SCHEDULE: Stone, RK Stone Miami Boost Scinai Immunotherapeutics Stake

Daniel E. Stone and RK Stone Miami, LLC reported increased beneficial ownership in Scinai Immunotherapeutics Ltd., holding 9.9% and 8.1% respectively.

Summary

• Daniel E. Stone beneficially owns 346,667 American Depositary Shares (ADSs) of Scinai Immunotherapeutics Ltd., representing 9.9% of the class.
• RK Stone Miami, LLC beneficially owns 282,467 ADSs, representing 8.1% of the class.
• RK Stone Miami, LLC exercised 200,000 warrants on September 22, 2025, converting them into ADSs.
• As of September 29, 2025, RK Stone Miami, LLC holds 200,000 ADSs and 283,426 ADS pre-funded warrants.
• The beneficial ownership percentages are calculated based on 12,750,715,584 ordinary shares outstanding as of September 17, 2025, as disclosed by the issuer.
• Each American Depositary Share (ADS) represents 4,000 ordinary shares.

Sentiment

Score: 7

Explanation: The filing indicates continued and increased investment by a significant shareholder, including the exercise of warrants, which generally signals confidence. However, the beneficial ownership limitation on pre-funded warrants introduces a slight constraint for the reporting person.

Positives

• Increased beneficial ownership by Daniel E. Stone and RK Stone Miami, LLC, signaling continued investor confidence in Scinai Immunotherapeutics Ltd.
• Exercise of 200,000 warrants by RK Stone Miami, LLC, converting potential ownership into actual shares and demonstrating commitment.

Negatives

• The 9.99% beneficial ownership limitation on pre-funded warrants restricts RK Stone Miami, LLC's immediate ability to fully exercise all its warrants if it would exceed this threshold, potentially limiting full conversion of its investment into voting shares.

Risks

• The exercise of pre-funded warrants is subject to a 9.99% beneficial ownership limitation, which may prevent full exercise if such exercise would result in beneficial ownership exceeding this threshold.
• Future issuances of ordinary shares or ADSs by Scinai Immunotherapeutics Ltd. to third parties are expected to cause additional amounts of pre-funded warrants to become exercisable without increasing the reporting person's beneficial ownership percentage, potentially diluting the reporting person's relative stake if not fully exercised.

Future Outlook

Future issuances of ordinary shares or ADSs by Scinai Immunotherapeutics Ltd. to third parties are expected to cause additional amounts of pre-funded warrants held by RK Stone Miami, LLC to become exercisable within the 9.99% beneficial ownership limitation, without increasing the reporting person's beneficial ownership percentage.

Industry Context

NA

Stakeholder Impact

• Shareholders: Increased stake by a significant investor may be viewed positively, signaling confidence in the company's prospects.
• Company: The exercise of warrants provides capital to the company, though this specific filing focuses on the investor's ownership rather than the company's capital-raising activities.

Next Steps

• RK Stone Miami, LLC may exercise additional pre-funded warrants in the future, subject to the 9.99% beneficial ownership limitation.

Key Dates

Recommendation

The filing indicates a significant and increasing beneficial ownership by Daniel E. Stone and RK Stone Miami, LLC, including the exercise of warrants. This suggests continued confidence from a major investor. While this is a positive signal, a Schedule 13G does not provide comprehensive financial or operational details to warrant a 'buy' or 'sell' recommendation. It primarily reflects an investor's passive stake, thus a 'hold' is appropriate for existing investors, encouraging further due diligence based on broader company fundamentals.

Keywords

Scinai Immunotherapeutics, Beneficial Ownership, Schedule 13G, American Depositary Shares, ADS, Warrants, Pre-funded Warrants, Daniel E. Stone, RK Stone Miami, Immunotherapeutics