On this page of StockholderLetter.com we present the latest annual shareholder letter from Eterna Therapeutics Inc. — ticker symbol ERNA. Reading current and past ERNA letters to shareholders can bring important insights into the investment thesis.
1035 Cambridge Street, Suite 18 A, Cambridge MA 02141 617-798-6700 April 14, 2025 Subject: Eterna Therapeutics Is Now Ernexa Therapeutics Dear Shareholders, As we step into 2025 with renewed focus and momentum, I m honored to share an update on our significant progress. Over the past several months, we have undergone a strategic transformation one rooted in clarity of mission and scientific ambition. This evolution began with a deliberate repositioning of the company, including a comprehensive financial restructuring and, most recently, the successful closing of a new funding round. A New Identity, A Sharpened Purpose Last month, we announced our new name. We are no longer Eterna Therapeutics; we are now Ernexa Therapeutics. This wasn t just a rebranding it was a declaration of intent. With this new identity, we embraced a sharper focus on delivering high-impact cell therapies for patients with critical unmet needs, beginning with our lead program in ovarian cancer, as well as autoimmune disease. We are no longer focused solely on advancing an innovative platform we are now committed to delivering transformative treatments with real clinical impact. Our new tagline, Breaking Through Defenses, Delivering Hope, embodies both our scientific innovation and our commitment to patients. Strengthening Our Foundation In late 2024, we took decisive steps to restructure financially. By discontinuing a costly lease and reducing our debt, we unlocked approximately $72 million in estimated savings over the next eight years and improved our balance sheet. This restructuring was not simply about cutting costs it was about clearing the path to execute our strategic vision with greater agility and resilience. Our financial progress has continued in 2025 with the successful signing of a $7.25 million private placement. The closing of the first tranche of this transaction, completed in early April, brought in $1.1 Breaking Through Defenses, Delivering Hope
1035 Cambridge Street, Suite 18 A, Cambridge MA 02141 617-798-6700 million in proceeds. Upon shareholder approval at our upcoming annual meeting on June 2, we anticipate completing the second tranche for receipt of the remaining $6.15 million. This raise follows the $5 million PIPE investment we secured in 2024. Together, these rounds provide vital support for our lead program and future growth. Advancing Our Lead Program Our scientific momentum is building. We continue to advance ERNA-101, our proprietary iMSC (induced mesenchymal stem cell) product. ERNA-101 represents a novel and differentiated approach for patients with aggressive cancers, starting with ovarian cancer where treatment options remain limited and outcomes poor. We are currently focused on IND-enabling studies, with a target submission by 2026. Every step we take is guided by our mission: to transform the lives of patients with advanced cancer and autoimmune disease through breakthrough cell therapies. Looking Ahead These are exciting and pivotal times at Ernexa. We are operating with renewed clarity, strengthened by strategic decisions and driven by a singular focus on impact. We re grateful to have you, our shareholders, as partners on this journey. Your continued support fuels our work, and we remain committed to delivering long-term value as we bring innovative therapies closer to the patients who need them most. With appreciation, Sanjeev Luther President & Chief Executive Officer Ernexa Therapeutics Inc. Email: Sanjeev.Luther@ernexatx.com Laser Focus with Relentless Execution Breaking Through Defenses, Delivering Hope
 • shareholder letter icon 4/14/2025 Letter Continued (Full PDF)
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ERNA Shareholder/Stockholder Letter Transcript:

1035 Cambridge Street, Suite 18 A,
Cambridge MA 02141
617-798-6700
April 14, 2025
Subject: Eterna Therapeutics Is Now Ernexa Therapeutics
Dear Shareholders,
As we step into 2025 with renewed focus and momentum, I   m honored to share an update on our
significant progress.
Over the past several months, we have undergone a strategic transformation     one rooted in clarity of
mission and scientific ambition. This evolution began with a deliberate repositioning of the company,
including a comprehensive financial restructuring and, most recently, the successful closing of a new
funding round.
A New Identity, A Sharpened Purpose
Last month, we announced our new name. We are no longer Eterna Therapeutics; we are now Ernexa
Therapeutics. This wasn   t just a rebranding     it was a declaration of intent. With this new identity, we
embraced a sharper focus on delivering high-impact cell therapies for patients with critical unmet needs,
beginning with our lead program in ovarian cancer, as well as autoimmune disease.
We are no longer focused solely on advancing an innovative platform     we are now committed to
delivering transformative treatments with real clinical impact. Our new tagline,    Breaking Through
Defenses, Delivering Hope,    embodies both our scientific innovation and our commitment to patients.
Strengthening Our Foundation
In late 2024, we took decisive steps to restructure financially. By discontinuing a costly lease and
reducing our debt, we unlocked approximately $72 million in estimated savings over the next eight years
and improved our balance sheet. This restructuring was not simply about cutting costs     it was about
clearing the path to execute our strategic vision with greater agility and resilience.
Our financial progress has continued in 2025 with the successful signing of a $7.25 million private
placement. The closing of the first tranche of this transaction, completed in early April, brought in $1.1
Breaking Through Defenses, Delivering Hope

1035 Cambridge Street, Suite 18 A,
Cambridge MA 02141
617-798-6700
million in proceeds. Upon shareholder approval at our upcoming annual meeting on June 2, we
anticipate completing the second tranche for receipt of the remaining $6.15 million. This raise follows
the $5 million PIPE investment we secured in 2024. Together, these rounds provide vital support for our
lead program and future growth.
Advancing Our Lead Program
Our scientific momentum is building. We continue to advance ERNA-101, our proprietary iMSC
(induced mesenchymal stem cell) product. ERNA-101 represents a novel and differentiated approach for
patients with aggressive cancers, starting with ovarian cancer where treatment options remain limited
and outcomes poor.
We are currently focused on IND-enabling studies, with a target submission by 2026. Every step we take
is guided by our mission: to transform the lives of patients with advanced cancer and autoimmune
disease through breakthrough cell therapies.
Looking Ahead
These are exciting and pivotal times at Ernexa. We are operating with renewed clarity, strengthened by
strategic decisions and driven by a singular focus on impact. We   re grateful to have you, our
shareholders, as partners on this journey. Your continued support fuels our work, and we remain
committed to delivering long-term value as we bring innovative therapies closer to the patients who
need them most.
With appreciation,
Sanjeev Luther
President & Chief Executive Officer
Ernexa Therapeutics Inc.
Email: Sanjeev.Luther@ernexatx.com
   Laser Focus with Relentless Execution   
Breaking Through Defenses, Delivering Hope



shareholder letter icon 4/14/2025 Letter Continued (Full PDF)
 

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