JERSEY CITY, N.J., March 13, 2017 (GLOBE NEWSWIRE) -- SCYNEXIS, Inc. (NASDAQ:SCYX), a drug development company committed to the development and commercialization of novel anti-infectives to address significant unmet therapeutic needs, today reported financial results for the year ended December 31, 2016, and provided an update on recent operational and clinical developments.
"2016 was rich in achievements for SCYNEXIS, and we accomplished many corporate and clinical development milestones in a short period of time," said Marco Taglietti, M.D., President and Chief Executive Officer of SCYNEXIS. "We've continued to make progress in developing SCY-078, a novel antifungal triterpenoid class, for the treatment of invasive, often life-threatening and drug-resistant fungal infections that are rapidly becoming a global health crisis. We also strengthened our financial position in 2016 to focus on the continued advancement of SCY-078, our lead program."
2016 Corporate Accomplishments
2016 SCY-078 Update Development Progress
SCY-078 and Recent Corporate Updates
Full Year 2016 Financial Results
Cash and cash equivalents and short-term investments totaled $58.6 million as of December 31, 2016.
Research and development expenses increased to $20.1 million in 2016, compared to $16.4 million in 2015. The increase of $3.7 million, or 23%, was primarily the result of the expansion of our development programs for SCY-078 in 2016 including the completion of two Phase 2 studies, extension of the Phase 1 IV program, and the completion of three-month toxicology studies and two DDI studies.
Selling, general and administrative expenses decreased to $8.0 million from $12.2 million for the year ended December 31, 2015. The decrease of $4.2 million, or 34%, was primarily the result of the decrease in severance, retention and stock compensation expense recognized during the year ended December 31, 2015.
Loss from operations in 2016 was $27.8 million, compared to a loss from operations of $28.3 million in 2015. The $0.5 million decrease in the loss from operations between the two periods was due to a $3.7 million increase in research and development expense, offset by a decrease in selling, general and administrative expense of $4.2 million.
Total other expense (income) increased to $2.2 million in 2016 due to a $1.9 million non-cash loss recorded on the adjustment in the fair value of the warrant liability.
Net loss attributable to common stockholders in 2016 was $30.0 million, or $1.58 per share. This compares to net loss attributable to common stockholders in 2015 of $32.6 million, or $2.68 per share.
About SCYNEXIS, Inc.
SCYNEXIS is a drug development company committed to the development and commercialization of novel anti-infectives to address significant unmet therapeutic needs. We are developing our lead product candidate, SCY-078, as an oral and IV drug for the treatment of several fungal infections, including serious and life-threatening invasive fungal infections. For more information, visit www.scynexis.com.
Forward Looking Statement
Statements contained in this press release, including but not limited to the statements, regarding Company's future cash position and the timing of the next meeting with the FDA to discuss the data and agree on subsequent studies, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 SCYNEXIS' ability to successfully develop SCY-078, including SCYNEXIS' ability to resolve the FDA's concerns to lift the clinical hold and obtain FDA approval for SCY-078; the expected costs of studies and when they might begin or be concluded; and SCYNEXIS' reliance on third parties to conduct SCYNEXIS' clinical studies. 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 under the caption "Risk Factors" and other documents subsequently filed with or furnished to the Securities and Exchange Commission. 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.
|STATEMENTS OF OPERATIONS|
|(in thousands, except share and per share data)|
|Years Ended December 31,|
|Research and development, net||20,076||16,440|
|Selling, general and administrative||7,998||12,166|
|Total operating expenses||28,074||28,606|
|Loss from operations||(27,817||)||(28,349||)|
|Other expense (income):|
|Amortization of deferred financing costs and debt discount||100||—|
|Warrant liability fair value adjustment||1,906||—|
|Total other expense (income)||2,172||(11||)|
|Loss from continuing operations before taxes||(29,989||)||(28,338||)|
|Income tax benefit||—||—|
|Loss from continuing operations||(29,989||)||(28,338||)|
|Loss from discontinued operations, net of tax||—||(4,285||)|
|Loss per share attributable to common stockholders - basic and diluted|
|Net loss per share - basic and diluted||$||(1.58||)||$||(2.68||)|
|Weighted average common shares outstanding:|
|Basic and diluted||19,035,299||12,163,559|
|December 31, 2016||December 31, 2015|
|Cash and cash equivalents||$||35,656||$||46,985|
|Total current assets||59,327||48,437|
|Total current liabilities||3,717||6,664|
|Total stockholders' equity||34,819||41,949|
|Total liabilities and stockholders' equity||$||59,792||$||49,273|
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