SCYNEXIS, Inc.

BREXAFEMME net product revenues in Q3 2022 were $1.6 million, up approximately 23% from $1.3 million in Q2 2022. R&D expense was $6.4 million versus $4.4 million in Q3 2021, and SG&A was $16.7 million versus $15.4 million in Q3 2021. Total other expense was $7.8 million versus total other income of $18.8 million in Q3 2021, driven by a non-cash loss of $6.5 million on warrant liabilities versus a non-cash gain of $18.8 million a year ago. Cash, cash equivalents, and short-term investments were $96.1 million at quarter-end, and the company said this supports operations into Q2 2024. No formal revenue or EPS guidance was given, but management said BREXAFEMME sales may be disrupted in Q4 after ending active field promotion, while hospital-program data remains on track for 2023 to early 2024 milestones and an NDA submission in 2024.

Marco Taglietti framed the quarter around a strategic pivot: using BREXAFEMME to monetize the commercial asset while redirecting resources toward life-threatening hospital fungal infections. He leaned heavily on the WHO’s new priority fungal pathogen list as validation that ibrexafungerp fits a major unmet medical need, and said the company is pursuing partners for both BREXAFEMME and ex-U.S. rights. His tone was confident and mission-driven, repeatedly emphasizing that the company is “on the front lines” and that the new strategy is the right one for long-term value.

Ivor Macleod, in his first quarter as CFO, highlighted the financial picture: Q3 BREXAFEMME revenue was $1.6 million, R&D was $6.4 million, SG&A was $16.7 million, and cash plus short-term investments totaled $96.1 million. He said the company believes existing cash will fund operations into Q2 2024, not including upside from business development. On expenses, he pointed investors toward a leaner, pre-commercial-style operating profile as SCYNEXIS refocuses on R&D, and he noted that the new PBM coverage added about $30 million in coverage expansion.

Analysts focused on timing and monetization of a BREXAFEMME out-license, and management said it is in active conversations with potential partners but would not commit to a timeline, saying the anticipated recurrent VVC approval could increase interest. Questions also centered on why SCYNEXIS expects to succeed in hospital antifungals where others have struggled; management argued ibrexafungerp is differentiated, addresses severe unmet needs, and benefits from a less crowded antifungal market. Analysts asked about MARIO site count and enrollment; management said the site plan is unchanged, site start-up is progressing, and completion of enrollment is still expected by end of next year. On the November 30 PDUFA, management said no late-cycle FDA meeting was needed and that the process remains in normal stages with positive signs.