Ibrexafungerp Citrate

SCY-247’s IND-enabling activities continue to progress, with initiation of Phase I anticipated in the second half of 2024 Clinical study reports for the FURI, CARES and NATURE trials in refractory invasive fungal infections remain on track for delivery to GSK in mid 2024, which would trigger a $10 million development milestone payment to SCYNEXIS SCYNEXIS ended Q1 2024 with cash, cash equivalents and investments of $94.2 million and projects a cash runway of more than two years JERSEY CITY, N.J., May 08, 2024 (GLOBE NEWSWIRE) -- SCYNEXIS, Inc., (NASDAQ: SCYX), a biotechnology company pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections, today reported financial results for the first quarter ended March 31, 2024. “We continue to be impressed by the highly promising preclinical results of our next generation compound SCY-247,” said David Angulo, M.D., President and Chief Executive Officer. “SCY-247 consistently demonstrates potent activity against a broad range of invasive fungal pathogens, including resistant species for whom there are few or no treatment options. We plan to begin a Phase I trial by year-end. In response to the hold on clinical studies of ibrexafungerp due to possible beta-lactam cross contamination, we have entered into certain new manufacturing agreements with third-party contract manufacturers to begin producing new batches of ibrexafungerp. We believe this new material will allow us to lift the clinical hold and restart the Phase 3 MARIO study evaluating ibrexafungerp in patients with invasive candidiasis." SCY-247 Preclinical Development Program Phase I-enabling development activities for SCY-247, the second generation fungerp from SCYNEXIS’ proprietary antifungal platform, continue to progress. A portion of these activities, including assessing SCY-247 efficacy against Candida auris and Mucorales, are being supported by National Institute of Health (NIH) grants. Phase I initiation is anticipated in the second half of 2024. Presented preclinical efficacy data on SCY-247 at the Congress of the European Society of Clinical Microbiology and Infectious Diseases (ESCMID Global, formerly ECCMID) in Barcelona, Spain from April 27-30, 2024. An oral presentation presented by Nathan Wiederhold, Ph.D. featured an in vivo study that demonstrated significant fungal burden reduction in the kidneys and lungs of mice with Candida glabrata invasive candidiasis treated with SCY-247. Additional poster presentations highlighted potent in vitro activity of SCY-247 on a broad range of susceptible and multidrug-resistant pathogenic fungi. Ibrexafungerp Clinical and Regulatory Updates Final study reports from the completed FURI, CARES, NATURE, SCYNERGIA, and VANQUISH studies are anticipated to be delivered to partner GSK in mid 2024, delivery of the first three of which would trigger a $10 million development milestone payment to SCYNEXIS. Data analysis for the FURI study is ongoing, and top line data from the CARES study are positive and consistent with previously disclosed results from interim analyses. First Quarter 2024 Financial Results For the three months ended March 31, 2024, revenue consists of the $1.4 million in license agreement revenue associated with the license agreement with GSK. For the three months ended March 31, 2023, revenue consisted of $1.1 million product sales of BREXAFEMME. Research and development expense for the quarter ended March 31, 2024 was $7.2 million compared to $6.8 million for the same period in 2023. The increase of $0.4 million, or 6%, for the three months ended March 31, 2024, was primarily driven by an increase of $1.6 million in chemistry, manufacturing, and controls (CMC) expense and a $0.3 million increase in preclinical expense, offset in part by a $0.8 million decrease in clinical expense and a decrease of $0.5 million in salaries primarily associated with medical affairs. SG&A expense for the quarter ended March 31, 2024 decreased to $3.7 million from $4.8 million for the same period in 2023. The decrease of $1.2 million, or 24%, for the three months ended March 31, 2024, was primarily driven by a decrease of $0.8 million in professional fees and a decrease of $0.4 million in commercial expense due to the costs incurred in the prior comparable period associated with BREXAFEMME. Total other income was $10.5 million for the quarter ended March 31, 2024, versus total other expense of $23.2 million for the same period in 2023. The variance is mainly due to the fair value adjustment related to the warrant liabilities. For the three months ended March 31, 2024 and 2023, we recognized a gain of $9.6 million and a loss of $21.7 million, respectively, on fair value adjustment for warrant liabilities primarily due to the decrease and increase in our stock price during the periods, respectively. Net income for the quarter ended March 31, 2024, was $0.4 million, or $0.01 basic income per share, compared to a net loss of $33.9 million, or $0.71 basic loss per share for the same period in 2023. Cash Balance Cash, cash equivalents and investments totaled $94.2 million on March 31, 2024, compared to $98.0 million on December 31, 2023. Based upon the company’s current operating plan, SCYNEXIS believes that its existing cash, cash equivalents and investments provide a cash runway beyond two years. About Triterpenoid Antifungals Triterpenoid antifungals (also known as “fungerps”) are a novel class of structurally distinct glucan synthase inhibitors that combine the well-established activity of glucan synthase inhibitors with the potential flexibility of having oral and intravenous (IV) formulations. They have demonstrated broad-spectrum antifungal activity against multidrug-resistant pathogens, including azole- and echinocandin-resistant strains. Ibrexafungerp is the first representative of this novel class of antifungal agents. Ibrexafungerp, formerly known as SCY-078, is currently approved in the U.S. for the treatment of vulvovaginal candidiasis and is in late-stage of development for invasive candidiasis and other indications. SCY-247 is a next generation fungerp in pre-clinical development for the treatment of life-threatening and often multi-drug resistant fungal diseases including Candida auris infections. About SCYNEXIS SCYNEXIS, Inc. (NASDAQ: SCYX) is a biotechnology company pioneering innovative medicines to help millions of patients worldwide overcome and prevent difficult-to-treat infections that are becoming increasingly drug-resistant. SCYNEXIS is developing the company’s proprietary antifungal platform “fungerps.” Ibrexafungerp, the first representative of this novel class, has been licensed to GSK. The U.S. Food and Drug Administration (FDA) approved BREXAFEMME® (ibrexafungerp tablets) in June 2021, for its first indication in vulvovaginal candidiasis (VVC), followed by a second indication in November 2022, for reduction in the incidence of recurrent VVC. Late-stage clinical investigation of ibrexafungerp for the treatment of life-threatening invasive fungal infections in hospitalized patients is ongoing. Additional antifungal assets from this novel class are currently in pre-clinical and discovery phase, including the compound SCY-247. For more information, visit . Forward-Looking Statements Statements contained in this press release regarding expected future events or results are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding: SCYNEXIS’s expectation that it will have a cash runway of more than two years; delivery of clinical study reports to GSK in the first half of 2024, anticipated initiation of Phase I clinical studies of SCY-247 in the second half of 2024; and the resumption of the MARIO study. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks inherent in regulatory and other costs in developing products. These and other risks are described more fully in SCYNEXIS' filings with the Securities and Exchange Commission, including without limitation, its most recent Annual Report on Form 10-K filed on March 28, 2024, and form 10-Q for the quarter ending March 31, 2024, including under the caption "Risk Factors." All forward-looking statements contained in this press release speak only as of the date on which they were made. SCYNEXIS undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. CONTACT: Investor Relations Irina Koffler LifeSci Advisors Tel: (646) 970-4681 ikoffler@lifesciadvisors.com SCYNEXIS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Revenue: Product revenue, net $ — $ 1,130 License agreement revenue 1,373 — Total revenue 1,373 1,130 Operating expenses: Cost of product revenue — 137 Research and development 7,212 6,835 Selling, general and administrative 3,669 4,840 Total operating expenses 10,881 11,812 Loss from operations (9,508 ) (10,682 ) Other (income) expense: Amortization of debt issuance costs and discount 401 255 Interest income (1,280 ) (587 ) Interest expense 205 1,447 Warrant liabilities fair value adjustment (9,608 ) 21,673 Derivative liabilities fair value adjustment (168 ) 406 Total other (income) expense (10,450 ) 23,194 Income (loss) before taxes 942 (33,876 ) Income tax expense (531 ) — Net income (loss) $ 411 $ (33,876 ) Net income (loss) per share attributable to common stockholders – basic Net income (loss) per share – basic $ 0.01 $ (0.71 ) Net income (loss) per share attributable to common stockholders – diluted Net income (loss) per share – diluted $ 0.01 $ (0.71 ) Weighted average common shares outstanding – basic and diluted Basic 48,245,559 47,757,246 Diluted 48,565,051 47,757,246 SCYNEXIS, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 35,482 $ 34,050 Short-term investments 44,762 40,312 Prepaid expenses and other current assets 1,583 5,548 License agreement receivable — 2,463 License agreement contract asset 19,466 19,363 Restricted cash 380 380 Total current assets 101,673 102,116 Investments 13,943 23,594 Deferred offering costs 175 175 Restricted cash 163 163 Operating lease right-of-use asset 2,300 2,364 Total assets $ 118,254 $ 128,412 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 8,918 $ 7,149 Accrued expenses 4,601 7,495 Deferred revenue, current portion 1,083 1,189 Operating lease liability, current portion 356 340 Warrant liabilities — 130 Convertible debt and derivative liability 12,391 — Total current liabilities 27,349 16,303 Deferred revenue 2,111 2,727 Warrant liabilities 12,202 21,680 Convertible debt and derivative liability — 12,159 Operating lease liability 2,487 2,581 Total liabilities 44,149 55,450 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.001 par value, authorized 5,000,000 shares as of March 31, 2024 and December 31, 2023; 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock, $0.001 par value, 150,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 37,779,796 and 37,207,799 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 41 40 Additional paid-in capital 428,900 428,169 Accumulated deficit (354,836 ) (355,247 ) Total stockholders’ equity 74,105 72,962 Total liabilities and stockholders’ equity $ 118,254 $ 128,412

In vivo data demonstrated efficacy of SCY-247 in mouse model of invasive candidiasis caused by Candida glabrataSCY-247 showed in vitro activity against a broad range of pathogenic fungi, including azole-resistant strains of Candida and Aspergillus species JERSEY CITY, N.J., April 30, 2024 (GLOBE NEWSWIRE) -- SCYNEXIS, Inc. (NASDAQ: SCYX), a biotechnology company pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections, today announced the presentation of preclinical efficacy data on its second generation fungerp candidate SCY-247 at the ESCMID Global 2024 congress (formerly known as ECCMID) in Barcelona, Spain from April 27-30, 2024. "We continue to be excited about the potential of our second generation fungerp SCY-247 to address the critical need for new antifungal treatments, particularly for invasive fungal infections where current options are limited and resistance is increasing," said David Angulo, M.D., President and Chief Executive Officer of SCYNEXIS. "The positive data presented at ESCMID Global further strengthen our confidence in SCY-247's ability to combat these difficult-to-treat infections, and we look forward to its continued advancement as we aim to enter clinical stage by year end." Nathan Wiederhold, Pharm.D., Professor, Director – Fungus Testing Laboratory, University of Texas Health Science Center, San Antonio, delivered an oral presentation entitled, “The novel second-generation IV/oral triterpenoid SCY-247 is efficacious in an experimental murine model of invasive candidiasis caused by Candida glabrata.” C. glabrata, a high priority fungal pathogen on the World Health Organization fungal priority pathogens list (WHO FPPL), is a major cause of invasive candidiasis with an increasing rate of resistance against current antifungals. In a mouse model of invasive candidiasis caused by C. glabrata, SCY-247 showed promising in vivo efficacy. Following inoculation with C. glabrata, mice were treated with either vehicle control, oral SCY-247 (16, 32, & 48 mg/kg), oral fluconazole 20 mg/kg, or parenteral caspofungin 1 mg/kg for 7 days. In mice treated with SCY-247, dose-dependent reductions of fungal burden in both kidneys and lungs were observed. Fungal burden within the kidneys was significantly lower in each SCY-247 group versus vehicle (p0.01 for all comparisons). Lung fungal burden in the SCY-247 32 mg/kg and 48 mg/kg groups was also significantly lower versus placebo (p0.01 for both comparisons). In contrast, caspofungin significantly lowered fungal burden within the kidneys (p=0.01) but not the lungs, while fungal burden in mice treated with fluconazole was similar to controls in both organs. The findings in this model illustrate the meaningful efficacy of SCY-247 against C. glabrata, its ability to reach efficacious concentrations after oral administration and suggests an improved lung penetration of SCY-247 relative to echinocandins. Dr. Wiederhold also presented a poster entitled, “SCY-247, a novel second-generation IV/oral triterpenoid antifungal, demonstrates in vitro activity against fungal pathogens, including azole-resistant strains of Candida and Aspergillus.” In this study, SCY-247 was tested against 155 clinical isolates of yeasts, molds and dimorphic fungi. SCY-247 demonstrated in vitro activity against a broad range of pathogenic fungi, with the most potent activity observed against Candida species including C. albicans, C. auris, and C. glabrata as well as fluconazole-resistant strains. Potent activity was also observed against Aspergillus species, including voriconazole-resistant isolates, and against the dimorphic fungi Blastomyces dermatitidis, Histoplasma capsulatum, and Coccidioides species. Both studies presented by Dr. Wiederhold have been funded in whole or in part with Federal funds from the National Institute of Allergy and Infectious Diseases, National Institutes of Health, Department of Health and Human Services, under contract nos. HHSN272201700039 and 75N93019D00022. A second poster entitled, “Effect of SCY-247, a second-generation triterpenoid antifungal, on growth kinetics and ultrastructure of Candida auris,” was presented by Mahmoud Ghannoum, Ph.D., Professor, Case Western Reserve and Director, Center for Medical Mycology, University Hospitals Cleveland Medical Center. In this study, the antifungal effect of SCY-247 on cell morphology of both susceptible and multi-drug resistant C. auris was evaluated using Scanning Electron Microscopy (SEM) imaging. Results demonstrated that SCY-247 significantly inhibited the growth of both C. auris strains. Importantly, SCY-247 had a prominent effect on fungal cell morphology and significantly reduced fungal growth. About Invasive Fungal Infections Candida auris, a critical priority fungal pathogen in WHO fungal priority pathogens list (WHO FPPL), is an emerging fungal pathogen associated with nosocomial infections and considered a serious global health threat. It is often resistant to commonly used antifungal drugs, with about 90% of U.S. C. auris samples resistant to fluconazole and some C. auris strains resistant to all three main classes of antifungals (azoles, echinocandins and polyenes). Candida glabrata is the most common non-albicans species causing systemic fungal infections. It also has high levels of resistance to fluconazole, and echinocandin resistance appears to be increasing. Patients with Candida infections that are resistant to both fluconazole and echinocandin drugs have very few treatment options. Azole-resistant Aspergillus infections are also difficult to treat, and affected patients are up to 33% more likely to die than patients with infections that can be treated with azoles. About SCY-247 SCY-247 is a second-generation antifungal compound, from a novel class of structurally-distinct glucan synthase inhibitors, triterpenoids (fungerps), being developed to address systemic fungal diseases. The triterpenoid class of antifungals represents the first new class of antifungal compounds since 2001. These agents combine the well-established activity of glucan synthase inhibitors with the potential flexibility of having oral and intravenous (IV) formulations. SCY-247 is in pre-IND development stage and has demonstrated in vitro and in vivo broad-spectrum antifungal activity, including in MDR isolates (or spp.). SCYNEXIS anticipates that the U.S. Food and Drug Administration (FDA) may grant SCY-247 Qualified Infectious Disease Product (QIDP) and Fast Track designations for the IV and oral formulations of SCY-247. About SCYNEXIS SCYNEXIS, Inc. (NASDAQ: SCYX) is a biotechnology company pioneering innovative medicines to help millions of patients worldwide overcome and prevent difficult-to-treat infections that are becoming increasingly drug-resistant. SCYNEXIS is developing the company’s proprietary antifungal platform “fungerps”. Ibrexafungerp, the first representative of this novel class, has been licensed to GSK. The U.S. Food and Drug Administration (FDA) approved BREXAFEMME® (ibrexafungerp tablets) in June 2021, for its first indication in vulvovaginal candidiasis (VVC), followed by a second indication in November 2022, for reduction in the incidence of recurrent VVC. Late-stage clinical investigation of ibrexafungerp for the treatment of life-threatening invasive fungal infections in hospitalized patients is ongoing. Additional antifungal assets from this novel class are currently in pre-clinical and discovery phase, including the compound SCY-247. For more information, visit www.scynexis.com. Forward-Looking Statements Statements contained in this press release regarding expected future events or results are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding: SCYNEXIS’s plans to begin a clinical study in SCY-247 by year end, confidence in SCY-247's ability to combat difficult-to-treat fungal infections, and SCY-247’s potential to be differentiated from currently available antifungals. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks inherent in regulatory and other costs in developing products. These and other risks are described more fully in SCYNEXIS' filings with the Securities and Exchange Commission, including without limitation, its most recent Annual Report on Form 10-K filed on March 28, 2024, including under the caption "Risk Factors." All forward-looking statements contained in this press release speak only as of the date on which they were made. SCYNEXIS undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. CONTACT: Investor RelationsIrina KofflerLifeSci AdvisorsTel: (646) 970-4681ikoffler@lifesciadvisors.com