Scinai Immunotherapeutics (SCNI) Q4 2025 earnings summary

Executive summary

• CDMO revenues doubled year-over-year to $1.3 million, reflecting strong commercial traction and execution.

• Expanded CDMO platform post year-end via acquisition of Recipharm Israel and strategic collaboration with Recipharm, broadening manufacturing capabilities and service offerings.

• PC111, a fully human monoclonal antibody for severe dermatological conditions, positioned as the lead value driver.

• Shifted funding strategy toward non-dilutive sources, focusing on grant funding for key programs.

Financial highlights

• Revenues for 2025 were $1.3 million, up from $0.7 million in 2024, driven by CDMO expansion.

• R&D expenses decreased to $2.4 million from $5.5 million year-over-year due to lower allocation of employees and facility costs.

• Net loss for 2025 was $8.3 million, compared to net income of $4.8 million in 2024, reflecting the absence of prior year’s one-time financial income from loan conversion.

• Cash, cash equivalents, and restricted cash totaled $1.8 million at year-end 2025, down from $2.1 million at year-end 2024.

Outlook and guidance

• Focus remains on scaling CDMO business, advancing PC111 and NanoAbs platform, and leveraging non-dilutive funding.

• Strategic collaboration with Recipharm expected to expand capabilities and market reach.