diff --git a/scache/src/main/scala/com/evolution/scache/SerialMap.scala b/scache/src/main/scala/com/evolution/scache/SerialMap.scala
index 9003b4c2..23ec59ef 100644
--- a/scache/src/main/scala/com/evolution/scache/SerialMap.scala
+++ b/scache/src/main/scala/com/evolution/scache/SerialMap.scala
@@ -1,8 +1,8 @@
 package com.evolution.scache
 
 import cats.Applicative
+import cats.effect.Concurrent
 import cats.effect.implicits.*
-import cats.effect.{Concurrent, Ref}
 import cats.syntax.all.*
 import com.evolutiongaming.catshelper.{Runtime, SerialRef}
 
@@ -122,44 +122,45 @@ object SerialMap { self =>
 
       def modify[A](key: K)(f: Option[V] => F[(Option[V], A)]) = {
 
-        def remove = cache.remove(key)
-
-        def adding(added: Ref[F, Boolean]) = {
-          for {
-            _ <- added.set(true)
-            serialRef <- SerialRef[F].of(State.empty[V])
-          } yield serialRef
+        def remove(serialRef: SerialRef[F, State[V]]) = {
+          cache.modify(key) {
+            case Some(current) if current eq serialRef => ((), Cache.Directive.Remove)
+            case _ => ((), Cache.Directive.Ignore)
+          }
         }
 
-        def modify(serialRef: SerialRef[F, State[V]], added: Ref[F, Boolean]) = {
+        def modify(serialRef: SerialRef[F, State[V]]) = {
 
           def modify(state: State[V]) = {
 
             def onValue(value: Option[V]) = {
-              f(value).attempt.map {
+              f(value).attempt.map[(State[V], F[A])] {
                 case Right((Some(value), a)) =>
                   val state = State.full(value)
                   val fa = a.pure[F]
                   (state, fa)
 
                 case Right((None, a)) =>
-                  val state = State.removed
-                  val fa = remove.as(a)
+                  val state = State.removed[V]
+                  val fa = remove(serialRef).as(a)
+                  (state, fa)
+
+                case Left(error) if state == State.Empty =>
+                  // let [possible] waiting next caller retry with new value
+                  val state = State.removed[V]
+                  val fa = remove(serialRef) *> error.raiseError[F, A]
                   (state, fa)
 
                 case Left(error) =>
-                  val fa = for {
-                    added <- added.get
-                    _ <- if (added) remove.void else ().pure[F]
-                    a <- error.raiseError[F, A]
-                  } yield a
+                  val fa = error.raiseError[F, A]
                   (state, fa)
               }
             }
 
             def onRemoving = {
               val state = State.removed[V]
-              val fa = self.modify(key)(f)
+              // remove own `serialRef` - it might have not been removed, if it was still in `Loading` state
+              val fa = remove(serialRef) *> Concurrent[F].cede *> self.modify(key)(f)
               (state, fa).pure[F]
             }
 
@@ -176,11 +177,11 @@ object SerialMap { self =>
           } yield a
         }
 
-        for {
-          added <- Ref[F].of(false)
-          serialRef <- cache.getOrUpdate(key) { adding(added) }
-          a <- modify(serialRef, added).uncancelable
-        } yield a
+        // uncancelable to not leak `State.Empty` entry
+        cache
+          .getOrUpdate(key) { SerialRef[F].of(State.empty[V]) }
+          .flatMap { serialRef => modify(serialRef) }
+          .uncancelable
       }
 
       def update[A](key: K)(f: Option[V] => F[Option[V]]) = {
diff --git a/scache/src/test/scala/com/evolution/scache/SerialMapSpec.scala b/scache/src/test/scala/com/evolution/scache/SerialMapSpec.scala
index 0040a68e..20d1ffe0 100644
--- a/scache/src/test/scala/com/evolution/scache/SerialMapSpec.scala
+++ b/scache/src/test/scala/com/evolution/scache/SerialMapSpec.scala
@@ -1,6 +1,8 @@
 package com.evolution.scache
 
-import cats.effect.{Async, Concurrent, Deferred, IO, Outcome}
+import cats.MonadThrow
+import cats.effect.{Async, Concurrent, Deferred, IO, Outcome, Ref}
+import cats.kernel.CommutativeMonoid
 import cats.syntax.all.*
 import com.evolution.scache.IOSuite.*
 import com.evolutiongaming.catshelper.CatsHelper.*
@@ -8,6 +10,7 @@ import com.evolutiongaming.catshelper.SerialRef
 import org.scalatest.funsuite.AsyncFunSuite
 import org.scalatest.matchers.should.Matchers
 
+import scala.concurrent.duration.*
 import scala.util.control.NoStackTrace
 
 class SerialMapSpec extends AsyncFunSuite with Matchers {
@@ -61,6 +64,34 @@ class SerialMapSpec extends AsyncFunSuite with Matchers {
     `not leak on failures`[IO].run()
   }
 
+  test("not lose concurrent update when entry creator fails") {
+    `not lose concurrent update when entry creator fails`[IO].run()
+  }
+
+  test("not lose concurrent update when modify of existing value fails") {
+    `not lose concurrent update when modify of existing value fails`[IO].run()
+  }
+
+  test("not lose concurrent put completed before entry creator acquired permit") {
+    `not lose concurrent put completed before entry creator acquired permit`.run()
+  }
+
+  test("not lose put made after clear when entry creator fails") {
+    `not lose put made after clear when entry creator fails`[IO].run()
+  }
+
+  test("not lose put made after clear when entry creator removes value") {
+    `not lose put made after clear when entry creator removes value`[IO].run()
+  }
+
+  test("not leak entry when creator is canceled before acquiring permit") {
+    `not leak entry when creator is canceled before acquiring permit`.run()
+  }
+
+  test("not get stuck on removed entry left in cache while it was loading") {
+    `not get stuck on removed entry left in cache while it was loading`.run()
+  }
+
   test("modify serially for the same key") {
     `modify serially for the same key`[IO].run()
   }
@@ -283,6 +314,191 @@ class SerialMapSpec extends AsyncFunSuite with Matchers {
     }
   }
 
+  private def `not lose concurrent update when entry creator fails`[F[_]: Async] = {
+    val key = "key"
+    for {
+      serialMap <- SerialMap.of[F, String, Int]
+      blocked <- Deferred[F, Unit]
+      acquired <- Deferred[F, Unit]
+      value0 = serialMap.modify(key) { _ =>
+        for {
+          _ <- acquired.complete(())
+          _ <- blocked.get
+          a <- TestError.raiseError[F, (Option[Int], Unit)]
+        } yield a
+      }
+      value0 <- value0.attempt.startEnsure
+      _ <- acquired.get
+      value1 <- serialMap.put(key, 1).startEnsure
+      // make `put` lock on soon to fail `modify` on `value0`
+      _ <- Async[F].sleep(100.millis)
+      _ <- blocked.complete(())
+      value0 <- value0.join
+      value1 <- value1.join
+      value2 <- serialMap.get(key)
+    } yield {
+      value0 shouldEqual Outcome.succeeded(IO.pure(TestError.asLeft))
+      value1 shouldEqual Outcome.succeeded(IO.pure(none[Int]))
+      value2 shouldEqual 1.some
+    }
+  }
+
+  private def `not lose concurrent update when modify of existing value fails`[F[_]: Async] = {
+    val key = "key"
+    for {
+      serialMap <- SerialMap.of[F, String, Int]
+      _ <- serialMap.put(key, 0)
+      blocked <- Deferred[F, Unit]
+      acquired <- Deferred[F, Unit]
+      value0 = serialMap.modify(key) { _ =>
+        for {
+          _ <- acquired.complete(())
+          _ <- blocked.get
+          a <- TestError.raiseError[F, (Option[Int], Unit)]
+        } yield a
+      }
+      value0 <- value0.attempt.startEnsure
+      _ <- acquired.get
+      value1 <- serialMap.put(key, 1).startEnsure
+      // make `put` lock on soon to fail `modify` on `value0`
+      _ <- Async[F].sleep(100.millis)
+      _ <- blocked.complete(())
+      value0 <- value0.join
+      value1 <- value1.join
+      value2 <- serialMap.get(key)
+    } yield {
+      value0 shouldEqual Outcome.succeeded(IO.pure(TestError.asLeft))
+      value1 shouldEqual Outcome.succeeded(IO.pure(0.some))
+      value2 shouldEqual 1.some
+    }
+  }
+
+  private def `not lose concurrent put completed before entry creator acquired permit` = {
+    val key = "key"
+    Cache.loading[IO, String, SerialRef[IO, SerialMap.State[Int]]].use { cache =>
+      for {
+        published <- Deferred[IO, Unit]
+        proceed <- Deferred[IO, Unit]
+        // pause the first caller between: setting value in cache AND it acquires the permit to modify it
+        pausing <- onFirstGetOrUpdate(cache) { published.complete(()) *> proceed.get.void }
+        serialMap = SerialMap(pausing)
+        value0 <- serialMap
+          .modify(key) { _ => TestError.raiseError[IO, (Option[Int], Unit)] }
+          .attempt
+          .start
+        _ <- published.get
+        value1 <- serialMap.put(key, 1)
+        _ <- proceed.complete(())
+        value0 <- value0.joinWithNever
+        value2 <- serialMap.get(key)
+      } yield {
+        value0 shouldEqual TestError.asLeft
+        value1 shouldEqual none[Int]
+        value2 shouldEqual 1.some
+      }
+    }
+  }
+
+  private def `not lose put made after clear when entry creator fails`[F[_]: Async] = {
+    val key = "key"
+    for {
+      serialMap <- SerialMap.of[F, String, Int]
+      blocked <- Deferred[F, Unit]
+      acquired <- Deferred[F, Unit]
+      value0 = serialMap.modify(key) { _ =>
+        for {
+          _ <- acquired.complete(())
+          _ <- blocked.get
+          a <- TestError.raiseError[F, (Option[Int], Unit)]
+        } yield a
+      }
+      value0 <- value0.attempt.startEnsure
+      _ <- acquired.get
+      // drop the `serialRef` of `value0` from the cache while `modify` is in not finished
+      _ <- serialMap.clear
+      // add new `serialRef` with value `Full(1)`
+      value1 <- serialMap.put(key, 1)
+      _ <- blocked.complete(())
+      value0 <- value0.join
+      value2 <- serialMap.get(key)
+    } yield {
+      value0 shouldEqual Outcome.succeeded(IO.pure(TestError.asLeft))
+      value1 shouldEqual none[Int]
+      value2 shouldEqual 1.some
+    }
+  }
+
+  private def `not lose put made after clear when entry creator removes value`[F[_]: Async] = {
+    val key = "key"
+    for {
+      serialMap <- SerialMap.of[F, String, Int]
+      blocked <- Deferred[F, Unit]
+      acquired <- Deferred[F, Unit]
+      value0 = serialMap.modify(key) { _ =>
+        for {
+          _ <- acquired.complete(())
+          _ <- blocked.get
+        } yield (none[Int], ())
+      }
+      value0 <- value0.startEnsure
+      _ <- acquired.get
+      // drop the `serialRef` of `value0` from the cache while `modify` is in not finished
+      _ <- serialMap.clear
+      // add new `serialRef` with value `Full(1)`
+      value1 <- serialMap.put(key, 1)
+      _ <- blocked.complete(())
+      value0 <- value0.join
+      value2 <- serialMap.get(key)
+    } yield {
+      value0 shouldEqual Outcome.succeeded(IO.pure(()))
+      value1 shouldEqual none[Int]
+      value2 shouldEqual 1.some
+    }
+  }
+
+  private def `not leak entry when creator is canceled before acquiring permit` = {
+    val key = "key"
+    Cache.loading[IO, String, SerialRef[IO, SerialMap.State[Int]]].use { cache =>
+      for {
+        // cancel the first caller right after the entry is set in cache, before it acquires the permit to modify it
+        canceling <- onFirstGetOrUpdate(cache) { IO.canceled }
+        serialMap = SerialMap(canceling)
+        value0 <- serialMap
+          .modify(key) { _ => TestError.raiseError[IO, (Option[Int], Unit)] }
+          .start
+        value0 <- value0.join
+        keys <- serialMap.keys
+        size <- serialMap.size
+      } yield {
+        // creator is not interrupted, it proceeds to run `f` and to clean up on its failure
+        value0 shouldEqual Outcome.errored[IO, Throwable, Unit](TestError)
+        keys shouldEqual Set.empty
+        size shouldEqual 0
+      }
+    }
+  }
+
+  private def `not get stuck on removed entry left in cache while it was loading` = {
+    val key = "key"
+    Cache.loading[IO, String, SerialRef[IO, SerialMap.State[Int]]].use { cache =>
+      for {
+        // `LoadingCache.modify` passes `None` to `f` for an entry still in `Loading` state,
+        // which happens when a waiter wakes up between deferred completion and entry being set to `Value`
+        loading <- onFirstModify(cache) { _ => None }
+        serialMap = SerialMap(loading)
+        // the `serialRef` becomes `Removed`, but removal from cache is ignored as entry seems to be loading
+        value0 <- serialMap.modify(key) { _ => (none[Int], ()).pure[IO] }
+        value1 <- serialMap.put(key, 1).start
+        value1 <- value1.join.timeout(1.second)
+        value2 <- serialMap.get(key)
+      } yield {
+        value0 shouldEqual (())
+        value1 shouldEqual Outcome.succeeded(IO.pure(none[Int]))
+        value2 shouldEqual 1.some
+      }
+    }
+  }
+
   private def `modify serially for the same key`[F[_]: Async] = {
     val key = "key"
     for {
@@ -343,4 +559,63 @@ object SerialMapSpec {
   }
 
   case object TestError extends RuntimeException with NoStackTrace
+
+  // run `hook` after the first `getOrUpdate` call returns, after the first entry has been stored in cache
+  def onFirstGetOrUpdate[K, V](cache: Cache[IO, K, V])(hook: IO[Unit]): IO[Cache[IO, K, V]] = {
+    Ref[IO].of(true).map { first =>
+      new DelegatingCache(cache) {
+        override def getOrUpdate(key: K)(value: => IO[V]) = {
+          super.getOrUpdate(key)(value).flatTap { _ =>
+            first.getAndSet(false).flatMap { first => hook.whenA(first) }
+          }
+        }
+      }
+    }
+  }
+
+  // pass value transformed by `hook` to `f` in the first `modify` call
+  def onFirstModify[K, V](cache: Cache[IO, K, V])(hook: Option[V] => Option[V]): IO[Cache[IO, K, V]] = {
+    Ref[IO].of(true).map { first =>
+      new DelegatingCache(cache) {
+        override def modify[A](key: K)(f: Option[V] => (A, Cache.Directive[IO, V])) = {
+          first.getAndSet(false).flatMap { first =>
+            super.modify(key) { value => f(if (first) hook(value) else value) }
+          }
+        }
+      }
+    }
+  }
+
+  class DelegatingCache[F[_]: MonadThrow, K, V](cache: Cache[F, K, V]) extends Cache.Abstract1[F, K, V] {
+
+    def get(key: K) = cache.get(key)
+
+    def get1(key: K) = cache.get1(key)
+
+    def getOrUpdate(key: K)(value: => F[V]) = cache.getOrUpdate(key)(value)
+
+    def getOrUpdate1[A](key: K)(value: => F[(A, V, Option[Release])]) = cache.getOrUpdate1(key)(value)
+
+    def put(key: K, value: V, release: Option[Release]) = cache.put(key, value, release)
+
+    def modify[A](key: K)(f: Option[V] => (A, Directive[F, V])) = cache.modify(key)(f)
+
+    def contains(key: K) = cache.contains(key)
+
+    def size = cache.size
+
+    def keys = cache.keys
+
+    def values = cache.values
+
+    def values1 = cache.values1
+
+    def remove(key: K) = cache.remove(key)
+
+    def clear: F[Released] = cache.clear
+
+    def foldMap[A: CommutativeMonoid](f: (K, Either[F[V], V]) => F[A]) = cache.foldMap(f)
+
+    def foldMapPar[A: CommutativeMonoid](f: (K, Either[F[V], V]) => F[A]) = cache.foldMapPar(f)
+  }
 }