SCYNEXIS, Inc. (SCYX): Business Model Canvas [Dec-2025 Updated]

You're digging into SCYNEXIS, Inc. (SCYX) to map out their current business engine, and frankly, the picture is one of a sharp strategic pivot. After the major out-licensing deal with GlaxoSmithKline (GSK), the company is now running as a focused R&D and licensing entity, not a commercial seller. This shift is key: they are using their $37.9 million in cash (as of September 30, 2025) to push their pipeline, like SCY-247, while banking on upfront cash and future royalties, evidenced by the recent $24.8 million milestone payment from GSK in Q4 2025. Below, I've laid out the nine blocks of this new structure so you can see precisely how they plan to generate returns from their novel 'fungerps' platform now. It's a defintely different model than last year.

SCYNEXIS, Inc. (SCYX) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that allow SCYNEXIS, Inc. to commercialize its assets and advance its pipeline, so let's break down the hard numbers tied to these alliances as of late 2025.

GlaxoSmithKline (GSK) for global commercialization of Brexafemme

The relationship with GSK centers on the global commercialization of Brexafemme (ibrexafungerp) outside of Greater China. You should note the recent structural changes in this partnership.

• SCYNEXIS completed the transfer of the BREXAFEMME New Drug Application (NDA) to GSK on November 19, 2025.
• SCYNEXIS is set to receive up to approximately $145.5 million in annual net sales milestones following a GSK relaunch.
• Royalties due to SCYNEXIS from GSK sales are in the low to mid-single digit percentage range, net of payments owed to Merck.
• In Q4 2025, SCYNEXIS will receive a one-time payment totaling $24.8 million from GSK to resolve the disagreement regarding the termination of the Phase 3 MARIO study (this comprised a $22 million payment plus $2.3 million for wind-down activities).
• License agreement revenue recognized from GSK for the three months ended September 30, 2025, was $0.3 million.

The original GSK License Agreement outlined a significant potential payout structure based on annual net sales in the GSK Territory, which you can see detailed here:

Annual Net Sales Threshold (GSK Territory)	Potential Milestone Payments to SCYNEXIS
Up to $200 million	Total of $64 million / $54.25 million / $46.5 million
Between $300 million and $500 million	Total of $45.5 million / $45.5 million / $39 million
At $750 million and $1 billion	$35 million / $35 million / $30 million paid at each threshold

The total potential milestone amount under the original agreement was up to $242.5 million.

Hansoh for development and commercialization of ibrexafungerp in China

The partnership with Hansoh covers the exclusive rights for Greater China. Hansoh has made significant progress on the regulatory front.

• Hansoh recently received Chinese (NMPA) approval for ibrexafungerp for the treatment of acute VVC.
• SCYNEXIS is eligible to receive a milestone payment from Hansoh upon commercialization in China.
• Royalties on China net product sales are approximately 10%.

The original licensing terms included:

• An upfront payment of $10 million to SCYNEXIS.
• Eligibility for up to $112 million in development and commercial milestones.
• Royalties in the low double-digit range on net product sales.

Merck for underlying intellectual property rights and royalty obligations

Merck Sharp & Dohme Corp. was instrumental in the early stages of ibrexafungerp development.

• SCYNEXIS received all human health rights to ibrexafungerp from Merck, including data from seven Phase 1 trials conducted by Merck.
• Merck assigned the patents related to ibrexafungerp to SCYNEXIS in January 2014.
• Merck remains eligible to receive milestones and royalties based on the original agreement terms, which directly impacts SCYNEXIS's net royalty proceeds from GSK.

Academic and government research collaborations for fungerp development

SCYNEXIS continues to advance its pipeline, including the second-generation candidate, SCY-247, through external validation and funding.

• SCYNEXIS presented positive preclinical data for SCY-247 at the European Society of Clinical Microbiology and Infectious Disease (ESCMID) meeting in April 2025.
• The company expected to report initial Phase 1 data for SCY-247 in Q3 2025.
• On November 17, 2025, SCYNEXIS announced federal funding for a collaboration between Hackensack Meridian CDI and Johns Hopkins Researchers focused on developing new therapeutics, including novel fungerps.

Finance: review the cash runway projection of greater than two years post-Q4 2025 GSK payment by next Tuesday.

SCYNEXIS, Inc. (SCYX) - Canvas Business Model: Key Activities

You're managing a biotech firm transitioning from development focus to milestone realization, so the key activities shift from pure discovery to execution and partnership management. For SCYNEXIS, Inc. (SCYX) as of late 2025, the focus is clearly on advancing the next-gen candidate while monetizing the existing asset through the GSK partnership.

Advancing the second-generation antifungal candidate, SCY-247, through clinical trials.

The primary internal activity centers on the development of SCY-247, the second-generation fungerp. This involved completing the Phase 1 study, which delivered positive SAD/MAD (Single Ascending Dose/Multiple Ascending Dose) data in September 2025. The next concrete step is initiating further trials, specifically a Phase 1 study for the IV formulation and a Phase 2 study targeting invasive candidiasis. The goal here is to generate clinical proof of concept data in 2026.

This pipeline advancement is supported by the company's recent financial allocation:

• Research and development expenses for the three months ended September 30, 2025, totaled $5.5 million.
• This R&D spend for Q3 2025 was a decrease of 33% compared to the $8.1 million reported in Q3 2024.

Managing the transfer of the Brexafemme NDA to GSK, completed in November 2025.

A major operational activity was the formal transfer of the BREXAFEMME (ibrexafungerp) New Drug Application (NDA) to GlaxoSmithKline (GSK), which was officially completed on November 19, 2025. This action directly enables GSK to start regulatory interactions with the FDA regarding a U.S. relaunch for vulvovaginal candidiasis (VVC) and refractory VVC (rVVC). The activity is purely focused on fulfilling the partnership terms to unlock future revenue streams.

The financial expectation tied to this activity is substantial, contingent on GSK's relaunch success:

Financial Metric	Value/Range	Context
Maximum Annual Net Sales Milestones	Up to $145.5 million	Per year upon relaunch
Royalty Rate	Low to mid single digit percentage range	Net of payments due to Merck
NDA Transfer Date	November 19, 2025	Completion date

Also related to the GSK relationship, SCYNEXIS managed the resolution of a disagreement concerning the Phase 3 MARIO study termination, resulting in a one-time payment of $24.8 million expected in Q4 of 2025.

Core research and development (R&D) of the proprietary triterpenoid antifungal platform.

The foundational activity remains the stewardship of the fungerps class, which SCYNEXIS, Inc. pioneered. While the focus is on SCY-247, the overall R&D function supports the entire platform. The company's operational expenses reflect this ongoing commitment, even as spending was reduced year-over-year.

Here's a look at the operating expense structure for the third quarter of 2025:

• Research and Development Expenses (Q3 2025): $5.5 million.
• Selling, General and Administrative Expenses (Q3 2025): $3.3 million.
• SG&A increased by 13% from $2.9 million in Q3 2024, driven by higher professional fees.

Securing and maintaining global intellectual property for the fungerps class.

Protecting the fungerps class is a critical, though often less visible, key activity. This involves the legal and administrative work to secure and defend patents globally, which underpins the value of both ibrexafungerp and SCY-247. While specific IP maintenance costs aren't itemized separately, these costs are embedded within the operating expenses, particularly SG&A, which was $3.3 million in Q3 2025. The successful transfer of the BREXAFEMME NDA to GSK on November 19, 2025, is itself a validation of the underlying IP strength, which underpins the potential for up to $145.5 million in annual milestones.

The company's financial position post-milestone receipt is designed to support these long-term activities:

• Cash, cash equivalents, and investments as of September 30, 2025: $37.9 million.
• Projected cash runway after receiving the $24.8 million GSK payment in Q4 2025: greater than two years.

SCYNEXIS, Inc. (SCYX) - Canvas Business Model: Key Resources

You're looking at the core assets SCYNEXIS, Inc. relies on to execute its strategy as of late 2025. These aren't just things they own; they are the engines driving future value, especially given the recent strategic shifts with GSK.

The most tangible resource right now is the liquidity position. Honestly, having a solid cash buffer is critical when you're advancing a pipeline.

Financial Metric	Amount as of September 30, 2025	Context/Notes
Cash, Cash Equivalents, and Investments	$37.9 million	This figure is post-Q3 2025 operations.
Expected Post-Quarter Inflow (GSK MOU)	$24.8 million	One-time payment from GSK related to the MARIO study wind-down, expected in Q4 2025.
Current Debt (Convertible Notes)	Zero	Repaid at maturity in March 2025.
License Receivable (GSK related)	$10.0 million	Balance sheet item tied to the collaboration.

The intellectual property around the antifungal platform is the bedrock. This technology is what underpins both the approved product and the next-generation candidate.

• Proprietary 'fungerps' platform, representing a novel class of triterpenoid antifungals.
• Ibrexafungerp (Brexafemme) New Drug Application (NDA) and related intellectual property, with transfer activities to GSK ongoing before the end of 2025.
• SCY-247, the second-generation fungerp, which showed positive SAD/MAD data in September 2025, supporting progression toward IV formulation Phase 1 and oral Phase 2 studies for invasive candidiasis.

The team is definitely a key resource, especially given the complexity of infectious disease drug development and the ongoing partnership management.

Here's a quick look at the recent operational burn rate that this cash must support:

• Q3 2025 Net Loss: $8.59 million.
• Q3 2025 Research and Development Expenses: $5.5 million.
• Q3 2025 Selling, General and Administrative Expenses: $3.3 million.

Management projects that after receiving the one-time payments from GSK in Q4 2025, the company's cash runway will be greater than two years.

The structure of the GSK agreement itself is a resource, providing future potential upside.

• Potential annual net sales milestones from Brexafemme relaunch: up to approximately $146 million.
• Royalty structure on Brexafemme sales: in the low to mid single digit range, net of payments to Merck.

The executive leadership, including President and Chief Executive Officer David Angulo, M.D., guides the strategic deployment of these assets.

SCYNEXIS, Inc. (SCYX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why SCYNEXIS, Inc. (SCYX) products matter to the market, focusing on what they offer that others don't, grounded in the latest data.

First-in-class, oral antifungal (Brexafemme) for vulvovaginal candidiasis (VVC).

Brexafemme (ibrexafungerp) is the first representative of a novel class of antifungal agents, triterpenoids (fungerps), which is the first new class since 2001. The product is approved in the U.S. for treating vulvovaginal candidiasis (VVC) and for the reduction of recurrent VVC (RVVC). The U.S. wholesale acquisition cost was set at $475 per course. SCYNEXIS is actively working to transfer the BREXAFEMME New Drug Application (NDA) to GlaxoSmithKline (GSK) by the end of 2025. Following the relaunch, SCYNEXIS stands to receive up to approximately $146 million in annual net sales milestones plus royalties in the low to mid single digit range. Furthermore, Hansoh received Chinese (NMPA) approval for ibrexafungerp for acute VVC, which entitles SCYNEXIS to a milestone payment and royalties of approximately 10% on China sales.

Novel mechanism of action that kills the fungus, addressing drug resistance.

The triterpenoid class, to which Brexafemme belongs, functions as a novel glucan synthase inhibitor. This mechanism allows Brexafemme to kill the fungal cells, a key advantage over azole drugs that only inhibit growth. The next-generation candidate, SCY-247, has shown effective exposures against resistant Candida strains in models. This novel approach is critical given the growing pressure on existing treatments.

SCY-247, a second-generation candidate with potential oral and IV formulations.

SCY-247 is the second-generation compound from this novel class, designed with the potential for both oral and intravenous (IV) formulations. Positive Phase 1 Single Ascending Dose/Multiple Ascending Dose (SAD/MAD) study results were announced on September 30, 2025. The oral doses achieved target exposures at lower levels compared to the first-generation medication, suggesting better tolerability. The Phase 1 study evaluated SAD doses from 50mg to 900mg and MAD doses from 50mg to 300mg in 88 healthy participants. The company anticipates initiating a Phase 1 study with the IV formulation of SCY-247 in Q1 2026. The plan is to release clinical proof of concept data in invasive candidiasis in 2026.

SCYNEXIS, Inc. (SCYX) Pipeline and Market Context

Metric	Value/Status	Context
SCY-247 Phase 1 Completion	September 2025	Positive SAD/MAD results reported.
SCY-247 IV Formulation Phase 1 Start	Q1 2026 (Anticipated)	Planned next step for the second-generation candidate.
SCY-247 Proof of Concept Data	2026 (Anticipated)	Planned for invasive candidiasis indication.
Antifungal Market Size (Projected)	USD 7500 million by 2025	Driven by resistance to conventional treatments.

Addressing high unmet medical need in life-threatening, drug-resistant fungal infections.

Invasive fungal diseases (IFD) are a growing threat, causing over 6.5 million infections and 3.8 million deaths annually worldwide. Mortality rates for IFDs often surpass 50 per cent even with recommended treatments. Specifically, Candida bloodstream infections/invasive candidiasis report around 995,000 deaths annually, a 66.3 per cent mortality rate. For invasive aspergillosis, the crude annual mortality rate is approximately 85 per cent. Drug-resistant Aspergillus infections show death rates ranging from 47%-88%. The WHO lists critical priority fungi with mortality rates reaching as high as 88%.

• IFDs disproportionately impact severely ill and immunocompromised patients.
• The pipeline for new antifungal drugs is insufficient to meet the need.
• The '95-95 by 2025' initiative aims to diagnose and treat 95% of serious fungal infections.

SCYNEXIS, Inc. (SCYX) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit for your next asset, so the relationships you maintain with key stakeholders are everything right now. Here's the breakdown of SCYNEXIS, Inc.'s customer relationship structure as of late 2025.

Strategic, long-term licensing agreements with major pharmaceutical partners like GSK

The relationship with GlaxoSmithKline Intellectual Property (No. 3) Limited (GSK) is central, governed by the GSK License Agreement originally entered into on March 30, 2023, and amended in October 2025. SCYNEXIS, Inc. is progressing the transfer of the BREXAFEMME New Drug Application (NDA) to GSK, with completion expected by the end of 2025. GSK maintains commitment to the commercialization of BREXAFEMME (ibrexafungerp tablets) for vulvovaginal candidiasis (VVC) and refractory VVC (rVVC) indications.

The financial structure of this relationship involves significant past and potential future payments:

Financial Event/Metric	Amount/Range	Date/Period Reference
Upfront Payment Received (May 2023)	$90.0 million	May 2023
Milestone Payment Received (MARIO Study Restart)	$10 million	May 2025
One-Time Payment from MOU (MARIO Termination)	$22 million	October 2025
Wind-down Payment from MOU (MARIO Termination)	$2.3 million	October 2025
Total One-Time Payments Received/Expected in Q4 2025	$24.8 million	Q4 2025
Potential Annual Net Sales Milestones Post-Relaunch	Up to approximately $146 million	Post-Relaunch
Royalty Rate on China Sales (via Hansoh)	Approximately 10%	Q1 2025

The resolution of the disagreement regarding the Phase 3 MARIO study was finalized in October 2025, resulting in the termination of that study and the associated one-time payments. SCYNEXIS, Inc. will not receive further milestone payments specifically tied to the MARIO study.

High-touch relationship management for clinical trial investigators and sites

Management of clinical trial relationships is evidenced by the resumption of the Phase 3 MARIO study following the lifting of an FDA clinical hold on May 28, 2025. The study required new clinical supplies produced at a different site to address contamination concerns and meet updated FDA standards. The company is now progressing development for SCY-247, which includes a Phase 1 study that dosed approximately 100 healthy subjects.

• Phase 1 SCY-247 study subjects: Approximately 100 healthy subjects.
• Phase 3 MARIO study dosing resumed: May 2025.
• SCY-247 Phase 2 study planned for invasive candidiasis: Aiming for proof of concept data in 2026.

Investor relations and communication focused on pipeline progress and financial stability

Investor communication centers on pipeline milestones and maintaining sufficient liquidity. SCYNEXIS, Inc. ended Q3 2025 with cash, cash equivalents, and investments of $37.9 million. The company repaid $14.0 million of March 2019 convertible notes in March 2025, reducing current debt to zero. The post-quarter MOU with GSK is projected to extend the cash runway to more than two years.

Key financial and operational metrics reported for the period ending September 30, 2025 (Q3 2025) include:

Financial Metric (Q3 2025)	Amount
Net Loss	$8.6 million
Basic Loss Per Share	$(0.17)
License Agreement Revenue	$334,000
R&D Expenses	$5.5 million
SG&A Expenses	$3.3 million
Cash, Cash Equivalents, and Investments	$37.9 million

The company also disclosed a Nasdaq minimum bid price deficiency notice received on June 20, 2025, with a compliance period extending through December 17, 2025. As of March 1, 2025, there were 38,981,064 shares of Common Stock outstanding.

Direct engagement with the FDA and other global regulatory bodies

Engagement with the FDA is critical for both the licensed product and the internal pipeline asset, SCY-247. GSK anticipates initiating regulatory discussions with the U.S. Food and Drug Administration (FDA) in 2026 to discuss the U.S. relaunch of BREXAFEMME. The FDA previously approved BREXAFEMME in June 2021 for VVC and in November 2022 for the reduction in the incidence of recurrent VVC.

For SCY-247, SCYNEXIS, Inc. anticipates the FDA may grant Qualified Infectious Disease Product (QIDP) and Fast Track designations for both the IV and oral formulations. Globally, the European Medicines Agency granted Orphan Medicinal Product designation to ibrexafungerp for Invasive Candidiasis (IC) as of March 2025. Furthermore, Hansoh received NMPA approval in China for ibrexafungerp in acute VVC treatment.

• BREXAFEMME VVC FDA Approval: June 2021.
• BREXAFEMME RVVC FDA Approval: November 2022.
• SCY-247 Phase 1 SAD/MAD data announced: September 30, 2025.
• Anticipated GSK FDA regulatory interactions for relaunch: 2026.

SCYNEXIS, Inc. (SCYX) - Canvas Business Model: Channels

You're looking at how SCYNEXIS, Inc. gets its value propositions-novel antifungal therapies-out to the market and stakeholders as of late 2025. It's a mix of partnerships, scientific outreach, and regulatory milestones that drive visibility and future revenue.

The primary commercial channel for ibrexafungerp (BREXAFEMME®) outside of Greater China is through the out-licensing agreement with GlaxoSmithKline (GSK). This relationship dictates a significant portion of the company's near-term financial structure and future reach.

The financial structure tied to these out-licensing channels is detailed below, reflecting the Q3 2025 reporting period and subsequent agreements:

Partner/Agreement	Financial Metric	Amount/Rate (Late 2025 Data)	Status/Context
GSK License Agreement (BREXAFEMME®)	Q3 2025 License Revenue	$334,000	Revenue for the three months ended September 30, 2025.
GSK License Agreement (BREXAFEMME®)	Balance Sheet Receivable (as of 9/30/2025)	$10.0 million	Tied to the GSK collaboration.
GSK MOU (MARIO Study Resolution)	One-Time Payments Total	$24.8 million	Agreed upon post-Q3 2025 to wind down the MARIO study. This breaks down to $22 million plus an additional $2.3 million for wind-down activities.
GSK Post-Relaunch Potential	Annual Net Sales Milestones	Up to approximately $146 million	Contingent upon BREXAFEMME® relaunch success.
GSK Post-Relaunch Potential	Royalties	Low to mid single digit range	Net of payments to Merck.
Hansoh (Greater China)	Royalties on China Sales	Approximately 10%	Contingent upon commercialization following NMPA approval for acute VVC.

Scientific communication is a key channel for establishing the credibility of SCYNEXIS, Inc.'s platform, fungerps, especially with the advancement of the second-generation candidate, SCY-247. You need to know where they are showing their data.

• Presented preclinical data for SCY-247 at the European Society of Clinical Microbiology and Infectious Disease (ESCMID) meeting in Vienna, Austria, from April 11 - April 15, 2025.
• Reported positive Phase 1 Single Ascending Dose/Multiple Ascending Dose (SAD/MAD) data for oral SCY-247 in Q3 2025.
• Participated in the H.C. Wainwright 27th Annual Global Conference on September 10, 2025, with an in-person presentation from 10:30 AM to 11:00 AM ET.
• Scheduled to present six studies on SCY-247 at the TIMM-12 Congress in Bilbao, Spain, from September 19-22, 2025.

Regulatory milestones serve as critical gate-opening channels for commercialization. The status of the BREXAFEMME® NDA transfer and the progress of SCY-247 are central here.

The FDA lifted the clinical hold on ibrexafungerp in late April 2025, allowing the Phase 3 MARIO study to resume dosing. A major channel event was the completion of the BREXAFEMME (ibrexafungerp) New Drug Application (NDA) transfer to GSK on November 19, 2025. This sets up GSK to initiate regulatory interactions with the U.S. FDA in 2026 for the U.S. market relaunch. For SCY-247, Phase 1 dosing began in Q4 2024, with initial SAD/MAD data expected in Q3 2025.

Direct communication with the financial community is managed through required filings and investor events. You should track these to gauge market sentiment and company health.

• SCYNEXIS, Inc. reported its Third Quarter 2025 financial results on November 5, 2025.
• The company held its 2025 Annual Meeting of Stockholders on June 25, 2025.
• As of December 1, 2025, the stock (Nasdaq: SCYX) traded at 0.6735, with a 52-week range of 0.565 - 1.49.
• The most recent analyst rating mentioned, as of October 14, 2025, was a Hold with a $1.00 price target.

Finance: draft Q4 2025 cash flow projection by January 15, 2026.

SCYNEXIS, Inc. (SCYX) - Canvas Business Model: Customer Segments

You're looking at the customer base for SCYNEXIS, Inc. (SCYX) as of late 2025. It's a mix of big pharma partners funding development and the ultimate patient populations that benefit from their antifungal pipeline. Here's the breakdown based on the latest figures we have.

The most immediate and financially significant customer segment involves the large pharmaceutical companies that license SCYNEXIS, Inc.'s assets for commercialization in major territories. Right now, the focus is heavily on the relationship with GlaxoSmithKline (GSK).

Customer Segment Detail	Financial/Statistical Data Point	Context/Product Relevance
Primary Partner (Licensor)	$24.8 million one-time payment received in Q4 2025 from GSK.	Resolution of disagreement related to the Phase 3 MARIO study termination.
Primary Partner (Licensor)	Upfront payment of $90.0 million received in May 2023 from GSK.	Closing of the GSK License Agreement for ibrexafungerp (BREXAFEMME) outside Greater China.
Primary Partner (Licensor)	Potential for up to $146 million in annual net sales milestones post-relaunch.	Related to the GSK commercialization of BREXAFEMME in the U.S. market.
Primary Partner (Licensor)	Low to mid single-digit royalties net of payments to Merck.	Post-relaunch revenue stream from GSK's commercial activities.
Future Development Partner/Funder	$7 million annually in federal grant funding for five years.	Support for developing next-generation antifungals (fungerps) like SCY-247.

The patient populations represent the end-users for the approved and pipeline products. The numbers here show the scale of the problem SCYNEXIS, Inc. is targeting.

• Patients with Vulvovaginal Candidiasis (VVC) and refractory VVC (rVVC) are the target for the approved product, BREXAFEMME (ibrexafungerp tablets), which was approved in the U.S. in June 2021 for VVC and December 2022 for rVVC.
• GSK is expected to initiate regulatory interactions with the FDA in 2026 to discuss the relaunch of BREXAFEMME for VVC and rVVC in the U.S. market.
• Hospitalized patients with invasive candidiasis are a future target for the second-generation candidate, SCY-247, with clinical proof of concept data anticipated in 2026.
• The global burden of fungal infections is significant, with approximately four million annual deaths attributable to these infections globally.

The prescribers-Infectious disease specialists and gynecologists-are the key intermediaries who will ultimately write prescriptions for BREXAFEMME and future SCY-247 indications. While we don't have a specific count of these specialists who are the target for SCYNEXIS, Inc.'s products, the focus on VVC and invasive candidiasis clearly defines their roles.

For instance, the development of SCY-247 is specifically aimed at treating fungal infections where current therapies are limited or ineffective, which directly targets the prescribing habits of specialists dealing with resistant pathogens. The company is advancing SCY-247 through a Phase 1 study for its IV formulation and a Phase 2 study for invasive candidiasis.

SCYNEXIS, Inc. ended Q3 2025 with cash, cash equivalents and investments of $37.9 million, which, after receiving the $24.8 million from GSK in Q4 2025, provides a cash runway of greater than two years.

SCYNEXIS, Inc. (SCYX) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving SCYNEXIS, Inc.'s operations as of late 2025. Here's the quick math on where the cash is going, focusing on the third quarter of 2025.

The primary operating costs are broken down into Research and Development and Selling, General, and Administrative activities. For the three months ended September 30, 2025, the total operating expenses were $8.7 million.

Cost Component	Q3 2025 Amount (Millions USD)	Comparison Period (Q3 2024)
Research and Development (R&D) expenses	$5.5 million	$8.1 million
Selling, General, and Administrative (SG&A) expenses	$3.3 million	$2.9 million

The R&D spend of $5.5 million for the third quarter of 2025 represented a year-over-year decrease of $2.6 million, or 33%.

• Chemistry, manufacturing, and controls (CMC) expense decreased by $1.4 million.
• Clinical expense decreased by $0.2 million.
• Preclinical expense decreased by $0.2 million.
• Salary expense decreased by $0.2 million.
• Stock-based compensation expense decreased by $0.3 million.

Costs associated with the clinical development of SCY-247, the second-generation fungerp, are embedded within the R&D figure. Following positive SAD/MAD data, SCYNEXIS, Inc. expects to initiate a Phase 1 study with the IV formulation and a Phase 2 study for the treatment of invasive candidiasis. The company is aiming to release clinical proof of concept data in invasive candidiasis in 2026. The clinical expense component for Q3 2025 was lower year-over-year by $0.2 million.

SG&A expenses rose to $3.3 million in Q3 2025, an increase of $0.4 million, or 13%, compared to Q3 2024. This increase was largely attributable to legal and professional fees related to partnership matters.

• Increase in professional fees accounted for $0.3 million of the SG&A rise.
• The resolution of the disagreement with GlaxoSmithKline (GSK) regarding the MARIO study termination is a key event impacting these fees, though the resulting one-time payment to SCYNEXIS, Inc. is $24.8 million, expected in Q4 2025.

Other non-operating costs included a loss of $0.6 million recognized on the fair value adjustment for warrant liabilities in Q3 2025.

SCYNEXIS, Inc. (SCYX) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving SCYNEXIS, Inc.'s current revenue picture as of late 2025, which is heavily weighted toward partnership events. The most immediate cash infusion comes from the resolution with GSK, which included a one-time milestone payment totaling $24.8 million, expected in Q4 2025. This contrasts with the recurring, though smaller, revenue from the ongoing license agreement, which brought in $0.3 million for the three months ended September 30, 2025.

Here's a quick look at the key components making up the current revenue profile:

Revenue Component	Specific Amount/Range	Period/Context
One-time GSK Milestone Payment	$24.8 million	Q4 2025 (Related to MARIO study resolution)
License Agreement Revenue	$0.3 million	Q3 2025
Potential Future Annual Net Sales Milestones (GSK)	Up to approximately $146 million	Annual, post-BREXAFEMME relaunch
Tiered Royalties (BREXAFEMME Net Sales)	Low to mid single digit range	On net sales, net of Merck payments

The long-term, product-based revenue hinges on the commercial success of BREXAFEMME following its transfer and relaunch by GSK. This future stream is structured with two main parts:

• Tiered royalties on net sales of BREXAFEMME, calculated in the low to mid single digit range, after accounting for payments due to Merck.
• Potential future annual net sales milestones from GSK, which could reach up to approximately $146 million.

It's important to note that the royalty structure is net of payments to Merck, reflecting SCYNEXIS, Inc.'s prior development arrangement. The company also previously received a $10.0 million development milestone in Q2 2025, which is now a license receivable on the balance sheet.

Finance: draft 13-week cash view by Friday.