Scinai Immunotherapeutics (SCNI) Q2 2026 earnings summary

Executive summary

• The company underwent a major transformation in the first half of 2026, expanding from an immunology R&D and emerging CDMO business to a two-site CDMO platform through the acquisition of Recipharm operations in Yavne, Israel.

• Achieved $3.1 million in committed customer orders as of August 16, 2026, with $2.1 million invoiced and $1 million in signed but not yet invoiced work orders.

• Expanded a key U.S. customer engagement into a broader clinical manufacturing and CMC program, receiving $650,000 in cash payments post-June 30.

• The commercial platform now includes biologic development, analytical services, aseptic processing, cGMP manufacturing in Jerusalem, and early chemistry development and small-scale API manufacturing in Yavne.

• Priorities for the remainder of 2026 include executing customer programs, increasing facility utilization, and advancing therapeutic programs.

Financial highlights

• First half 2026 revenue was $949,000, up from $773,000 in the first half of 2025, mainly due to the Yavne acquisition.

• Cost of revenues increased to $3.3 million from $2.0 million, reflecting higher operating costs post-acquisition.

• Gross loss was approximately $2.4 million, up from $1.3 million year-over-year.

• Operating loss was $4.6 million, compared to $3.8 million in H1 2025.

• Net income reached $1.6 million, reversing a $4.1 million net loss in H1 2025, driven by a $6.4 million non-cash bargain purchase gain from the Recipharm acquisition.

• Cash, cash equivalents, and restricted cash totaled $2.9 million as of June 30, 2026.

Outlook and guidance

• Management continues to target approximately $5 million in CDMO revenue for 2026, with success defined by converting customer work into revenue, expanding customer-authorized work, increasing utilization, and generating repeat business.

• Emphasis on commercial execution, pipeline conversion, and facility utilization in H2 2026.

• Ongoing negotiations for a definitive agreement with a major U.S. customer for expanded clinical manufacturing.

• R&D efforts will focus on prioritization, capital discipline, and advancing key programs through milestones, leveraging non-dilutive funding and partnerships.