Scinai Immunotherapeutics Ltd.

What they do

Scinai operates two units: a CDMO business providing contract development and manufacturing services, and an R&D business focused on in-house development of inflammation and immunology biological therapeutics, beginning with a pipeline of nanosized VHH antibodies (NanoAbs) targeting diseases with large unmet medical needs. The company is incorporated in Israel and listed on Nasdaq under the symbol SCNI through American Depositary Shares, each representing 4,000 ordinary shares. No specific products, customers, or platform details beyond the NanoAb pipeline and CDMO services are provided in the excerpts.

Revenue drivers

• CDMO business unit — Contract development and manufacturing services business unit, which is one of the company's two reporting units, though no revenue breakdown by segment is provided in the excerpts.
• R&D business unit — Research and development business unit focused on in-house development of inflammation and immunology biological therapeutic products, beginning with a pipeline of nanosized VHH antibodies (NanoAbs); no product revenue is mentioned in the excerpts.
• Total revenue — Annual revenue was $658,000 in 2024 and $1.3 million in 2025, but the excerpts do not specify which unit generated this revenue.

Recent performance

For 2025, Scinai reported revenue of $1.3 million, up from $658,000 in 2024. Net loss for 2025 was $8.3 million, compared to net income of $4.8 million in 2024. Operating cash flow was negative $6.0 million in 2025, versus negative $6.3 million in 2024. At December 31, 2025, total assets were $11.6 million, shareholder equity was $8.1 million, and cash and equivalents were $1.7 million. The prior year's net income of $4.8 million stands out against losses in 2021, 2022, 2023, and 2025.

Strategy

Scinai operates a dual-track model combining a CDMO services business with in-house R&D focused on inflammation and immunology biological therapeutics. The R&D unit is advancing a pipeline of nanosized VHH antibodies (NanoAbs) targeting diseases with large unmet medical needs. No specific strategic initiatives, partnerships, or capital plans are detailed in the excerpts beyond this dual-unit structure. The company effected an ADS ratio change effective May 21, 2024, equivalent to a one-for-ten reverse ADS split, adjusting the ratio from 1 ADS representing 400 ordinary shares to 1 ADS representing 4,000 ordinary shares. This change was made to support the Nasdaq listing.

Risks

• Clinical and development risk — As a clinical-stage biotech, the NanoAb pipeline may fail to demonstrate safety or efficacy, and no product candidate is approved.
• CDMO execution risk — The CDMO business unit may not win or retain contracts sufficient to cover costs, and no customer concentration or backlog data is provided.
• Cash burn and liquidity — Operating cash flow was negative $6.0 million in 2025, with only $1.7 million in cash and equivalents at year-end, indicating a need for additional financing.
• Listing and dilution risk — The ADS ratio change equal to a one-for-ten reverse split and a large ordinary share count of 13,872,899,584 shares outstanding as of the period end highlight potential for further dilution or listing compliance pressure.

Outlook

The excerpts do not include specific management guidance or forward-looking statements about future periods. The company's stated focus remains its CDMO business and in-house R&D of NanoAbs, but no timelines, milestones, or financial targets are provided. Given the 2025 net loss and low cash balance, future financing or partnership activities may be required, though none are mentioned in the excerpts.