SCYNEXIS Reports Full Year 2024 Financial Results and Provides Corporate Update

Core Viewpoint - SCYNEXIS, Inc. reported its financial results for the year ended December 31, 2024, highlighting significant developments in its antifungal drug pipeline and a notable decrease in both revenue and expenses compared to the previous year [1][5][11]. Financial Performance - Total revenue for 2024 was $3.7 million, a decrease from $130.1 million in 2023, primarily due to the recognition of license agreement revenue associated with GSK [5][11]. - Research and development expenses decreased to $26.4 million in 2024 from $30.9 million in 2023, a reduction of $4.5 million or 14.6% [6]. - Selling, general and administrative expenses also saw a decrease to $14.5 million in 2024 from $20.9 million in 2023, a decline of $6.5 million or 30.9% [9]. - The net loss for 2024 was $21.3 million, translating to a basic loss per share of $0.44, compared to a net income of $67.0 million and earnings per share of $1.40 in 2023 [11][18]. Cash Position - As of December 31, 2024, the company had cash, cash equivalents, and investments totaling $75.1 million, down from $98.0 million at the end of 2023, providing a cash runway into Q3 2026 [12][18]. Drug Development Updates - The company initiated a Phase 1 trial for its second-generation antifungal SCY-247 in December 2024, with results expected in Q3 2025 [2][7]. - SCYNEXIS is making progress towards restarting the Phase 3 MARIO trial for invasive candidiasis, pending the FDA's lifting of the clinical hold anticipated in Q2 2025 [2][6][7]. - The company received a $10 million milestone payment from GSK in 2024, linked to the delivery of final study reports from completed studies [7]. Antifungal Platform - SCYNEXIS is developing a proprietary antifungal platform known as "fungerps," with Ibrexafungerp being the first approved agent for vulvovaginal candidiasis and in late-stage development for invasive candidiasis [13][14]. - SCY-247 is positioned as a next-generation fungicide targeting multi-drug-resistant fungal infections, including Candida auris [13].