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Scinai Immunotherapeutics Ltd.

For the period ended Dec 31, 2025. Filed Apr 1, 2026.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Apr 1, 2026

SCNI$0.44-2.2%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

☐** REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**

OR

☒** ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended December 31,2025

OR

☐** TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from to

OR

☐** SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of event requiring this shell company report:

For the transition period from ____________ to ____________

Commission file No.001-37353

Scinai Immunotherapeutics Ltd.

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English)

ISRAEL

(Jurisdiction of incorporation or organization)

Jerusalem BioPark,2nd floor

Hadassah Ein Kerem Campus

Jerusalem, Israel

**(+972) 8-930-2529

(+972) 8-930-2531 (facsimile)

(Address of principal executive offices)

Amir Reichman,

Chief Executive Officer

**(+972) 8-930-2529

(+972) 8-930-2531 (facsimile)

(Name, telephone, e-mail and/or facsimile number and address of company contact person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
American Depositary Shares, each representing 4,000 ordinary share, no par valueSCNINasdaq Capital Market
Ordinary Shares, no par value*
*Not for trading on The Nasdaq Capital Market, but listed above only in connection with the registration of American Depositary Shares.

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:13,872,899,584 ordinary shares, no par value.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Emerging growth company☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒International Financial Reporting Standards as issued by the International Accounting Standards Board ☐Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. N/A

Item 17☐ Item 18☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes☐ No☒

TABLE OF CONTENTS

Introductionii
Note Regarding Forward-Looking Statementsiii
PART I
Item 1.Identity of Directors, Senior Management and Advisers1
Item 2.Offer Statistics and Expected Timetable1
Item 3.Key Information1
Item 4.Information on the Company38
Item 4A.Unresolved Staff Comments61
Item 5.Operating and Financial Review and Prospects61
Item 6.Directors, Senior Management and Employees70
Item 7.Major Shareholders and Related Party Transactions89
Item 8.Financial Information92
Item 9.The Offer and Listing93
Item 10.Additional Information93
Item 11.Quantitative and Qualitative Disclosures About Market Risk108
Item 12.Description of Securities Other than Equity Securities108
PART II
Item 13.Defaults, Dividend Arrearages and Delinquencies110
Item 14.Material Modifications to the Rights of Security Holders and Use of Proceeds110
Item 15.Controls and Procedures110
Item 16.[Reserved]111
Item 16A.Audit Committee Financial Expert111
Item 16B.Code of Ethics111
Item 16C.Principal Accountant Fees and Services111
Item 16D.Exemptions from the Listing Standards for Audit Committees112
Item 16E.Purchases of Equity Securities by the Issuer and Affiliated Purchasers112
Item 16F.Change in Registrant’s Certifying Accountant112
Item 16G.Corporate Governance112
Item 16H.Mine Safety Disclosure114
Item 16I.Disclosure Regarding Foreign Jurisdictions that prevent Inspection114
Item 16J.Insider Trading Policies114
Item 16K.Cybersecurity114
PART III
Item 17.Financial Statements116
Item 18.Financial Statements116
Item 19.Exhibits116
Signatures118
Index to Consolidated Financial StatementsF-1

i

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.