SCYNEXIS Reports Full Year 2023 Financial Results and Provides Corporate Update - Form 8-K

SCYNEXIS Reports Full Year 2023 Financial Results

and Provides Corporate Update

JERSEY CITY, N.J., March 28, 2024 - SCYNEXIS, Inc. (NASDAQ: SCYX), a biotechnology company pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections, today reported financial results for the year ended December 31, 2023.

"SCYNEXIS had a year of significant progress in 2023, laying the foundation for future success by monetizing our first antifungal, BREXAFEMME®, and progressing the development of SCY-247, our next generation compound," said David Angulo, M.D., President and Chief Executive Officer. "SCY-247 continues to demonstrate highly encouraging preclinical results, with potent activity against a broad range of fungal pathogens, including mucormycosis. We look forward to continuing IND-enabling activities, culminating in the initiation of the first Phase I clinical study later this year. We are working diligently toward the resumption of the MARIO Phase III study of ibrexafungerp in invasive candidiasis and, with our strong cash balance, we are well-positioned to continue advancing SCY-247 as the next potential weapon in the fight against deadly fungal infections."

SCY-247 Preclinical Development Program

Ibrexafungerp Clinical and Regulatory Updates

Scientific Presentations

Physician awareness and enthusiasm towards the fungerp class addressing critical antimicrobial resistant threats continues to build at medical conferences.

Full Year 2023 Financial Results

License agreement revenue was $139 million for the full year 2023, compared to $103 thousand for the full year 2022. License agreement revenue primarily consists of the $130.1 million recognized upon the transfer of the license associated with the GSK License Agreement in May 2023. BREXAFEMME generated net product revenue of $1.0 million for the full year 2023, compared to $5.0 million for the full year 2022.

Cost of product revenue was $15.6 million for the full year 2023 compared to $0.6 million for the full year 2022. The increase was primarily due to the $14.6 million impairment loss on the recoverability of raw material inventory given the potential cross-contamination of ibrexafungerp.

Research and development expense for the full year 2023 increased to $30.9 million from $27.3 million versus the comparable prior year. The increase of $3.7 million, or 14%, was primarily driven by increased clinical costs for the MARIO study and the costs associated with the closing activities for the FURI, CARES, and SCYNERGIA studies.

SG&A expense for the full year 2023 decreased to $20.9 million from $63.0 million versus the comparable prior year. The decrease of $42.0 million, or 67%, was primarily driven primarily by reductions in BREXAFEMME commercialization expenses.

Total other expense was $5.5 million for the full year 2023, versus income of $18.2 million for the comparable prior year. During the full years 2023 and 2022, SCYNEXIS recognized a non-cash loss of $3.2 million and a non-cash gain of $22.3 million, respectively, on the fair value adjustment of the warrant liabilities and non-cash loss of $0.2 million and a $1.3 million non-cash gain, respectively, on the fair value adjustment of derivative liabilities.

Net income for the full year 2023, was $67.0 million, or $1.40 basic income per share, compared to a net loss of $62.8 million, or $1.47 basic loss per share for the comparable prior year.

Cash Balance

Cash, cash equivalents and investments totaled $98.0 million on December 31, 2023, compared to $73.5 million on December 31, 2022. Based upon the company's current operating plan, SCYNEXIS believes that its existing cash, cash equivalents and investments provide a cash runway beyond two years.

About Triterpenoid Antifungals

Triterpenoid antifungals (also known as "fungerps") are anovel class of structurally distinct glucan synthase inhibitors that combine the well-established activity of glucan synthase inhibitors with the potential flexibility of having oral and intravenous (IV) formulations. They have demonstrated broad-spectrum antifungal activity against multidrug-resistant pathogens, including azole- and echinocandin-resistant strains. Ibrexafungerp is the first representative of this novel class of antifungal agents. Ibrexafungerp, formerly known as SCY-078, is currently approved in the U.S. for the treatment of vulvovaginal candidiasis and is in late-stage of development for invasive candidiasis and other indications. SCY-247 is a next generation fungerp in pre-clinical development for the treatment of life-threatening and often multi-drug resistant fungal diseases including Candida auris infections.

About SCYNEXIS

SCYNEXIS, Inc. (NASDAQ: SCYX) is a biotechnology company pioneering innovative medicines to help millions of patients worldwide overcome and prevent difficult-to-treat infections that are becoming increasingly drug-resistant. SCYNEXIS is developing the company's proprietary antifungal platform "fungerps." Ibrexafungerp, the first representative of this novel class, has been licensed to GSK. The U.S. Food and Drug Administration (FDA) approved BREXAFEMME® (ibrexafungerp tablets) in June 2021, for its first indication in vulvovaginal candidiasis (VVC), followed by a second indication in November 2022, for reduction in the incidence of recurrent VVC. Late-stage clinical investigation of ibrexafungerp for the treatment of life-threatening invasive fungal infections in hospitalized patients is ongoing. Additional antifungal assets from this novel class are currently in pre-clinical and discovery phase, including the compound SCY-247. For more information, visit www.scynexis.com.

Forward-Looking Statements

Statements contained in this press release regarding expected future events or results are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding: SCYNEXIS's expectation that it will have a cash runway of more than two years; delivery of clinical study reports to GSK in the first half of 2024, anticipated initiation of Phase I clinical studies of SCY-247 in the second half of 2024; and the resumption of the MARIO study. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such

forward-looking statements. These risks and uncertainties include, but are not limited to, risks inherent in regulatory and other costs in developing products. These and other risks are described more fully in SCYNEXIS' filings with the Securities and Exchange Commission, including without limitation, its most recent Annual Report on Form 10-K filed on March 31, 2023, and form 10-Q for the quarter ending September 30th, 2023, including under the caption "Risk Factors." All forward-looking statements contained in this press release speak only as of the date on which they were made. SCYNEXIS undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

CONTACT:

Investor Relations
Irina Koffler

LifeSci Advisors

Tel: (646) 970-4681

[email protected]