SCYNEXIS INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SCYNEXIS INC. has filed its 2023 10-K report detailing financial activities and key agreements.</b>

AI Summary

SCYNEXIS INC (SCYX) filed a Annual Report (10-K) with the SEC on March 28, 2024. SCYNEXIS INC. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing includes information on various financial instruments such as warrants, convertible notes, and stock options. Key dates mentioned include December 17, 2020 (public offering), April 30, 2023 (employee stock purchase plan), and March 30, 2023 (license agreement). The company operates in the Pharmaceutical Preparations industry (SIC code 2834). The report details fair value measurements for assets including cash and restricted cash, with inputs categorized as Level 1 and Level 3.

Why It Matters

For investors and stakeholders tracking SCYNEXIS INC, this filing contains several important signals. The 10-K filing provides a comprehensive overview of SCYNEXIS INC.'s financial health, operational activities, and strategic agreements for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. Specific details on financial instruments, fair value measurements, and key dates offer insights into the company's capital structure, investment strategies, and historical transactions, enabling a deeper understanding of its financial position.

Risk Assessment

Risk Level: medium — SCYNEXIS INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the complexity of financial instruments and fair value measurements introduces a medium level of risk in interpreting the company's precise financial standing without further analysis.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand SCYNEXIS INC.'s financial performance and strategic positioning.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-03-28 — Filing Date (Date the 10-K was filed)
• 2020-12-17 — December 2020 Public Offering (Key date for warrants)
• 2023-04-30 — Employee Stock Purchase Plan (Key date)
• 2023-03-30 — License Agreement (Key date related to Glaxosmithkline intellectual property)
• Level 1 — Fair Value Input Level (Used for fair value measurements of cash and restricted cash)
• Level 3 — Fair Value Input Level (Used for fair value measurements of restricted cash and other assets)
• 201-884-5485 — Business Phone (Contact number for SCYNEXIS INC.)

Key Players & Entities

• SCYNEXIS INC. (company) — Filer of the 10-K report
• 20231231 (date) — Fiscal year end
• 20240328 (date) — Filing date
• 0000950170-24-038046 (other) — Accession number
• 2834 (other) — Standard Industrial Classification for Pharmaceutical Preparations
• Glaxosmithkline (company) — Mentioned in relation to intellectual property and license agreements
• Danforth (other) — Mentioned in relation to warrants
• Jersey City, NJ (location) — Business and mailing address

FAQ

Risk Factors

• Fair Value Measurements [medium — financial]: The company uses Level 1 and Level 3 inputs for fair value measurements of assets like cash and restricted cash, which can involve estimation and uncertainty.
• Warrants and Convertible Notes [medium — financial]: The existence of various warrants and convertible notes introduces complexity in financial reporting and potential dilution.
• Pharmaceutical Preparations Industry [high — regulatory]: Operating in the pharmaceutical sector subjects the company to extensive regulatory oversight and compliance requirements.

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 per share SCYX Nasdaq Global Market
• $90.0 million — 3 and we received an upfront payment of $90.0 million. In June 2023, we announced the achieve
• $25.0 million — 2023, we announced the achievement of a $25.0 million performance-based development milestone
• $49 million — ry approval milestone payments of up to $49 million (revised from up to $70 million as prov
• $70 million — f up to $49 million (revised from up to $70 million as provided in the GSK License Agreemen
• $57.5 million — commercial milestone payments of up to $57.5 million based on first commercial sale in invas
• $115 million — ndidiasis (U.S./EU) (revised from up to $115 million as provided in the GSK License Agreemen
• $179.5 — and sales milestone payments of up to $179.5 / $169.75 / $145.5 million (depending o
• $169.75 — es milestone payments of up to $179.5 / $169.75 / $145.5 million (depending on the date
• $145.5 million — ne payments of up to $179.5 / $169.75 / $145.5 million (depending on the date of GSK's relaunc
• $242.5 million — AFEMME in the U.S.) (revised from up to $242.5 million as provided in the GSK License Agreemen
• $64 — s in the GSK Territory, with a total of $64 / $54.25 / $46.5 million to be paid upo
• $54.25 — he GSK Territory, with a total of $64 / $54.25 / $46.5 million to be paid upon achieve
• $46.5 million — rritory, with a total of $64 / $54.25 / $46.5 million to be paid upon achievement of multiple
• $200 million — of multiple sales thresholds up through $200 million; a total of $45.5 / $45.5 / $39 million

Filing Documents

• scyx-20231231.htm (10-K) — 2735KB
• scyx-ex10_21.htm (EX-10.21) — 10KB
• scyx-ex10_41.htm (EX-10.41) — 153KB
• scyx-ex23_1.htm (EX-23.1) — 8KB
• scyx-ex31_1.htm (EX-31.1) — 13KB
• scyx-ex31_2.htm (EX-31.2) — 13KB
• scyx-ex32_1.htm (EX-32.1) — 11KB
• scyx-ex97_1.htm (EX-97.1) — 53KB
• 0000950170-24-038046.txt (&nbsp;) — 12611KB
• scyx-20231231.xsd (EX-101.SCH) — 1866KB
• scyx-20231231_htm.xml (XML) — 2270KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 44 Item 1C Cybersecurity 45 Item 2.

Properties

Properties 46 Item 3.

Legal Proceedings

Legal Proceedings 46 Item 4. Mine Safety Disclosures 46 PART II. 47 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47 Item 6. [Reserved] 47 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 48 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 8. Consolidated Financial Statements and Supplementary Data 60 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92 Item 9A.

Controls and Procedures

Controls and Procedures 92 Item 9B. Other Information 92 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III. 93 Item 10. Directors, Executive Officers and Corporate Governance 93 Item 11.

Executive Compensation

Executive Compensation 93 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters 93 Item 13. Certain Relationships and Related Transactions, and Director Independence 93 Item 14. Principal Accounting Fees and Services 93 PART IV. 94 Item 15. Exhibits and Financial Statement Schedules 94 Item 16. Form 10-K Summary 97

Signatures

Signatures 98 PART I SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expect," "expectations," "plan," "anticipate," "believe," "estimate," "project," "predict," "potential" and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. We discuss many of these risks, uncertainties and other factors in this Annual Report on Form 10-K in greater detail under the heading "Risk Factors." Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. Also, these forward-looking statements represent our estimates and assumptions only as of the date of this filing. You should read this Annual Report on Form 10-K completely and with the understanding that our actual future results may be materially different from what we expect. We hereby qualify our forward-looking statements by our cautionary statements. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes av

BUSINESS

ITEM 1. BUSINESS Overview SCYNEXIS, Inc. is pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections. We are developing our proprietary antifungal platform "fungerps", a novel class of antifungal agents called triterpenoids, that are structurally distinct glucan synthase inhibitors and have generally shown in vitro and in vivo activity against a broad range of human fungal pathogens such as Candida and Aspergillus genera, including multidrug-resistant strains, as well as Pneumocystis , Coccidioides , Histoplasma and Blastomyces genera and most common mucorales species. Ibrexafungerp is the first representative of this novel class of antifungals with additional assets from the "fungerp" family, including SCY-247, in preclinical stages of development. In June 2021 and December 2022, we announced that the United States (U.S.) Food and Drug Administration (FDA) approved BREXAFEMME (ibrexafungerp tablets) for treatment of patients with vulvovaginal candidiasis (VVC), also known as vaginal yeast infection, and for the reduction in the incidence of recurrent vulvovaginal candidiasis (RVVC), respectively. Oral ibrexafungerp is also under development for other systemic fungal diseases. SCY-247, a second-generation antifungal compound from this novel class, is in preclinical development stage. We anticipate initiating a Phase 1 study for SCY-247 in the second half of 2024. The FDA has granted Qualified Infectious Disease Product (QIDP) and Fast Track designations to ibrexafungerp for the indications of VVC (including the prevention of recurrent VVC), invasive candidiasis (IC) (including candidemia), and invasive aspergillosis (IA), and has granted Orphan Drug designations for the IC and IA indications. The European Medicines Agency has granted Orphan Medicinal Product designation to ibrexafungerp for IC. We anticipate that the FDA may grant QIDP and Fast Track designations for the IV and oral formulations of SCY-247. T

View Full Filing

View this 10-K filing on SEC EDGAR