Shares of the SCYNEXIS, Inc. (SCYX) stock were falling in the pre-market today on June 3, 2021, after suffering a huge drop of 15.25% at the previous closing. SCYX stock price saw a downtrend of 4.97% to drop at $8.03 a share as of this writing. There seems to be no news related to SCYX stock in today’s date however, SCYNEXIS announced FDA approval for BREXAFEMME® yesterday. Let’s discuss SCYX stock in depth.
FDA approval for BREXAFEMME:
BREXAFEMME is ibrexafungerp tablets used to treat adult and postmenarchal pediatric females suffering from vulvovaginal candidiasis (VVC), formally known as a vaginal yeast infection. SCYX stock has received the U.S Food and Drug approval for BREXAFEMME which is the first approved oral non-azole treatment for VVC. The positive results and highest efficacy of BREXAFEMME noticed in phase 3 studies resulted the FDA approval for the frug. For the commercial launch of BREXAFEMME in the U.S, which is expected in the second half of the year, SCYX stock has signed a partnership agreement with Amplity Health.
First Quarter 2021 Financial Results:
About two weeks ago, SCYX stock on May 17, 2021, did announce the first quarter 2021 financial results the highlights of which are given below.
- SCYNEXIS reported a net loss of $4.7 million or $0.18 per basic and $0.23 per diluted share in the first quarter of 2021 which is lower as compared to $7.0 million, or $0.72 per basic and diluted share net loss in the same quarter of last year.
- SCYX stock spent $6.9 million in the research and development expenses in the first three months of 2021 while these expenses were much higher in the same period of the prior year.
- SCYX stock reported selling, general and administrative expenses of $6.7 million for the first quarter of 2021, much higher than $2.6 million in the same period of the year before.
- Other expenses for the SCYX stock totaled $2.0 million in the recently reported quarter as compared to $5.5 million total other income in the prior year same period.
As of March 31, 2021, SCYX stock had cash and cash equivalents of $92.0 million which represents a decrease of $1.0 million as compared to cash and cash equivalents by the end of December 2020.
In the first three months of 2021, SCYX stock signed many agreements which include licensing and strategic partnership agreement with Hansoh Pharmaceutical, partnership with Amplity health for the commercialization of BREXAFEMME, third party agreement for the selling of 2020 New Jersey NOLs, and signing of $60 million loan agreement with Silicon Valley Bank and Hercules Capital, Inc.
SCYX stock is gloomy despite recent news of FDA approval for BREXAFEMME®. SCYNEXIS management is looking forward to advancing the ibrexafungerp pipeline by building an antifungal franchise in order to create an impact in the future.