10-Q · May 11, 2026
SCYNEXIS, Inc. reported a significant increase in net loss to $21.3 million for Q1 2026, compared to a net loss of $5.4 million in Q1 2025, largely driven by increased research and development costs. The company…
Earnings analysis · 10-Q
SCYX earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
SCYNEXIS reported a Q2 2026 accounting profit of $7.397 million, or $0.63 diluted EPS, versus a $6.885 million loss in the prior-year quarter, but the result was driven primarily by a $14.152 million noncash…
Read full summary
SCYNEXIS reported a Q2 2026 accounting profit of $7.397 million, or $0.63 diluted EPS, versus a $6.885 million loss in the prior-year quarter, but the result was driven primarily by a $14.152 million noncash warrant-liability gain. Revenue declined to $235,000 from $1.364 million, while six-month operating losses widened to $24.715 million and operating cash use increased to $22.986 million. The March private placement improved liquidity to $71.1 million of cash and investments and management expects funding into 2029, supporting planned SCY-770 milestones, although substantial future financing and clinical-development risks remain.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.63
- Operating margin
- -3308.5%
- Segment
- Drug development: revenue of $235,000 for Q2 2026 versus $1.364 million in Q2 2025; the company has one reportable segment.
What stood out
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Noncash warrant gain drove quarterly profit
Q2 2026 net income was $7.397 million, or $0.63 diluted EPS, versus a $6.885 million net loss, or $(1.11) diluted EPS, in Q2 2025. The improvement was driven primarily by a $14.152 million warrant-liability fair-value gain, which was largely noncash.
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Financing materially strengthened liquidity
Cash, cash equivalents and investments totaled $71.1 million at June 30, 2026 versus $56.3 million at December 31, 2025. Management stated that these resources are expected to fund ongoing operations into 2029.
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Private placement provides additional capital
The March 2026 private placement generated $40.0 million of gross proceeds and $36.9 million of net proceeds. The company may receive up to an additional $52.2 million in gross proceeds if the warrants are fully exercised for cash.
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Quarterly R&D burn declined
Q2 research and development expense fell 45.5% year over year to $3.891 million from $7.141 million, primarily due to lower CMC, preclinical and legacy MARIO Phase 3 costs. Six-month R&D expense nevertheless rose 32.3% to $16.243 million because of the $8.0 million SCY-770 acquired IPR&D charge.
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SCY-770 development milestones outlined
Management anticipates completing the SCY-770 Phase 1 confirmatory study in Q3 2026 and initiating a Phase 2 ADPKD proof-of-concept study in Q4 2026. An early efficacy readout is expected in the second half of 2027.
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Nasdaq listing compliance restored
The company regained Nasdaq minimum-bid compliance after its closing bid price was at least $1.00 for 10 consecutive business days from June 1 through June 12, 2026. The matter was closed on June 15, 2026.
What to watch
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High cash burn requires future financing
Operating cash outflow was $22.986 million in the six months ended June 30, 2026, up from $14.960 million in the prior-year period. Management states that substantial additional funding will be required and that capital needs could exceed current estimates.
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Equity dilution and warrant overhang
The March 2026 financing increased common shares outstanding to 9,949,609 at June 30, 2026 from 5,442,688 at December 31, 2025. The transaction also added warrants for 5,437,464 shares and pre-funded warrants for 1,093,744 shares, creating substantial potential dilution.
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Minimal and concentrated revenue base
Revenue was only $235,000 in Q2 2026, down from $1.364 million in Q2 2025, and consists of license agreement revenue associated with GSK. The company therefore remains dependent on licensing economics and future milestones rather than recurring product sales.
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Underlying operating losses remain elevated
Six-month net loss widened to $13.902 million from $12.276 million despite the Q2 profit. The six-month operating loss increased to $24.715 million from $18.190 million, reflecting continued substantial development and corporate expenses.
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Pipeline execution and funding risk
SCY-770 requires additional clinical development, including a planned Phase 2 study in Q4 2026, while SCY-247 Phase 2 development is subject to Phase 1 results and available funding. The company has not established that either program will achieve clinical or regulatory success.
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Large accumulated deficit and liquidity sensitivity
The company recorded an accumulated deficit of $399.0 million at June 30, 2026 and stated that liquidity could be materially affected by negative regulatory events, unanticipated development costs, strategic-alliance costs or an inability to raise additional capital.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management expects cash and cash equivalents and investments of $71.1 million at June 30, 2026 to fund ongoing operations into 2029. Management anticipates completing the SCY-770 Phase 1 confirmatory study in Q3 2026, initiating a Phase 2 proof-of-concept study in Q4 2026, and obtaining an early efficacy readout in the second half of 2027. SCY-247 Phase 1 IV data are anticipated in Q3 2026, with a potential Phase 2 study in the first half of 2027 subject to results and funding.
Earlier filings 4
10-K · March 4, 2026
SCYNEXIS reported a Q4 2025 revenue surge (Q4 revenue $18,646,000) and GAAP diluted EPS of $0.25 driven by one-time, non‑refundable payments from GSK totaling $24.8 million (Binding 2025 MOU). Operationally the company…
10-Q · August 13, 2025
SCYNEXIS reported Q2 2025 license agreement revenue of $1,364,000 (up $628,000 or +85% vs Q2 2024 $736,000) and a narrower loss per share of $(0.14) vs $(0.30) in Q2 2024. Operating loss remained sizable at $(9,561,000)…
10-Q · May 15, 2025
SCYNEXIS reported license agreement revenue of $257 (thousands) and GAAP net loss of $(5,391) (thousands), or $(0.11) per share, for Q1 2025 versus license revenue of $1,373 (thousands) and net income of $411…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.