SCYNEXIS Inc. (SCYX) shares gained 3.34% in after-market on Friday, May 28, 2021, and closed the week at $9.9 per share. Earlier in the morning session on Friday, SCYX’s stock gained 2.46%. SCYX shares have risen 27.02% over the last 12 months, and they have moved up 11.27% in the past week. Over the past three months, the stock has gained 14.18%, while over the past six months, it has jumped 40.68%.
Let’s check out SCYX latest news and developments.
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Recent financial results announcement
On May 17, 2021, SCYNEXIS, Inc. released its financial results for the first quarter ended on March 31, 2021.
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Q1 2021 financial highlights
- Revenue for Q1 2021 was $ 12.05 million compared to zero revenue in Q1 2020.
- SCYNEXIS suffered a net loss of $4.7 million or $0.18 per basic and $0.23 per diluted share in Q1 2021 compared to a net loss of $7.0 million, or $0.72 per basic and diluted share for Q1 2020.
- Research and development expenses were $6.9 million for Q1 2021 compares to $9.9 million for the three months ended March 31, 2020.
- Selling, general & administrative expenses were $6.7 million in Q1 2021 compared to $2.6 million for Q1 2020.
- Total operating expenses were $13.64 million in Q1 2021 compared to $12.48 million in Q1 2020.
- As of March 31, 2021, the company had cash and cash equivalents totalled $92.0 million, compared to $93.0 million in cash and cash equivalents on December 31, 2020.
60 million Term loan facility
OnMay 14, 2021, SCYNEXIS, Inc secured a $60 million term loan facility with Hercules Capital, Incand Silicon Valley Bank (SVB) to strengthen its balance sheet ahead of the anticipated commercial launch of Brexafemme.
New Chief Commercial Officer appointment
On May 11, 2021, SCYNEXIS, Inc appointed Christine Coyne as Chief Commercial Officer, effective May 10, 2021. Ms. Coyne will play a significant role in the anticipated U.S. launch and commercialization of Brexafemme.
Brexafemme is the expected trade name for ibrexafungerp, which is an oral antifungal product candidate for the treatment of vulvovaginal candidiasis (VVC), also known as a vaginal yeast infection. The New Drug Application (NDA) for Brexafemme is under review by the U.S. Food and Drug Administration (FDA) with a Prescription Drug User Fee Act (PDUFA) action date of June 1, 2021.
Positive data presentation of Brexafemme
On April 30, 2021, SCYNEXIS, Inc presented two data sets at the 2021 American College of Obstetricians and Gynecologists (ACOG) Annual Meeting, from the phase 3 VANISH program, demonstrating the therapeutic potential of ibrexafungerp for the treatment of vulvovaginal candidiasis.
Conclusion
The company is expecting the NDA review outcome of Brexafemme in early June 2021 which could be the reason behind its recent surge. Till now the trial results show positive results about Brexafemme. We can expect SCYX to surge more after the long weekend.
