Just caught SCYNEXIS's full-year 2025 results and there's actually some interesting momentum here. The company managed to narrow its net loss down to $8.6 million from $21.3 million the year before, which is a pretty solid improvement. Revenue jumped to $20.6 million, mostly thanks to that GSK license agreement kicking in.

What caught my attention though is what's happening in their pipeline. Their next gen antifungal candidate SCY-247 is moving faster than I expected. They already started dosing patients in the IV formulation study back in February, and they're looking at topline data sometime in the second half of this year. The early Phase 1 results apparently showed decent tolerability and strong pharmacokinetics, which is encouraging for a next gen approach to drug-resistant fungal infections.

The FDA also handed them both QIDP and Fast Track designation for SCY-247, which tells you something about the unmet medical need here. They're planning a Phase 2 proof-of-concept study in invasive candidiasis later this year, so we should see more data coming.

On the BREXAFEMME side, that product got transferred to GSK in late 2025 after the whole recall situation back in 2023. GSK is now handling the relaunch, and SCYNEXIS stands to make some real money if this works out - up to $145.5 million in annual net sales milestones plus royalties. Product revenue was only $1.4 million last year due to recall adjustments, but that could change once GSK gets the relaunch moving.

They're also working on other antifungal compounds through NIH-funded collaborations, so the pipeline is broader than just the two main candidates. Cash position looks solid too - they ended the year with $56.3 million in cash and equivalents, plus they got a $24.8 million payment from GSK in Q4. That gives them over two years of runway, which is reasonable for a biotech at this stage.

Stock has been trading between $0.56 and $1.31 over the past year, closed last week at $0.77. Definitely one to watch if you're into biotech plays with next gen pipeline potential.