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Here are 1-2 brief analogies for SCYNEXIS (SCYX):

• Think of it as a "Vertex Pharmaceuticals for fungal infections," focusing intensely on a specific disease area with a key drug pipeline.

• A smaller, specialized biotech akin to a "mini-Gilead Sciences," but exclusively dedicated to developing anti-fungal treatments.

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• BREXAFEMME (ibrexafungerp tablets): An approved oral drug for the treatment of vulvovaginal candidiasis (VVC).
• Ibrexafungerp (pipeline): A novel oral and intravenous antifungal drug candidate in development for various fungal infections, including recurrent VVC, invasive aspergillosis, invasive candidiasis, and refractory invasive fungal infections, as well as for the prevention of recurrent VVC.

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SCYNEXIS (SCYX), a biotechnology company, engages in research collaborations to develop and commercialize rights for its lead product candidate, ibrexafungerp. These collaborations represent significant business relationships from which SCYNEXIS derives value, making these companies its major customers for these rights.

The major customer companies identified from the provided description are:

• Merck Sharp & Dohme Corp. (a subsidiary of Merck & Co., Inc. - MRK)
• Hansoh (Shanghai) Health Technology Co., Ltd. and Jiangsu Hansoh Pharmaceutical Group Company Limited (3692.HK)
• R-Pharm, CJSC (private company)

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• Siegfried AG (SWX: SFZN)
• Thermo Fisher Scientific, Inc. (NYSE: TMO)

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David Angulo, M.D. President and Chief Executive Officer

Dr. Angulo became President and Chief Executive Officer of SCYNEXIS in January 2023, having previously served as Chief Medical Officer since 2015. An infectious disease specialist, he brings over 20 years of experience in drug development. Prior to joining SCYNEXIS, he was Vice President, Research and Development at Brickell Biotech, Inc. Dr. Angulo also held various senior positions at Stiefel Laboratories, Inc., a GSK company, where he led the clinical and medical departments. Additionally, he was responsible for several anti-infective development programs at Schering-Plough Research Institute.

Ivor Macleod, MBA, CPA Chief Financial Officer

Mr. Macleod joined SCYNEXIS as Chief Financial Officer on October 24, 2022. He is a senior pharmaceutical executive with over 30 years of financial and operational experience in the life sciences industry. Before SCYNEXIS, Mr. Macleod served as Chief Financial Officer of Athersys, Inc. from January 2020. His prior roles include Chief Financial Officer and Chief Compliance Officer of Eisai Inc. from 2015 to 2018, and Vice President Finance – Merck Research Labs at Merck & Co., Inc. from 2012 to 2015. He also held positions at F. Hoffmann-La Roche Ltd. from 1998 to 2012.

Scott Sukenick Chief Legal Officer & Corporate Secretary

Mr. Sukenick joined SCYNEXIS as General Counsel in November 2017, bringing over a decade of experience addressing legal challenges for innovative life sciences companies. He previously worked at Cooley LLP, specializing in life sciences litigation and strategic intellectual property management, and at Patterson Belknap Webb & Tyler LLP, where he focused on patent litigation for pharmaceutical and medical device companies. He began his career at Simpson Thacher & Bartlett LLP, concentrating on complex commercial litigation and intellectual property transactional matters.

Daniella Gigante Vice President, Human Resources and Information Technology

Ms. Gigante joined SCYNEXIS in October 2020 to lead the Human Resources and IT functions. She possesses over 22 years of Human Resources experience across various industries, including consulting, banking, pharmaceutical, and biotechnology. Before SCYNEXIS, she spent eight years at Allergan as Executive Director of Talent Acquisition and held leadership roles in Talent Acquisition at Pfizer and Schering-Plough.

Rossana Ferrara-Pontoriero, Ph.D. Vice President, Business Development and Alliance Management

Dr. Ferrara-Pontoriero joined SCYNEXIS in September 2016 and has held various leadership roles in Commercial, Business Development, Strategic Planning, and Alliance Management. She is a Commercial and Business Development executive with over 11 years of experience in the Pharmaceutical and Biotechnology industries, with previous marketing roles at Celgene and Allergan, and global commercial assessments at Forest Laboratories.

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The key risks to SCYNEXIS (SCYX) predominantly revolve around the successful development and commercialization of its drug pipeline and its financial stability.

1. Dependence on SCY-247 Development and Regulatory Approval: SCYNEXIS has licensed its first product, BREXAFEMME, to GSK and is now primarily focused on advancing its second-generation antifungal compound, SCY-247. The success of SCYNEXIS's business largely hinges on the outcomes of SCY-247's ongoing clinical trials (such as the Phase 1 study for the intravenous formulation, with topline data expected in the second half of 2026, and a planned Phase 2 study for invasive candidiasis in 2026) and its ability to secure subsequent regulatory approvals for these indications. Delays or failures in clinical development or difficulties in obtaining regulatory approvals for SCY-247 could significantly impact the company's future commercial prospects and valuation.
2. Commercialization Challenges and Market Acceptance for BREXAFEMME (under GSK): Although SCYNEXIS licensed BREXAFEMME to GSK, the company is still eligible for significant development, regulatory, commercial, and sales milestones, as well as royalties, based on its performance. BREXAFEMME faced a voluntary recall in 2023 due to potential manufacturing cross-contamination, leading to its unavailability in the market. While the New Drug Application (NDA) transfer to GSK was completed by the end of 2025, there is no confirmed timeline for the drug's return to pharmacies. Even prior to the recall, BREXAFEMME encountered considerable pricing and reimbursement hurdles compared to generic alternatives, which affected its initial sales. The inability of GSK to successfully re-launch and effectively commercialize BREXAFEMME, or achieve substantial market penetration due to pricing, competition, or lingering perceptions from the recall, poses a significant risk to SCYNEXIS's anticipated revenue streams.
3. Financial Stability and Nasdaq Listing Compliance: SCYNEXIS has a limited history of profitability. While a one-time payment of $24.8 million from GSK in Q4 2025 helped extend its cash runway to more than two years (as of March 2026), the company has historically relied on external funding to support its operations and development activities. Furthermore, in June 2025, SCYNEXIS received a Nasdaq bid-price deficiency notice because its shares traded below $1.00 for 30 consecutive sessions, indicating a risk of delisting if it fails to regain compliance. Delisting could negatively impact the company's stock price and its ability to access capital markets, which is crucial for funding ongoing research and development.

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SCYNEXIS (symbol: SCYX) operates in several addressable markets related to fungal infections:

• Vulvovaginal Candidiasis (VVC): The global vulvovaginal candidiasis treatment market was valued at approximately USD 1 billion in 2023 and is projected to reach USD 1.5 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 4.5% between 2024 and 2032. Another estimate places the global market at USD 1.0 billion in 2023, projected to reach USD 1.6 billion by 2033, with a CAGR of 4.4%. North America held the largest share of the global market. The U.S. VVC market is substantial, with millions of cases diagnosed annually.
• Recurrent Vulvovaginal Candidiasis (RVVC): While a distinct market size is not consistently reported separately from the broader VVC market, BREXAFEMME is approved to reduce the incidence of recurrent vulvovaginal candidiasis. Globally, recurrent VVC affects more than 9% of women annually.
• Invasive Aspergillosis: The global aspergillosis treatment market size was valued at USD 4.4 billion in 2024 and is poised to grow to USD 6.65 billion by 2033, exhibiting a CAGR of 4.7% during the forecast period (2026-2033). In the U.S. specifically, the aspergillosis market was nearly USD 1,125 million in 2023 and is anticipated to increase at an approximate CAGR of 10%.
• Invasive Candidiasis: The market for invasive candidiasis across the 7 major markets (United States, EU4 (Germany, Spain, Italy, and France), United Kingdom, and Japan) reached USD 2.7 billion in 2024 and is expected to reach USD 3.3 billion by 2035, with a CAGR of 3.34% during 2025-2035. Approximately 75,000 cases of invasive candidiasis occur annually in the United States.
• Refractory Invasive Fungal Infections: null

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SCYNEXIS, Inc. (SCYX) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives related to its antifungal product portfolio and strategic partnerships.

1. Relaunch of BREXAFEMME by GSK and Associated Milestones/Royalties: Following the successful transfer of the BREXAFEMME New Drug Application (NDA) to GlaxoSmithKline (GSK) in November 2025, GSK is preparing for its relaunch. SCYNEXIS is positioned to receive up to $145.5 million in annual net sales milestones, in addition to low to mid-single-digit royalties from net sales of BREXAFEMME for vulvovaginal candidiasis (VVC).
2. Milestone Payments from GSK for Ibrexafungerp in Invasive Fungal Infections: The global license agreement with GSK, initially announced in March 2023, includes potential milestone payments for the development and commercialization of ibrexafungerp for severe, hospital-setting indications, such as invasive candidiasis (IC). Successful advancement of ibrexafungerp for these indications could trigger up to $245.5 million in additional payments from GSK. GSK has expressed commitment to maximizing the overall potential of ibrexafungerp.
3. Advancement of SCY-247 Through Clinical Development: SCYNEXIS's second-generation antifungal drug, SCY-247, is progressing through Phase 1 clinical trials for both oral and intravenous (IV) formulations. Topline data for the IV formulation is expected in the second half of 2026, with a Phase 2 proof-of-concept study in invasive candidiasis planned for later in 2026. SCY-247 has received Qualified Infectious Disease Product (QIDP) and Fast Track designations from the FDA, which are intended to accelerate its development. The company also plans to initiate an expanded access program for SCY-247 in the first half of 2026.

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Share Issuance

• SCYNEXIS's number of shares outstanding increased by 2.93% in one year, reaching 44.66 million shares.
• In the fourth quarter of 2025, the company had 44 million shares outstanding, which was a 3.8% increase from the prior quarter.

Inbound Investments

• SCYNEXIS received a one-time non-refundable payment of $24.8 million from GSK in Q4 2025.
• In 2025, the company recognized a cumulative catch-up of $17.2 million in license agreement revenue associated with a Binding 2025 Memorandum of Understanding with GSK.

Capital Expenditures

• SCYNEXIS reported $0 in capital expenditures in Q4 2021.