MeritValue

SCYNEXIS INC

SCYXdata completeness 75%13 fiscal years on file
The thesis, from the filings

SCYNEXIS INC earns about 38% on invested capital, but has diluted owners by 89% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$13.2M1$5.09M2$140.1M3$3.75M4$20.6M4
Net income−$32.9M5−$62.8M6$67M7−$21.3M8−$8.61M8
Operating cash flow−$54.6M9−$79.9M10$60.2M11−$24M12−$5.28M12
Capital expenditure$013————
Free cash flow (derived)−$54.6M9————
Total debt$34.4M14————
Cash & equivalents$104.5M15$45.8M16$34.1M17$16.1M18$21.3M18
Diluted shares26.4M42.6M48.4M48.5M49.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$9.89
your share of equity
Profit it earned you last year
−$1.72
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $9.89 of net worth that earned you −$1.72 last year.

iii. Is this a good business?
Moat signal · return on invested capital
38% avg · 5y
FY21 —FY22 —FY23 180%FY24 -43%FY25 -24%

It earned an average 38% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+89% shares · 5y

Share count is up 89% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-011138 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-038046 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-038044 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001178253-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-011138 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-038046 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-038044 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001178253-26-000007 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-011138 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-038046 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-038044 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001178253-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001564590-22-012199 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-23-011138 (LongTermDebtCurrent)
  15. 10-K · period ending 2021-12-31 · accession 0000950170-23-011138 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0000950170-24-038046 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0000950170-25-038044 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001178253-26-000007 (CashAndCashEquivalentsAtCarryingValue)