey, MD, structured via an unsecured convertible note in five tranches tied to clinical and operational milestones, according to the company. The financing includes warrants, which, if fully issued and exercised, could generate an additional $20 million.
The planned disbursement schedule provides up to $5 million by October 1, 2025; $2.5 million upon enrollment of the Phase 1b first patient (on or after December 15, 2025); another $2.5 million after enrollment of the second patient; $5 million upon dosing of the last patient in Cohort 1 (on or after March 15, 2026); and $5 million upon dosing of the first patient in Cohort 2 (on or after April 30, 2026).
The notes mature in five years and are convertible into common stock at $5.18 per share, equivalent to Serina’s closing stock price on September 8, 2025. They carry a 10% annual interest rate, payable quarterly after the first year, and are prepayable without penalty. Each tranche includes 100% warrant coverage, with warrants priced at $5.44 and expiring 60 days after dosing of the first patient in Cohort 2 or on September 30, 2026.
Serina plans to submit its U.S. IND application in the fourth quarter of 2025, incorporating recent feedback from the FDA, and expects to begin dosing patients in Australia late in 2025 as part of a global registrational study, with U.S. enrollment anticipated in the first quarter of 2026. The Phase 1b trial (SER-252-1b) is a randomized, double-blind, placebo-controlled study including single-ascending-dose and multiple-ascending-dose components to assess safety, tolerability, and pharmacokinetics of subcutaneous SER-252 in adults with Parkinson’s disease and motor fluctuations, with exploratory efficacy endpoints.
