SCYNEXIS (SCYX) Q4 2025 earnings summary

Executive summary

• Received a one-time non-refundable payment of $24.8 million from GSK in Q4 2025, strengthening liquidity and extending cash runway beyond two years.

• Completed transfer of BREXAFEMME NDA to GSK, with potential for up to $145.5 million in future milestone payments and royalties.

• Advanced SCY-247 development, including positive Phase 1 results for oral formulation and initiation of Phase 1 IV study.

• Announced plans for an expanded access program for SCY-247 in 2026.

Financial highlights

• Total revenue for 2025 was $20.6 million, up from $3.7 million in 2024, primarily from the GSK license agreement.

• Recognized a $17.2 million cumulative catchup in license revenue from the Binding 2025 MOU with GSK.

• Net loss for 2025 was $8.6 million, an improvement from $21.3 million in 2024.

• Research and development expenses decreased 15.6% year-over-year to $22.3 million.

• Cash, cash equivalents, and investments totaled $56.3 million at year-end 2025, compared to $75.1 million at year-end 2024.

Outlook and guidance

• Plans to initiate an expanded access program for SCY-247 in the first half of 2026.

• Topline data from Phase 1 IV SCY-247 study expected in the second half of 2026.

• Clinical proof-of-concept Phase 2 study of SCY-247 in invasive candidiasis planned for 2026.

• Cash runway projected to last more than two years.