Company: SCYX
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0000950170-25-038044
Chunk: 147

Company: SCYNEXIS INC
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 147
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 failed to disclose material adverse facts about the Company's business, operations, and prospects, alleging specifically that the Company failed to disclose to investors: (1) that the equipment used to manufacture ibrexafungerp was also used to manufacture a non-antibacterial beta-lactam drug substance, presenting a risk of cross-contamination; (2) that the Company did not have effective internal controls and procedures, as well as adequate internal oversight policies to ensure that its vendor complied with current Good Manufacturing Practices (cGMP); (3) that, due to the substantial risk of cross-contamination, the Company were reasonably likely to recall its ibrexafungerp tablets and halt its clinical studies; and (4) as a result of the foregoing, the Company's statements about its business, operations, and prospects were materially misleading and/or lacked a reasonable basis. The complaint seeks unspecified damages, interest, fees and costs on behalf of all persons and entities who purchased and/or acquired shares of the Company's common stock between March 31, 2023 to September 22, 2023.  The Company has filed a motion to dismiss.  On May 1, 2024, and again on June 4, 2024, purported shareholder derivative complaints were filed in the United States District Court, District of New Jersey. The complaints name the Company’s directors and certain of its officers and assert state and federal claims based on the same alleged misstatements as the securities class action complaint.  These cases were consolidated and are currently stayed.  The Company disagrees with the allegations and intends to defend these litigations vigorously.  The Company has not recognized any expense for these contingencies.

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8.Stockholders’ EquityAuthorized, Issued, and Outstanding Common SharesThe Company’s authorized common stock has a par value of $0.001 per share and consists of 150,000,000 shares as of December 31, 2024 and 2023; 37,973,991 and 37,207,799 shares were issued and outstanding at December 31, 2024 and 2023, respectively.  Shares Reserved for Future IssuanceThe Company had reserved shares of common stock for future issuance as follows: 

        December 31,

        2024

        2023

        Outstanding stock options

        2,905,029

        1,867,795

        Outstanding restricted stock units

        3,120,374

        1,886