SCYNEXIS, Inc. reported its financial results for the third quarter ended September 30, 2024, on November 6, 2024. License agreement revenue for the quarter was $0.7 million, a decrease from $2.4 million in the same period of 2023.
Research and development expenses increased by 25% to $8.1 million, driven by higher chemistry, manufacturing, and controls (CMC) and preclinical expenses for SCY-247. Selling, General and Administrative (SG&A) expenses decreased by 42% to $2.9 million, primarily due to lower professional fees and commercial expenses related to BREXAFEMME.
The company reported a net loss of $2.8 million, or $0.06 basic loss per share, for the quarter, compared to a net loss of $1.8 million, or $0.04 basic loss per share, in the prior year. Cash, cash equivalents, and investments totaled $84.9 million as of September 30, 2024, with management projecting a cash runway into Q3 2026.
SCYNEXIS also announced the completion of the FURI, CARES, and NATURE studies for ibrexafungerp in refractory invasive fungal infections, which triggered a $10 million milestone payment received in the third quarter. The company anticipates restarting the Phase 3 MARIO trial in invasive candidiasis in early 2025 and initiating a Phase 1 trial of SCY-247 in the fourth quarter of 2024.
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