SCYNEXIS Reports Full Year 2025 Financial Results and Provides Corporate Update
Rhea-AI Summary
SCYNEXIS (NASDAQ: SCYX) reported full-year 2025 results and a corporate update highlighting a $24.8M one-time payment from GSK, year-end cash, cash equivalents and investments of $56.3M and a cash runway of more than two years. The company advanced SCY-247, began IV dosing (topline data H2 2026), plans an expanded access program H1 2026, and received QIDP and Fast Track designations.
Full-year 2025 revenue totaled $20.6M versus $3.7M in 2024; R&D expense fell 15.6% to $22.3M.
Positive
- $24.8M one-time payment from GSK bolstering liquidity
- Year-end $56.3M cash, providing > two years runway
- SCY-247 IV dosing initiated; topline data expected H2 2026
- QIDP and Fast Track designations granted for SCY-247
- Full-year $20.6M revenue in 2025, up materially from 2024
Negative
- Cash and investments declined from $75.1M to $56.3M year-over-year
- Total other income fell ~53% to $7.5M, driven by smaller warrant gains
- R&D expense decreased 15.6%, which may reflect pulled-back development spend
Key Figures
Market Reality Check
Peers on Argus
Peers show mixed moves: IXHL up 3.66%, CPIX down 19.87%, TLPH up 0.61%, AYTU down 2.07%, RMTI roughly flat at -0.07%. With SCYX up 0.33%, the pattern looks stock-specific rather than a coordinated sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 05 | Q3 2025 earnings | Negative | -5.5% | Reported Q3 loss and detailed GSK dispute plus planned SCY-247 studies. |
| Aug 13 | Q2 2025 earnings | Negative | -5.2% | Losses and rising expenses amid MARIO study milestones dispute with GSK. |
| May 15 | Q1 2025 earnings | Negative | -19.3% | Net loss and GSK disagreement despite clinical hold lift and China progress. |
| Mar 12 | FY 2024 results | Negative | -5.9% | Shift from prior-year net income to <b>2024</b> net loss and modest revenue. |
| Nov 06 | Q3 2024 earnings | Positive | +0.8% | $10M GSK milestone, solid cash runway, and progress toward SCY-247 Phase 1. |
Recent earnings releases have typically been followed by negative price reactions, even when they included cash runway extensions and GSK-related milestones.
Across the last five earnings or annual results updates from Nov 2024 through Nov 2025, SCYNEXIS repeatedly highlighted progress for SCY-247, shifting dynamics with GSK, and efforts to manage cash runway into 2026. These releases often combined net losses and clinical or regulatory uncertainties with milestone receipts and pipeline advances. Price reactions were mostly negative, indicating a market focus on ongoing losses and risk, which provides context for how investors may interpret today’s full-year 2025 results and cash runway commentary.
Historical Comparison
Past five earnings-type releases saw an average move of -7.01%, mostly negative. Today’s modest 0.33% uptick is milder than prior reactions to similar financial updates.
Earnings updates have tracked SCYNEXIS’s transition from earlier SCY-247 preclinical work into Phase 1, while navigating GSK milestones, MARIO study disputes, and efforts to preserve a multi-year cash runway.
Market Pulse Summary
This announcement combines full-year 2025 results with strategic updates: a $24.8 million GSK payment, year-end cash of $56.3 million supporting a >2‑year runway, and ongoing SCY‑247 clinical development. Revenue rose to $20.6 million, while R&D spending declined to $22.3 million. Investors may watch upcoming Phase 1 IV and Phase 2 plans, the potential $145.5 million milestone stream from BREXAFEMME, and how management balances costs against pipeline progress.
Key Terms
expanded access program regulatory
new drug application (NDA) regulatory
qualified infectious disease product (QIDP) regulatory
fast track designations regulatory
AI-generated analysis. Not financial advice.
- SCYNEXIS received a one-time non-refundable payment in Q4 2025 totalling
$24.8 million from GSK - SCYNEXIS announced dosing of the first patient using the intravenous (IV) formulation of SCY-247 in a Phase 1 study and plans to report topline data in the second half of 2026
- Responding to patients’ need for alternatives to existing anti-fungal therapies, SCYNEXIS plans to initiate an expanded access program for SCY-247 in the first half of 2026
- SCYNEXIS ended Q4 2025 with cash, cash equivalents and investments of
$56.3 million , resulting in a cash runway of more than two years
JERSEY CITY, N.J., March 04, 2026 (GLOBE NEWSWIRE) -- SCYNEXIS, Inc. (NASDAQ: SCYX), a biotechnology company pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections, today reported financial results for the year ended December 31, 2025.
“In the fourth quarter, we continued to advance our second generation fungerp, SCY-247, and also strengthened our balance sheet with the receipt of
Ibrexafungerp / GSK Update
- On November 19, 2025, the SCYNEXIS announced that it completed the transfer of the BREXAFEMME (ibrexafungerp) New Drug Application (NDA) to GlaxoSmithKline Intellectual Property (No. 3) Limited (GSK). GSK remains committed to the relaunch of BREXAFEMME, and following its relaunch, SCYNEXIS stands to receive up to
$145.5 million in annual net sales milestones as well as royalties, net of payments to Merck, in the low to mid single digit range. - On October 15, 2025, SCYNEXIS announced that it would receive a one-time non-refundable payment of
$24.8 million from GSK as part of the resolution of the disagreement with GSK related to the restart of the Phase 3 MARIO study in invasive candidiasis (IC) under a binding memorandum of understanding (Binding 2025 MOU). SCYNEXIS also announced that it would promptly commence appropriate wind-down activities associated with the termination of the MARIO study.
SCY-247 Development Program Update
- On September 2025, SCYNEXIS announced positive Phase 1 SAD/MAD results for the oral formulation of its second-generation fungerp, SCY-247, demonstrating good tolerability, favorable pharmacokinetics, and ability to achieve target exposures against fungi that are often resistant to other antifungal agents.
- In response to patients’ needs and physicians’ requests, and now with a completed Phase 1 study confirming adequate tolerability and achievement of target exposures with oral SCY-247, SCYNEXIS is working towards enabling an expanded access program to facilitate access to this innovative antifungal to patients with limited or no other treatment options and plans to initiate this program in the first half of 2026.
- On February 26th, SCYNEXIS announced the initiation of dosing in a Phase 1 study with the IV formulation of SCY-247, with topline data expected in the second half of 2026. A clinical proof-of-concept Phase 2 study is planned in patients with IC later in the year. SCYNEXIS is also continuing to explore non-dilutive funding opportunities to support the further development of SCY-247.
- SCYNEXIS presented data highlighting SCY-247 at the inaugural Interdisciplinary Meeting on Antimicrobial Resistance and Innovation (IMARI), which took place from January 28-30, 2026, in Las Vegas, Nevada. An oral presentation was included in the Plenary session “New Antimicrobial Agents in The Pipeline: Early Clinical Development”.
- On January 21, 2026, SCYNEXIS announced that the U.S. Food and Drug Administration (FDA) granted the Company Qualified Infectious Disease Product (QIDP) and Fast Track Designations for SCY-247.
Additional Fungerps
- On November 17, 2025, SCYNEXIS announced that a novel series of antifungal compounds utilizing SCYNEXIS’ proprietary triterpenoid antifungal platform were among the five projects funded by the federal grant awarded to the new accelerator consortium led by researchers from Hackensack Meridian Center for Discovery and Innovation (CDI) and the Johns Hopkins Bloomberg School of Public Health. A five-year federal grant will establish a Center of Excellence in Translational Research (CETR) jointly between researchers from the Bloomberg School and the CDI, and other academic and commercial collaborators. The CETR expects to receive about
$7 million annually, contingent upon the availability of funds, with the support coming from the National Institutes of Health’s National Institute of Allergy and Infectious Diseases (NIAID).
Full Year 2025 Financial Results
For the years ended December 31, 2025 and 2024, revenue consists of
Research and development expenses for the year ended December 31, 2025, decreased to
SG&A expenses for the year ended December 31, 2025, decreased to
Total other income was
Cash Balance
Cash, cash equivalents and investments totaled
About SCYNEXIS
SCYNEXIS, Inc. (NASDAQ: SCYX) is dedicated to advancing innovative solutions for severe rare diseases, with our lead program in the treatment and prevention of difficult-to-treat and drug-resistant fungal infections. SCYNEXIS is developing the company’s proprietary antifungal platform “fungerps.” Ibrexafungerp, the first representative of this novel class, has been licensed to GSK. The U.S. Food and Drug Administration (FDA) has approved BREXAFEMME® (ibrexafungerp tablets) for the treatment of vulvovaginal candidiasis (VVC) and for reduction in the incidence of recurrent VVC. The second generation fungerp SCY-247 is currently in clinical stages of development and has received QIDP and Fast Track designation from the FDA. Additional antifungal assets from this novel class are currently in pre-clinical and discovery phases. For more information, visit www.scynexis.com.
Forward-Looking Statements
Statements contained in this press release regarding expected future events or results are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding: Plans to initiate an expanded access program for SCY-247 in the first half of 2026; having a cash runway of more than two years; releasing data from our Phase 1 IV formulation study in the second half of 2026; a clinical proof-of-concept Phase 2 study of SCY-247 in invasive candidiasis planned for 2026; and receipt of future payments from GSK on sales of BREXAFEMME. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks inherent in regulatory and other costs in developing products. These and other risks are described more fully in SCYNEXIS' filings with the Securities and Exchange Commission, including without limitation, its most recent Annual Report on Form 10-K filed on March 4, 2026, including under the caption "Risk Factors." All forward-looking statements contained in this press release speak only as of the date on which they were made. SCYNEXIS undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
CONTACT:
Investor Relations
Irina Koffler
LifeSci Advisors
Tel: 917-734-7387
ikoffler@lifesciadvisors.com
| SCYNEXIS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 21,259 | $ | 16,051 | ||||
| Short-term investments (See Note 3) | 18,772 | 43,249 | ||||||
| Prepaid expenses and other current assets (See Note 4) | 263 | 2,184 | ||||||
| License agreement receivable | — | 753 | ||||||
| License agreement contract asset | — | 9,509 | ||||||
| Restricted cash | 80 | 435 | ||||||
| Total current assets | 40,374 | 72,181 | ||||||
| Investments (See Note 3) | 16,247 | 15,846 | ||||||
| Deferred offering costs | 533 | 417 | ||||||
| Restricted cash | 109 | 109 | ||||||
| Operating lease right-of-use asset (Note 6) | 1,764 | 2,090 | ||||||
| Total assets | $ | 59,027 | $ | 90,643 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,225 | $ | 4,569 | ||||
| Accrued expenses (See Note 5) | 2,791 | 3,793 | ||||||
| Deferred revenue, current portion | 235 | 1,642 | ||||||
| Operating lease liability, current portion (Note 6) | 483 | 407 | ||||||
| Convertible debt and derivative liability (Note 6) | — | 13,688 | ||||||
| Total current liabilities | 5,734 | 24,099 | ||||||
| Deferred revenue | — | 1,294 | ||||||
| Warrant liability | 2,225 | 7,998 | ||||||
| Operating lease liability (Note 6) | 1,692 | 2,175 | ||||||
| Total liabilities | 9,651 | 35,566 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 46 | 41 | ||||||
| Additional paid-in capital | 434,474 | 431,571 | ||||||
| Accumulated deficit | (385,144 | ) | (376,535 | ) | ||||
| Total stockholders’ equity | 49,376 | 55,077 | ||||||
| Total liabilities and stockholders’ equity | $ | 59,027 | $ | 90,643 | ||||
| SCYNEXIS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) | ||||||||
| Years Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue: | ||||||||
| Product revenue, net | $ | 1,444 | $ | — | ||||
| License agreement revenue | 19,157 | 3,746 | ||||||
| Total revenue | 20,601 | 3,746 | ||||||
| Operating expenses: | ||||||||
| Research and development | 22,280 | 26,405 | ||||||
| Selling, general and administrative | 14,395 | 14,458 | ||||||
| Total operating expenses | 36,675 | 40,863 | ||||||
| Loss from operations | (16,074 | ) | (37,117 | ) | ||||
| Other expense (income): | ||||||||
| Amortization of debt issuance costs and discount | 312 | 1,726 | ||||||
| Interest income | (2,177 | ) | (4,291 | ) | ||||
| Interest expense | 173 | 828 | ||||||
| Other income | — | (235 | ) | |||||
| Warrant liability fair value adjustment | (5,773 | ) | (13,812 | ) | ||||
| Derivative liability fair value adjustment | — | (196 | ) | |||||
| Total other income | (7,465 | ) | (15,980 | ) | ||||
| Loss before taxes | (8,609 | ) | (21,137 | ) | ||||
| Income tax expense | — | (151 | ) | |||||
| Net loss | $ | (8,609 | ) | $ | (21,288 | ) | ||
| Net loss per share – basic and diluted | $ | (0.17 | ) | $ | (0.44 | ) | ||
| Weighted average common shares outstanding – basic and diluted | 49,933,381 | 48,513,073 | ||||||
FAQ
What did SCYNEXIS (SCYX) report for cash and runway on March 4, 2026?
How did the $24.8M GSK payment affect SCYNEXIS’ 2025 results (SCYX)?
What is the development status and timeline for SCYNEXIS’ SCY-247 (SCYX)?
Did SCYNEXIS receive any regulatory designations for SCY-247 (SCYX)?
How did SCYNEXIS’ operating expenses change in 2025 compared to 2024 (SCYX)?
