Scorpius Holdings is a contract development and manufacturing organization (CDMO) that provides biologics manufacturing services to biotech and pharma companies through its main subsidiary, Scorpius Biomanufacturing. Scorpius Bio operates a single facility in San Antonio, TX, offering process development, CGMP manufacturing for cell- and gene-based therapies and large molecule biologics, and testing and quality control services. Scorpius Bio sells these services on a fee-for-service basis, charging customers directly for specific manufacturing runs or development projects, with customers typically paying upfront deposits that convert to revenue upon completion. Profitability depends heavily on facility utilization, since the San Antonio facility carries fixed costs that must be spread across customer contracts. The company's customer base is small and concentrated — two customers accounted for 53% of FY24 revenue — making retention critical. The company lost its largest customer, who accounted for 70% of FY23 revenue, when that customer migrated to a larger CDMO in 2024, causing backlog to decline sharply. Scorpius Bio also targets U.S. government and biodefense contracts, emphasizing its use of American-made equipment and materials. The company is at an early and financially stressed stage, having relied on repeated equity and debt financings to fund operations, executed a 1-for-200 reverse stock split in July 2024, and been suspended from trading on NYSE American in April 2025 while pursuing a Nasdaq listing it does not currently qualify for.