SCYNEXIS (SCYX) Q2 2025 earnings summary

Executive summary

• Focused on novel antifungal agents, with ibrexafungerp approved for VVC/RVVC and SCY-247 in Phase 1 trials; first new patient dosed in Phase 3 MARIO study after FDA hold lifted, triggering a $10M milestone from GSK, which is disputed.

• Transfer of BREXAFEMME NDA to GSK expected by end of 2025 for regulatory relaunch in 2026.

• Securities class action lawsuit dismissed with leave to amend; ongoing derivative lawsuits related to manufacturing disclosures.

• Received Nasdaq notice for non-compliance with minimum bid price; 180 days to regain compliance.

Financial highlights

• Q2 2025 revenue was $1.4M, up 85% year-over-year, mainly from GSK license; six-month revenue was $1.6M, down 23%.

• Net loss for Q2 2025 was $6.9M ($0.14 per share), improved from $14.5M ($0.30 per share) in Q2 2024.

• Operating expenses for Q2 2025 were $10.9M, up 9.5% year-over-year; R&D expenses rose 5% to $7.1M, SG&A up 20% to $3.8M.

• Cash, cash equivalents, and investments totaled $46.5M as of June 30, 2025, down from $75.1M at year-end 2024.

• Repayment of $14.0M convertible debt in March 2025.

Outlook and guidance

• Cash runway projected into Q4 2026 based on current operating plan.

• Anticipates continued significant R&D and SG&A expenses; may require additional capital through equity, debt, or partnerships.

• Future capital needs depend on milestone achievements, clinical progress, regulatory outcomes, and collaborations.

• Phase 1 SAD/MAD data for SCY-247 expected in Q3 2025.

• BREXAFEMME NDA transfer to GSK targeted by end of 2025, with regulatory relaunch discussions planned for 2026.