--- title: "Serina Therapeutics sets up $13,270,500 at-the-market share sales program" url: "https://aibio.space/news/serina-therapeutics-sets-up-13-270-500-market-share-sales-program/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-04-28" section: "Financings" tickers: "AMEX:SER" source: "https://www.sec.gov/Archives/edgar/data/1708599/000162828025020112/serinatherapeutics-atmform.htm" summary: "Serina can sell up to $13,270,500 of stock through JonesTrading, which earns up to a 3.0% commission. Its auditor has raised going concern doubt, its lead" --- By the aibio.space news desk. Sources - [Serina Therapeutics, Inc. 424B5 (2025-04-28)](https://www.sec.gov/Archives/edgar/data/1708599/000162828025020112/serinatherapeutics-atmform.htm) - [Serina Therapeutics, Inc. 8-K (2025-04-29)](https://www.sec.gov/Archives/edgar/data/1708599/000170859925000048/ser-20250425.htm) - [Serina Therapeutics, Inc. 10-K (2025-03-24): business](https://www.sec.gov/Archives/edgar/data/1708599/000170859925000027/age-20241231.htm) [SER](https://aibio.space/companies/serina-therapeutics/) 2025-04-28 # Serina Therapeutics sets up $13,270,500 at-the-market share sales program Tickers [SER](https://aibio.space/companies/serina-therapeutics/) Serina can sell up to $13,270,500 of stock through JonesTrading, which earns up to a 3.0% commission. Its auditor has raised going concern doubt, its lead drug is still preclinical, and the program's size is capped by an SEC float rule. ## Key facts - **Company**: Serina Therapeutics, Inc. (AMEX: SER) - **News type**: Financings - **Primary source**: [Serina Therapeutics, Inc. 424B5 (2025-04-28)](https://www.sec.gov/Archives/edgar/data/1708599/000162828025020112/serinatherapeutics-atmform.htm) *The lower Manhattan skyline. CC0, via rawpixel. The picture shows the field, not the companies named.* Serina Therapeutics, Inc. signed a Capital on Demand Sales Agreement with JonesTrading Institutional Services LLC on April 25, 2025, for an at-the-market program of up to $13,270,500 of common stock. The 8-K describing it was filed April 29, 2025. Jones is the sales agent, and Serina may sell shares at its sole discretion on the NYSE American, where the stock trades as SER. The last reported sales price on April 24, 2025 was $6.09 per share. Serina will pay Jones up to 3.0% of the gross sales price of shares it sells. Jones will be deemed an underwriter under the Securities Act, and Serina has agreed to provide indemnification and contribution for liabilities under the Securities Act and the Exchange Act. It will also reimburse Jones's counsel fees and disbursements, up to $50,000 payable on signing, plus certain ongoing legal disbursements. Bradley Arant Boult Cummings LLP will pass on legal matters for Serina. Ellenoff Grossman & Schole LLP represents Jones. Frazier & Deeter, LLC audited Serina's financial statements for 2024 and 2023, and its audit report carries an explanatory paragraph on Serina's ability to continue as a going concern. ## Why the program is this size The program's size follows an SEC limit on shelf sales by smaller companies. The supplement puts Serina's public float at about $39.8 million, based on 9,967,381 shares outstanding, of which 6,537,219 are held by non-affiliates, at $6.09 per share. On that basis Serina is eligible to sell up to about $13,270,554 of securities, of which up to $13,270,500 may go through the Jones agreement. While non-affiliate market value stays below $75.0 million, the company may not sell more than one-third of its public float in any twelve-month period. The supplement says Serina sold no shares under that rule in the prior twelve months. The company intends to use the proceeds, together with its existing cash and cash equivalents, to fund research and development of current or additional product candidates, with the remainder going to working capital and other general corporate purposes. The supplement does not state the cash balance, so the program's size cannot be set against the company's resources. ## Share count and dilution Serina had 9,967,381 shares outstanding as of March 31, 2025. The supplement's count excludes 60,000 shares under options from its 2024 Inducement Equity Plan, with exercise prices from $4.50 to $5.30, and 1,732,792 shares under options from its 2024 Equity Incentive Plan. It also excludes 367,000 shares under Post-Merger Warrants at $13.20, 378,000 under Incentive Warrants at $18.00, and 756,000 under Replacement Incentive Warrants. The first two warrant prices sit above the $6.09 reference price. The supplement warns that buyers may suffer dilution, and that options, equity or convertible debt issued later would add to it. Sale prices will vary, and holders may see their shares lose value if sales are made below the price they paid. ## The business behind the stock Serina describes itself as a clinical-stage biotechnology company developing wholly owned drug candidates for neurological diseases. Its POZ platform is a polymer technology meant to replace polyethylene glycol, or PEG, in attaching drugs to a carrier. The company says POZ is cheaper to make and does not build up in tissues in its preclinical studies, unlike PEG. It also says it has not compared PEG and POZ conjugates in humans. Its lead product candidate, SER 252, is a POZ conjugate of apomorphine for Parkinson's disease and remains in preclinical development. The company says it is designed for delivery by subcutaneous injection one to two times a week. Its first POZ drug in humans, SER 214, a POZ conjugate of rotigotine, completed a Phase Ia study in 19 subjects. Serina says it is not advancing SER 214 internally and intends to potentially out-license it. The company has received no FDA approval for any product candidate. ## What the filing leaves open The going concern paragraph, the preclinical lead and the one-third float limit frame what this program can raise. The supplement gives no date for the lead program to reach human testing. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story SER Serina Therapeutics, Inc. AMEX ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/serina-therapeutics-sets-up-13-270-500-market-share-sales-program/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Serina Therapeutics sets up $13,270,500 at-the-market share sales program", 2025-04-28, https://aibio.space/news/serina-therapeutics-sets-up-13-270-500-market-share-sales-program/