SCYNEXIS (NASDAQ:SCYX) announced a transformative strategic shift on Tuesday, March 31, 2026, transitioning its core focus toward rare kidney diseases through a significant asset acquisition and a major equity financing.
The company entered into an agreement with Poxel to acquire SCY-770 (formerly PXL-770), a novel, oral, selective direct AMPK activator for the treatment of autosomal dominant polycystic kidney disease (ADPKD).
Under the terms of the acquisition, SCYNEXIS will pay an upfront cash consideration of $8 million.
The deal includes additional development milestones of up to $8 million and potential commercial milestones totaling $180 million, largely tied to future net sales thresholds.
SCY-770, which holds U.S. FDA Orphan Drug Designation, is backed by eight prior clinical trials.
SCYNEXIS plans to initiate a Phase 2 proof-of-concept study in the fourth quarter of 2026, with an early efficacy readout anticipated in the second half of 2027.
To fuel this new clinical direction, SCYNEXIS also announced an upsized $40 million private placement with institutional investors.
The financing, expected to close on April 1, 2026, involves the issuance of common shares and warrants at a combined price of $0.92 per unit.
Including the proceeds from this raise, the company estimates its cash runway now extends into mid-2029, providing ample capital to reach several major milestones for both SCY-770 and its antifungal candidate, SCY-247.