SCYNEXIS, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsSCYNEXIS is a clinical-stage antifungal company whose only approved product, BREXAFEMME, is licensed to GSK, leaving it dependent on license revenue and pipeline progress.
What they do
SCYNEXIS develops antifungals from its proprietary 'fungerp' class of triterpenoid glucan synthase inhibitors. Its first fungerp, ibrexafungerp, was approved by the FDA as BREXAFEMME for vulvovaginal candidiasis and recurrent VVC and licensed to GSK in May 2023. The company is now primarily advancing SCY-247, a second-generation oral and intravenous fungerp, in clinical trials for invasive candidiasis and other fungal infections.
Revenue drivers
- GSK license agreement — Ibrexafungerp was licensed to GSK in May 2023; license agreement revenue was $235 thousand in Q2 2026 and $1.6 million in the first half of 2025, and no product sales are recorded by SCYNEXIS.
- SCY-247 pipeline — Not yet a revenue source; the company is funding Phase 1 and planned Phase 2 development of SCY-247 with no approved product or marketed sales.
- Historical milestone revenue — Annual revenue swung from $140.1 million in 2023 to $3.7 million in 2024 and $20.6 million in 2025, reflecting lumpy licensing and milestone receipts rather than recurring product sales.
Recent performance
For the quarter ended June 30, 2026, SCYNEXIS reported license agreement revenue of $235 thousand, down from $1.4 million in the prior-year quarter, and a loss from operations of $7.8 million. First-half 2026 revenue was also $235 thousand versus $1.6 million in the first half of 2025, while research and development expense rose to $16.2 million from $12.3 million. The company reported a warrant liability fair value adjustment of $14.2 million in Q2 2026. At June 30, 2026, cash and cash equivalents were $10.5 million, short-term investments were $43.6 million, and total stockholders' equity was $66.9 million.
Strategy
SCYNEXIS is focused on advancing SCY-247, having completed single and multiple ascending dose portions of a Phase 1 oral study in 88 healthy subjects. The company initiated an intravenous Phase 1 study of SCY-247 in the first quarter of 2026 and plans a Phase 2 proof-of-concept study in invasive candidiasis in 2026. Later development is expected to target an invasive candidiasis treatment indication and prevention of invasive fungal infections in high-risk patients. The company states it will need substantial additional capital to fund these programs.
Risks
- Dependence on a single licensed product — SCYNEXIS has only one approved product, BREXAFEMME, which is licensed to GSK, and reports no product sales of its own.
- Unproven profitability — Annual net income has been negative in four of the last five years, with a $8.6 million net loss in 2025.
- Need for additional capital — The company states it will require substantial additional capital and may be forced to delay, reduce or eliminate the SCY-247 development program if it cannot raise funds.
- Regulatory and clinical uncertainty for SCY-247 — SCY-247 has not received regulatory approval, and clinical failure could occur at any stage of development.
Outlook
Management intends to continue SCY-247 development, with a Phase 2 study in invasive candidiasis planned for 2026 and an intravenous Phase 1 study initiated in the first quarter of 2026. The company describes SCY-247's oral formulation as having Qualified Infectious Disease Product status and Fast Track designation, which would provide at least 10 years of regulatory exclusivity following commercial launch, if approved. No specific revenue or earnings guidance was provided in the excerpts.