SCYNEXIS, Inc. reported its financial results for the full year ended December 31, 2024, on March 12, 2025. Revenue primarily consisted of $3.7 million in license agreement revenue associated with the GSK license agreement, a significant decrease from $130.1 million in 2023, which included the upfront payment from the GSK agreement.
Research and development expenses decreased by 14.6% to $26.4 million, mainly due to lower clinical and salary expenses, partially offset by increased chemistry, manufacturing, and controls (CMC) and preclinical expenses. Selling, General and Administrative (SG&A) expenses decreased by 30.9% to $14.5 million, driven by reduced professional fees and commercial expenses related to BREXAFEMME.
The company reported a net loss of $21.3 million, or $0.44 basic loss per share, for the full year 2024, compared to a net income of $67.0 million, or $1.40 basic earnings per share, in 2023. Cash, cash equivalents, and investments totaled $75.1 million as of December 31, 2024, with management projecting a cash runway into Q3 2026.
SCYNEXIS highlighted the initiation of a Phase 1 trial for its second-generation fungerp, SCY-247, in 2024. The company also anticipates the lifting of the clinical hold on the Phase 3 MARIO study in the second quarter of 2025, which would allow for its restart.
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