SCYNEXIS, Inc. reported a significant decline in its financial performance for the fiscal year ended December 31, 2024, as detailed in its recent 10-K filing. The company generated total revenue of $3.7 million, a stark decrease of 97.3% from $140.1 million in 2023. This drop was primarily attributed to a lack of product sales, with no revenue recorded from its antifungal product, BREXAFEMME, compared to $1.0 million in the previous year. The substantial revenue in 2023 was largely due to a $90 million upfront payment received from GlaxoSmithKline (GSK) under a licensing agreement, which was not repeated in 2024.
Operating expenses also decreased, totaling $40.9 million in 2024, down 39.4% from $67.5 million in 2023. This reduction was driven by lower research and development costs, which fell to $26.4 million from $30.9 million, and a decrease in selling, general, and administrative expenses, which dropped from $20.9 million to $14.5 million. Despite these reductions, SCYNEXIS reported a net loss of $21.3 million for 2024, compared to a net income of $67.0 million in 2023, reflecting a significant shift in the company's financial health.
Strategically, SCYNEXIS has been navigating challenges related to its product, ibrexafungerp, which is currently under a clinical hold due to a product recall linked to potential cross-contamination during manufacturing. The company is working with the FDA to resolve these issues and anticipates resuming its Phase 3 MARIO study in the second quarter of 2025. Additionally, SCYNEXIS has entered into a binding memorandum of understanding with GSK to amend their licensing agreement, which has adjusted potential milestone payments downward but still offers significant future revenue opportunities based on product sales and regulatory approvals.
As of December 31, 2024, SCYNEXIS had cash, cash equivalents, and investments totaling approximately $75.1 million, down from $98.0 million in 2023. The company reported an accumulated deficit of $376.5 million, indicating ongoing financial challenges. Looking ahead, SCYNEXIS expects to continue incurring significant expenses related to its research and development activities and will require additional capital to fund its operations. The company is exploring various financing options, including equity offerings and strategic collaborations, to support its future growth and development initiatives.
About SCYNEXIS INC
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