Core Viewpoint - Scinai Immunotherapeutics Ltd. has reported its financial results for Q1 2024, highlighting a significant reduction in net loss and ongoing efforts to regain compliance with Nasdaq listing requirements while advancing its CDMO services and R&D pipeline [1][9]. Business Update & Recent Highlights - The company regained compliance with Nasdaq's minimum bid price requirement of $1.00 but remains non-compliant with the equity requirement, presenting a plan to the Nasdaq Hearing Panel for compliance [2][4]. - Scinai received a letter of intent from the European Investment Bank (EIB) regarding the conversion of its loan into equity, with expectations for a binding term sheet in July 2024 [3]. - The company is actively marketing its CDMO services through various channels, including participation in major pharmaceutical conferences [5][39]. - A hands-on aseptic processing course was conducted in collaboration with industry experts, attracting senior figures from the Israeli biotech sector [7]. - A scientific advisory meeting with the Paul Erlich Institute (PEI) is expected to guide the company in preparing for a pre-clinical toxicology study for its anti-IL NanoAbs targeting plaque psoriasis [8]. Financial Summary - For the three months ended March 31, 2024, research and development expenses were $1,568 thousand, down from $1,995 thousand in the same period of 2023, primarily due to reduced salaries and subcontractor use [40]. - Marketing, general, and administrative expenses decreased to $484 thousand from $1,191 thousand year-over-year, attributed to lower salaries and professional services [40]. - The net loss for Q1 2024 was $2,159 thousand, a reduction from $3,515 thousand in Q1 2023, indicating improved financial performance [40][41]. - Cash and cash equivalents at the end of Q1 2024 were $4,826 thousand, slightly down from $4,870 thousand a year earlier [20].
Scinai Publishes Q1 2024 Financial Results and Provides Business Update