SCYNEXIS raises $40 million in private placement financing

SCYNEXIS Inc. (NASDAQ: SCYX) announced it entered into a securities purchase agreement for a private placement expected to generate approximately $40 million in gross proceeds before fees and expenses. The biotechnology company focuses on developing therapies for severe rare diseases, including SCY-770 for Autosomal Dominant Polycystic Kidney Disease.

The private placement is expected to close on or about April 1, 2026, subject to customary closing conditions. The company could receive up to an additional $52.2 million in gross proceeds if common warrants are fully exercised for cash, pending stockholder approval for shares issuable upon warrant exercise.

Under the agreement, SCYNEXIS will issue 34.75 million common shares, pre-funded warrants for up to 8.75 million shares, and common warrants for up to 43.5 million shares. The common shares and accompanying warrants were sold at $0.92 per unit, while pre-funded warrants and accompanying warrants were priced at $0.9199 per unit.

The common warrants carry an exercise price of $1.20 per share and will expire on the earlier of five years from closing or 30 days after the company releases topline data from its Phase 2 study of SCY-770 in ADPKD patients.

Participants in the private placement include institutional investors such as Great Point Partners, Squadron Capital Management, Adage Capital Management, and Propel Bio Partners. The company's CEO Dr. David Angulo purchased 108,695 common shares and accompanying warrants.

Guggenheim Securities serves as the sole placement agent. SCYNEXIS stated the net proceeds will fund working capital and general corporate purposes, with the company estimating its cash resources and anticipated net proceeds will support operations into mid-2029.

The company agreed to seek stockholder approval within 90 days of closing to increase its authorized common shares and will file a registration statement for resale of the securities.

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