Scinai Signs Second Amendment to PinCell Option Agreement and Submits Revised €12 Million Non-Dilutive FENG Application to Advance PC111 Through Human Proof of Concept

Rhea-AI Summary

Scinai (Nasdaq: SCNI) executed a Second Amendment to its PinCell option agreement and submitted a revised €12 million non-dilutive FENG SMART Path application to support a €15 million integrated R&D program for PC111, a fully human anti-sFasL antibody for PV and SJS/TEN.

The amendment extends option condition deadlines to August 31, 2026 and the exercise period to September 30, 2026. A funding decision is expected in approximately three to four months.

Positive

• Application requests €12M non-dilutive funding
• €15M integrated R&D program for PC111 (80% co-financing)
• Option exercise extended to September 30, 2026

Negative

• Funding decision is uncertain within the stated three-to-four month window
• Option timeline extension could delay acquisition completion and integration

News Market Reaction – SCNI

-4.33%

3 alerts

-4.33% News Effect

+2.1% Peak Tracked

-$139K Valuation Impact

$3M Market Cap

0.3x Rel. Volume

On the day this news was published, SCNI declined 4.33%, reflecting a moderate negative market reaction. Argus tracked a peak move of +2.1% during that session. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $139K from the company's valuation, bringing the market cap to $3M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

FENG grant request: €12 million PC111 R&D program size: €15 million Project co-financing rate: 80% +5 more

8 metrics

FENG grant request €12 million Non-dilutive, non-repayable funding application under SMART Path program

PC111 R&D program size €15 million Integrated R&D program budget for PC111

Project co-financing rate 80% Share of €15 million project targeted from FENG grant

Funding decision timeline 3–4 months Expected time from submission to FENG decision

Option conditions deadline August 31, 2026 Extended deadline for fulfillment of PinCell option conditions

Option exercise deadline September 30, 2026 Extended option exercise period under Second Amendment

Indications targeted PV and SJS/TEN PC111 for pemphigus vulgaris and Stevens–Johnson Syndrome/TEN

Therapy class Fully human monoclonal antibody PC111 modality targeting soluble Fas Ligand (sFasL)

Market Reality Check

Price: $0.8000 Vol: Volume 15,290 is below th...

low vol

$0.8000 Last Close

Volume Volume 15,290 is below the 24,070 20-day average, indicating muted trading interest pre-announcement. low

Technical Price 0.8886 is trading below the 1.51 200-day MA, reflecting a longer-term downtrend and positioning 85.62% under the 52-week high.

Peers on Argus

Momentum scanner shows 2 biotech peers (e.g., GTBP, SPRC) moving down (about -7....

2 Down

Momentum scanner shows 2 biotech peers (e.g., GTBP, SPRC) moving down (about -7.59% and -10.81%, median sector move -9.2%). SCNI’s pre-news gain of 2.14% contrasts with this weakness, suggesting a company-specific catalyst against a softer sector backdrop.

Historical Context

5 past events · Latest: Feb 25 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 25	Grant expansion	Positive	+5.9%	Expanded IIA support enabling full use of <b>NIS 5M</b> robotic fill-finish grant.
Feb 17	Acquisition & collaboration	Positive	+2.9%	Completion of Recipharm Israel acquisition and strategic collaboration to expand CDMO.
Jan 07	Conference participation	Neutral	-3.2%	CEO set to co-lead biopharma manufacturing roundtable at HealthIL Week 2026.
Dec 02	Nine-month results	Neutral	+3.0%	Revenue growth but net loss; mixed grants and PC111 FENG non-approval update.
Oct 06	Grant award	Positive	+1.9%	IIA grant of <b>NIS 809k</b> to expand sterile fill-and-finish CDMO capacity.

Pattern Detected

Recent positive operational and grant-related news for SCNI has typically coincided with modest positive price reactions, while more neutral or mixed updates have seen smaller, sometimes negative, moves.

Recent Company History

Over the past six months, SCNI has focused on non-dilutive funding and CDMO expansion. Key steps included an Israel Innovation Authority grant for fill‑and‑finish capabilities (NIS 809k) and later expanded support up to NIS 5 million, plus acquisition of Recipharm Israel to build a two‑site CDMO platform. Financial updates highlighted growing CDMO revenues but ongoing net losses. Today’s PC111/FENG update fits the pattern of pursuing grant-based, non-dilutive funding and advancing pipeline options while managing capital constraints.

Market Pulse Summary

This announcement highlights SCNI’s strategy of advancing PC111 via non-dilutive support, seeking a ...

Analysis

This announcement highlights SCNI’s strategy of advancing PC111 via non-dilutive support, seeking a €12 million FENG grant to fund 80% of a €15 million program and aligning its PinCell option timelines to potential funding decisions. It follows prior Israel Innovation Authority grants and CDMO expansion. Investors may monitor the FENG decision expected in 3–4 months, subsequent option steps through August 31, 2026 and September 30, 2026, and future clinical readouts for PC111.

Key Terms

monoclonal antibody, soluble fas ligand (sfasl), pemphigus vulgaris, stevens–johnson syndrome, +3 more

7 terms

monoclonal antibody medical

"PC111 a fully human monoclonal antibody targeting soluble Fas Ligand (sFasL)"

A monoclonal antibody is a laboratory-made protein designed to recognize and attach to a specific target in the body, such as a disease-causing substance or cell. It functions like a highly precise lock-and-key tool, helping to treat or detect illnesses. For investors, companies developing monoclonal antibodies can represent promising opportunities in the healthcare sector, especially as these treatments often address unmet medical needs.

soluble fas ligand (sfasl) medical

"PC111 a fully human monoclonal antibody targeting soluble Fas Ligand (sFasL)"

Soluble Fas ligand (sFasL) is a small protein fragment released into the blood that signals cells to die as part of immune control and inflammation; think of it as a messenger that tells damaged or unwanted cells to shut down. Investors care because abnormal sFasL levels can serve as a biomarker in drug development and clinical trials, affecting safety signals, indications, and regulatory decisions for therapies targeting immune, inflammatory, or cancer conditions.

pemphigus vulgaris medical

"for the treatment of pemphigus vulgaris (PV) and Stevens–Johnson Syndrome"

An uncommon autoimmune disease in which the body's immune system attacks the proteins that hold skin and mouth cells together, causing painful blisters and raw sores; think of skin cells as bricks and the targeted proteins as the mortar that keeps them from falling apart. It matters to investors because treatment options, clinical trial results, or regulatory approvals can drive demand for therapies, affect healthcare costs, and influence the market value of companies developing drugs or diagnostics for the condition.

stevens–johnson syndrome medical

"pemphigus vulgaris (PV) and Stevens–Johnson Syndrome/Toxic Epidermal Necrolysis"

A rare, severe allergic reaction that causes large areas of skin and mucous membranes to peel away, like a bad burn, often triggered by medications or infections. It matters to investors because such safety issues can halt drug development, prompt regulatory warnings or recalls, and lead to costly liability and reputational damage that affect a company’s sales and stock value.

toxic epidermal necrolysis medical

"Stevens–Johnson Syndrome/Toxic Epidermal Necrolysis (SJS/TEN), representing 80% project"

A life‑threatening, rare reaction in which large areas of the skin and inner linings (like the mouth and eyes) slough off and die, often triggered by certain medications or infections; it resembles having a severe burn over much of the body. For investors, it matters because a confirmed case linked to a drug can halt clinical trials, prompt regulatory warnings or withdrawals, cause expensive legal claims, and materially damage a company’s sales and valuation.

first-in-human medical

"framework culminating in integrated non-clinical and First-in-Human datasets intended"

A first-in-human study is the initial test of a new drug, medical device, or therapy in people to check safety, side effects and appropriate dosing. It matters to investors because it marks a major development milestone: successful early human testing can reduce scientific and regulatory uncertainty, much like moving a prototype from the workshop to a real-world test drive, and often affects a company’s valuation and funding prospects.

accelerated regulatory pathways regulatory

"management believes PC111 may qualify for accelerated regulatory pathways in severe orphan"

Accelerated regulatory pathways are special programs run by drug and device regulators that let promising products move through approval steps faster than usual, like a “fast lane” for treatments that address serious or unmet medical needs. For investors, these pathways can bring a product to market sooner and shorten the time to revenue, but they often come with extra conditions or follow-up studies that add both opportunity and uncertainty to the investment picture.

AI-generated analysis. Not financial advice.

JERUSALEM, March 2, 2026 /PRNewswire/ -- Scinai Immunotherapeutics Ltd. (Nasdaq: SCNI);("Scinai" or the "Company"), today announced the execution of a Second Amendment to its Binding Option Agreement for the acquisition of PinCell S.r.l., and the submission of a revised application under the European Funds for the Modern Economy (FENG) SMART Path program.

The Company's revised application seeks €12 million in non-dilutive, non-repayable funding to support a €15 million integrated R&D program for PC111 a fully human monoclonal antibody targeting soluble Fas Ligand (sFasL) for the treatment of pemphigus vulgaris (PV) and Stevens–Johnson Syndrome/Toxic Epidermal Necrolysis (SJS/TEN), representing 80% project co-financing. The Company expects a funding decision within approximately three to four months following submission.

The Second Amendment aligns the option timeline with the grant evaluation process. Under the amended terms, the deadline for fulfillment of the option conditions extends to August 31, 2026, and the option exercise period extends to September 30, 2026.

 

 

Strengthened and Repositioned Application

The Company has submitted a revised application under the SMART Path program reflecting structural enhancements to project design and translational scope. The updated submission advances PC111 through a milestone-driven framework culminating in integrated non-clinical and First-in-Human datasets intended to support data-driven progression decisions. Management believes the revised structure enhances the project's competitiveness under program criteria.

Strategic Financing Catalyst

If awarded, the €12 million grant would enable Scinai to advance PC111 through completion of early clinical development and human proof of concept while preserving balance sheet flexibility and minimizing shareholder dilution.

PC111 is a first-in-class therapeutic candidate for severe autoimmune blistering diseases, including pemphigus vulgaris (PV) and Stevens–Johnson Syndrome/Toxic Epidermal Necrolysis (SJS/TEN). There are currently no approved therapies for SJS/TEN.

Subject to clinical results and regulatory engagement, management believes PC111 may qualify for accelerated regulatory pathways in severe orphan dermatologic indications given the high unmet medical need.

"The revised submission reflects a structurally strengthened innovation framework and a clearly defined translational pathway through human proof of concept," said Amir Reichman, Chief Executive Officer of Scinai. "Securing substantial non-dilutive funding at this stage would meaningfully de-risk the PC111 program while maintaining disciplined capital allocation and preserving strategic flexibility."

About Scinai Immunotherapeutics

Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) is a biopharmaceutical company operating a contract development and manufacturing organization (CDMO) alongside a focused immunology R&D pipeline.

The Company's wholly owned CDMO unit provides fee-for-service development and manufacturing solutions to biotech and pharmaceutical companies across early-stage biologics and small-molecule programs. In parallel, Scinai is advancing a focused immunology pipeline, including PC111 and next-generation NanoAb-based programs, and is pursuing strategic partnerships, co-development agreements and regional licensing opportunities.

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 U.S. Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Forward-looking statements include, among other things, statements regarding the planned submission and anticipated review timeline of the revised FENG grant application; the potential award, amount and non-dilutive nature of funding under the European Funds for the Modern Economy (FENG) SMART Path program; the Company's ability to satisfy the conditions for and exercise its option to acquire PinCell S.r.l.; the expected scope, timing and outcomes of the PC111 development program, including completion of early clinical studies and generation of translational evidence; the potential eligibility of PC111 for accelerated regulatory pathways; and the Company's strategic and capital allocation plans. Words such as "expects," "intends," "plans," "believes," "may," "will," "anticipates," "estimates," "targets," and similar expressions are intended to identify forward-looking statements.

These statements are based on current expectations and assumptions and are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, without limitation: the risk that the FENG grant application is not approved, is approved in a lower amount than anticipated, or is subject to conditions that delay, limit or prevent access to funding; delays in grant review or disbursement timelines; the Company's ability to secure alternative financing required under the option agreement if grant funding is not obtained; the risk that the Company does not satisfy the conditions for, or otherwise does not, exercise the option to acquire PinCell; risks inherent in preclinical and clinical development, including delays in or unsuccessful results from studies of PC111; regulatory risks, including the risk that accelerated or other expedited pathways may not be available; risks relating to intellectual property protection; the Company's ability to maintain compliance with Nasdaq continued listing requirements; risks associated with the Company's need for additional capital; and general market and economic conditions.

More detailed information regarding these and other risks and uncertainties is included under the heading "Risk Factors" in the Company's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on May 7, 2025, and in the Company's subsequent filings with the SEC.

Forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect new information, future events, or otherwise.

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SOURCE Scinai Immunotherapeutics Ltd.

FAQ

What funding did Scinai (SCNI) apply for under the FENG SMART Path on March 2, 2026?

Scinai applied for €12 million in non-dilutive funding. According to the company, the grant would support a €15 million integrated R&D program advancing PC111 through early clinical development.

How does the Second Amendment change the PinCell option timeline for SCNI?

The amendment extends option deadlines to late summer 2026. According to the company, option conditions now must be met by August 31, 2026 and exercise by September 30, 2026, aligning with the grant review.

What would the €12 million FENG grant enable Scinai (SCNI) to do for PC111?

The grant would fund completion of early clinical development and human proof of concept. According to the company, this preserves balance sheet flexibility and minimizes shareholder dilution while advancing key milestones.

When does Scinai expect a decision on the revised FENG SMART Path application?

A funding decision is expected in about three to four months. According to the company, the timeline reflects the grant evaluation process following the March 2, 2026 submission.

What indications is PC111 targeting and why is it notable for SCNI investors?

PC111 targets pemphigus vulgaris and SJS/TEN, severe orphan dermatologic diseases. According to the company, there are currently no approved therapies for SJS/TEN, highlighting high unmet medical need and potential regulatory pathways.