Company: SCYX
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0000950170-25-038044
Chunk: 156

Company: SCYNEXIS INC
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 156
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 of ibrexafungerp.  In July 2024, the Company delivered to GSK the final clinical study reports for the completed FURI, CARES, and NATURE clinical studies, and the Company billed and received a $10.0 million development milestone from GSK. The Company believes that the $9.5 million license agreement contract asset is collectible given the Company's probability assessment of achieving the milestones as defined in the GSK License Agreement, ongoing development activities, and other information available to the Company.  The Company reassessed the transaction price as of December 31, 2024, including estimated variable consideration included in the transaction price and the remaining milestones continued to be constrained.The Company recognizes the revenue associated with the Phase 3 MARIO study and the remaining ongoing clinical and preclinical studies of ibrexafungerp over time using an input method. The input method is based on the actual costs incurred as a percentage of total budgeted costs towards satisfying the performance obligation as this method provides the most faithful depiction of the Company’s performance in transferring control of the services promised to GSK and represents the Company’s best estimate of the period of the obligation.  For the years ended December 31, 2024 and 2023, the Company recognized $1.1 million and $1.7 million of license agreement revenue from the research and development activities associated with the Phase 3 MARIO study and the remaining ongoing clinical and preclinical studies of ibrexafungerp, respectively. As of December 31, 2024, there is $1.6 million and $1.3 million of current and long-term deferred revenue, respectively, which is expected to be recognized by the end of 2026.The Binding MOU was considered to represent a contract modification  pursuant to ASC 606.  As a result, the Company recorded $4.4 million that was included in license agreement revenue for the year ended December 31, 2023.  The $4.4 million was recognized as an unbilled receivable as of December 31, 2023 and included in prepaid expenses and other current assets in the consolidated balance sheets and collected in 2024.Until the product recall, the Company continued to sell BREXAFEMME in the GSK Territory. The Company was the principal for these transactions under ASC 606 as the Company maintained control of the BREXAFEMME inventory that was then sold to its customers. For the year ended December 31, 2023