Revenue performance is highly erratic, characterized by a 100% decline in 2026Q1 and a history of quarterly fluctuations between $257K and $18.6M.
| 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 |
|---|
| Sales/Revenue | 20.34M | 20.6M | 3.75M | 140.14M | 5.09M | 13.16M | 0 | 121K | 257K | 257K | 257K | 257K | 1.26M | 16.86M | 16.84M |
| Revenue Growth % | 673.54% | 449.95% | -97.33% | 2652.72% | -61.32% | - | -100% | -52.92% | 0% | 0% | 0% | -79.54% | -92.55% | 0.12% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 15.62M | 628K | 312K | 303K | 0 | 0 | 0 | 0 | 0 | 15.45M | 16.3M | 14.36M |
| COGS % of Revenue | - | - | - | 11.15% | 12.34% | 2.37% | - | - | - | - | - | - | 1229.78% | 96.73% | 85.31% |
| Gross Profit | 20.34M | 20.6M | 3.75M | 124.52M | 4.46M | 12.85M | -303K | 121K | 257K | 257K | 257K | 257K | -14.19M | 552K | 2.47M |
| Gross Margin % | 100% | 100% | 100% | 88.85% | 87.66% | 97.63% | - | 100% | 100% | 100% | 100% | 100% | -1129.78% | 3.27% | 14.69% |
| Gross Profit Growth % | - | 449.95% | -96.99% | 2689.98% | -65.27% | 4341.25% | -350.41% | -52.92% | 0% | 0% | 0% | 101.81% | -2670.65% | -77.68% | - |
| Operating Expenses | 44.73M | 36.67M | 40.86M | 51.85M | 90.22M | 73.69M | 50.85M | 49.04M | 30.24M | 26.58M | 28.07M | 28.61M | 15.9M | 8.74M | 13.67M |
| OpEx % of Revenue | - | 178.03% | 1090.84% | 37% | 1772.15% | 559.82% | - | 40530.58% | 11766.54% | 10341.25% | 10923.74% | 11130.74% | 1266.16% | 51.87% | 81.18% |
| Selling, General & Admin | 15.24M | 14.39M | 14.46M | 20.92M | 62.96M | 49.92M | 14.32M | 10.65M | 8.68M | 8.25M | 8M | 12.17M | 7.62M | 4.38M | 4.74M |
| SG&A % of Revenue | - | 69.88% | 385.96% | 14.93% | 1236.71% | 379.21% | - | 8800% | 3377.43% | 3210.51% | 3112.06% | 4733.85% | 606.37% | 25.99% | 28.16% |
| Research & Development | 29.49M | 22.28M | 26.41M | 30.93M | 27.26M | 23.77M | 36.52M | 38.39M | 21.56M | 18.33M | 20.08M | 16.44M | 8.29M | 4.36M | 8.93M |
| R&D % of Revenue | - | 108.15% | 704.89% | 22.07% | 535.44% | 180.6% | - | 31730.58% | 8389.11% | 7130.74% | 7811.67% | 6396.89% | 659.79% | 25.88% | 53.02% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10K | 0 | 12K |
| Operating Income | -24.38M | -16.07M | -37.12M | 72.67M | -85.76M | -60.84M | -51.15M | -48.92M | -29.98M | -26.32M | -27.82M | -28.35M | -14.65M | -7.2M | -7.78M |
| Operating Margin % | -119.86% | -78.03% | -990.84% | 51.85% | -1684.48% | -462.19% | - | -40430.58% | -11666.54% | -10241.25% | -10823.74% | -11030.74% | -1166.16% | -42.74% | -46.23% |
| Operating Income Growth % | - | 56.69% | -151.08% | 184.74% | -40.96% | -18.94% | -4.55% | -63.16% | -13.92% | 5.38% | 1.88% | -93.55% | -103.32% | 7.45% | - |
| EBITDA | -24.52M | -15.76M | -35.39M | 73.25M | -84.94M | -60.46M | -50.85M | -48.64M | -29.93M | -26.28M | -27.79M | -27.9M | -13.41M | -5.88M | -6.29M |
| EBITDA Margin % | -120.51% | -76.51% | -944.77% | 52.27% | -1668.51% | -459.31% | - | -40195.04% | -11645.91% | -10225.29% | -10813.62% | -10856.81% | -1067.6% | -34.85% | -37.39% |
| EBITDA Growth % | 29.11% | 55.46% | -148.32% | 186.23% | -40.5% | -18.91% | -4.54% | -62.5% | -13.89% | 5.44% | 0.4% | -108.08% | -128.24% | 6.67% | - |
| D&A (Non-Cash Add-back) | 0 | 312K | 1.73M | 580K | 813K | 379K | 303K | 285K | 53K | 41K | 26K | 447K | 1.24M | 1.33M | 1.49M |
| EBIT | -24.52M | -8.44M | -20.31M | 70.31M | -60.72M | -33.29M | -55.95M | -51.55M | -17.15M | -23.2M | -29.54M | -28.35M | -6.72M | -15.09M | -10.51M |
| Net Interest Income | 1.92M | 2M | 1.74M | -2.17M | -5.37M | -3.94M | -992K | -1.35M | -1.09M | -1.47M | -266K | 11K | -803K | -15.37M | -3.89M |
| Interest Income | 1.92M | 2.18M | 4.29M | 3.95M | 1.42M | 24K | 189K | 805K | 967K | 386K | 185K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 173K | 2.55M | 6.12M | 6.79M | 3.96M | 1.18M | 2.16M | 2.05M | 1.85M | 451K | 11K | 803K | 11.89M | 972K |
| Other Income/Expense | -133K | 7.46M | 15.98M | -5.49M | 18.25M | 24.88M | -7.18M | -4.79M | 10.78M | 1.26M | -2.17M | 11K | 7.88M | -23.26M | -281K |
| Pretax Income | -24.52M | -8.61M | -21.14M | 67.18M | -67.51M | -35.95M | -58.33M | -53.71M | -19.2M | -25.06M | -29.99M | -28.34M | -6.77M | -30.46M | -11.48M |
| Pretax Margin % | -120.51% | -41.79% | -564.26% | 47.94% | -1326.05% | -273.14% | - | -44388.43% | -7472.37% | -9750.97% | -11668.87% | -11026.46% | -538.93% | -180.7% | -68.17% |
| Income Tax | 0 | 0 | 151K | 138K | -4.7M | -3.09M | -3.15M | 0 | -6.74M | 0 | 0 | 0 | -1.17M | 0 | 984K |
| Effective Tax Rate % | 0% | 0% | -0.71% | 0.21% | 6.96% | 8.59% | 5.4% | 0% | 35.08% | 0% | 0% | 0% | 17.23% | 0% | -8.57% |
| 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 |
| Net Margin % | -120.51% | -41.79% | -568.29% | 47.84% | -1233.73% | -249.68% | - | -44388.43% | -4851.36% | -9750.97% | -11668.87% | -12693.77% | -337.1% | -180.7% | -68.17% |
| Net Income Growth % | 9.5% | 59.56% | -131.75% | 206.74% | -91.11% | 40.44% | -2.75% | -330.78% | 50.25% | 16.44% | 8.07% | -670.5% | 86.1% | -165.41% | - |
| Net Income (Continuing) | -24.52M | -8.61M | -21.29M | 67.04M | -62.81M | -32.87M | -55.19M | -53.71M | -12.47M | -25.06M | -29.99M | -28.34M | -5.6M | -30.46M | -11.48M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.85 | -1.36 | -3.52 | 11.12 | -11.76 | -10.00 | -41.20 | -78.80 | -22.72 | -74.96 | -126.00 | -214.56 | -57.04 | -1541.12 | -580.64 |
| EPS Growth % | 23.87% | 61.36% | -131.65% | 194.56% | -17.6% | 75.73% | 47.72% | -246.83% | 69.69% | 40.51% | 41.28% | -276.16% | 96.3% | -165.42% | - |
| EPS (Basic) | - | -1.36 | -3.52 | 11.20 | -11.76 | -10.00 | -41.20 | -78.80 | -22.72 | -74.96 | -126.00 | -214.56 | -59.84 | -1541.12 | -580.64 |
| Diluted Shares Outstanding | 6.37M | 6.24M | 6.06M | 6.05M | 5.33M | 3.3M | 1.34M | 701.02K | 548.55K | 334.33K | 237.94K | 152.04K | 74.21K | 19.77K | 19.77K |
| Basic Shares Outstanding | 6.37M | 6.24M | 6.06M | 5.98M | 5.33M | 3.3M | 1.34M | 701.02K | 548.55K | 334.33K | 237.94K | 152.03K | 70.79K | 19.77K | 19.77K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary regulatory and manufacturing failure
As reported in financial statements, SCYX's top-line performance remains highly erratic, characterized by a 100% revenue decline in 2026Q1 following a period where quarterly revenue fluctuated between $257K and $18.6M, illustrating a heavy reliance on lumpy, non-recurring milestone payments rather than consistent commercial product sales.
The revenue trajectory is currently defined by partnership-related inflows rather than organic product adoption. This suggests that the underlying commercial demand for BREXAFEMME remains unproven at scale, leaving the company's growth profile highly susceptible to the timing of contractual milestones.
Based on reported figures, the company maintained a 100% gross margin throughout most of the observed period, a trend that appears to be a temporary accounting artifact of milestone recognition rather than a reflection of sustainable, high-margin manufacturing efficiencies in the competitive antifungal pharmaceutical market.
Investors should monitor the potential for significant margin compression if the company transitions back to physical product sales, which would introduce variable COGS. The current margin profile masks the true cost of goods and provides little insight into the long-term profitability of the drug's commercialization.
According to recent SEC filings, SCYX continues to operate with a high fixed-cost structure, as evidenced by R&D expenses that frequently exceeded $7M per quarter, which significantly outpaced the company's ability to generate consistent revenue and contributed to a deeply negative operating margin profile.
The persistent R&D spend reflects the ongoing clinical development requirements for the intravenous formulation of ibrexafungerp. This expense discipline appears constrained by the necessity of regulatory compliance, leaving little room for operational leverage until the product reaches a more mature commercial stage.
As indicated by the income statement data, net income has been subject to extreme volatility, swinging from a $411K profit in 2024Q1 to a $21.3M loss in 2026Q1, largely due to the lumpy nature of licensing revenue and the absence of a stable, recurring operational base.
The quality of earnings is currently low, as reported net income is heavily influenced by non-operating milestone recognition rather than core business performance. Analysts should treat these figures with caution, as they do not represent a sustainable path toward GAAP profitability.
Based on the provided data, the primary risk to the investment thesis is the company's inability to sustain revenue growth, as evidenced by the 2026Q1 revenue drop to zero, which suggests that the commercial launch of BREXAFEMME has faced significant, potentially insurmountable, market adoption hurdles.
Short-sellers would likely focus on the combination of a high cash burn rate and the recent voluntary product recall, which may have permanently damaged the brand's reputation. The reliance on external partners to drive future value suggests that the company may lack the internal infrastructure to succeed independently.
Quick answers to the most common questions about buying SCYX stock.
For fiscal year 2025, SCYNEXIS, Inc. (SCYX) reported total revenue of $20.6M. This represents a 22.4% increase compared to $16.8M in 2012.
SCYNEXIS, Inc. (SCYX) reported a net loss of $8.6M for the fiscal year ending 2025.
SCYNEXIS, Inc. (SCYX) reported an operating income of $-16.1M, resulting in an operating profit margin of -78.0%. This margin reflects the operational efficiency of the business before interest and taxes.
SCYNEXIS, Inc. (SCYX) generated $20.6M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.