Company: SCYX
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0000950170-25-038044
Chunk: 160

Company: SCYNEXIS INC
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 160
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2,834

        Lease liability

        553

        631

        Other

        (2,300
        )

        (798
        )

        Capitalized Sec. 174 R&E

        13,202

        10,405

        Net operating loss carryforwards

        48,684

        46,437

        Research and development credits

        6,145

        1,044

             Total deferred tax assets

        68,575

        60,628

        Valuation allowances

        (68,575
        )

        (60,628
        )

        Net deferred tax assets
         
        $
        —

        $
        —

      As of December 31, 2024 and 2023, the Company had available federal net operating loss (“NOL”) carryforwards of approximately $215.7 million and $205.7 million, respectively, and state and net operating loss carryforwards of approximately $122.0 million and $141.2 million, respectively.  The Company’s state and net operating loss carryforwards began to expire in 2019.  As of December 31, 2024, the Company had available federal research and development credit carryforwards of $5.6 million which began to expire in 2026.  For the years ended December 31, 2024 and 2023, the Company paid $0.7 million and zero for U.S. federal and state income taxes, respectively.We completed a Section 382 study of transactions in our stock through December 31, 2023 and concluded that we have experienced ownership changes since inception that we believe under Section 382 and 383 of the Code will result in limitations on our ability to use certain pre-ownership change NOLs and credits. In addition, we may experience subsequent ownership changes as a result of future equity offerings or other changes in the ownership of our stock, some of which are beyond our control. As a result, the amount of the NOLs and tax credit carryforwards presented in our consolidated financial statements are limited and the related amounts have been updated. Similar provisions of state tax law may also apply to limit the use of accumulated state tax attributes.   On December 22, 2017, the “Tax Cuts and Jobs Act” was signed into law.  The tax reform has the following effects on the Company: (1) permanently reduces the maximum corporate income tax