A U.S.-based early-stage Contract Development and Manufacturing Organization (CDMO) specializing in biologics, cell and gene therapies, with a single facility in San Antonio, Texas.

# Company Summary

## Business Overview
- **Type:** Contract Development and Manufacturing Organization (CDMO)  
- **Services Provided:**  
  - Process development  
  - Current Good Manufacturing Practices (CGMP) clinical and commercial biologics manufacturing  
  - Quality control expertise  
  - Immunoassays, molecular assays, and bioanalytical methods support  
  - Support for cell- and gene-based therapies and large molecule biologics  
  - Clinical and commercial drug substance manufacturing  
  - Release and stability testing  
  - Process development services: upstream/downstream development, analytical method development, cell line development, testing, and characterization

## Facilities
- **Main Facility Location:** San Antonio, Texas  
- **Facility Operations Started:** September 2022  
- **Facility Focus:** Biomanufacturing, process development, and analytical services

## Strategic Focus & Market Position
- Emphasizes American-made equipment, reagents, and materials  
- Aims for U.S. government contracts and biodefense assets  
- Competitors include Lonza, WuXi AppTec, Avid Bioservices, and Catalent  
- Focus on biologics, cell- and gene-based therapies, and large molecule biologics

## Customers
- **Number of Customers:** Multiple biotechnology, pharmaceutical, and university clients  
- Revenue generated primarily from a limited customer base in CDMO services  
- In 2024, two major customers accounted for 53% of total revenue ($6.2 million)  
- In 2023, two major customers accounted for 82% of total revenue ($7.0 million)  
- One of the large customers migrated to a bigger CDMO during 2024

## Employees
- **Total Employees:** 90 (all in the U.S.)  
- **Distribution:**  
  - 51 in CDMO operations  
  - 5 in Sales and Marketing  
  - 32 in General and Administrative  
  - 2 in Research and Development  
- **Location:**  
  - 75 in San Antonio, TX  
  - 15 in other states

## Financials
- **2024 Revenue:** Approximately $6.2 million (mainly CDMO services) plus $0.2 million NIH grant revenue  
- **2023 Revenue:** Approximately $6.6 million (mainly CDMO services), $0.3 million NIH grant, and $0.1 million royalty revenue
- **Net Loss (2024):** About $34.3 million  
- **Net Loss (2023):** About $46.8 million (including $5.1 million from discontinued operations)  
- **Assets:**  
  - Property, plant & equipment: approx. $12.3 million (down from $17.6 million in 2023)  
  - Right-of-use lease assets: approx. $22.0 million (down from $26.5 million)  
  - Short-term investments: $0.1 million (down from $2.2 million)  
  - Cash and short-term investments (as of April 30, 2025): $2.1 million

## Additional Details
- The company is in early stages with limited revenue and ongoing losses.
- It operates a single facility in San Antonio, which puts it at risk of disruptions.
- The company has engaged in multiple public offerings (April and August 2024, November 2024) raising capital through stock and debt issuance.
- It is exploring strategic alternatives, including a possible sale or partnership.
- The company divested its prior therapeutics business (Elusys Therapeutics) in December 2023.
- The company’s backlog as of December 31, 2024, was approximately $1.1 million (significantly decreased from $10.4 million in 2023).

Scorpius Holdings, Inc. is a Contract Development and Manufacturing Organization specializing in biologics manufacturing services for the biotechnology and biopharmaceutical industries.

# Company Overview: Scorpius Holdings, Inc.

## Business Model
Scorpius Holdings, Inc. is a Contract Development and Manufacturing Organization (CDMO) that specializes in providing a comprehensive range of biologics manufacturing services. The company operates in the biotechnology and biopharmaceutical industries, focusing primarily on:

1. **Process Development**: Offering integrated services from early-stage development to commercial manufacturing, including project management, quality assurance, and compliance with Current Good Manufacturing Practices (CGMP).
2. **Biomanufacturing**: Manufacturing clinical and commercial-grade biologics, especially for cell- and gene-based therapies as well as large molecule biologics.
3. **Bioanalytics and Quality Control**: Utilizing advanced techniques in immunoassays and molecular assays to support quality control and assurance.

## Facilities
- The company’s main manufacturing operations are conducted at its facility in **San Antonio, Texas**, which commenced operations in September 2022. 
- It has invested in modern infrastructure, including single-use bioreactors and analytics laboratories to enhance biomanufacturing efficiency.

## Customer Base
- Scorpius Holdings has secured multiple customers across the biotechnology and pharmaceutical sectors, focusing on partnerships to diversify its revenue stream.
- As of the end of December 2023, the company reported substantial revenue concentration with:
  - **49%** from Customer A
  - **36%** from Customer B
- The company has a relatively limited number of customers, with significant reliance on a few key accounts, raising potential risks if any major customer reduces or ceases business.

## Workforce
- Scorpius Holdings employs **84 individuals** as of December 31, 2023:
  - **56** in CDMO operations
  - **6** in Sales and Marketing
  - **19** in General and Administrative roles
  - **3** in Research and Development
- All employees are based in the United States, with the majority located in San Antonio, TX.

## Financial Performance
- The company reported a **net loss of approximately $46.8 million** for the year ended December 31, 2023.
- Total revenue for the year primarily depended on a major customer order of **ANTHIM®** and some grants, highlighting a critical need for diversification and expansion of its customer base.
- The accumulated deficit as of December 31, 2023, stood at **$254.4 million**, indicating ongoing financial challenges as the company transitions towards becoming a viable CDMO.

## Growth Strategy
- Scorpius Holdings intends to focus on organic growth by expanding its customer base, broadening service offerings, and enhancing process development capabilities while managing operational discipline.
- The company's approach aims to leverage its CDMO model to drive revenues in the foreseeable future, though significant revenue generation is not anticipated until several years post-establishment.

This comprehensive outline showcases Scorpius Holdings' focus, operational dimensions, and current performance metrics, emphasizing the challenges and strategies that define its business landscape.

Scorpius Holdings, Inc.

10-K / April 30, 2025

10-K / April 26, 2024

10-K / April 30, 2025

Company Summary

Business Overview

Facilities

Strategic Focus & Market Position

Customers

Employees

Financials

Additional Details