Financial Performance - Total revenues for the six months ended June 30, 2025, were $773,000, a 172% increase compared to $284,000 for the same period in 2024[5] - Gross loss for the six months ended June 30, 2025, was $(1,270,000), compared to a gross loss of $(164,000) for the same period in 2024[5] - Net loss for the six months ended June 30, 2025, was $(4,134,000), compared to a net loss of $(4,481,000) for the same period in 2024, reflecting a 7.7% improvement[5] - The Company reported an operating loss of $3,763 thousand and negative cash flows from operating activities of $2,575 thousand for the six months ended June 30, 2025[18] - For the six months ended June 30, 2025, total share-based compensation was $270, a decrease of 18.9% compared to $333 for the same period in 2024[34] - The basic net loss per share for the six months ended June 30, 2025, was calculated using a weighted average number of shares of 6,364,731,650[39] Expenses - Research and development expenses for the six months ended June 30, 2025, were $1,237,000, a decrease of 56% from $2,788,000 in the same period of 2024[5] - Total operating expenses for the six months ended June 30, 2025, were $2,493,000, down 34% from $3,791,000 in the same period of 2024[5] Assets and Liabilities - Cash and cash equivalents as of June 30, 2025, were $989,000, down 50% from $1,964,000 as of December 31, 2024[2] - Total current assets decreased to $1,506,000 as of June 30, 2025, from $2,391,000 as of December 31, 2024, representing a 37% decline[2] - Total liabilities increased to $4,982,000 as of June 30, 2025, compared to $3,471,000 as of December 31, 2024, indicating a 43% rise[4] - Total shareholders' equity decreased to $7,858,000 as of June 30, 2025, from $9,977,000 as of December 31, 2024, a decline of 21%[4] Business Operations - The company is focused on R&D and CDMO business units, with ongoing collaborations with the Max Planck Society and University Medical Center Gottingen[12] - The CDMO business is in early stages, with revenues of approximately $421 thousand generated from Scinai Bioservices for the six-month period ended June 30, 2025[15] - Revenues from CDMO recognized over time amounted to $182 for the six months ended June 30, 2025, slightly up from $180 in 2024[41] Grants and Funding - The Company submitted a €12 million grant application to fund approximately 80% of the costs for the next stage of PC111 development, which has received Orphan Drug Designation from the EMA[16] - The Company has received approximately $6,160 thousand in grants from the Israeli Innovation Authority, with $1,587 thousand supporting the CDMO business[25] - The maximum royalty amounts payable by the Company as of June 30, 2025, is approximately $5,161 thousand, representing the total gross amount of grants received[26] - The Company entered into a Standby Equity Purchase Agreement with YA II PN, Ltd. to purchase up to $10 million of ADSs during a 36-month period[31] - The Company raised approximately $1,492 in gross proceeds through drawdowns under the Purchase Agreement at a volume-weighted average price of approximately $2.9 per ADS, reflecting a 3% discount to the market price at the time[32] - In July and August 2025, the Company raised $4,203 in proceeds through drawdowns under the Standby Equity Purchase Agreement, issuing 1,638,062 ADSs at a volume-weighted average price of approximately $2.57 per ADS[43] Share-Based Compensation - The Company granted 900 RSUs to employees during the six months ended June 30, 2025, with a fair value of $3, compared to 55,725 RSUs granted in the same period of 2024 with a fair value of $290[34] - As of June 30, 2025, there are $278 of total unrecognized costs related to share-based compensation expected to be recognized over a period of up to four years[35] Accounting and Compliance - The Company is currently evaluating the impact of new accounting pronouncements on its financial statements[23] - The Company has recognized issuance-related costs of approximately $100 thousand in connection with the SEPA[31] Company Structure - The Company operates as one operating segment, with the chief operating decision maker using consolidated net loss to measure segment profit or loss[42]
Scinai Immunotherapeutics .(SCNI) - 2025 Q2 - Quarterly Report