Clinical Trial Failures: The success of Serina's drug candidates depends heavily on positive results from ongoing and future clinical trials, and there is no guarantee that any of its product candidates will achieve the primary or secondary endpoints in clinical trials or gain regulatory approval.

Regulatory Approval Uncertainty: Even if clinical trials are successful, Serina may not obtain the necessary regulatory approvals from the FDA or comparable foreign regulatory authorities for its product candidates in a timely manner or at all, which would significantly delay or prevent commercialization.

Future Funding Required: Developing pharmaceutical products is capital-intensive, and Serina will require substantial additional funding to complete the development and commercialization of its product candidates, which may not be available on favorable terms or at all.