Monitor cash runway closely — at the current burn rate of ~$1.5M/quarter, the $3.1M cash position provides roughly two quarters of liquidity without additional funding. The next catalysts are FENG grant decisions expected in H2 2026 and the June 16 examiner meeting for the IL-17 NanoAb program. Any delay or denial of non-dilutive funding would likely force dilutive financing, given the $1M market cap and Nasdaq bid-price compliance risk.
Price Chart
Executive Summary
Scinai reported Q1 2026 revenue of $489K (down 16.5% YoY) and an operating loss of $2.5M (widened from $1.6M). Net income of $3.6M was entirely driven by a non-cash $6.2M bargain purchase gain from the Recipharm Israel acquisition, masking continued cash burn of $1.5M from operations. The CDMO expansion adds assets and revenue diversification but has not yet reversed the revenue decline or narrowed losses, leaving the company reliant on non-dilutive grant outcomes and further financing.
Key Facts
- Q1 2026 revenue fell to $489K from $586K YoY, a 16.5% decline.
- Operating loss widened to $2.5M from $1.6M YoY.
- Net income of $3.6M was entirely due to a $6.2M non-cash bargain purchase gain from the Recipharm Israel acquisition.
- Cash, cash equivalents and restricted cash totaled $3.1M as of March 31, 2026, up from $1.8M at year-end 2025.
- Net cash used in operating activities was $1.5M in Q1 2026, compared to $1.0M in Q1 2025.
- Share count increased to 14.1B ordinary shares at March 31, 2026 (20.7B as of June 10, 2026) from 13.9B at year-end 2025.
- The company advanced multiple non-dilutive grant applications but no funding has been secured yet.
Financial Impact
Revenue declined $97K YoY; operating loss increased $899K; net income of $3.6M is non-cash and non-recurring; cash burn rate ~$1.5M per quarter.
Risk Factors
- Continued cash burn without secured non-dilutive funding may require dilutive equity issuance.
- Nasdaq minimum bid price compliance remains a risk given the sub-$1 stock price and $1M market cap.
- Revenue decline and widening operating loss indicate the CDMO expansion has not yet achieved operating leverage.
- Share count dilution continues (20.7B shares outstanding as of June 10, 2026, up from 14.1B at March 31, 2026).
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-068495 |
| Document: ea0294725-6k_scinai.htm | 0001213900-26-068495 |
| Document: 0001213900-26-068495-index-headers.html | 0001213900-26-068495 |
| Document: 0001213900-26-068495-index.html | 0001213900-26-068495 |
| Document: 0001213900-26-068495.txt | 0001213900-26-068495 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 6-K | $0.6813 | awaiting T+60 | — | $0.5310 (−22.06%) |
Oct 16, 2026 11d ago | 6-K | $0.7520 | awaiting T+60 | — | $0.5310 (+29.39%) |
Oct 16, 2026 11d ago | Press Release | $0.7524 | awaiting T+60 | — | $0.5310 (+29.43%) |
Oct 15, 2026 12d ago | 6-K | $0.9015 | awaiting T+60 | — | $0.5310 (+41.10%) |
Oct 13, 2026 14d ago | 6-K | $1.23 | awaiting T+60 | — | $0.5310 (−56.83%) |
Oct 6, 2026 21d ago | EFFECT | $1.22 | awaiting T+60 | — | $0.5310 (+56.48%) |
Sep 21, 2026 5w ago | 6-K | $1.69 | awaiting T+60 | — | $0.5310 (−68.58%) |
Aug 26, 2026 8w ago | 6-K | $2.87 | awaiting T+60 | — | $0.5310 (+81.50%) |
Aug 19, 2026 9w ago | 6-K | $0.2740 | awaiting T+60 | — | $0.5310 (−93.80%) |
Jun 17, 2026 18w ago | 6-K | $0.3370 $0.2440 | ▼ −27.60% | ▼ −30.28% | $0.5310 (+57.57%) |
US Market Status
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