Company: SCYX
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0000950170-25-038044
Chunk: 159

Company: SCYNEXIS INC
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 159
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alis"), a life sciences company, for the sale of its cyclophilin inhibitor assets. Cypralis also acquired all patents, patent applications and know-how related to the acquired portfolio. In connection with the asset purchase agreement, the Company is eligible to receive milestone payments upon the successful progression of Cypralis clinical candidates into later stage clinical studies and royalties payable upon product commercialization. The Company retains the right to repurchase the portfolio assets from Cypralis if abandoned or deprioritized.  For the years ended December 31, 2024 and 2023, there was no revenue recognized associated with this agreement given the variable consideration associated with the sale of intellectual property to Cypralis was fully constrained as of December 31, 2024.  Additionally, in October 2014 the Company entered into a license agreement with Waterstone Pharmaceutical HK Limited (or “Waterstone”) and granted Waterstone an exclusive, worldwide license to develop and commercialize certain non-strategic compounds.  The Company is entitled to receive potential milestones and royalties from Waterstone; however, there was no revenue recognized by the Company in 2024 and 2023 associated with this agreement given the variable consideration was fully constrained as of December 31, 2024 and 2023.

10.Income Taxes The Company’s consolidated financial statements include a tax expense of $0.2 million and $0.1 million on (loss) income before taxes of $21.1 million and $67.2 million for the years ended December 31, 2024 and 2023, respectively.  The income tax expense consisted of the following (dollars in thousands):

        Years Ended December 31,

        2024

        2023

        Current expense:

        U.S.
         
        $
        151

        $
        138

        Non-U.S

        —

        —

        Total current expense
         
        $
        151

        $
        138

79

 Reconciliations of the differences between the expense for income taxes and income taxes at the statutory U.S. federal income tax rate is as follows (dollars in thousands): 

        2024

        2023

        Amount

        Percent of Pretax Income

        Amount

        Percent of Pretax Income

        Income taxes from continuing operations at statutory rate
         
        $
        (4,439
        )

        21.0
        %
         
        $
        14,108