Scinai Immunotherapeutics Ltd. reported first-half 2026 revenue of $949,000, an increase of 22.7% from $773,000 in the same period of 2025, though the company continued to post operating losses. Gross loss deepened to $2.37 million, while operating loss widened to $4.6 million, according to a financial update tied to an earnings call transcript.
Net income for the six months ended June 30, 2026, totaled $1.57 million, driven primarily by a $6.4 million non-cash bargain purchase gain from the acquisition of Recipharm Israel operations. Cash and restricted cash stood at $2.85 million as of June 30, with an additional $650,000 in customer advances received after quarter-end. Management noted $3.1 million in committed customer orders as of August 16, split roughly evenly between sites in Yavne and Jerusalem, with $2.1 million already invoiced by August 10.
The company’s gross profit margin over the last twelve months remained deeply negative at -252%, while free cash flow stood at negative $7.5 million. Scinai maintained its full-year 2026 CDMO revenue target of $5 million, though the business remains unprofitable at the operating level, CEO Amir emphasized during the call. Revenue growth was attributed to the expansion of Scinai’s Contract Development and Manufacturing Organization platform following the acquisition of Recipharm’s Israel operations in Yavne, which added early chemistry development and small-scale cGMP API manufacturing capabilities.
The Jerusalem site continues to focus on biologic development, analytical services, aseptic processing, and clinical cGMP manufacturing, complementing the Yavne site’s new capabilities. Scinai’s stock traded at $2.92, up 1.39% on the day, though shares remain down 81.3% over the past year and 82.6% below a 52-week high of $16.80.
Management also addressed a $15 million Standby Equity Purchase Agreement facility, clarifying that a recent filing was a post-effective amendment to update financial data and an ADS ratio change, not an immediate draw. Advances under the SEPA are priced at 97% of the applicable VWAP without warrants, and a commitment fee has already been paid.
