SCYNEXIS’ stock (SCYX) has experienced an impressive 133.6% surge since the beginning of the year, outperforming the industry’s 1.9% decline. This remarkable growth can be attributed to an exclusive agreement with GSK (GlaxoSmithKline) for the development and commercialization of their antifungal tablet, Brexafemme (ibrexafungerp).
The agreement, which was finalized in May, included a substantial upfront payment of $90 million from GSK to SCYNEXIS, as well as the potential for future performance-based milestones totaling $503 million and tiered royalties. Brexafemme is an approved antifungal treatment for vulvovaginal candidiasis (VVC) and the reduction of recurrent VVC (RVVC). It was launched in 2021 to address VVC, or vaginal yeast infections, and received approval for RVVC in December 2022.
As part of the agreement, GSK also gained the rights to develop ibrexafungerp for the potential treatment of invasive candidiasis (IC) through a phase III MARIO study. In June, SCYX received a $25 million milestone payment for achieving a key development goal in this late-stage study. The European Medicines Agency has granted ibrexafungerp Orphan Medicinal Product designation for the treatment of IC, providing SCYX with additional market exclusivity and expedited regulatory paths.
The partnership with GSK has proven to be highly lucrative for SCYNEXIS this year. In addition to the milestone payment, SCYNEXIS has already received $115 million in upfront and milestone payments throughout the exclusive license agreement. Furthermore, the ongoing MARIO study has the potential to earn SCYX an additional $10.5 million milestone payment upon successful completion.
The global expansion of ibrexafungerp is also progressing. In July, the National Medical Products Administration in China accepted the new drug application for ibrexafungerp tablets to treat VVC in adult and post-menarchal pediatric females. SCYNEXIS holds a licensing agreement with Hansoh Pharma for the development and commercialization of ibrexafungerp in China. If approved, ibrexafungerp will become the first-in-class antifungal treatment for VVC in the Chinese market.
SCYNEXIS, Inc. Price and Consensus
SCYNEXIS, Inc. price-consensus-chart | SCYNEXIS, Inc. Quote
Zacks Rank & Stocks to Consider
SCYNEXIS currently holds a Zacks Rank #3 (Hold). Two other stocks to consider in the same industry are Corcept Therapeutics (CORT) and Annovis Bio (ANVS), which currently carry a Zacks Rank #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for Corcept’s earnings for 2023 has increased from 62 cents per share to 78 cents, and for 2024, it has improved from 61 cents to 83 cents. Corcept’s stock has gained 62.9% year to date. Corcept has exceeded earnings estimates in two of the last four quarters, with an average surprise of 6.99%.
For Annovis Bio, the Zacks Consensus Estimate for 2023 has narrowed from a loss of $4.89 per share to a loss of $4.38, and for 2024, it has narrowed from a loss of $3.18 to $2.77. Annovis Bio’s stock has seen a decline of 8.1% year to date. Annovis Bio has surpassed earnings estimates in three of the last four quarters, with an average surprise of 13.40%.
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