Earnings

Scynexis Completes Phase 1 Studies on Two Pipeline Assets

The Tip Desk · November 11, 2026 · 3 min read

Cash and investments stood at $63.2 million as of September 30, 2026, after a $8.5 million net loss in the three months ended September 30, 2026.

Scynexis (SCYX), a clinical-stage biotechnology company, completed Phase 1 studies of SCY-770 and intravenous SCY-247 in October 2026 and said it now anticipates starting a Phase 2 proof-of-concept trial of SCY-770 in autosomal dominant polycystic kidney disease during the fourth quarter of 2026.

The company reported a net loss of $8.5 million for the three months ended September 30, 2026, compared with net income of $7.4 million in the three months ended June 30, 2026, as a $14.2 million warrant-liability gain in the prior quarter flipped to a $0.2 million loss. License agreement revenue was zero in the latest quarter. Loss from operations widened to $9.8 million.

Research and development expense rose to $6.2 million in the three months ended September 30, 2026 from $3.9 million in the three months ended June 30, 2026, reversing the prior quarter’s year-over-year decline. The company said the year-over-year increase in clinical expense of $1.7 million was driven by a $1.2 million increase for the Phase 1 intravenous SCY-247 study and a $1.3 million increase for the Phase 1 SCY-770 study, offset by a $1.1 million decrease tied to the MARIO Phase 3 study terminated in the fourth quarter of 2025. Selling, general and administrative expense was $3.6 million. Other income of $0.9 million related to research and development tax credits.

SCY-770, acquired from Poxel SA in March 2026 for an $8.0 million upfront payment, is a direct AMPK activator with Orphan Drug designation for ADPKD. In October 2026 the company announced completion of a Phase 1 study in 25 healthy participants across three cohorts, including a single 500 mg dose and seven-day regimens of 750 mg once daily or 500 mg twice daily. The company said the compound was well tolerated and that pharmacokinetic data from this and prior studies will inform dose selection for the Phase 2 trial. It now anticipates an interim analysis of that Phase 2 study in the fourth quarter of 2027, replacing the prior plan to complete a Phase 1 confirmatory study in the third quarter of 2026 and obtain an early efficacy readout in the second half of 2027.

SCY-247, a next-generation antifungal, is being developed in oral and intravenous formulations for invasive candidiasis and prevention of invasive fungal infections. In September 2026 the company announced a BARDA contract providing approximately $18.5 million in the initial base period to advance oral and intravenous SCY-247 into a Phase 2 trial. If all options are exercised, BARDA’s total contribution over a potential 10-year term is estimated at approximately $213.9 million. The company said BARDA’s contribution toward eligible general and administrative expenses is expected to offset and substantially reduce incremental costs, and that it expects to fund its share of near-term SCY-247 program costs within its existing operating plan. In October 2026 it announced topline results from a Phase 1 single- and multiple-ascending-dose trial of intravenous SCY-247 in 56 healthy participants. The company said doses of 50 mg once daily or higher achieved exposures at or above the efficacy target identified in murine models, and that oral doses of 100 mg or higher are also anticipated to achieve the target. It now anticipates initiating a Phase 2 study in patients with invasive candidiasis in 2027, versus the prior expectation of the first half of 2027.

Cash and cash equivalents and investments declined to $63.2 million as of September 30, 2026 from $71.1 million as of June 30, 2026. Accumulated deficit was $407.5 million. The company said it believes existing cash and cash equivalents and investments are sufficient to fund ongoing operations into 2029. If common warrants from the March 2026 private placement are fully exercised for cash, it could receive additional gross proceeds of up to approximately $52.2 million.