Scinai Immunotherapeutics (SCNI) Q2 2025 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2025, rose to $773K from $284K year-over-year, driven by CDMO business growth.

• Net loss narrowed to $4.1M from $4.5M year-over-year, reflecting higher revenues and reduced R&D expenses.

• Cash and cash equivalents were $989K at June 30, 2025, with an additional $4.2M raised in July and August 2025, strengthening liquidity.

• CDMO service orders for 2025 reached $1.0M as of August 31, 2025, with $850K invoiced.

Financial highlights

• R&D expenses decreased to $1.2M from $2.8M year-over-year, mainly due to lower wage and facility allocations.

• Marketing, general, and administrative expenses increased to $1.3M from $1.0M, primarily due to share-based payments and absence of prior insurance reimbursement.

• Gross loss widened to $2.0M from $0.4M year-over-year, reflecting higher cost of revenues as CDMO operations scale.

• Net cash used in operating activities was $2.6M, down from $3.2M year-over-year.

Outlook and guidance

• Plans to apply for up to €15M in EU STEP grant financing for Phase 1/2a clinical trials, with a decision expected in Q1 2026.

• Expects continued investment in R&D and CDMO scale-up, with ongoing operating losses anticipated in the near term.

• Board approved a cost-saving plan, including headcount reductions and postponed capital expenditures.