Flatter Drug Delivery Opens a New World With the POZ-Fleet Close to a Proof-of-Platform Landing. Initiating at Buy with an $8 PT.

Research evidence excerpt

Flatter Drug Delivery Opens a New World With the POZ-Fleet Close to a Proof-of-Platform Landing. Initiating at Buy with an $8 PT.

Investment Thesis

An investment in Serina is based on the expectation that SER-252 will become an important drug in the treatment of OFF episodes

in PD patients. The market is huge and the current drugs for these patients are all difficult to use. The first data in PD patients

should start to appear around the end of 2026 with continuous readouts from other cohorts over the next 18 months or so. The

data for SER-252 also have the potential to broadly validate the POZ platform that converts short-acting and troublesome drugs

into extended release formulations with an improved efficacy/tolerability profile. Validation of the POZ platform supports the idea

that POZ can be a polymer akin to PEG - one of the most versatile agents across the drug discovery landscape.BIOTECHNOLOGY Upcoming Catalysts Price Performance

■ 3Q 2026 – SER-252 interim Ph 1b data (cohort 1) $8

■ 1Q 2027 – SER-252 final Ph1b SAD clinical data $7

■ 4Q 2027 – SER-270 IND-enabling studies initiated (POZ-VMAT2 inhibitor for Tardive $6EQUITY dyskinesia) $5

$4

Base Case Assumptions: $8 Price Target $3 $2

■ Upcoming data for SER-252 show a clean safety profile with few discontinuations $1RESEARCH of patients on drug. The efficacy for SER-252 is about in line at reducing OFF Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 episodes as would be expected for similar doses of apomorphine delivered by other

approaches. SERS&P 500 (rebased)

Source: FactSet ■ SER-252 for Advanced Parkinson's disease - 50% POS, 2031 market entry, 10%

peak penetration for advanced PD patients inadequately controlled on orals, $110K

annual price Company Description