SCYNEXIS Reports Third Quarter 2024 Financial Results and Provides Corporate Update

Core Insights - SCYNEXIS has made significant progress in its clinical trials for antifungal treatments, particularly with ibrexafungerp and SCY-247, leading to a $10 million milestone payment from GSK [1][4][7]. Financial Performance - As of Q3 2024, SCYNEXIS reported cash, cash equivalents, and investments totaling $84.9 million, projecting a cash runway into Q3 2026 [2][14]. - Revenue for Q3 2024 was $0.7 million, a decrease from $2.4 million in Q3 2023, primarily due to lower license agreement revenue [9]. - Research and development expenses increased by 25% to $8.1 million in Q3 2024 compared to $6.5 million in Q3 2023, driven by higher costs in chemistry, manufacturing, and controls [10]. - Selling, general, and administrative expenses decreased by 42% to $2.9 million in Q3 2024 from $5.0 million in Q3 2023 [11]. - The net loss for Q3 2024 was $2.8 million, or $0.06 per share, compared to a net loss of $1.8 million, or $0.04 per share, in Q3 2023 [13][20]. Clinical Development - The FURI, CARES, and NATURE trials for ibrexafungerp in refractory invasive fungal infections have been completed, with positive results leading to the milestone payment [1][4][7]. - SCY-247 has shown promising preclinical results, with a Phase 1 study expected to begin in Q4 2024 [5][6]. - The Phase 3 MARIO trial for invasive candidiasis is anticipated to restart in early 2025 [4][8]. Upcoming Events - SCYNEXIS will participate in the Guggenheim's Inaugural Global Healthcare Conference in Boston on November 12, 2024, where management will hold one-on-one meetings with investors [2][8].