SCYNEXIS (SCYX) Q1 2026 earnings summary

Executive summary

• Completed acquisition of SCY-770 (formerly PXL-770), a novel AMPK activator for ADPKD, with an $8M upfront payment and up to $188M in milestones.

• Focused pipeline on rare diseases and antifungal assets, including SCY-247 in Phase 1 and outlicensed BREXAFEMME to GSK, with GSK committed to relaunching Brexafemme and up to $146M in annual net sales milestones.

• March 2026 Private Placement raised $40M gross ($37.2M net), with additional potential proceeds from warrant exercises.

• Ended Q1 2026 with $72.4M in cash, extending runway to mid-2029.

Financial highlights

• Net loss of $21.3M for Q1 2026, compared to $5.4M in Q1 2025, driven by $8M IPR&D expense for SCY-770 acquisition and increased R&D spend.

• Cash, cash equivalents, and investments totaled $72.4M as of March 31, 2026, up from $56.3M at year-end 2025.

• Operating expenses rose 91% year-over-year to $16.9M, with R&D up 140% and SG&A up 23%.

• No license agreement revenue recognized in Q1 2026 (vs. $0.3M in Q1 2025).

• Warrant liability fair value adjustment resulted in a $5.2M loss (vs. $2.9M gain in Q1 2025).

Outlook and guidance

• Sufficient capital to fund operations for at least 12 months; cash runway extended to mid-2029, covering anticipated completion of SCY-770 Phase 2 study.

• Phase 1 confirmatory study for SCY-770 expected to complete in Q3 2026; Phase 2 proof-of-concept study to begin in Q4 2026 with early efficacy readout in 2H 2027.

• SCY-247 IV formulation Phase 1 data expected in Q3 2026.