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SCYNEXIS, a biotechnology company, reported its first-quarter financial results for 2024, ending with $94.2 million in cash, with a projected cash runway of over two years. They continue to progress with SCY-247's development and anticipate a Phase I trial by 2024. The company is working on new manufacturing agreements due to clinical hold issues with ibrexafungerp and presented promising preclinical data for SCY-247 at a conference. SCYNEXIS expects to deliver study reports to GSK, triggering a $10 million milestone payment. Financially, revenue consisted of $1.4 million from a license agreement with GSK. Research and development expenses increased slightly, while SG&A expenses decreased. Net income for Q1 2024 was $0.4 million compared to a loss in the same period in 2023.
SCYNEXIS, Inc. presented preclinical data on its second-generation fungerp SCY-247 at the ESCMID Global 2024 congress. SCY-247 showed efficacy in treating invasive candidiasis and displayed in vitro activity against a wide range of pathogenic fungi. The company aims to address the need for new antifungal treatments, especially for drug-resistant infections. The positive data further solidify SCY-247's potential in combating difficult-to-treat infections.