NEWS
Scinai Publishes Financial Results and Provides Business Update; Shareholders' Equity up from negative $7.3 million as of June 30, 2024, to positive $10 million
Scinai Immunotherapeutics (NASDAQ: SCNI) reported financial results for the nine months ended September 30, 2024.
The company's shareholders' equity improved to positive $10 million from negative $7.3 million, primarily due to the conversion of a EUR 26.6 million EIB loan into preferred shares.
Revenue reached $452,000, compared to no revenues in the same period of 2023.
The company reported a net gain of $7,026,000 versus a net loss of $4,170,000 in the previous year.
Cash position decreased to $1,169,000 from $5,010,000.
The CDMO business unit received work orders valued at approximately $600,000 and expects material revenue growth in coming years.
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