Company: SCYX
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0000950170-25-038044
Chunk: 109

Company: SCYNEXIS INC
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 109
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    828

    3,130

    (2,302
    )

    (73.5
    )%

    Other income

    (235
    )

    —

    (235
    )

    —

    Warrant liabilities fair value adjustment

    (13,812
    )

    3,166

    (16,978
    )

    (536.3
    )%

    Derivative liabilities fair value adjustment

    (196
    )

    154

    (350
    )

    (227.3
    )%

    Total other (income) expense

    (15,980
    )

    5,490

    (21,470
    )

    (391.1
    )%

    (Loss) income before taxes

    (21,137
    )

    67,179

    (88,316
    )

    (131.5
    )%

    Income tax (expense)

    (151
    )

    (138
    )

    (13
    )

    9.4
    %

    Net (loss) income
     
    $
    (21,288
    )
     
    $
    67,041

    $
    (88,329
    )

    (131.8
    )%

Revenue. For the year ended December 31, 2024, revenue consists of the $3.7 million in license agreement revenue associated with the GSK License Agreement.  For the year ended December 31, 2023, revenue primarily consists of the $130.1 million recognized upon the transfer of the license associated with the GSK License Agreement in May 2023.

Cost of Product Revenues.  For the year ended December 31, 2023, cost of product revenue consists primarily of the $14.5 million in impairment expense recognized in the period in addition to manufacturing, distribution, freight, and royalty costs associated with BREXAFEMME.  

Research and Development. For the year ended December 31, 2024, research and development expenses decreased to $26.4 million from $30.9 million for the year ended December 31, 2023. The decrease of $4.5 million, or 14.6%, was primarily driven by a decrease of $7.4 million in clinical expense, a decrease of $1.3 million in salary expense primarily associated with medical affairs, and a net