SCYX · SCYNEXIS, Inc.

SCYNEXIS, Inc. has strategically expanded its pipeline through the acquisition of Poxel SA's AMP kinase activator assets, centered on PXL-770 (renamed SCY-770), a clinical-stage oral therapy targeting autosomal dominant polycystic kidney disease (ADPKD), a rare genetic disorder affecting approximately 140,000 U.S. patients with high unmet need due to limited treatment options like Jynarque. The transaction, completed on March 30, 2026, involves SCYNEXIS acquiring all related patents, know-how, regulatory filings, inventory, and contracts, while assuming post-closing liabilities. Financial terms include an immediate $8 million upfront payment and contingent milestones totaling up to $188 million, structured across development (e.g., $2 million for Phase 2 start, $6 million for Phase 3 or U.S. approval) and sales tiers escalating to $75 million at $1.5 billion annual net sales. This back-loaded structure aligns incentives with clinical and commercial success, minimizing near-term cash outflow while offering significant upside. Complementing the asset purchase, Poxel granted a perpetual, exclusive worldwide license to controlled IP, enabling full control over development and commercialization. SCYNEXIS plans to initiate a Phase 2 proof-of-concept trial in Q4 2026, with early efficacy data expected in H2 2027, leveraging SCY-770's established safety from eight prior trials and Orphan Drug Designation. This move bolsters SCYNEXIS's focus on rare diseases, alongside its antifungal portfolio including BREXAFEMME (licensed to GSK) and SCY-247, potentially unlocking substantial value in ADPKD's underserved market.