Scinai Immunotherapeutics (SCNI) Q1 2026 earnings summary

Executive summary

• Completed acquisition of Recipharm Israel, expanding CDMO platform with a new site in Yavne and establishing a strategic collaboration with Recipharm AB.

• Advanced non-dilutive funding initiatives for PC111 and NanoAb programs and prioritized systemic IL-17 bispecific antibody as lead NanoAb project.

• Consolidated CDMO activities under Scinai Biopharma Services, enhancing operational footprint and commercial reach.

• Strengthened balance sheet through acquisition, advanced grant applications, and refined R&D strategy.

Financial highlights

• Revenues for Q1 2026 were $489K, down from $586K in Q1 2025; $200K of Q1 2026 revenue from Yavne facility post-acquisition.

• Cost of revenues rose to $1.6M from $0.4M year-over-year, reflecting CDMO growth and revised cost allocation.

• R&D expenses decreased to $0.6M from $1.3M, mainly due to cost reallocation, not reduced activity.

• Marketing, general, and administrative expenses increased to $0.7M from $0.5M, driven by operational expansion.

• Operating loss widened to $2.5M from $1.6M, mainly due to CDMO expansion and cost allocation changes.

• Net income was $3.6M, compared to a net loss of $1.6M, due to a $6.2M non-cash bargain purchase gain from the Recipharm Israel acquisition.

• Cash, cash equivalents, and restricted cash totaled $3.1M as of March 31, 2026, up from $1.8M at year-end 2025.

• Total assets increased to $17.6M and shareholders' equity to $11.8M.

Outlook and guidance

• Focus remains on expanding CDMO revenues, integrating the expanded platform, securing non-dilutive funding, advancing PC111 and IL-17 bispecific NanoAb, and pursuing strategic partnerships.

• Several grant decisions expected in the second half of 2026.