SCYX
SCYNEXIS, Inc.SCYNEXIS, Inc., a biotechnology company, develops products for the treatment fungal infections in the United States. It offers BREXAFEMME (ibrexafungerp tablets) for the treatment of vulvovaginal candidiasis (VVC). The company is developing its lead product candidate, Ibrexafungerp, as a novel oral and intravenous drug for the treatment of various fungal infections, including recurrent VVC, invasive aspergillosis, invasive candidiasis, and refractory invasive fungal infections; and ibrexafungerp
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 5.5 | -4.7 | -- | -3.9 | -- | -5.5 | -0.0 | 3.3 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 4.5 | -5.4 | -- | -4.3 | -- | -6.3 | -0.0 | 8.8 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 4.0 | -5.6 | -- | -4.4 | -- | -6.4 | -0.0 | 15.1 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 3.0 | -6.0 | -- | -5.1 | -- | -6.9 | -0.0 | 21.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 3.5 | -6.0 | -- | -4.9 | -- | -7.0 | -0.0 | 28.4 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 2.5 | -6.5 | -- | -5.5 | -- | -7.5 | -0.0 | 35.4 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 2.0 | -7.0 | -- | -6.0 | -- | -8.0 | -0.0 | 42.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 1.2 | -7.8 | -- | -6.6 | -- | -8.4 | -0.0 | 50.9 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.0 | -16.9 | -16.9 | -21.3 | -8.1 | -8.1 | -0.0 | 59.3 | 2.1 | 51.0 | -114.9% | -- | -- |
| Act | 2025-Q4 | 18.7 | 12.3 | 10.5 | 12.3 | 18.4 | 18.4 | -0.0 | 40.1 | 2.2 | 43.5 | 61.8% | -- | 0.1x |
| Act | 2025-Q3 | 0.3 | -0.2 | -8.4 | -8.6 | -8.7 | -8.7 | -0.0 | 38.0 | 2.3 | 49.9 | -59.9% | -- | -- |
| Act | 2025-Q2 | 1.4 | 2.7 | -9.6 | -6.9 | -7.5 | -7.5 | -0.0 | 44.8 | 2.4 | 49.8 | -58.6% | -- | -- |
| Act | 2025-Q1 | 0.3 | 3.4 | -8.6 | -5.4 | -7.5 | -7.5 | -0.0 | 40.6 | 2.5 | 49.4 | -47.5% | 7.0x | -- |
| Act | 2024-Q4 | 1.0 | -3.7 | -8.1 | -4.4 | -9.9 | -9.9 | -0.0 | 59.3 | 16.3 | 38.0 | -35.0% | -5.5x | -- |
| Act | 2024-Q3 | 0.7 | -3.0 | -10.3 | -2.8 | 0.8 | 0.8 | -0.0 | 68.8 | 15.9 | 48.6 | -41.2% | -4.6x | -- |
| Act | 2024-Q2 | 0.7 | -14.3 | -9.2 | -14.5 | -10.9 | -10.9 | -0.0 | 73.0 | 15.5 | 48.5 | -37.3% | -23.1x | -- |
| Act | 2024-Q1 | 1.4 | 1.2 | -9.5 | 0.4 | -4.0 | 0.0 | -4.0 | 80.6 | 15.2 | 48.6 | -33.4% | 1.9x | 0.2x |
| Act | 2023-Q4 | 5.8 | -18.7 | -23.1 | -19.6 | -7.7 | -7.7 | -0.0 | 74.4 | 15.1 | 47.9 | -80.8% | -31.2x | 0.3x |
| Act | 2023-Q3 | 1.8 | -1.0 | -10.1 | -1.8 | 12.4 | 12.4 | -0.0 | 88.5 | 14.8 | 47.9 | -30.0% | -1.8x | 0.9x |
| Act | 2023-Q2 | 131.5 | 125.7 | 116.5 | 122.3 | 74.4 | 74.4 | -0.0 | 86.0 | 14.7 | 49.9 | 338.5% | 38.7x | 2.0x |
| Act | 2023-Q1 | 1.1 | -32.3 | -10.7 | -33.9 | -18.9 | -18.9 | -0.0 | 54.8 | 49.2 | 47.8 | -86.9% | -22.3x | -- |
| Act | 2022-Q4 | 1.5 | -12.7 | -22.5 | -14.4 | -22.8 | -22.8 | -0.0 | 73.5 | 48.6 | 32.7 | -185.0% | -6.6x | -- |
| Act | 2022-Q3 | 1.6 | -28.1 | -21.8 | -29.6 | -22.5 | -22.5 | -0.0 | 96.1 | 48.5 | 47.5 | -179.9% | -15.8x | -- |
| Act | 2022-Q2 | 1.3 | -11.5 | -21.7 | -13.4 | -18.6 | 0.0 | -18.6 | 118.7 | 48.5 | 43.3 | -128.8% | -7.0x | -- |
| Act | 2022-Q1 | 0.7 | -8.9 | -19.7 | -5.5 | -16.0 | -16.0 | -0.0 | 95.2 | 47.9 | 33.2 | -99.3% | -6.2x | -- |
AI Analysis
LLM Evaluations
SCYNEXIS is a deeply distressed micro-cap biotech with a single commercially challenged product (BREXAFEMME) that was recalled and faces steep competition from generic fluconazole. The company's survival depends entirely on the GSK partnership for relaunch, yet GSK already tried to terminate a key study. Cash burn is extreme relative to revenue, dilution is relentless (85% of current float reserved for issuance), Nasdaq delisting is imminent without a reverse split, and class action litigation adds further risk. The early-stage SCY-247 pipeline is years from value creation. Even in an optimistic scenario, massive dilution from the 35.9M share overhang and ongoing capital raises makes equity nearly worthless on a per-share basis. This is a capital destruction machine for common shareholders.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.50 | --/$0.05 | 0 | --/$2.50 | 0 |
| $5.00 | --/$0.05 | 0 | $2.00/$5.00 | 0 |
| $7.50 | --/$0.05 | 0 | $4.50/$7.50 | 0 |
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 32.5% of float, sold 4.5%. 7 filers moved >1% of shares (6 buying, 1 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Squadron Capital Management LLC | $7.0M | $0.92 | +$7.0M | +$7.0M | +17.3% | $250M |
| GREAT POINT PARTNERS LLC | $6.9M | $0.92 | +$6.9M | +$6.9M | -4.5% | $408M |
| Avidity Partners Management LP | $1.9M | $1.42 | +$0 | +$793K | -8.0% | $435M |
| HEIGHTS CAPITAL MANAGEMENT, INC | $1.9M | $0.92 | +$1.9M | +$1.9M | -2.5% | $357M |
| KINGDON CAPITAL MANAGEMENT, L.L.C. | $1.8M | $2.33 | −$233K | −$233K | -2.3% | $597M |
| Empery Asset Management, LP | $1.7M | $0.92 | +$1.7M | +$1.7M | — | $83.0M |
| DAFNA Capital Management LLC | $997K | $1.16 | +$856K | +$997K | -5.3% | $434M |
| ACADIAN ASSET MANAGEMENT LLC | $670K | $1.65 | +$136K | +$264K | -0.5% | $70.48B |
| MILLENNIUM MANAGEMENT LLC | $570K | $1.15 | +$547K | +$570K | -0.5% | $127.40B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $446K | $2.08 | +$34K | +$61K | +2.3% | $1.61T |
| BlackRock, Inc.Passive | $305K | $1.49 | −$2K | −$83K | -0.2% | $5.69T |
| RENAISSANCE TECHNOLOGIES LLC | $206K | $2.10 | +$45K | +$61K | +1.2% | $63.91B |
| Yakira Capital Management, Inc. | $173K | $2.51 | −$1K | −$1K | -6.1% | $342M |
| CITADEL ADVISORS LLC | $120K | $1.60 | +$25K | +$54K | -0.4% | $138.22B |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $114K | $1.83 | −$36K | −$210K | -2.3% | $4.93B |
| Empowered Funds, LLC | $113K | $1.87 | +$0 | +$15K | +0.3% | $15.64B |
| STATE STREET CORPPassive | $111K | $2.61 | +$0 | +$0 | -0.2% | $2.89T |
| NORTHERN TRUST CORPPassive | $88K | $1.57 | +$18K | −$39K | -0.2% | $755.34B |
| WEALTH EFFECTS LLC | $80K | $2.23 | −$4K | −$2K | -1.0% | $282M |
| GSA CAPITAL PARTNERS LLP | $80K | $1.04 | −$67K | +$80K | -5.9% | $1.61B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 76.1%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-01 | BUY | Angulo Gonzalez David | director, officer: Chief Executive Officer | 217,390 | $0.60 | $130K | $814K |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| License and Service | $17.2M | +457% |
Filing Risk Analysis
Filing Risk Scores
SCYNEXIS, Inc.: Massive Dilutive Private Placement and Share Authorization Failures Signal Desperation
Counter-Thesis
Counter-Thesis & Recent News
On March 31, 2026, SCYNEXIS announced a dilutive $40 million private placement of common stock and warrants, which, while extending the cash runway, significantly increased the share count and potential overhang. Additionally, in late 2025, the company resolved a dispute with GSK regarding the Phase 3 MARIO study, resulting in the study's termination and the loss of future milestone payments for that specific indication. The company is currently operating under a Nasdaq extension to regain compliance with the $1.00 minimum bid price rule, with a deadline of June 15, 2026.
The bear case centers on massive shareholder dilution and a high-risk reliance on a single partner (GSK) for the relaunch of BREXAFEMME in 2026. Analysts have recently revised revenue estimates for the next quarter downward by 100%, indicating zero confidence in near-term commercial sales. Furthermore, the termination of the MARIO study narrows the drug's potential market applications, leaving the company heavily dependent on its early-stage pipeline (SCY-247) which is years from generating revenue. The threat of a reverse stock split to maintain Nasdaq listing remains a looming negative catalyst.
A major red flag is the ongoing class action litigation led by firms like the Rosen Law Firm, alleging that SCYNEXIS made misleading statements regarding manufacturing contamination risks (cross-contamination with non-antibacterial beta-lactam). This history of manufacturing failures previously led to a total product recall. Additionally, short interest recently increased by 5.64% (April 2026), and technical indicators suggest a 'Strong Sell' trend due to a consistent decline in price over the last six months despite 'positive' press releases.
BREXAFEMME faces a 'de facto access gap' due to its high wholesale acquisition cost compared to generic Fluconazole, which dominates the market. Retail pharmacies currently have little incentive to stock the drug due to low prescription volume. Furthermore, the antifungal space is seeing increased competition from generic incumbents and larger pharmaceutical players, making it difficult for a single-source, high-cost branded drug to gain traction in community settings.
Sentiment among providers and prescribers is strained due to limited drug availability. Reports from early 2026 indicate that while the drug is technically manufactured, it is frequently absent from community pharmacies, forcing patients to navigate specialty pharmacy hurdles or insurance prior-authorizations. This creates significant friction and effectively discourages repeat prescribing.