SCYNEXIS(SCYX) - 2023 Q4 - Annual Results

Revenue Performance - License agreement revenue for the full year 2023 was $139 million, a significant increase from $103 thousand in 2022[8] - Net product revenue from BREXAFEMME was $1.0 million in 2023, down from $5.0 million in 2022[8] - Total revenue for 2023 reached $140.1 million, compared to $5.1 million in 2022[20] Expenses - Research and development expenses increased by 14% to $30.9 million in 2023, up from $27.3 million in 2022[10] - Selling, general and administrative expenses decreased by 67% to $20.9 million in 2023, down from $63.0 million in 2022[11] Cash and Investments - SCYNEXIS ended 2023 with cash, cash equivalents, and investments totaling $98.0 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 $10 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 $1.40 per share, compared to a net loss of $62.8 million, or $1.47 per share in 2022[13] Assets and Liabilities - Total assets increased to $128,412 million as of December 31, 2023, up from $87,810 million in 2022, representing a growth of 46%[23] - Current assets rose to $102,116 million, compared to $79,061 million in the previous year, marking a 29% increase[23] - Total liabilities decreased to $55,450 million from $84,577 million, a reduction of 34%[23] - Stockholders' equity significantly improved to $72,962 million, up from $3,233 million, reflecting a growth of 2,158%[23] Cash Flow and Deficits - Cash and cash equivalents decreased to $34,050 million from $45,814 million, a decline of 26%[23] - Accounts payable increased to $7,149 million, up from $5,937 million, indicating a rise of 20%[23] - Accumulated deficit improved to $(355,247) million from $(422,288) million, a reduction of 16%[23] - Additional paid-in capital slightly increased to $428,169 million from $425,485 million, a growth of 1.0%[23] - Total current liabilities decreased to $16,303 million from $17,618 million, a decline of 7%[23] - Warrant liabilities increased to $21,680 million from $18,644 million, reflecting a rise of 11%[23]