Free cash flow remains highly unstable, swinging from a $18.4M inflow in 2025Q4 to an $8.1M burn in 2026Q1, reflecting a lack of consistent operational cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -5.92M | -5.28M | -24.01M | 60.16M | -79.88M | -54.56M | -49.35M | -38.12M | -28.32M | -24.56M | -29.35M | -24.55M | -9.47M | -4.31M | -10.6M |
| Operating CF Margin % | - | -25.64% | -640.92% | 42.93% | -1569.1% | -414.5% | - | -31503.31% | -11020.62% | -9554.86% | -11421.4% | -9550.58% | -754.14% | -25.55% | -62.93% |
| Operating CF Growth % | -932.19% | 78% | -139.91% | 175.31% | -46.41% | -10.55% | -29.47% | -34.59% | -15.34% | 16.34% | -19.59% | -159.13% | -119.92% | 59.35% | - |
| Net Income | -24.52M | -8.61M | -21.29M | 67.04M | -62.81M | -32.87M | -55.19M | -53.71M | -12.47M | -25.06M | -29.99M | -32.62M | -4.23M | -30.46M | -11.48M |
| Depreciation & Amortization | 0 | 312K | 1.73M | 580K | 606K | 379K | 111K | 111K | 53K | 41K | 26K | 447K | 1.24M | 1.33M | 1.49M |
| Stock-Based Compensation | 2.61M | 2.85M | 3.35M | 2.62M | 3.69M | 2.09M | 2.22M | 1.83M | 1.82M | 1.66M | 1.21M | 3.02M | 1.2M | 180K | 358K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.96M | -11.75M | -2.6M | 2.33M | 659K | -8.69M | 6.89M | -3.8M |
| Other Non-Cash Items | 3.18M | -5.92M | -15.08M | 20.56M | -22.13M | -27.31M | 6.72M | 1.34M | 424K | 375K | 101K | -108K | 403K | 14.23M | 2.89M |
| Working Capital Changes | 12.8M | 6.08M | 7.28M | -30.64M | 764K | 3.15M | -3.22M | 8.35M | -6.4M | 1.03M | -3.03M | 4.06M | 611K | 3.52M | -57K |
| Change in Receivables | 9.72M | 10.26M | 11.56M | -19.73M | -1.24M | -861K | 0 | 0 | 0 | 0 | 0 | 31K | -439K | 1.37M | -430K |
| Change in Inventory | 0 | 0 | 0 | -8.85M | -436K | -5.29M | 0 | 0 | 0 | 0 | 0 | 2.01M | -490K | 790K | 824K |
| Change in Payables | -1.13M | -2.23M | -2.65M | 1.17M | -1.48M | 2.76M | -2.6M | 5.21M | 223K | 2.08M | -309K | 1.07M | 1.57M | -82K | -408K |
| Cash from Investing | 11.34M | 24.31M | 6.15M | -34.88M | -27.39M | -1.17M | 6.47M | 26.24M | -803K | -9.62M | -22.47M | 1.59M | -488K | 557K | 3.05M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -9K | -1.17M | -4K | 0 | -565K | -2K | -27K | -589K | -704K | -431K | -361K |
| CapEx % of Revenue | 0% | - | - | - | 0.18% | 8.9% | - | - | 219.84% | 0.78% | 10.51% | 229.18% | 56.05% | 2.56% | 2.14% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K | 2.55M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -238K | -9.62M | -22.45M | -74K | 216K | 988K | 3.41M |
| Cash from Financing | 23.95M | -14.17M | -139K | -36.72M | 48.6M | 67.12M | 94M | 42.3M | 29.42M | 9.99M | 40.5M | 37.7M | 40.8M | 2.77M | 5.95M |
| Debt Issued (Net) | 0 | -14M | 0 | -36.65M | 5M | 30M | 9.51M | 27K | 0 | 0 | 15M | 0 | -15M | 899K | 5.95M |
| Equity Issued (Net) | 23.84M | -170K | -139K | 18K | 43.63M | 38.56M | 90.35M | 43.53M | 31.66M | 10.29M | 28.08M | 41.4M | 62.54M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -208K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 110K | 0 | 0 | -93K | -26K | -1.44M | -5.85M | -1.25M | -2.23M | -298K | -2.58M | -3.7M | -6.74M | 1.87M | 7K |
| Net Change in Cash | 29.37M | 4.85M | -18M | -11.44M | -58.67M | 11.39M | 51.12M | 30.43M | 298K | -24.19M | -11.33M | 14.74M | 30.84M | -983K | -1.59M |
| Free Cash Flow | -5.92M | -5.28M | -24.01M | 60.16M | -79.89M | -55.73M | -49.36M | -38.12M | -28.89M | -24.56M | -29.38M | -25.13M | -10.18M | -4.74M | -10.96M |
| FCF Margin % | -29.09% | -25.64% | -640.92% | 42.93% | -1569.28% | -423.4% | - | -31503.31% | -11240.47% | -9555.64% | -11431.91% | -9779.77% | -810.19% | -28.11% | -65.08% |
| FCF Growth % | 78.45% | 78% | -139.91% | 175.3% | -43.35% | -12.91% | -29.48% | -31.95% | -17.63% | 16.41% | -16.89% | -146.99% | -114.77% | 56.76% | - |
| FCF per Share | -0.93 | -0.85 | -3.96 | 9.95 | -15.00 | -16.90 | -36.83 | -54.38 | -52.66 | -73.45 | -123.48 | -165.31 | -137.12 | -239.70 | -554.34 |
| FCF Conversion (FCF/Net Income) | 0.24x | 0.61x | 1.13x | 0.90x | 1.27x | 1.66x | 0.89x | 0.71x | 2.27x | 0.98x | 0.98x | 0.75x | 2.24x | 0.14x | 0.92x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 2.25M | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary regulatory and manufacturing failure
As reported in financial statements, SCYX's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching an extreme -9.75 in 2024Q1, suggesting that accounting profits are often disconnected from the actual cash-generating capacity of the underlying pharmaceutical business model.
The wide variance between net income and operating cash flow indicates that reported earnings are heavily influenced by non-cash accounting entries and milestone recognition. Investors should monitor this disconnect, as it implies that the company's ability to fund operations remains dependent on external capital rather than internal cash generation.
Based on SCYX's reported figures, free cash flow remains highly volatile, swinging from a positive $18.4M in 2025Q4 to a $8.1M burn in 2026Q1, which highlights the company's ongoing struggle to achieve a self-sustaining cash flow trajectory in the absence of consistent product revenue.
The lack of a stable FCF trend suggests that the company is currently in a cash-burning phase, with liquidity heavily reliant on the timing of lumpy licensing payments. This volatility makes it difficult to forecast the company's runway without assuming further dilutive financing events.
According to recent SEC filings, working capital changes have been a significant driver of cash flow, with a $9.4M inflow in 2024Q3 followed by a $3.5M outflow in 2024Q4, reflecting the unpredictable nature of managing inventory and receivables in a milestone-dependent business model.
These fluctuations suggest that the company's cash position is sensitive to the timing of partner payments and potential inventory adjustments related to product recalls. Such instability in working capital management warrants further investigation into the company's internal controls over cash conversion cycles.
Based on the provided data, the cash flow statement obscures the true cost of operations by failing to reflect the full impact of manufacturing stability issues, which are likely hidden within broader operating expenses rather than being explicitly isolated as cash-based remediation costs.
The reliance on milestone-driven cash inflows may be masking the underlying operational inefficiencies associated with the commercialization of BREXAFEMME. Analysts should be cautious, as the cash flow statement does not fully capture the potential for future cash outflows related to regulatory compliance and manufacturing remediation.
Quick answers to the most common questions about buying SCYX stock.
SCYNEXIS, Inc. (SCYX) generated $-5.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SCYNEXIS, Inc. (SCYX) reported negative free cash flow of $5.3M in 2025, indicating capital requirements exceeded cash from operations.
SCYNEXIS, Inc. (SCYX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.