Scinai Immunotherapeutics Ltd.

For the first six months of 2024, R&D expense was about $2.79 million versus $3.45 million a year earlier, marketing and G&A were $1.0 million versus $2.3 million, and financial expenses were $0.53 million versus $1.5 million. Net loss was $4.48 million compared with $7.28 million in the first half of 2023. Cash as of June 30, 2024 was $3.21 million versus $7.63 million at June 30, 2023, and shareholder equity was negative $7.28 million versus negative $4.57 million. Management said first-half CDMO work orders totaled $600,000 from five clients and reiterated 2024 CDMO guidance of $1.25 million. It also said the EIB debt-to-equity deal, expected to close by August 23, should increase shareholder equity by approximately $19 million and bring pro forma equity to about $12 million positive. In addition, the company announced a $2 million equity commitment from Daniel Stone, with each advance up to $500,000 per month through December 31, 2024.

Amir Reichman framed Scinai as a two-engine biotech: a derisked inflammation/immunology R&D pipeline and a boutique CDMO business that can help fund development. He emphasized that the EIB restructuring removes a large balance-sheet overhang, and he repeatedly tied the company’s future value to clinical progress, licensing optionality, and partnering with larger pharma. His tone was optimistic and promotional, especially around the IL-17 psoriasis program, the potential of the broader nanobody platform, and the ability to expand into multiple indications.

There was no separate CFO speaker; Amir Reichman covered the financials. He highlighted lower R&D spending from reduced salaries and subcontractors, lower marketing/G&A from salary, share-based compensation, and professional-services cuts, and lower financial expenses after prior warrant and loan revaluation items. He also pointed to the first-time CDMO revenue contribution, the Israel Innovation Authority grant, and the expected accounting impact of the EIB restructuring, which he said would replace roughly $29 million of debt/interest with 1,000 preferred shares, eliminate future 3% revenue royalties, and remove the 10% capital-raise payment requirement until maturity.

Analysts asked about the long-term future and share price, and management answered that it viewed the company as undervalued but would not give personal projections. Reichman said the main hurdle had been the large liability on the balance sheet, and argued the EIB deal should clear investor concerns and support value creation. Questions on the lead antibody focused on clinical and commercial timing; management said it will run a longer animal proof-of-concept starting in September, then toxicity work, then a Phase 1/2a study in the second half of 2025, with a readout in the first quarter of 2026. On regulatory strategy, Reichman said Scinai is using advisers in Europe and the U.S. to pursue an accelerated path, including toxicology in pigs rather than nonhuman primates and a direct-to-patient Phase 1/2a approach supported by PEI feedback.