MeritValue

Scinai Immunotherapeutics Ltd.

SCNIdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Scinai Immunotherapeutics Ltd. earns about -297% on equity, but has diluted owners by 1554% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue———$3891$1.31M2
Net income−$8.21M3−$5.8M4−$6.5M5$4.8M5−$8.31M5
Operating cash flow−$7.43M6−$7.27M7−$9.38M8−$6.34M8−$6.03M8
Capital expenditure$139,0009$836,00010$637,00011$12,00011$24,00011
Free cash flow (derived)−$7.57M6−$8.1M7−$10M8−$6.35M8−$6.06M8
Total debt$375,00012$382,00012———
Cash & equivalents$17.4M13$14.1M14$4.87M15$1.96M15$1.66M15
Diluted shares564.6M754.1M1.56B3.23B9.34B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.01
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
−$0.01
Debt you’d be carrying
—

10 shares is a claim on $0.01 of net worth that earned you −$0.01 and generated −$0.01 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-297% avg · 5y
FY21 -836%FY22 —FY23 —FY24 48%FY25 -103%

It earned an average -297% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1554% shares · 5y

Share count is up 1554% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2024-12-31 · accession 0001213900-25-040402 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2025-12-31 · accession 0001213900-26-038011 (Revenues)
  3. 20-F · period ending 2021-12-31 · accession 0001213900-24-043560 (NetIncomeLoss)
  4. 20-F · period ending 2022-12-31 · accession 0001213900-25-040402 (NetIncomeLoss)
  5. 20-F · period ending 2023-12-31 · accession 0001213900-26-038011 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001213900-24-043560 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-25-040402 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-038011 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001213900-24-043560 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2022-12-31 · accession 0001213900-25-040402 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-12-31 · accession 0001213900-26-038011 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-030228 (ShortTermBorrowings)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-24-043560 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0001213900-25-040402 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001213900-26-038011 (CashAndCashEquivalentsAtCarryingValue)