Persistent cash burn is evident in the 2026Q1 free cash flow of -$4.6 million, which is only partially offset by $1.1 million in stock-based compensation.
| Cash from Operations | -18.2M | -17.95M | -17.14M | -2.48M | -2.08M | -2.25M | -7.82M | -10.16M | -8M | -6.29M | -8.43M |
| Operating CF Margin % | - | - | -30601.79% | -78.53% | -415.12% | -64.96% | -14475.93% | -587.96% | -572.71% | -447.65% | -505.82% |
| Operating CF Growth % | -13.96% | -4.77% | -592.12% | -19.29% | 7.78% | 71.21% | 23.06% | -27.08% | -27.21% | 25.42% | - |
| Net Income | -21.27M | -19.44M | -11.21M | 5.27M | -2.68M | -1.26M | -10.39M | -12.15M | -7.5M | -6.58M | -15.49M |
| Depreciation & Amortization | 75K | 73K | 194K | 90K | 61.27K | 33.37K | 1.25M | 951K | 535K | 682K | 845K |
| Stock-Based Compensation | 2.92M | 3.79M | 2.6M | 25K | 7.11K | 82.94K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.43M | -3.85M | -5.4M | -7.94M | 550.04K | -347.59K | 1.58M | 1.45M | -1.24M | -1.16M | 4.91M |
| Working Capital Changes | 1.52M | 1.47M | -3.32M | 81K | -11.94K | -754.79K | -260K | -410K | 211K | 776K | 1.31M |
| Change in Receivables | 0 | 0 | 65K | 0 | 1.11K | 1.27M | -30K | -232K | -24K | 322K | -57K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.65M | 1.2M | -1.66M | 393K | -2.13K | -367.29K | 382K | 169K | 648K | 267K | 1.24M |
| Cash from Investing | -84K | -59K | -22K | -504K | 980.94K | 823.32K | -20K | -361K | 1.33M | 5K | -28K |
| Capital Expenditures | -84K | -59K | -22K | -504K | -9.68K | -108.43K | -20K | -641K | -1.89M | -1K | -23K |
| CapEx % of Revenue | 64.62% | - | 39.29% | 15.98% | 1.94% | 3.13% | 37.04% | 37.09% | 135.6% | 0.07% | 1.38% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -74K | 5K | 6K | -5K |
| Cash from Financing | 38.55M | 17.41M | 13.21M | 10.07M | 1.31M | 1.08M | 5.96M | 6.26M | 6M | 13.28M | 7.25M |
| Debt Issued (Net) | 4.91M | 4.91M | 2.88M | 10.05M | 1.31M | -12.91K | 5.96M | 1.76M | 0 | 0 | 0 |
| Equity Issued (Net) | 33.64M | 12.5M | 5M | 15K | 4.42K | 90.15K | 0 | 4.5M | 6M | 11.97M | 2.45M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 5.34M | 0 | 0 | 1M | 0 | 0 | 0 | 1.3M | 4.81M |
| Net Change in Cash | 20.26M | -616K | -3.95M | 7.09M | 217.38K | -350.21K | -1.82M | -4.36M | -668K | 7.12M | -1.2M |
| Free Cash Flow | -18.24M | -17.95M | -17.16M | -2.98M | -2.09M | -2.36M | -7.84M | -10.8M | -9.89M | -6.29M | -8.45M |
| FCF Margin % | -14030% | - | -30641.07% | -94.51% | -417.06% | -68.09% | -14512.96% | -625.06% | -708.31% | -447.72% | -507.2% |
| FCF Growth % | 8.3% | -4.64% | -475.81% | -42.9% | 11.61% | 69.9% | 27.44% | -9.23% | -57.3% | 25.61% | - |
| FCF per Share | -1.51 | -1.76 | -2.33 | -0.35 | -1.93 | -2.19 | -7.32 | -10.19 | -9.96 | -6.17 | -8.29 |
| FCF Conversion (FCF/Net Income) | 0.86x | 0.94x | 1.54x | -0.47x | 0.77x | 1.78x | 0.72x | 0.84x | 1.07x | 0.96x | 0.54x |
| Interest Paid | 0 | 0 | 0 | 0 | 15.88K | 3.09K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to recent financial filings, the persistent gap between net income and operating cash flow, highlighted by an OCF/NI ratio of 0.66 in 2026Q1, suggests that non-cash items and accruals are significantly obscuring the underlying cash-based operational deficit inherent in the company's current clinical-stage business model.
The divergence between reported net income and actual cash outflows indicates that accounting adjustments, likely including stock-based compensation, are masking the true velocity of capital depletion. Investors should monitor this relationship closely, as the inability to generate positive operating cash flow suggests a structural reliance on external financing to sustain R&D activities.
As reported in quarterly financial statements, Serina Therapeutics has consistently posted negative free cash flow, with the most recent 2026Q1 figure of -$4.6 million underscoring a persistent cash-burning trajectory that remains decoupled from any meaningful revenue generation or operational self-sufficiency within the current clinical development cycle.
The consistent negative FCF trajectory reflects the high fixed costs associated with advancing the POZ platform through clinical trials. This trend suggests that without a significant shift toward partnership-driven milestones, the company will continue to face substantial pressure on its limited liquidity reserves.
Based on the provided cash flow data, working capital fluctuations have been erratic, with a $508,000 contribution in 2026Q1 following a $1.1 million outflow in 2025Q4, indicating that the company's short-term liquidity management is highly sensitive to the timing of clinical trial payments and vendor obligations.
These swings in working capital appear to be driven by the timing of R&D-related payables rather than operational efficiency. Such volatility warrants further investigation, as it may indicate an attempt to manage cash runway by delaying or accelerating payments to clinical research organizations.
Data from recent financial disclosures reveals that stock-based compensation, such as the $1.1 million recorded in 2026Q1, serves as a significant non-cash add-back that artificially improves the appearance of operating cash flow while failing to address the company's actual, ongoing cash-based operational requirements.
By relying on equity-based incentives to manage compensation, the company preserves cash but dilutes existing shareholders, a strategy that appears necessary given the current burn rate. Analysts should adjust for these non-cash expenses to determine the true economic cost of maintaining the firm's research and development infrastructure.
Quick answers to the most common questions about buying SER stock.
Serina Therapeutics, Inc. (SER) generated $-18.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Serina Therapeutics, Inc. (SER) reported negative free cash flow of $18.0M in 2025, indicating capital requirements exceeded cash from operations.
Serina Therapeutics, Inc. (SER) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.