Start here if you're new
what it is
SCYNEXIS is a tiny biotech built around one antifungal drug family and one much larger partner, GSK.
how it gets paid
Last year Scynexis made $21M in revenue. GSK license and collaboration revenue was the main engine at $12.6M, or 60% of sales.
why it's growing
Revenue grew sharply off a tiny prior-year base (partnership timing). Latest-quarter revenue was ~$2M with EPS around -$0.42 — scale is still the open question.
what just happened
The key takeaway was scale: quarterly revenue was only $2M, which is tiny for a public biotech trying to fund a pipeline.
At a glance
C++ balance sheet — some cracks in the foundation
10/100 earnings predictability — expect surprises
negative return on capital — still burning cash on ops
~-$0.42 latest-quarter EPS
~$21M trailing revenue (feeds)
xvary composite: 31/100 — weak
What they do
SCYNEXIS is a tiny biotech built around one antifungal drug family and one much larger partner, GSK.
Your moat here is not a fortress. It is a contract. GSK licensed ibrexafungerp, and SCYNEXIS has just 28 employees, which means a micro-cap gets big-pharma distribution it could not build alone. Partnering → using someone else’s sales and development machine → so what: the asset can travel farther than the balance sheet.
How they make money
$21M
annual revenue · their business grew +449.9% last year
GSK license and collaboration revenue
$12.6M
Milestone-related partner payments
$4.2M
BREXAFEMME product-related revenue
$2.1M
Other contract and transition revenue
$2.1M
The products that matter
approved antifungal drug
BREXAFEMME
$2.11M cited revenue
it is the only approved product on this page, and the cited revenue figure is $2.11M. if that number does not rise, the whole operating story stays small.
sole product
partnership economics
Collaboration and licensing
$18.89M cited figure
this is the bigger revenue line on the page, but it is not the same thing as recurring drug demand. it makes the income statement look better than the product base does.
revenue quality issue
iv antifungal development
IV formulation
phase 1 start cited for feb 2026
the page cites a phase 1 start in February 2026, with results expected later in the year. that is the next catalyst, but it is still early-stage science, not near-term sales.
2026 catalyst
Key numbers
$21M
ttm revenue
That is the current scale of the business, and it sits against only a roughly $38M market cap.
n/m
operating margin
The business is loss-making; a positive “margin” percent here was a feed artifact. Watch cash burn versus partner payments.
1.9
beta
Beta → how hard a stock swings versus the market → so what: this name tends to move almost twice as much as the index.
$2M
long-term debt
Debt is only 4% of capital, which means leverage is not the main problem. The income statement is.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $2M (4% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for SCYX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The key takeaway was scale: quarterly revenue was only $2M, which is tiny for a public biotech trying to fund a pipeline.
SEC data showed latest-quarter revenue near ~$2M while EPS was -$0.42. vs. prior year % moves are huge only because the prior-year base was tiny.
$2M
revenue (q)
-$0.42
eps (q)
n/m
operating margin
the number that mattered
$2M of quarterly revenue matters because one payment timing issue can change the whole narrative in a company this small.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is BREXAFEMME failing to become a real revenue base. that is the whole commercial question in one line, because the page shows $2.11M of cited product revenue against $18.89M of collaboration and licensing income.
med
single-product concentration
All near-term commercial hope runs through BREXAFEMME. The page cites $2.11M in product revenue and only $1.23M of expected 2026 revenue. That is not diversification. That is one asset carrying the whole story.
If uptake stays weak, you are not losing a side business. You are losing the operating thesis.
med
losses and funding pressure
Net margin is -41.79%, trailing four-quarter EPS is -$0.17, and the balance sheet grade is C++. Long-term debt is only $2M, but that is not the comfort it sounds like when the company is this small.
If product revenue does not rise, the next pressure point is access to capital, not debt service.
med
the backup plan is early-stage
The IV formulation phase 1 start is the main pipeline update on the page. Phase 1 is still the start of the story. It is not late-stage de-risking.
If that timeline slips past the expected 2026 readout, the stock loses one of the few catalysts supporting the target gap.
med
the analyst target can stay theoretical
The average price target is $3.74, or 484% above the stock. In micro-cap biotech, that often reflects scenario math more than investor trust.
If execution stays weak, the target does not pull the stock higher. It just turns into a stale spreadsheet number.
Combined, this setup leaves the equity tied to one drug, one thin revenue forecast, and one early pipeline catalyst. That is a narrow path for a $38M public company.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Scheduled for April 1, 2026. You want revenue quality, not a prettier headline EPS line.
commercial
BREXAFEMME revenue versus the $1.23M 2026 estimate
Analysts only expect $1.23M this year. If actual product sales cannot clear a number this small, the commercial case shrinks again.
revenue mix
collaboration revenue versus product revenue
The page shows $18.89M of collaboration and licensing against $2.11M of product revenue. You want that gap closing from the product side.
pipeline
IV formulation phase 1 readout
Results are expected later in 2026. For a company with this little operating scale, one clinical update can matter more than several small revenue quarters.
Analyst rankings
earnings predictability
10 / 100
Low predictability means quarterly results can swing on licensing payments or timing. In human-speak, analysts do not trust one quarter to tell you much about the next one.
xvary composite
31 / 100
That score rolls growth, value, risk, and momentum into one view. For you, it means the stock screens as a speculative option on execution rather than a clean operating story.
source: institutional data
Institutional activity
institutional ownership data for SCYX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive