Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI) reported first-half 2026 revenue of approximately $949,000, a 22.7% increase from $773,000 in the same period of 2025. The company, which operates a contract development and manufacturing organization (CDMO) in Israel, attributed the growth to expanded services following its acquisition of Recipharm Israel’s operations in Yavne.
Despite the revenue improvement, Scinai posted a gross loss of about $2.37 million and an operating loss of roughly $4.6 million for the six months ended June 30, 2026. Net income totaled approximately $1.57 million, primarily due to a $6.4 million non-cash bargain purchase gain from the Recipharm transaction. The company’s cash and restricted cash balance stood at $2.85 million as of June 30.
Management highlighted that Scinai’s underlying business continues to operate at a loss. Chief Executive Officer Amir noted that the reported net income should not be interpreted as operational profitability, emphasizing that the company’s core operations generated an operating loss during the period. The CEO added that the acquisition brought not only equipment but also an experienced pharmaceutical team, quality systems, and customer relationships that would otherwise require significant time and capital to develop independently.
Scinai’s customer order pipeline remains robust, with committed orders totaling about $3.1 million as of August 16, 2026. Of this amount, roughly $1.6 million is tied to Yavne and $1.5 million to Jerusalem. Invoiced orders reached approximately $2.1 million as of August 10, while signed but uninvoiced work orders stood at $1 million. Management has set a full-year CDMO revenue target of about $5 million for 2026.
The company’s financial position includes a $15 million SEPA financing facility, though management clarified that the recent update to its F-1 registration statement does not imply an immediate $15 million draw or near-term dilution. The facility allows for selective, non-obligatory financing priced at 97% of the applicable volume-weighted average price without warrants.
Scinai’s stock traded at $2.92 on Friday, up 1.39% from the prior close of $2.88. The shares have declined 81.3% over the past year, with a 52-week range of $2.147 to $16.80. The company’s market capitalization stands at $1.64 million.
The company continues to prioritize capital discipline and non-dilutive funding sources, including grants, while advancing its R&D portfolio, which includes the NanoAb platform and the PinCell option agreement for the PC111 dermatology program.
