Scinai Announces Annual Financial Results for 2024

Rhea-AI Summary

Scinai Immunotherapeutics (NASDAQ: SCNI) reported its 2024 annual financial results, marking significant changes in its financial position. The company generated its first-ever revenue of $658,000 through its CDMO business unit. R&D expenses slightly increased to $5.6 million from $5.2 million in 2023. Marketing and administrative expenses decreased to $2.6 million from $4.5 million. Notably, the company achieved a net gain of $4.8 million in 2024, compared to a $6.5 million loss in 2023, primarily due to $14.8 million in financial income from loan conversion to equity. However, cash position decreased to $1.9 million as of December 31, 2024, down from $4.9 million in 2023.

Positive

• First-time revenue generation of $658,000 from CDMO business unit
• Net profit of $4.8 million in 2024, compared to $6.5 million loss in 2023
• Significant financial income of $13.5 million from loan conversion to equity
• Reduced marketing and administrative expenses by 42% to $2.6 million

Negative

• Cash position declined 61% to $1.9 million from $4.9 million
• R&D expenses increased to $5.6 million from $5.2 million
• Revenue of $658,000 remains relatively small compared to operating expenses

JERUSALEM, May 7, 2025 /PRNewswire/ -- Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) ("Scinai", or the "Company"), a biopharmaceutical company focused on developing novel and innovative biological drug candidates for the treatment of inflammation and immunology (I&I) related diseases and on providing CDMO services through its Scinai Bioservices business unit, today announced its annual financial results for the full year 2024.

Full year 2024 Financial Summary

• Revenues for 2024, amounted to $658 thousands, compared to no revenues for 2023. The increase was due to the CDMO starting to generate revenues for the first time in 2024.
• R&D expenses for 2024, amounted to $5.6 million compared to $5.2 million for 2023. The change was not material and primarily reflects minor fluctuations in R&D activities during the period.
• Marketing, general and administrative expenses for 2024, amounted to $2.6 million compared to $4.5 million for 2023. The decrease was primarily due to decrease in wages, share based compensation and professional services.
• Financial income, net  in 2024, amounted to $13.5 million compared to $3.2 million for 2023. The increase was primarily due to financial income from loan conversion to equity.
• Net Gain for 2024, was $4.8 million compared to net loss of $6.5 million for 2023. The increase was primarily due to $14.8 million financial income from loan conversion to equity.

As of December 31, 2024, Scinai had cash and cash equivalents and short-term deposits of $1.9 million compared to $4.9 million as of December 31, 2023.

Our complete audited financial results are available in our Annual Report on Form 20-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission today.  A copy of the Company's annual report on Form 20-F is available on the SEC's website  - LINK and  posted on the Company's investor relations website at https://www.scinai.com/investorsrelations. The Company will deliver a hard copy of its annual report, including its complete audited financial statements, free of charge, to its shareholders upon request at ir@scinai.com.

 

About Scinai Immunotherapeutics

Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) is a biopharmaceutical company with two complementary business units, one focused on in-house development of inflammation and immunology (I&I) biological therapeutic products beginning with an innovative, de-risked pipeline of nanosized VHH antibodies (nanoAbs) targeting diseases with large unmet medical needs, and the other a boutique CDMO providing biological drug development, analytical methods development, clinical cGMP manufacturing, and pre-clinical and clinical trial design and execution services for early stage biotech drug development projects.

Company website: www.scinai.com.

Company Contacts

Investor Relations - Allele Capital Partners | +1 978 857 5075 | aeriksen@allelecapital.com

Business Development | +972 8 930 2529 | bd@scinai.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Words such as "expect," "believe," "intend," "plan," "continue," "may," "will," "anticipate," and similar expressions are intended to identify forward-looking statements. All statements, other than statements of historical facts, are forward-looking statements. These forward-looking statements reflect management's current views with respect to certain current and future events and are subject to various risks, uncertainties and assumptions that could cause the results to differ materially from those expected by the management of Scinai Immunotherapeutics Ltd. Risks and uncertainties include, but are not limited to;  the risk that the Company will otherwise be unable to  remain compliant with the continued listing requirements of Nasdaq; lower than anticipated revenues of Scinai's CDMO business in 2025 and thereafter; failure to sign agreements with other potential clients of the CDMO business; a delay in the commencement and results of pre-clinical and clinical studies, including the Phase 1/2a study for psoriasis, the risk of delay in, Scinai's inability to conduct, or the unsuccessful results of, its research and development activities, including the contemplated in-vivo studies and a clinical trial; the risk that Scinai will not be successful in expanding its CDMO business or in-license other nanoAbs; the risk that Scinai may not be able to secure additional capital on attractive terms, if at all; the risk that the therapeutic and commercial potential of nanoAbs will not be met or that Scinai will not be successful in bringing the nanoAbs towards commercialization; the risk of a delay in the preclinical and clinical trials data for nanoAbs, if any; the risk that our business strategy may not be successful; Scinai's ability to acquire rights to additional product opportunities; Scinai's ability to enter into collaborations on terms acceptable to Scinai or at all; timing of receipt of regulatory approval of Scinai's manufacturing facility in Jerusalem, if at all or when required; and the risk that drug development involves a lengthy and expensive process with uncertain outcomes. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission ("SEC") on May 7, 2025, and the Company's subsequent filings with the SEC. Scinai undertakes no obligation to revise or update any forward-looking statement for any reason.

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SOURCE Scinai Immunotherapeutics Ltd.

FAQ

What was Scinai's (SCNI) revenue in 2024?

Scinai generated its first-ever revenue of $658,000 in 2024 through its CDMO business unit, compared to no revenues in 2023.

How much profit did Scinai (SCNI) make in 2024?

Scinai reported a net gain of $4.8 million in 2024, compared to a net loss of $6.5 million in 2023, primarily due to financial income from loan conversion to equity.

What is Scinai's (SCNI) cash position as of December 2024?

Scinai had cash and cash equivalents of $1.9 million as of December 31, 2024, down from $4.9 million at the end of 2023.

How did Scinai's (SCNI) operating expenses change in 2024?

R&D expenses increased slightly to $5.6 million from $5.2 million, while marketing and administrative expenses decreased to $2.6 million from $4.5 million in 2023.

What caused Scinai's (SCNI) financial income increase in 2024?

Scinai's financial income increased to $13.5 million in 2024 from $3.2 million in 2023, primarily due to $14.8 million in income from loan conversion to equity.