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SCYNEXIS(SCYX) - 2023 Q4 - Annual Results
SCYXSCYNEXIS(SCYX)2024-03-28 20:04

Revenue Performance - License agreement revenue for the full year 2023 was 139million,asignificantincreasefrom139 million, a significant increase from 103 thousand in 2022[8] - Net product revenue from BREXAFEMME was 1.0millionin2023,downfrom1.0 million in 2023, down from 5.0 million in 2022[8] - Total revenue for 2023 reached 140.1million,comparedto140.1 million, compared to 5.1 million in 2022[20] Expenses - Research and development expenses increased by 14% to 30.9millionin2023,upfrom30.9 million in 2023, up from 27.3 million in 2022[10] - Selling, general and administrative expenses decreased by 67% to 20.9millionin2023,downfrom20.9 million in 2023, down from 63.0 million in 2022[11] Cash and Investments - SCYNEXIS ended 2023 with cash, cash equivalents, and investments totaling 98.0million,comparedto98.0 million, compared to 73.5 million at the end of 2022[14] - The company projects a cash runway of more than two years based on its current operating plan[14] Clinical Development - SCY-247 is expected to initiate Phase I clinical studies in the second half of 2024[4] - A 10milliondevelopmentmilestonepaymentisanticipatedupondeliveryofclinicalstudyreportstoGSKinthefirsthalfof2024[5]NetIncomeandLoss−Netincomefor2023was10 million development milestone payment is anticipated upon delivery of clinical study reports to GSK in the first half of 2024[5] Net Income and Loss - Net income for 2023 was 67.0 million, or 1.40pershare,comparedtoanetlossof1.40 per share, compared to a net loss of 62.8 million, or 1.47persharein2022[13]AssetsandLiabilities−Totalassetsincreasedto1.47 per share in 2022[13] Assets and Liabilities - Total assets increased to 128,412 million as of December 31, 2023, up from 87,810millionin2022,representingagrowthof4687,810 million in 2022, representing a growth of 46%[23] - Current assets rose to 102,116 million, compared to 79,061millioninthepreviousyear,markinga2979,061 million in the previous year, marking a 29% increase[23] - Total liabilities decreased to 55,450 million from 84,577million,areductionof3484,577 million, a reduction of 34%[23] - Stockholders' equity significantly improved to 72,962 million, up from 3,233million,reflectingagrowthof2,1583,233 million, reflecting a growth of 2,158%[23] Cash Flow and Deficits - Cash and cash equivalents decreased to 34,050 million from 45,814million,adeclineof2645,814 million, a decline of 26%[23] - Accounts payable increased to 7,149 million, up from 5,937million,indicatingariseof205,937 million, indicating a rise of 20%[23] - Accumulated deficit improved to (355,247) million from (422,288)million,areductionof16(422,288) million, a reduction of 16%[23] - Additional paid-in capital slightly increased to 428,169 million from 425,485million,agrowthof1.0425,485 million, a growth of 1.0%[23] - Total current liabilities decreased to 16,303 million from 17,618million,adeclineof717,618 million, a decline of 7%[23] - Warrant liabilities increased to 21,680 million from $18,644 million, reflecting a rise of 11%[23]