Investor Questions's questions to Scinai Immunotherapeutics Ltd (SCNI) leadership • Q2 2024
Question
A series of submitted investor questions addressed Scinai's valuation, the development timeline for its anti-IL-17 psoriasis treatment, the impact of the EIB debt restructuring on shareholder equity, its regulatory strategy, and its long-term vision for the R&D and CDMO business units.
Answer
CEO Amir Reichman addressed the questions, stating the company is undervalued with a derisked pipeline and a balance sheet strengthened by the recent EIB debt-to-equity deal. He outlined a clear timeline for the anti-IL-17 program, targeting a Phase I/IIa trial in H2 2025 with a 2026 readout. Reichman detailed the shareholder equity impact, noting a potential 1.865 million fully diluted share count, with conversion limits on new preferred shares. He highlighted a cost-saving regulatory strategy, such as using combined Phase I/IIa trials. Finally, he described a long-term strategy of partnering pipeline assets post-Phase II while growing the boutique CDMO business to serve early-stage biotechs, generate cash, and reduce overall risk.