SCYNEXIS, Inc. reported full‑year 2025 revenue of $20.6 million, a dramatic increase from $3.7 million in 2024. The jump is almost entirely driven by the GSK license agreement, which generated $19.2 million, while product revenue from BREXAFEMME contributed $1.4 million net of a prior‑period recall adjustment. The company’s revenue growth reflects the continued monetization of its partnership with GSK and the successful recall‑related revenue correction for BREXAFEMME.
Research and development expenses fell to $22.3 million from $26.4 million year‑over‑year. The $4.1 million reduction was largely due to a $3.8 million cut in chemistry, manufacturing, and controls costs and a $1.0 million decrease in salary expense. A $0.5 million drop in stock‑based compensation and a $0.5 million decline in other R&D expense were partially offset by a $1.2 million increase in preclinical activity and a $0.5 million rise in clinical costs, illustrating a disciplined cost‑control program amid continued pipeline investment.
Cash and cash equivalents stood at $56.3 million as of December 31 2025, down from $75.1 million at the end of 2024. The decline reflects ongoing operating outflows, but the one‑time $24.8 million payment from GSK in Q4 2025 has extended the company’s runway beyond two years, providing a financial cushion for advancing its second‑generation antifungal, SCY‑247.
SCY‑247 entered Phase 1 intravenous dosing in 2025, with topline data expected in the second half of 2026. An expanded access program is planned for the first half of 2026, positioning the company to generate early safety and efficacy data while preparing for larger trials. The program’s progress signals confidence in the candidate’s clinical potential and aligns with the company’s strategy to accelerate pipeline milestones.
The transfer of the BREXAFEMME NDA to GSK was completed on November 19 2025. SCYNEXIS is now eligible for up to $145.5 million in annual net‑sales milestones and royalties once the product is relaunches, creating a potential long‑term revenue stream that complements the GSK license agreement.
David Angulo, M.D., President and Chief Executive Officer, said, “In the fourth quarter, we continued to advance our second‑generation fungerp, SCY‑247, and also strengthened our balance sheet with the receipt of $24.8 million from GSK, extending our cash runway for more than two years.” He added, “Looking ahead, SCYNEXIS remains well positioned to explore a number of opportunities to enhance shareholder value, including releasing Phase 1 data from our SCY‑247 intravenous (IV) formulation study later this year.”
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