Scinai Immunotherapeutics Ltd.

For the first half of 2026, Scinai said revenue was approximately $949,000 versus approximately $773,000 in the first half of 2025. The company reported a gross loss of approximately $2.37 million and an operating loss of approximately $4.6 million, while net income was approximately $1.57 million, helped by an approximately $6.4 million bargain purchase gain related to the Recipharm transaction. Cash and restricted cash were approximately $2.85 million as of June 30, 2026. Looking ahead, management reiterated its approximately $5 million CDMO revenue objective for 2026 and said execution should be measured by converting customer commitments into revenue, improving utilization, and generating repeat business.

Amir Reichman framed the period as a step-change in the company’s operating model, saying Scinai is now a materially different business than it was at the start of the year. He emphasized that the Recipharm acquisition added not just assets but an experienced team, quality systems, customer relationships, and manufacturing capabilities, creating two complementary platforms in immunology R&D and CDMO services across Jerusalem and Yavne. His tone was confident but disciplined: the focus now is less on integration and more on commercialization, utilization, and advancing R&D with capital discipline.

No separate CFO spoke on the call; Amir Reichman addressed the financials directly. He highlighted the key reported figures: approximately $949,000 of revenue, approximately $2.37 million gross loss, approximately $4.6 million operating loss, and approximately $1.57 million net income, while stressing that the net income was driven by the noncash approximately $6.4 million bargain purchase gain and should not be read as operating profitability. He also pointed to approximately $2.85 million of cash and restricted cash at June 30 and described liquidity as an area to manage through CDMO cash generation, customer advances, non-dilutive funding, grants, and selective capital market use such as the SEPA.

Analysts and attendees focused mainly on three areas: what the $3.1 million of committed customer orders means, whether the $5 million 2026 CDMO revenue target is still in place, and whether the $15 million SEPA implies near-term dilution. Management said the committed orders are signed purchase orders, not a forecast or backlog metric, and that about $2.1 million had already been invoiced as of August 10 while about $1.0 million had not. On the SEPA, Amir said it is a financing option the company can use, not an obligation, and explicitly said shareholders should not expect $15 million of dilution in the near term. He also reiterated the company is still pursuing the approximately $5 million CDMO revenue objective for 2026, with success depending on execution, timing, and revenue-recognition criteria.