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olivLaw · US equity research

Scinai Immunotherapeutics Ltd. SCNI

Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)

0.45USD+0.45% · 1 dayClose 05 Nov 2026

Scinai Immunotherapeutics is an Israeli biopharmaceutical company combining inflammation and immunology drug development with a CDMO business offering contract development and manufacturing for small biotech companies. The company operates under a going concern qualification, with cash of $1.6 million at year-end 2025.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, Scinai Immunotherapeutics Ltd. (SCNI) stock was 0.45 USD (+0.45% on the day), with market capitalisation 6.3 bn USD, P/E 112.8 on diluted EPS of 0.00 USD over the last 12 months, beta 0.75, 52-week range 0.45–12.40 USD. Latest reported quarter (Q1 2023): net income of -3.5 m USD, diluted EPS -0.00 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
6.3 bn USD
shares as of 31 Dec 2025
P/E (TTM)
112.8
Diluted EPS TTM 0.00 · TTM to 31 Dec 2023
E/P (TTM)
0.89%
TTM to 31 Dec 2023
Dividend yield
unavailable
Beta (2y)
0.75
Volatility (1y) 132%
52-week range
0.4512.40

Price history

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Technical reading

RSI (14)
22.6
oversold (≤ 30)
Bollinger (20, 2)
0.19 – 1.18
in the lower half of the band · %B 0.26 · band width 144.0%
SMA 50 / 200
1.32 / 4.29
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.26 / -0.29
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−63.0%−5.9%−57.1 pp—
3 months−82.6%−4.6%−78.0 pp—
6 months−91.7%+0.2%−91.9 pp—
Year to date−93.7%+7.4%−101.1 pp—
1 year−96.1%+8.2%−104.3 pp+3.3%
3 years−99.3%+68.4%−167.8 pp+5.3%
5 years−100.0%+56.5%−156.5 pp—
Max drawdown (1y)
−96.4%
09 Dec 2025 → 04 Nov 2026
Max drawdown (5y)
−100.0%
22 Dec 2021 → 04 Nov 2026
Compound annual growth (5y)
−82.0%
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q1 2023 · 31 Mar 2023

Revenue
unavailable USD
unavailable YoY
Net income
-3.5 m USD
unavailable YoY
Diluted EPS
-0.00
unavailable YoY
net / operating
unavailable / unavailable

Quarterly statements · USD

Fiscal yearQ1 '22Q1 '23
Research & development1.2 m2.0 m
Operating income-2.6 m-3.2 m
Depreciation & amortisation134.0 k138.0 k
Net income-2.5 m-3.5 m
Diluted EPS-0.00-0.00
Operating cash flow-1.1 m-3.1 m
Capex521.0 k6.0 k

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 2-quarter history (min 14,875.0, median 22,237.5, max 29,600.0; quarters with earnings only).

Fiscal years

Fiscal year2017202020212022202320242025
Revenueunavailableunavailableunavailableunavailableunavailable658.0 k1.3 m
Revenue YoYunavailableunavailableunavailableunavailableunavailableunavailable+99.2%
Net income-10.0 m-1.4 m-8.2 m-5.8 m-6.5 m4.8 m-8.3 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailable−273.2%
Diluted EPSunavailableunavailable-0.020.010.00unavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailable−60.0%unavailableunavailable
net %unavailableunavailableunavailableunavailableunavailable728.9%-633.6%
Free cash flow-4.2 m-24.5 m-7.6 m-8.1 m-10.0 m-6.3 m-6.1 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.7 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
8.1 m USD
Total assets
11.6 m USD
Debt / equity
unavailable
Current ratio
1.30x
ROE
-91.9%
ROA
-66.3%
FCF margin
-461.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
—
2024
658.0 k
2025
1.3 m

SEC (XBRL)· 01 Apr 2026verified

Cost of revenue
2023
—
2024
1.2 m
2025
4.0 m

SEC (XBRL)· 01 Apr 2026verified

Gross profit
2023
—
2024
-580.0 k
2025
-2.7 m

SEC (XBRL)· 01 Apr 2026verified

Research & development
2023
5.2 m
2024
5.5 m
2025
2.4 m

SEC (XBRL)· 01 Apr 2026verified

SG&A
2023
4.5 m
2024
2.5 m
2025
2.5 m

SEC (XBRL)· 01 Apr 2026verified

Operating income
2023
-9.7 m
2024
-8.6 m
2025
-7.5 m

SEC (XBRL)· 01 Apr 2026verified

Depreciation & amortisation
2023
514.0 k
2024
1.6 m
2025
1.4 m

SEC (XBRL)· 01 Apr 2026verified

EBITDA
2023
-9.2 m ≈
2024
-7.0 m ≈
2025
-6.1 m ≈

SEC (XBRL)· 01 Apr 2026derived

Interest expense
2023
343.0 k
2024
—
2025
—

SEC (XBRL)· 15 May 2024verified

Net income
2023
-6.5 m
2024
4.8 m
2025
-8.3 m

SEC (XBRL)· 01 Apr 2026verified

Diluted EPS
2023
0.00
2024
—
2025
—

SEC (XBRL)· 07 May 2025verified

Weighted average diluted shares
2023
1.6 bn
2024
3.2 bn
2025
9.3 bn

SEC (XBRL)· 01 Apr 2026verified

Balance sheet · USD

Cash
2023
4.9 m
2024
2.0 m
2025
1.7 m

SEC (XBRL)· 01 Apr 2026verified

Receivables
2023
—
2024
83.0 k
2025
73.0 k

SEC (XBRL)· 01 Apr 2026verified

Current assets
2023
5.4 m
2024
2.4 m
2025
2.1 m

SEC (XBRL)· 01 Apr 2026verified

Property, plant & equipment, net
2023
10.8 m
2024
9.2 m
2025
7.8 m

SEC (XBRL)· 01 Apr 2026verified

Total assets
2023
17.5 m
2024
13.4 m
2025
11.6 m

SEC (XBRL)· 01 Apr 2026verified

Accounts payable
2023
—
2024
—
2025
—

SEC (XBRL)· 28 Mar 2022verified

Short-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 17 Apr 2023verified

Current liabilities
2023
1.8 m
2024
1.8 m
2025
1.6 m

SEC (XBRL)· 01 Apr 2026verified

Equity
2023
-4.6 m †
2024
10.0 m †
2025
8.1 m †

SEC (XBRL)· 01 Apr 2026verified

Shares outstanding at year end
2023
1.9 bn
2024
3.4 bn
2025
13.9 bn

SEC (XBRL)· 01 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
-9.4 m
2024
-6.3 m
2025
-6.0 m

SEC (XBRL)· 01 Apr 2026verified

Capex
2023
637.0 k
2024
12.0 k
2025
24.0 k

SEC (XBRL)· 01 Apr 2026verified

Free cash flow
2023
-10.0 m ≈
2024
-6.3 m ≈
2025
-6.1 m ≈

SEC (XBRL)· 01 Apr 2026derived

Investing cash flow
2023
-637.0 k
2024
-12.0 k
2025
-24.0 k

SEC (XBRL)· 01 Apr 2026verified

Financing cash flow
2023
1.1 m
2024
3.4 m
2025
5.8 m

SEC (XBRL)· 01 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
99.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
-273.2%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
-202.3%
computed by olivLawFY 2025
EBITDA margin
-466.9%
computed by olivLawFY 2025
EBIT margin
-575.3%
computed by olivLawFY 2025
Net margin
-633.6%
computed by olivLawFY 2025
FCF margin
-461.9%
computed by olivLawFY 2025

Returns

ROE
-91.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-66.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
-75.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
1.3x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-6.0 m USD
computed by olivLawFY 2025
Capital expenditure
24.0 k USD
computed by olivLawFY 2025
Free cash flow
-6.1 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
22 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
6.3 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-0.1%
computed by olivLawFY 2025
P/B
772.1x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
4,772.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-0.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 18.8% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.45 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 6.3 bn USD

Key indicators

Market capitalisation
6.3 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
772.1x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-91.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-633.6%
computed by olivLawFY 2025
Revenue growth (YoY)
99.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 01 Apr 2026
verified 191

Score by group

19% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-633.6%33 (vs peers)33%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.3x41 (on a fixed band)22%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-0.1%0 (on a fixed band)44%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial41/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial33/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

SCINAI IMMUNOTHERAPEUTICS LTD. (SCNI). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 1.3 m USD in 2025; YoY growth 99.2%; net margin -633.6%; ROE -91.9%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • FCF yield: -0.1%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 26.2x
EV/EBITDA
—
vertical median 18.0x
P/S
4,772.4x
vertical median 10.5x
above median (+45,180.8%)
P/B
772.1x
vertical median 2.2x
above median (+34,765.5%)
ROE
-91.9%
vertical median -46.1%
below median
Net margin
-633.6%
vertical median -157.3%
below median
EBIT margin
-575.3%
vertical median -214.5%
below median
Revenue YoY
99.2%
vertical median 3.0%
above median (+3,212.8%)
Net debt/EBITDA
—
vertical median 1.2x
Dividend yield
—
vertical median 0.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AMGNAmgen Inc.249.0 bn26.778.4%24.1%+10.0%+33% / +71%
GILDGilead Sciences, Inc.207.8 bn—-22.3%-12.5%+2.4%+33% / +119%
MRNAModerna, Inc.96.4 bn—-39.0%-141.4%−39.9%+829% / +211%
RVMDRevolution Medicines, Inc.38.4 bn—-93.6%-946.8%unavailable+128% / +661%
BIIBBiogen Inc.36.1 bn104.31.9%3.4%+2.2%+34% / +4%
MESOMesoblast Limited18.3 bn—-19.0%-593.9%+191.4%−18% / +418%
EXELExelixis, Inc.16.8 bn20.544.3%35.5%+7.0%+56% / +215%
QGENQiagen N.V.11.0 bn26.211.6%20.3%+5.7%+7% / +20%
KYMRKymera Therapeutics, Inc.10.9 bn—-27.3%-341.8%−16.7%+89% / +517%
KRYSKrystal Biotech, Inc.8.9 bn40.817.5%47.9%+33.9%+38% / +188%
SCNIScinai Immunotherapeutics Ltd.6.3 bn—-91.9%-633.6%+99.2%−96% / −99%
SRRKScholar Rock Holding Corporation5.5 bn—-167.8%—unavailable+3% / +261%
RLAYRelay Therapeutics, Inc.3.8 bn—-41.2%-2,837.0%+53.4%+115% / +115%
IOVAIovance Biotherapeutics, Inc.3.6 bn—-29.1%-58.2%+60.6%+213% / +28%
DNLIDenali Therapeutics Inc.3.2 bn—-33.9%-1,470.5%unavailable+1% / +6%
VIRVir Biotechnology, Inc.1.9 bn—-21.8%-61.0%−7.6%+72% / +16%
ALVOAlvotech1.4 bn45.5—4.8%+19.7%−11% / −52%
GLUEMonte Rosa Therapeutics, Inc.875.9 m—-35.3%-186.2%+63.5%−37% / +231%
CGEMCullinan Therapeutics, Inc.695.0 m—-50.3%—−100.0%−5% / +32%
ATYRaTYR PHARMA INC591.5 m—-98.4%-32,003.7%−19.1%+672% / +364%
EDITEditas Medicine, Inc.391.6 m—-118.8%-157.3%+25.4%+6% / −76%
CCCCC4 Therapeutics, Inc.387.4 m—-47.6%-282.2%+1.0%+9% / +81%
ALLOAllogene Therapeutics, Inc.376.6 m—-42.4%-3,566.7%−100.0%−25% / −54%
ALECAlector, Inc.311.2 m6.047.5%23.9%−79.1%+57% / −61%
LXEOLexeo Therapeutics, Inc.238.3 m—-46.8%—unavailable−71% / −77%

1- and 3-year price returns: for SCNI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 01 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (16 Oct 2026), 6-K (15 Oct 2026), 6-K (13 Oct 2026), 6-K (21 Sept 2026), 6-K (08 Sept 2026).

    In brief

    Scinai Immunotherapeutics is an Israeli biopharmaceutical company combining inflammation and immunology drug development with a CDMO business offering contract development and manufacturing for small biotech companies. The company operates under a going concern qualification, with cash of $1.6 million at year-end 2025 1.

    SWOT

    Strengths

    • The company combines an R&D and CDMO model, and service revenues give some operational flexibility compared with pure research biotechs 1.
    • Laboratory and manufacturing infrastructure in Jerusalem, together with the Yavne site, supports development from early stage to clinical production 1.
    • A strategy of non-dilutive funding through grants and loans could reduce reliance on equity capital 1.

    Weaknesses

    • The company carries a going concern qualification and lacks cash for the next 12 months 1.
    • The company is not yet profitable, and CDMO revenues remain limited relative to expenses 1.
    • The former lead product M-001 did not meet its clinical endpoints in Phase 3, which forced a full strategic turnaround 1.

    Opportunities

    • If FENG grant applications are approved, funding could support the IL-17 and PC111 programs 1.
    • The Recipharm collaboration could bring clients moving from early development to commercial manufacturing 1.
    • The lack of approved therapies for SJS and TEN could make PC111 attractive if clinical data are favorable 1.

    Threats

    • Strong competition in IL-17 could reduce the chances of a candidate without clear differentiation 1.
    • If IND submission deadlines are not met, the company could lose rights under its license agreement with MPG and UMG 1.
    • If Nasdaq listing requirements are not met, the shares could lose liquidity 1.

    Risks

    • Going concernhigh

      The going concern qualification and the need for substantial capital could force program cuts or a cessation of operations 1.

    • License deadlineshigh

      The extensions requested for IND submission might not be granted, and loss of rights would affect the IL-17 program 1.

    • PC111 optionmedium

      The option lapses if funding is not secured by the August 2026 deadline, and sellers may repurchase shares if no IND is filed by the end of 2028 1.

    • Third-party dependencemedium

      Programs depend on external licenses and collaborations, and losing these relationships would affect development 1.

    • CDMO operational continuitymedium

      Operations depend on the Jerusalem and Yavne facilities, and disruptions there would affect revenues 1.

    Investment thesis

    What would need to be true (bull case)

    • If FENG funding is approved, the company could advance PC111 and NanoAb programs without major dilution, and an expanded CDMO could generate more stable revenues 1.
    • Integrating Yavne and the Recipharm collaboration could turn CDMO into a recurring revenue source from early-stage clients 1.
    • A candidate with clear differentiation in IL-17, or a rare-indication profile for PC111, could attract outside partners 1.

    What would break the thesis

    • If funding does not materialize, the company could cut programs or face insolvency given its limited cash 1.
    • Persistent operating losses and small CDMO revenues could keep pressure on capital 1.
    • Intense IL-17 competition could make a commercial launch difficult even if development succeeds 1.

    What to watch

    • FENG decision on the IL-17 and PC111 applicationsJuly 2026
    • PC111 option conditions and exercise deadlineAugust 2026
    • Outcome of IND extension requests with MPG and UMG2026
    • Integration of Scinai Biopharma Services and CDMO revenue trendnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 01 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (16 Oct 2026), 6-K (15 Oct 2026), 6-K (13 Oct 2026), 6-K (21 Sept 2026), 6-K (08 Sept 2026).

    The business

    Scinai has two complementary units: Scinai R&D, focused on inflammatory and immunological therapies, and Scinai Biopharma Services, which offers CDMO services from Jerusalem and, since February 2026, from the Yavne site acquired from Recipharm Israel 1. The research pipeline is built on NanoAbs, VHH antibody fragments licensed from Max Planck Society and University Medical Center Göttingen, plus an option to acquire PC111, an antibody for severe dermatological conditions 1. The company reported an operating loss of $7.5 million for 2025, and CDMO revenues do not yet cover costs 1.

    Segments

    CDMO (Scinai Biopharma Services)

    The CDMO unit provides analytical development, process development and cGMP manufacturing of clinical-stage materials, with an emphasis on early-stage clients mainly from Israel and the United States 1. The Yavne acquisition adds small-molecule capabilities, and the Recipharm collaboration lets clients move to late-stage clinical and commercial manufacturing 1.

    R&D therapeutics

    The IL-17 NanoAb program is under strategic review, with intradermal and bispecific approaches under consideration for psoriasis 1. The PC111 program targets pemphigus, SJS and TEN, rare conditions with no approved therapies for SJS and TEN, and the option depends on FENG grant funding 1.

    Market context

    The relevant markets are CDMO services for small biotech companies and IL-17-targeting therapies, although the source gives no market size figures 1. Competition in IL-17 has intensified, with multiple approved products and candidates addressing overlapping indications 1.

    Trends

    • Intensified IL-17 competitionheadwind

      The large number of approved products and candidates for similar indications could make a new IL-17 monotherapy face commercial difficulties if it does not differentiate 1.

    • EU FENG grantsmixed

      Funding through the European FENG program could support development without dilution if applications are approved, with a decision expected in July 2026 1.

    • CDMO consolidationmixed

      The Recipharm Israel acquisition and the expansion into small molecules could broaden the CDMO offer and attract new clients, but integration involves costs and staff transfers 1.

    • Limited fundingheadwind

      Insufficient capital for the next 12 months could restrict research programs and force cost reductions 1.

    Competitive position

    In IL-17 therapies the company faces approved products and development candidates targeting the same indications, and in CDMO it competes with other providers of services for early-stage biotech companies 1. The source does not name specific competitors in these passages and gives no market value figures 1.

    • Approved and developing IL-17 therapy makers

      Approved products and development candidates for psoriasis and psoriatic arthritis are direct competitors of the IL-17 program 1.

    • CDMO providers for early-stage biotech

      Contract service companies offering development and cGMP manufacturing to small clients compete directly for the same customers 1.

    • Other dermatology antibody developers

      Pemphigus and SJS/TEN are treated with corticosteroids, immunosuppressants and biologics such as rituximab, which compete with PC111 1.

    • Manufacturing partners with global networks

      Recipharm, through its global network, can act both as a partner and a competitor for late-stage clinical and commercial manufacturing 1.

    News & filings

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Scinai Immunotherapeutics Ltd. · 01 Apr 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.