Scinai Reports Full-Year 2025 Results, with CDMO Revenues Doubling and Strategic Expansion Through Recipharm Collaboration
JERUSALEM, April 1, 2026 /PRNewswire/ -- Scinai Immunotherapeutics Ltd. (NASDAQ:SCNI); ("Scinai" or the "Company"), a biopharmaceutical company operating a dual R&D and CDMO business model designed to combine therapeutic innovation with revenue-generating drug development and manufacturing services, today reported financial results for the year ended December 31, 2025.
Corporate and Financial Highlights
- CDMO revenues doubled year-over-year to $1.3 million, reflecting continued commercial traction and execution of development and manufacturing programs
- Expanded CDMO platform post year-end through the acquisition of Recipharm Israel and entry into a strategic commercial collaboration with Recipharm, enhancing manufacturing capabilities and broadening service offerings
- Established a differentiated lifecycle CDMO model with global reach, enabling customer programs to transition from early-stage development through late-stage and commercial manufacturing
- Positioned PC111, a fully human monoclonal antibody targeting inflammatory pathways with potential applications in severe dermatological conditions, as the Company's flagship value driver.
- Resubmitted application for non-dilutive FENG grant funding covering PC111 and IL-17-based programs, advancing key pipeline assets through capital-efficient funding mechanisms
- FENG grant structure provides significant capital efficiency, with €12 million of potential grant funding matched by approximately €3 million of Company investment, enabling up to 5x leverage on R&D capital
- Net cash used in operating activities for the year ended December 31, 2025, was $6.0 million, representing a slight decrease year-over-year.
Financial Results for Full-Year 2025
Revenues for the year ended December 31, 2025, were $1.3 million, compared to $0.7 million for the year ended December 31, 2024. The increase reflects continued expansion of Scinai's CDMO activities.
R&D expenses for the year ended December 31, 2025, amounted to $2.4 million, compared to $5.5 million for the year ended December 31, 2024. The decrease was primarily due to lower allocation of employees and facility costs to the R&D business unit.
Marketing, general and administrative expenses for the year ended December 31, 2025, were $2.5 million, compared to $2.5 million for the year ended December 31, 2024.
Financial expenses, net, for the year ended December 31, 2025, were $0.8 million, compared to financial income of $13.4 million for the year ended December 31, 2024. The change was primarily driven by the financial income from loan conversion recognized in 2024, which did not recur in 2025.
Net loss for the year ended December 31, 2025, was $8.3 million, compared to net income of $4.8 million for the year ended December 31, 2024. The variance reflects the financial income from loan conversion recognized in 2024.
As of December 31, 2025, cash, cash equivalents and restricted cash totalled $1.8 million, compared to $2.1 million as of December 31, 2024.
Operational Update
During 2025, Scinai expanded its CDMO activities, executing multiple development and manufacturing programs and continuing to build its customer base, primarily among biotech companies in Israel and the United States.
On the R&D side, the Company re-prioritized its pipeline, positioning PC111 as its lead value driver while refining its NanoAbs development strategy. As part of this shift, the Company selected a systemic IL-17 bi-specific program as the primary path for platform validation, focusing on a more capital-efficient and partner-aligned development approach. Development activities under the NanoAbs platform continued in collaboration with the Max Planck Society.
The Company also shifted its funding strategy toward non-dilutive sources, with a focus on securing grant funding to support key programs, including PC111 and IL-17-based assets.
Post Year-End Strategic Development
In February 2026, Scinai completed the acquisition of Recipharm Israel's manufacturing site in Yavne and entered into a strategic commercial collaboration agreement with Recipharm.
This transaction expands the Company's capabilities beyond biologics into small-molecule development and manufacturing and strengthens its positioning as an integrated CDMO platform. Through this collaboration, Scinai is positioned to support customer programs from early-stage development through late-stage and commercial manufacturing via Recipharm's global network, while maintaining ongoing participation in the value chain.
On the R&D side, the Company extended its option agreement with Pincell to August 31, 2026, maintaining strategic flexibility around the advancement of the PC111 program.
The Company also resubmitted its FENG grant application for PC111 and submitted two additional FENG grant applications for its IL-17 NanoAb programs, supporting its strategy to advance multiple programs through non-dilutive funding.
Management Commentary
Amir Reichman, Chief Executive Officer of Scinai, commented: "2025 was a year of focused execution, during which we continued to grow our CDMO activities while refining our strategic priorities.
We doubled our revenues year-over-year and improved operating efficiency, while positioning PC111 as our flagship value driver and advancing our capital-efficient development model through non-dilutive funding initiatives.
The Recipharm transaction completed after year-end represents a significant step forward, expanding our capabilities, footprint and market reach, and enabling us to participate across a broader portion of the drug development lifecycle.
Looking ahead, we remain focused on scaling our CDMO business, advancing PC111 and our NanoAbs platform, and leveraging non-dilutive funding to maximize the impact of our capital."
A copy of the Company's annual report on Form 20-F for the year ended December 31, 2025 has been filed with the U.S. Securities and Exchange Commission and posted on the Company's investor relations website at https://www.scinai.com/investorsrelations. The Company will deliver a hard copy of its annual report, including its complete audited financial statements, free of charge, to its shareholders upon request at ir@scinai.com
About Scinai Immunotherapeutics
Scinai Immunotherapeutics Ltd. (NASDAQ:SCNI) is a biopharmaceutical company with two complementary business units: (i) Scinai R&D, focused on the development of innovative therapeutics in inflammation and immunology, and (ii) its contract development and manufacturing organization (CDMO) business, operated through its subsidiary, Scinai Biopharma Services Ltd.
Scinai's R&D activities are centered on two key pillars. The Company is advancing its NanoAbs platform, which is focused on the development of novel therapeutics based on VHH antibody fragments with unique properties suitable for advanced mono- and multi-specific antibody formats, in collaboration with the Max Planck Society and the University Medical Center Göttingen.
In parallel, the Company is progressing its PC111 program through an option agreement to acquire Pincell S.r.l., a clinical-stage biotechnology company. PC111 is a fully human monoclonal antibody targeting pathways involved in inflammation and keratinocyte cell death, with potential applications in severe dermatological conditions.
The Company also continues to evaluate opportunities to acquire or in-license additional assets in or near clinical development.
The Company's CDMO business provides integrated development and manufacturing services to emerging biotech companies, supporting programs from early-stage development through clinical-stage production. Following the acquisition of Recipharm Israel in February 2026, Scinai is expanding its manufacturing capabilities and consolidating its CDMO activities under Scinai Biopharma Services Ltd., with the goal of supporting a broader range of modalities and customer programs.
Scinai's strategy is to build a capital-efficient, integrated biotechnology platform by combining internal pipeline development, externally sourced assets, and revenue-generating CDMO operations.
Company website: www.scinai.com
Company Contacts
Investor Relations - Allele Capital Partners | +1 978 857 5075 | aeriksen@allelecapital.com
Business Development | +972 8 930 2529 | bd@scinai.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Forward-looking statements include, among other things, statements regarding the Company's strategy, including the growth of its CDMO business, the expected benefits of the Recipharm transaction and collaboration, the development and potential of its R&D programs, including PC111 and its NanoAbs platform, and the Company's efforts to obtain non-dilutive funding, including FENG grants.
Words such as "expects," "intends," "plans," "believes," "may," "will," "anticipates," "estimates," and similar expressions are intended to identify forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.
These risks and uncertainties include, without limitation, the Company's ability to successfully integrate and realize the expected benefits of the Recipharm transaction, its ability to secure non-dilutive funding, including grant approvals, the progress and timing of its R&D programs, including PC111, its ability to generate revenues from its CDMO business, and general market conditions, including the Company's ability to meet the continued listing requirements of The Nasdaq Capital Market.
More detailed information regarding these and other risks and uncertainties is included under the heading "Risk Factors" in the Company's Annual Report on Form 20-F and in the Company's subsequent filings with the U.S. Securities and Exchange Commission.
Forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect new information, future events, or otherwise.
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