0001178253-26-000007
SEC filingSCYNEXIS, Inc. reported a net loss of $8.6 million for FY 2025, a significant improvement from a $21.3 million net loss in FY 2024. Total revenue increased substantially to $20.6 million, driven by a $19.2 million cumulative catch-up of license agreement revenue from the GSK Binding 2025 MOU and $1.4 million in product revenue. Operating loss narrowed to $16.1 million from $37.1 million, as total operating expenses decreased to $36.7 million from $40.9 million. The company ended the year with $59.0 million in total assets, $49.4 million in stockholders' equity, and cash, cash equivalents, and investments of $56.3 million. Management believes current resources are sufficient to fund operations for at least the next 12 months.
SCYNEXIS, Inc. reported a net loss of $8.6 million for the fiscal year ended December 31, 2025, representing a significant improvement from the $21.3 million net loss in the prior year. Total revenue increased dramatically to $20.6 million from $3.7 million in FY 2024, driven primarily by license agreement revenue of $19.2 million. The company recognized a cumulative catch-up of $17.2 million in license agreement revenue related to the Binding 2025 MOU with GSK, which modified the GSK License Agreement. Operating loss narrowed to $16.1 million from $37.1 million as total operating expenses decreased to $36.7 million from $40.9 million. Research and development expenses decreased to $22.3 million from $26.4 million, while selling, general and administrative expenses remained relatively flat at $14.4 million.
Revenue for FY 2025 consisted of $19.2 million in license agreement revenue and $1.4 million in product revenue. The license agreement revenue primarily resulted from the Binding 2025 MOU with GSK, which provided for the wind-down and termination of the MARIO Phase 3 study. The company received one-time, non-refundable payments totaling $24.8 million from GSK as part of this agreement. Product revenue of $1.4 million represented a change in estimate related to prior period revenue associated with the BREXAFEMME product recall. The GSK License Agreement remains in effect for other aspects, including commercialization of BREXAFEMME for VVC and rVVC indications.
The company's operating margin was -78.0% for FY 2025, reflecting the ongoing investment in research and development despite improved revenue. Research and development expenses decreased by $4.1 million or 15.6% year-over-year, primarily due to reduced chemistry, manufacturing, and controls (CMC) expenses of $3.8 million, lower salary expense of $1.0 million, and decreased stock-based compensation of $0.5 million. These reductions were partially offset by increased preclinical expense of $1.2 million and clinical expense of $0.5 million. Selling, general and administrative expenses decreased slightly by $0.1 million or 0.4%, with professional fees decreasing by $0.6 million offset by increased business development expense of $0.5 million.
Net cash used in operating activities was $5.3 million for FY 2025, a significant improvement from $24.0 million in the prior year, primarily due to the $24.8 million received under the Binding 2025 MOU. The company had cash, cash equivalents, and investments of $56.3 million as of December 31, 2025, compared to $75.1 million as of December 31, 2024. Total assets were $59.0 million, with current assets of $40.4 million including $21.3 million in cash and cash equivalents and $18.8 million in short-term investments. Total liabilities were $9.7 million, resulting in stockholders' equity of $49.4 million. The company repaid $14.0 million in convertible debt during the year.
Management believes current capital resources are sufficient to fund operations for at least the next 12 months. Key near-term milestones include completing the Phase 1 study with the intravenous formulation of SCY-247 in 2026 and initiating a Phase 2 study of SCY-247 in invasive candidiasis. The company continues to develop SCY-247, which has received Qualified Infectious Disease Product status and Fast Track designations from the FDA. GSK anticipates initiating regulatory interactions with the FDA in 2026 to discuss the relaunch of BREXAFEMME for VVC and rVVC. The company received a Nasdaq minimum bid price notification in June 2025 and has until June 15, 2026, to regain compliance, potentially through a reverse stock split.