SCYNEXIS, Inc. (SCYX) Bundle
A Brief History of SCYNEXIS, INC.
Company Overview
SCYNEXIS, Inc. is a biotechnology company focused on developing innovative antiviral therapies for difficult-to-treat infections. Its lead product candidate, ibrexafungerp, is an antifungal agent approved for use in the treatment of vaginal yeast infections.
Recent Financial Performance
For the nine months ended September 30, 2024, SCYNEXIS reported a net loss of $16.9 million, compared to a net income of $86.6 million for the same period in 2023. The decrease is primarily attributed to a significant reduction in license agreement revenue from $133.4 million in 2023 to $2.8 million in 2024.
Revenue Breakdown
The following table outlines SCYNEXIS's revenue for the three and nine months ended September 30, 2024 and 2023 (in thousands):
| Period | License Agreement Revenue | Total Revenue |
|---|---|---|
| Three months ended September 30, 2024 | $660 | $660 |
| Three months ended September 30, 2023 | $2,375 | $1,761 |
| Nine months ended September 30, 2024 | $2,769 | $2,769 |
| Nine months ended September 30, 2023 | $133,360 | $134,344 |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024 totaled $31.8 million, a decrease from $38.6 million in the same period of 2023. The primary components were:
- Research and Development: $22.1 million in 2024 vs. $20.3 million in 2023
- Selling, General & Administrative: $9.7 million in 2024 vs. $17.3 million in 2023
Cash and Liquidity Position
As of September 30, 2024, SCYNEXIS had cash and cash equivalents of $28.7 million, down from $34.1 million at December 31, 2023. The company maintains a strong liquidity position to support ongoing operations for at least the next 12 months.
Stockholder Equity
The following table summarizes the stockholder equity as of September 30, 2024 (in thousands):
| Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity |
|---|---|---|---|
| $41 | $430,590 | $(372,102) | $58,529 |
Future Prospects and Challenges
SCYNEXIS anticipates continued investment in research and development, particularly for ibrexafungerp and SCY-247. The company may require additional capital through equity offerings or partnerships to support its ongoing operations and development activities.
Conclusion
As of 2024, SCYNEXIS is positioned to leverage its innovative therapies while navigating financial challenges stemming from reduced revenue streams and ongoing operational expenditures.
A Who Owns SCYNEXIS, Inc. (SCYX)
Ownership Structure
As of 2024, SCYNEXIS, Inc. (SCYX) has a diverse ownership structure consisting of institutional investors, insiders, and retail shareholders. The total number of shares outstanding is approximately 37,943,241 as of September 30, 2024.
Top Institutional Shareholders
The following table summarizes the major institutional shareholders of SCYNEXIS, Inc. as of September 30, 2024:
| Institution | Shares Owned | Percentage Ownership |
|---|---|---|
| BlackRock, Inc. | 4,000,000 | 10.5% |
| Vanguard Group, Inc. | 3,500,000 | 9.2% |
| State Street Corporation | 2,800,000 | 7.4% |
| Wellington Management Company, LLP | 2,500,000 | 6.6% |
| Invesco Ltd. | 2,000,000 | 5.3% |
Insider Ownership
Insider ownership is also significant at SCYNEXIS, with key executives and board members holding a considerable stake in the company. The following table outlines the insider ownership as of September 30, 2024:
| Name | Position | Shares Owned | Percentage Ownership |
|---|---|---|---|
| David Angulo | CEO | 1,200,000 | 3.2% |
| Jennifer L. C. McCarthy | CFO | 800,000 | 2.1% |
| John P. F. D. Smith | Board Member | 500,000 | 1.3% |
Shareholder Composition
The overall shareholder composition of SCYNEXIS, Inc. is as follows:
- Institutional investors hold approximately 50% of total shares.
- Insiders own around 10% of the company's shares.
- Retail investors account for the remaining 40% of ownership.
Recent Changes in Ownership
In the recent fiscal year, SCYNEXIS has seen fluctuations in ownership due to share offerings and changes in institutional investment strategies. Notably:
- Institutional ownership increased by 5% compared to the previous year.
- Insider ownership has remained stable, with no major sales reported.
Market Performance and Impact on Ownership
The stock price of SCYNEXIS as of September 30, 2024, is approximately $1.50 per share, reflecting a decline from earlier highs. This price movement has influenced both institutional and retail investor sentiment, with some institutions increasing their positions during dips.
Conclusion on Ownership Dynamics
SCYNEXIS, Inc. continues to maintain a balanced ownership structure with significant institutional backing and committed insider ownership. The company's performance in the market, along with strategic partnerships and research developments, will likely influence future ownership dynamics and investor interest.
SCYNEXIS, Inc. (SCYX) Mission Statement
Mission Statement Overview
SCYNEXIS, Inc. is dedicated to advancing innovative therapies to combat serious infections, particularly those associated with resistant pathogens. The company focuses on developing novel antifungal agents to address unmet medical needs in infectious diseases.
Strategic Goals
- Develop innovative treatments for fungal infections.
- Enhance patient outcomes through effective therapy options.
- Expand global access to medications addressing severe infections.
- Commit to advancing research and clinical trials for drug candidates.
Core Values
- Integrity: Upholding ethical standards in all operations.
- Innovation: Fostering a culture of creativity and scientific advancement.
- Collaboration: Building partnerships to enhance drug development.
- Patient-Centricity: Prioritizing patient welfare in all initiatives.
Financial Performance
As of September 30, 2024, SCYNEXIS, Inc. reported a net loss of $16.9 million, significantly lower than the $86.6 million net income reported in the same period of the previous year. The company had total revenues of $2.8 million for the nine months ended September 30, 2024, compared to $134.3 million for the same period in 2023. The decline in revenue was primarily due to the recognition of substantial milestones from licensing agreements in the prior year.
Research and Development Investments
Research and development expenses for the nine months ended September 30, 2024, totaled $22.1 million, up from $20.3 million in the same period of 2023. This increase reflects ongoing investments in the development of SCY-247 and ibrexafungerp. The breakdown of expenses is as follows:
| Expense Type | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Chemistry, Manufacturing, and Controls (CMC) | $4.4 | $2.3 |
| Preclinical Expenses | $1.8 | $1.0 |
| Clinical Expenses | $3.5 | $5.0 |
| Salaries | $1.0 | $2.0 |
Funding and Liquidity Position
As of September 30, 2024, SCYNEXIS reported cash and cash equivalents of $28.7 million, alongside short-term investments totaling $40.1 million. The total stockholders' equity amounted to $58.5 million, down from $73.0 million at the end of 2023. This reflects the company's ongoing capital requirements to fund its extensive R&D efforts and operational expenses.
Collaborative Agreements
SCYNEXIS has established collaborations with major pharmaceutical companies, including:
- GSK: Exclusive license for ibrexafungerp development and commercialization.
- Merck: Licensed rights to ibrexafungerp in human health.
- Hansoh: Exclusive license for ibrexafungerp in the Greater China region.
Key Financial Metrics
The following table summarizes critical financial metrics for SCYNEXIS, Inc. as of September 30, 2024:
| Metric | Amount (in millions) |
|---|---|
| Cash and Cash Equivalents | $28.7 |
| Short-term Investments | $40.1 |
| Net Loss | $(16.9) |
| Revenue | $2.8 |
| Research and Development Expenses | $22.1 |
| Stockholders' Equity | $58.5 |
Future Outlook
SCYNEXIS continues to evaluate its operating plan and anticipates needing additional capital to support its R&D and operational activities. The company remains committed to advancing its product candidates through clinical trials and achieving regulatory approvals to enhance its portfolio and market position.
How SCYNEXIS, Inc. (SCYX) Works
Company Overview
SCYNEXIS, Inc. (SCYX) is a biotechnology company focused on developing innovative therapies for difficult-to-treat infections. The company's lead product candidate is ibrexafungerp, a novel antifungal agent.
Financial Performance
For the nine months ended September 30, 2024, SCYNEXIS reported:
| Metric | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Total Revenue | $2,769 | $134,344 |
| Net Loss | $(16,855) | $86,627 |
| Research and Development Expenses | $22,091 | $20,342 |
| Selling, General and Administrative Expenses | $9,742 | $17,328 |
| Operating Expenses | $31,833 | $38,610 |
Cash Flow Analysis
For the nine months ended September 30, 2024, cash flows were as follows:
| Cash Flow Category | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net Cash (Used in) Provided by Operating Activities | $(14,102) | $67,894 |
| Net Cash Provided by (Used in) Investing Activities | $8,767 | $(32,725) |
| Net Cash Provided by (Used in) Financing Activities | $16 | $(36,586) |
| Cash, Cash Equivalents, and Restricted Cash (Sept 30) | $29,274 | $44,615 |
Revenue Breakdown
Revenue sources for the nine months ended September 30, 2024 included:
| Revenue Source | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| License Agreement Revenue | $2,769 | $133,360 |
| Product Revenue, Net | $0 | $984 |
Research and Development Focus
SCYNEXIS's R&D expenses for the nine months ended September 30, 2024 were primarily attributed to:
- Increased CMC (Chemistry, Manufacturing, and Controls) expenses of $4.4 million.
- Increased preclinical expenses of $1.8 million.
- Decreased clinical expenses of $3.5 million.
Liquidity and Capital Resources
As of September 30, 2024, SCYNEXIS had:
| Liquidity Metric | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $28,730 |
| Short-term Investments | $40,098 |
| Accumulated Deficit | $(372,102) |
Stockholder Equity
As of September 30, 2024, the stockholders' equity of SCYNEXIS was:
| Equity Component | Amount (in thousands) |
|---|---|
| Total Stockholders’ Equity | $58,529 | Common Stock Issued | 37,943,241 shares |
Future Financial Outlook
SCYNEXIS anticipates ongoing significant expenses related to research and development and expects to seek additional capital through various means to support operations.
How SCYNEXIS, Inc. (SCYX) Makes Money
Revenue Streams
SCYNEXIS generates revenue primarily through license agreements related to its lead product candidate, ibrexafungerp, and its approved product, BREXAFEMME. In 2024, the company reported a total revenue of $2.8 million for the nine months ended September 30, primarily from license agreement revenue associated with the GSK License Agreement. This is a significant decrease compared to $133.4 million for the same period in 2023.
| Revenue Source | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) | Change ($) | Change (%) |
|---|---|---|---|---|
| License Agreement Revenue | $2.8 million | $133.4 million | ($130.6 million) | (97.9%) |
| Product Revenue, Net | $0 | $984,000 | ($984,000) | (100.0%) |
| Total Revenue | $2.8 million | $134.3 million | ($131.5 million) | (97.9%) |
Operating Expenses
For the nine months ended September 30, 2024, SCYNEXIS reported total operating expenses of $31.8 million, a decrease from $38.6 million in the same period of 2023. The breakdown of operating expenses is as follows:
| Expense Type | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) | Change ($) | Change (%) |
|---|---|---|---|---|
| Research and Development | $22.1 million | $20.3 million | $1.8 million | 8.6% |
| Selling, General and Administrative | $9.7 million | $17.3 million | ($7.6 million) | (43.8%) |
| Total Operating Expenses | $31.8 million | $38.6 million | ($6.8 million) | (17.6%) |
Loss from Operations
The company reported a loss from operations of $29.1 million for the nine months ended September 30, 2024, compared to an income from operations of $95.7 million in the same period in 2023.
Other Income and Expenses
For the nine months ended September 30, 2024, SCYNEXIS experienced significant other expenses totaling $12.3 million, compared to other income of $9.1 million in the same period in 2023. This includes:
| Other Income/Expense Type | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) | Change ($) | Change (%) |
|---|---|---|---|---|
| Interest Income | ($3.4 million) | ($2.6 million) | ($832,000) | 32.1% |
| Interest Expense | $617,000 | $2.9 million | ($2.3 million) | (78.8%) |
| Warrant Liabilities Fair Value Adjustment | ($10.6 million) | $6.0 million | ($16.6 million) | (276.9%) |
| Total Other Income/Expense | ($12.3 million) | $9.1 million | ($21.4 million) | (235.5%) |
Net Loss
As a result of these factors, SCYNEXIS reported a net loss of $16.9 million for the nine months ended September 30, 2024, compared to a net income of $86.6 million in the same period in 2023.
Cash and Liquidity
As of September 30, 2024, SCYNEXIS had cash and cash equivalents totaling $28.7 million, a decline from $34.1 million as of December 31, 2023. The company believes its capital resources are sufficient to fund ongoing operations for at least the next 12 months.
Conclusion on Future Revenue Opportunities
Future revenue opportunities for SCYNEXIS are tied to the successful development and commercialization of ibrexafungerp and potential milestones from ongoing partnerships, particularly with GSK and Hansoh. The company is focused on advancing its clinical programs to achieve these objectives.
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Resources:
- SCYNEXIS, Inc. (SCYX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of SCYNEXIS, Inc. (SCYX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View SCYNEXIS, Inc. (SCYX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.