Revenue growth of 26.2% in 2026Q1 is overshadowed by a negative gross margin of -2.3%, indicating that production costs continue to exceed service-related income.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 1.47M | 1.31M | 658K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 224.49% | 99.24% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 4.02M | 3.96M | 1.24M | 512.67K | 559.8K | 747.65K | 708.92K | 461.69K | 72.32K | 123.55K | 0 | 0 | 0 | 0 | 0 | 167.98K | 76.22K | 66.96K |
| COGS % of Revenue | - | 302.29% | 188.15% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -2.55M | -2.65M | -580K | -512.67K | -559.8K | -747.65K | -708.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -168K | -76.22K | -66.96K |
| Gross Margin % | -174% | -202.29% | -88.15% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -357.24% | -13.13% | 8.42% | 25.13% | -5.46% | - | - | - | - | - | - | - | - | 100% | -120.41% | -13.83% | - |
| Operating Expenses | 5.93M | 4.89M | 8.06M | 9.71M | 11.06M | 10.86M | -2.28M | 22.69M | 20.61M | 6.8M | 3.09M | 2.9M | 2.09M | 2.2M | 2.19M | 2.13M | 2.47M | 1.11M |
| OpEx % of Revenue | - | 373% | 1224.62% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 2.6M | 2.52M | 2.53M | 4.5M | 5.3M | 7.63M | 5.02M | 2.81M | 1.38M | 1.4M | 1.07M | 871.81K | 680.13K | 631.56K | 574.69K | 602.75K | 668.83K | 299.68K |
| SG&A % of Revenue | - | 192.3% | 383.89% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 3.87M | 2.37M | 5.53M | 5.21M | 5.76M | 3.25M | 16.01M | 19.88M | 19.27M | 5.58M | 2.44M | 1.91M | 1.65M | 1.94M | 1.61M | 1.53M | 1.8M | 805.34K |
| R&D % of Revenue | - | 180.7% | 840.73% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -539.9K | 0 | 0 | -9K | 0 | -12K | -23.31M | 0 | -38.24K | -186K | -416K | -726K | -243.56K | -367K | 0 | 0 | 0 | 0 |
| Operating Income | -8.49M | -7.54M | -8.64M | -9.71M | -11.06M | -10.87M | 2.28M | -22.69M | -20.61M | -6.8M | -3.09M | -2.9M | -2.09M | -2.2M | -2.38M | -2.3M | -2.54M | -1.17M |
| Operating Margin % | -578.61% | -575.29% | -1312.77% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 12.69% | 11% | 12.25% | -1.72% | -576.51% | 110.06% | -10.1% | -203.15% | -120.07% | -6.48% | -38.83% | 5.19% | 7.24% | -3.21% | 9.43% | -116.87% | - |
| EBITDA | -6.83M | -6.12M | -6.99M | -9.19M | -10.5M | -10.4M | 2.75M | -22.23M | -20.54M | -6.67M | -2.93M | -2.74M | -1.92M | -2M | -2.19M | -2.13M | -2.47M | -1.11M |
| EBITDA Margin % | -465.78% | -466.9% | -1062.16% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -517.68% | 12.42% | 23.97% | 12.45% | -0.92% | -478.21% | 112.37% | -8.24% | -207.68% | -128.05% | -6.84% | -42.98% | 4.18% | 8.52% | -2.43% | 13.44% | -123.11% | - |
| D&A (Non-Cash Add-back) | 1.65M | 1.42M | 1.65M | 514K | 562K | 471K | 468.56K | 461.69K | 72.32K | 123.55K | 162.32K | 161.62K | 173.75K | 204.46K | 190.18K | 167.98K | 76.22K | 66.96K |
| EBIT | -7.7M | -7.95M | -8.64M | -9.71M | -11.06M | -10.86M | 2.28M | -22.69M | -20.61M | -6.8M | -3.09M | -2.9M | -2.09M | -2.2M | -2.43M | -2.16M | -2.49M | -1.17M |
| Net Interest Income | -323.25K | -339K | -1.34M | 115K | 3.05M | -3.36M | -348K | -4.27M | -2.43M | 5.17K | 14.28K | 2.82K | 19.5K | 39.22K | 65.04K | 129.34K | 85.62K | 8.66K |
| Interest Income | 10.94K | 20K | 100.47K | 122.68K | 8.1M | 929 | 582 | 8.3K | 1.35M | 5.04K | 14.38K | 2.83K | 21.19K | 37.8K | 65.04K | 129.34K | 85.62K | 8.66K |
| Interest Expense | 345.14K | 359K | 1.44M | 7.98K | 5.05M | 3.36M | 348.93K | 4.28M | 3.78M | 20.45K | 100 | 8 | 1.69K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 5.69M | -765K | 13.43M | 3.21M | 5.26M | 2.67M | -3.67M | -8.93M | -2.85M | -3.13M | 704.94K | 283.33K | 97.02K | -114K | -51.25K | 142.22K | 53.68K | 6.87K |
| Pretax Income | -2.8M | -8.31M | 4.8M | -6.5M | -5.8M | -8.21M | -1.39M | -31.62M | -23.46M | -9.93M | -2.38M | -2.62M | -1.99M | -2.32M | -2.43M | -2.16M | -2.49M | -1.17M |
| Pretax Margin % | -190.68% | -633.64% | 728.88% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -2.8M | -8.31M | 4.8M | -6.5M | -5.8M | -8.21M | -1.39M | -31.62M | -23.46M | -9.93M | -2.38M | -2.62M | -1.99M | -2.32M | -2.43M | -2.16M | -2.49M | -1.17M |
| Net Margin % | -190.68% | -633.64% | 728.88% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -176.75% | -273.21% | 173.78% | -12.15% | 29.37% | -492.06% | 95.62% | -34.79% | -136.24% | -316.53% | 8.9% | -31.33% | 14% | 4.57% | -12.41% | 13.18% | -113.54% | - |
| Net Income (Continuing) | -2.8M | -8.31M | 4.8M | -6.5M | -5.8M | -8.21M | -1.39M | -31.62M | -23.46M | -9.93M | -2.38M | -2.62M | -1.99M | -2.32M | -2.43M | -2.16M | -2.49M | -1.17M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2956.34 | -3.60 | 6.00 | -16.80 | -30.80 | -80.00 | -12.40 | -999999.00 | -999999.00 | -790280.00 | -282320.00 | -396880.00 | -587280.00 | -773320.00 | -230.45 | -223.97 | -279.13 | -152.40 |
| EPS Growth % | 63913.33% | -160% | 135.71% | 45.45% | 61.5% | -545.16% | 100% | -7.87% | -81.68% | -179.92% | 28.87% | 32.42% | 24.06% | -335469.54% | -2.89% | 19.76% | -83.16% | - |
| EPS (Basic) | - | -3.60 | 6.00 | -16.80 | -30.80 | -80.00 | -12.40 | -999999.00 | -999999.00 | -790280.00 | -282320.00 | -396880.00 | -587280.00 | -773320.00 | -230.45 | -223.97 | -279.13 | -173.20 |
| Diluted Shares Outstanding | 946 | 2.33M | 806.37K | 390.66K | 188.52K | 141.14K | 110.81K | 81.66K | 65.36K | 50.26K | 33.77K | 26.38K | 13.57K | 11.99K | 10.53K | 9.64K | 8.91K | 7.64K |
| Basic Shares Outstanding | 946 | 2.33M | 806.37K | 390.66K | 188.52K | 102.57K | 110.81K | 81.66K | 65.35K | 50.26K | 33.77K | 26.38K | 13.57K | 11.99K | 10.53K | 9.64K | 8.91K | 6.73K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution
According to recent financial disclosures, Scinai's revenue reached $487.7K in 2026Q1, representing a 26.2% increase; however, this growth remains highly erratic and tied to non-recurring service contracts rather than a sustainable commercial product pipeline, leaving the firm's long-term revenue trajectory highly uncertain and speculative.
The revenue growth appears to be driven by sporadic CDMO service engagements rather than consistent demand for the company's proprietary NanoAb platform. Investors should monitor whether these service-based inflows can ever scale sufficiently to offset the substantial R&D and facility maintenance costs inherent in the current business model.
As reported in quarterly filings, the company's gross margin of -2.3% in 2026Q1 highlights the persistent challenge of maintaining a specialized biologics manufacturing facility without sufficient throughput, suggesting that the direct costs of production continue to significantly outweigh the revenue generated from external service contracts.
The extreme margin volatility, ranging from negative double digits to triple digits, indicates a lack of operational leverage and a high sensitivity to fixed-cost absorption. This structural imbalance suggests that the current manufacturing-heavy strategy may be a significant drag on profitability until clinical milestones are achieved.
Based on the provided income statement data, Scinai's operating expenses, including R&D and SG&A, consistently exceed revenue, with R&D spending alone reaching $626.3K in 2026Q1, underscoring the company's reliance on external capital to sustain its ongoing drug development and facility maintenance activities.
The cost structure appears heavily weighted toward fixed overheads associated with the Jerusalem facility, which limits the company's ability to pivot during periods of low service demand. Management's expense discipline remains difficult to assess given the necessity of these expenditures for maintaining the regulatory compliance of their manufacturing assets.
Data from recent periods indicates that the company's cash position of $1.66M is insufficient to cover ongoing operating losses, suggesting that the firm faces a high risk of further dilutive financing or potential insolvency if it fails to secure significant new capital or commercial partnerships.
Short-sellers would likely focus on the persistent net losses and the lack of a clear path to self-funding, which may necessitate further equity issuance. The reliance on non-operating items to occasionally bolster net income warrants further investigation, as it may mask the underlying cash burn rate and operational fragility.
Quick answers to the most common questions about buying SCNI stock.
For fiscal year 2025, Scinai Immunotherapeutics Ltd. (SCNI) reported total revenue of $1.3M.
Scinai Immunotherapeutics Ltd. (SCNI) reported a net loss of $8.3M for the fiscal year ending 2025.
Scinai Immunotherapeutics Ltd. (SCNI) reported an operating income of $-7.5M, resulting in an operating profit margin of -575.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Scinai Immunotherapeutics Ltd. (SCNI) generated $-2.7M in gross profit for the year, representing a gross profit margin of -202.3%. This demonstrates the company's core pricing power and production efficiency.