Company: SCYX
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0000950170-25-038044
Chunk: 120

Company: SCYNEXIS INC
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 120
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80.12
    %

We record the fair value of stock options issued as of the grant date as compensation expense. We recognize compensation expense over the requisite service period, which is equal to the vesting period.

Stock-based compensation expense has been reported in our statements of operations as follows (dollars in thousands):

    Years Ended December 31,

    2024

    2023

    Research and development
     
    $
    988

    $
    873

    Selling, general and administrative

    2,358

    1,751

    Total
     
    $
    3,346

    $
    2,624

On December 31, 2024, the aggregate intrinsic value of outstanding options to purchase shares of our common stock was zero, based upon the $1.21 closing sales price per share of our common stock as reported on the Nasdaq Global Market on that date.

Warrant Liabilities

We account for the outstanding warrants associated with the December 2020 and April 2022 public offerings as liabilities measured at fair value.  The fair values of these warrants have been determined using the Black-Scholes valuation model.  We determine the risk-free interest rate by reference to implied yields available from U.S. Treasury securities and utilize the remaining term of the warrant as the expected term.  We estimate expected volatility using the historical volatility of our common stock given we have sufficient history to support the expected terms of the warrants and implied volatility.  At December 31, 2024, the Level 3 volatility utilized in the Black-Scholes model to fair value the April 2022 public offering warrants was 83.4%.  See Note 2 to our consolidated financial statements on this Annual Report for further details.

ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

This item is not applicable to smaller reporting companies.

56

ITEM 8.	CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

    Report of Independent Registered Public Accounting Firm (PCAOB ID 34)
    58

    Consolidated Balance Sheets as of December 31, 2024 and 2023
    59

    Consolidated Statements of Operations for the Years Ended December 31, 2024 and 2023
    60

    Consolidated Statements of Changes in Stockholders' Equity for