Scinai Immunotherapeutics (SCNI) Registration filing summary

Company overview and business model

• Focuses on developing innovative immunology therapies and operates a contract development and manufacturing organization (CDMO) serving biotech and pharma clients.

• Pipeline includes therapeutic candidates licensed from Max Planck Society and PinCell S.r.l., with ongoing evaluation of additional assets and R&D prioritization.

• Recent acquisition of Recipharm Israel Ltd. (now Scinai Biopharma Services Ltd.) expands capabilities to small-molecule development and API manufacturing.

• Corporate reorganization established a dedicated CDMO subsidiary, streamlining R&D and enhancing capital efficiency.

Financial performance and metrics

• As of December 31, 2025, pro forma as adjusted shareholders' equity would be $22.1 million, assuming full exercise of warrants.

• Accumulated deficit stands at $122.2 million, with cash and cash equivalents of $5.6 million actual, $16.4 million pro forma, and $22.1 million pro forma as adjusted.

• Historical results may not indicate future performance; going concern risk noted by auditors.

Use of proceeds and capital allocation

• No proceeds from the resale of ADSs by selling shareholders; company will receive proceeds only if warrants are exercised for cash.

• Gross proceeds from full warrant exercise could total approximately $5.7 million, intended for general corporate purposes and working capital.