MeritValue

Serina Therapeutics, Inc.

SERdata completeness 88%9 fiscal years on file
The thesis, from the filings

Serina Therapeutics, Inc. earns about -1738% on equity, and has bought back 73% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$144,0001$34,0002$3.15M3$56,0004$130,0004
Net income−$8.68M5−$10.5M6$5.27M7−$11.1M8−$19.2M8
Operating cash flow−$7.86M9−$5.94M10−$2.48M11−$17.1M12−$18M12
Capital expenditure——$504,00013$22,00014$59,00014
Free cash flow (derived)——−$2.98M11−$17.2M12−$18M12
Total debt$13.2M15$18.1M15———
Cash & equivalents$584,00016$645,00017$7.62M18$3.67M19$3.06M19
Diluted shares37.9M1,0797.4M7.4M10.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$0.04
your share of equity
Profit it earned you last year
−$18.82
Free cash flow it threw off
−$17.68
Debt you’d be carrying
—

10 shares is a claim on −$0.04 of net worth that earned you −$18.82 and generated −$17.68 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-1738% avg · 5y
FY21 —FY22 —FY23 —FY24 -1738%FY25 —

It earned an average -1738% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−73% shares · 5y

Share count is down 73% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 37% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-010285 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011022 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001708599-25-000027 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001708599-26-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010285 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011022 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001708599-25-000027 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001708599-26-000016 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010285 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011022 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001708599-25-000027 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001708599-26-000016 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-12-31 · accession 0001708599-25-000027 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2024-12-31 · accession 0001708599-26-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-23-010285 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-23-010285 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-24-011022 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001708599-25-000027 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001708599-26-000016 (CashAndCashEquivalentsAtCarryingValue)