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SCYNEXIS Inc. (SCYX+10.68%) has submitted its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in total revenue to $3.7 million from $140.1 million in the previous year. The decrease is attributed to the upfront payment received from GlaxoSmithKline (GSK) in 2023 under the GSK License Agreement.
Research and development expenses for the year were $26.4 million, down from $30.9 million in the previous year. The decrease is primarily due to reduced clinical expenses following the clinical hold on ibrexafungerp.
Selling, general, and administrative expenses decreased to $14.5 million from $20.9 million, primarily due to lower professional fees and commercial expenses.
SCYNEXIS reported a net loss of $21.3 million for the year, compared to a net income of $67.0 million in the previous year, which was driven by the GSK upfront payment.
The company had cash, cash equivalents, and investments totaling $75.1 million as of December 31, 2024. SCYNEXIS anticipates needing additional capital to fund ongoing operations and development projects.
SCYNEXIS entered into a license agreement with GSK in March 2023, granting GSK exclusive rights to develop and commercialize ibrexafungerp in certain territories. The agreement included an upfront payment of $90 million and potential milestone payments.
In 2023, SCYNEXIS recalled its product BREXAFEMME due to potential cross-contamination issues, leading to a temporary hold on clinical studies of ibrexafungerp.
SCYNEXIS continues to develop its second-generation antifungal compound, SCY-247, which is currently in clinical development.
The company is involved in ongoing litigation related to alleged misleading statements and has filed a motion to dismiss the claims.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SCYNEXIS Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.