SCYNEXIS INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>SCYNEXIS INC. filed its Q1 2024 10-Q, detailing financial positions and agreements, including those with GlaxoSmithKline.</b>

AI Summary

SCYNEXIS INC (SCYX) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. SCYNEXIS INC. filed a 10-Q report for the period ending March 31, 2024. The filing references a license and collaboration agreement with GlaxoSmithKline Intellectual Property. Fair value measurements for recurring items as of March 31, 2024, include Level 1, Level 2, and Level 3 inputs for various assets. The company's fiscal year ends on December 31. The filing includes details on warrants associated with various public offerings, including April 2022 and December 2020.

Why It Matters

For investors and stakeholders tracking SCYNEXIS INC, this filing contains several important signals. This 10-Q provides an update on SCYNEXIS's financial health and operational status for the first quarter of 2024, crucial for investors assessing ongoing performance and future prospects. The mention of specific agreements and fair value measurements offers insight into the company's asset valuation and strategic partnerships, which can impact its market position and potential revenue streams.

Risk Assessment

Risk Level: low — SCYNEXIS INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate significant risk indicators.

Analyst Insight

Monitor future filings for updates on the GlaxoSmithKline collaboration and the impact of fair value adjustments on the company's financial statements.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed As Of Date)
• 1231 — Fiscal Year End (Fiscal Year End)
• 2024-01-01 — Start Date (ExclusiveLicenseAndCollaborationAgreementMember)
• 2024-03-31 — End Date (ExclusiveLicenseAndCollaborationAgreementMember)
• 2023-06-01 — Start Date (LicenseAgreementMember)
• 2023-06-30 — End Date (LicenseAgreementMember)
• 750000000 — Threshold (AchivementOfThresholdUpto750MillionTo1BillionMember)

Key Players & Entities

• SCYNEXIS INC. (company) — FILER
• GlaxoSmithKline Intellectual Property (company) — Agreement
• 2024-03-31 (date) — Period of Report
• 2024-05-08 (date) — Filed As Of Date
• 201-884-5485 (phone) — Business Phone
• 2834 (sic) — Standard Industrial Classification
• 001-36365 (regulator) — SEC File Number
• 24925733 (film) — Film Number

FAQ

Key Dates

• 2024-03-31: Quarterly Report Period End — Covers the first quarter of fiscal year 2024.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 per share SCYX Nasdaq Global Market

Filing Documents

• scyx-20240331.htm (10-Q) — 1483KB
• scyx-ex10_1.htm (EX-10.1) — 150KB
• scyx-ex10_2.htm (EX-10.2) — 10KB
• scyx-ex31_1.htm (EX-31.1) — 16KB
• scyx-ex31_2.htm (EX-31.2) — 16KB
• scyx-ex32_1.htm (EX-32.1) — 10KB
• 0000950170-24-055590.txt (&nbsp;) — 8208KB
• scyx-20240331.xsd (EX-101.SCH) — 1134KB
• scyx-20240331_htm.xml (XML) — 1720KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 3 Notes to the Condensed Consolidated Financial Statements (unaudited) 4 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25

OTHER INFORMATION

PART II OTHER INFORMATION 25 Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 6. Exhibits 26

Signatures

Signatures 27 Table of Contents

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Financ ial Statements

Item 1. Financ ial Statements. SCYNEXIS, INC. UNAUDITED CONDENS ED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 35,482 $ 34,050 Short-term investments 44,762 40,312 Prepaid expenses and other current assets 1,583 5,548 License agreement receivable — 2,463 License agreement contract asset 19,466 19,363 Restricted cash 380 380 Total current assets 101,673 102,116 Investments 13,943 23,594 Deferred offering costs 175 175 Restricted cash 163 163 Operating lease right-of-use asset (See Note 7) 2,300 2,364 Total assets $ 118,254 $ 128,412 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 8,918 $ 7,149 Accrued expenses 4,601 7,495 Deferred revenue, current portion 1,083 1,189 Operating lease liability, current portion (See Note 7) 356 340 Warrant liabilities — 130 Convertible debt and derivative liability (See Note 6) 12,391 — Total current liabilities 27,349 16,303 Deferred revenue 2,111 2,727 Warrant liabilities 12,202 21,680 Convertible debt and derivative liability (See Note 6) — 12,159 Operating lease liability (See Note 7) 2,487 2,581 Total liabilities 44,149 55,450 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.001 par value, authorized 5,000,000 shares as of March 31, 2024 and December 31, 2023; 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value, 150,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 37,779,796 and 37,207,799 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 41 40 Additional paid-in capital 428,900 428,169 Accumulated deficit ( 354,836 ) ( 355,247 ) Total stockholde

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View this 10-Q filing on SEC EDGAR