Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Scinai Immunotherapeutics Ltd. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2017
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.66
1.31
Cost of revenue
1.24
3.96
Gross profit
-0.58
-2.65
Research and development
5.42
16
3.25
5.77
5.21
5.53
2.37
Selling, general and administrative
1.41
7.63
5.3
4.51
2.53
2.52
General and administrative
2.43
1.5
Operating expenses
10.9
11.1
9.71
8.06
4.89
Operating income
-10.9
-11.1
-9.71
-8.64
-7.54
Interest expense
3.15
4.86
0.34
0.35
0.34
Interest income
0.01
1.2
1.84
Other non-operating income
2.66
5.27
3.21
-1.33
-0.77
Income from continuing operations
-12.9
Net income
-9.97
-1.39
-8.21
-5.8
-6.5
4.8
-8.31
EBITDA
-10.4
-10.5
-9.19
-6.99
-6.12
EPS, basic
-0.05
-0.02
0.01
0.00
EPS, diluted
-0.05
-0.02
0.01
0.00
Shares, basic (weighted)
565
754
1,563
3,225
9,339
Shares, diluted (weighted)
565
754
1,563
3,225
9,339
Balance sheet
FY2017
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
20.6
3.08
17.4
14.1
4.87
1.96
1.66
Receivables
1.13
0.38
0.33
0.08
0.07
Other current assets
0.23
0.16
0.44
0.21
0.17
Total current assets
21.7
3.31
17.8
14.4
5.45
2.39
2.05
Property, plant and equipment
1.59
12.3
12.4
11.2
10.8
9.19
7.79
Lease right-of-use assets
1.93
1.81
1.45
1.2
1.87
1.78
Total assets
23.6
17.7
32
27.1
17.5
13.4
11.6
Accounts payable
1.8
0.58
1
0.72
0.54
0.38
0.41
Accrued liabilities
0.36
0.76
0.46
0.53
0.44
Deferred revenue
0.23
0.09
Short-term debt
0.38
0.38
Total current liabilities
1.99
20
2.44
2.34
1.78
1.81
1.59
Lease liabilities
1.45
1.08
0.8
1.4
1.64
Total liabilities
7.34
22.2
31.1
28.8
22
3.47
3.52
Paid-in capital
51.8
96.5
113
116
120
124
130
Retained earnings
-35.6
-101
-110
-116
-122
-118
-126
Other comprehensive income
-2.06
-2.01
-1.74
-1.74
-1.74
Shareholders' equity
-15
0.98
-1.76
-4.57
9.98
8.1
Total equity
16.2
-4.54
0.98
-1.76
-4.57
9.98
8.1
Total liabilities and equity
23.6
17.7
32
27.1
17.5
13.4
11.6
Shares outstanding
739
989
1,857
3,412
13,873
Cash flow statement
FY2017
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-9.97
-1.39
-8.21
-5.8
-6.5
4.8
-8.31
Depreciation and amortization
0.13
0.47
0.56
0.51
1.65
1.42
Stock-based compensation
2.76
1.6
1.14
0.68
0.3
Change in receivables
-0.08
0.01
Cash from operations
-2.9
-22.6
-7.43
-7.27
-9.38
-6.34
-6.03
Capital expenditures
-1.3
-1.91
-0.14
-0.84
-0.64
-0.01
-0.02
Cash from investing
1.95
-1.85
-0.14
-0.84
-0.64
-0.01
-0.02
Stock issued
21.4
0.93
0.14
2
Cash from financing
17.8
4.27
21.4
6.78
1.09
3.44
5.77
Exchange rate effect
-0.83
0.53
0.58
-1.98
-0.27
-0.01
0
Net change in cash
16.1
-19.6
14.4
-3.3
-9.21
-2.92
-0.28
Free cash flow
-4.2
-24.5
-7.57
-8.1
-10
-6.35
-6.06
Interest paid
0.02
0.01
0.01
0.92
0.83
0.14
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.51 on November 11, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-202.3%
Gross profit / revenue.
Operating margin
-575.3%
Operating income / revenue.
EBITDA margin
-466.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-633.6%
Net income / revenue.
FCF margin
-461.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-460.0%
Cash from operations / revenue.
Return on equity (ROE)
-91.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-66.3%
Net income / average total assets.
Return on invested capital (ROIC)
-82.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
180.7%
Research and development expense / revenue.
SG&A / revenue
192.3%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
23.1%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.8%
Capital expenditures / revenue.
D&A / revenue
108.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
99.2%
Revenue vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-273.2%
Net income vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-18.8%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-13.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-24.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-8.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
189.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
131.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.30x
Current assets / current liabilities.
Quick ratio
1.09x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.05x
(Cash + short-term investments) / current liabilities.
Market cap + total debt - cash - short-term investments.
P/S
1.95x
Market cap / revenue.
P/B
0.31x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.31x
Market cap / tangible book value, when positive.
EV/Sales
0.68x
Enterprise value / revenue.
FCF yield
-237.3%
Free cash flow / market cap.
Earnings yield
-325.5%
Net income / market cap (the inverse of P/E).
What was Scinai Immunotherapeutics Ltd.'s revenue in fiscal 2025?
Scinai Immunotherapeutics Ltd. reported revenue of $1.3M for fiscal 2025, 99.2% higher than the year before.
Was Scinai Immunotherapeutics Ltd. profitable in fiscal 2025?
No. It reported a net loss of $8.3M.
How much free cash flow did Scinai Immunotherapeutics Ltd. generate in fiscal 2025?
Cash from operations of $6.0M minus capital expenditures of $24.0K left free cash flow of -$6.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.