2014 Q4 Form 10-Q Financial Statement

#000117825314000020 Filed on November 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $1.060M $61.00K $4.163M
YoY Change -71.12% -98.53%
Cost Of Revenue $3.660M $3.986M
YoY Change -8.18%
Gross Profit $720.0K $177.0K
YoY Change 306.78%
Gross Profit Margin 1180.33% 4.25%
Selling, General & Admin $2.030M $2.121M $1.141M
YoY Change 65.04% 85.89%
% of Gross Profit 294.58% 644.63%
Research & Development $2.670M $2.478M $1.050M
YoY Change 130.17% 136.0%
% of Gross Profit 344.17% 593.22%
Depreciation & Amortization $320.0K $303.0K $321.0K
YoY Change -5.61%
% of Gross Profit 42.08% 181.36%
Operating Expenses $4.700M $4.599M $2.189M
YoY Change 95.83% 110.1%
Operating Profit -$4.538M -$2.012M
YoY Change 125.55%
Interest Expense $0.00 $0.00 -$46.00K
YoY Change -100.0% -100.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 -$1.948M
YoY Change -100.0%
Pretax Income -$3.640M -$4.538M -$3.960M
YoY Change -83.25% 14.6%
Income Tax -$260.0K -$338.0K $0.00
% Of Pretax Income
Net Earnings -$3.080M -$3.804M -$3.960M
YoY Change -85.83% -3.94%
Net Earnings / Revenue -290.57% -6236.07% -95.12%
Basic Earnings Per Share -$0.45 -$11.79
Diluted Earnings Per Share -$3.624M -$0.45 -$11.79
COMMON SHARES
Basic Shares Outstanding 8.512M shares 8.505M shares 335.9K shares
Diluted Shares Outstanding 8.505M shares 335.9K shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.20M $34.00M
YoY Change
Cash & Equivalents $32.24M $34.04M $926.0K
Short-Term Investments
Other Short-Term Assets $3.000K $1.800M
YoY Change -40.0%
Inventory
Prepaid Expenses
Receivables $1.118M $999.0K
Other Receivables $0.00
Total Short-Term Assets $39.65M $36.80M
YoY Change 369.58%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $5.060M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $25.00K $106.0K
YoY Change 0.0%
Total Long-Term Assets $25.00K $5.166M
YoY Change -99.37%
TOTAL ASSETS
Total Short-Term Assets $39.65M $36.80M
Total Long-Term Assets $25.00K $5.166M
Total Assets $39.67M $41.96M
YoY Change 220.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $426.0K $640.0K
YoY Change -71.99%
Accrued Expenses $2.245M $2.021M
YoY Change 206.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $5.348M $3.197M
YoY Change -73.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $900.0K $2.600M
YoY Change
Total Long-Term Liabilities $900.0K $2.600M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.348M $3.197M
Total Long-Term Liabilities $900.0K $2.600M
Total Liabilities $6.241M $5.822M
YoY Change -81.28%
SHAREHOLDERS EQUITY
Retained Earnings -$117.5M -$114.4M
YoY Change 3.74%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.43M $36.14M
YoY Change
Total Liabilities & Shareholders Equity $39.67M $41.96M
YoY Change 220.27%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$3.080M -$3.804M -$3.960M
YoY Change -85.83% -3.94%
Depreciation, Depletion And Amortization $320.0K $303.0K $321.0K
YoY Change -5.61%
Cash From Operating Activities -$1.720M -$3.680M -$150.0K
YoY Change 2353.33%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$310.0K -$60.00K
YoY Change 416.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$70.00K -$310.0K -$50.00K
YoY Change 520.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -400.0K 260.0K
YoY Change -253.85%
NET CHANGE
Cash From Operating Activities -1.720M -3.680M -150.0K
Cash From Investing Activities -70.00K -310.0K -50.00K
Cash From Financing Activities 0.000 -400.0K 260.0K
Net Change In Cash -1.790M -4.390M 60.00K
YoY Change -7416.67%
FREE CASH FLOW
Cash From Operating Activities -$1.720M -$3.680M -$150.0K
Capital Expenditures -$70.00K -$310.0K -$60.00K
Free Cash Flow -$1.650M -$3.370M -$90.00K
YoY Change 3644.44%

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CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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370000 USD
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1373000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
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us-gaap Proceeds From Convertible Debt
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216000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
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0 USD
CY2014Q2 us-gaap Proceeds From Issuance Initial Public Offering
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0 USD
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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CY2013Q3 us-gaap Proceeds From License Fees Received
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0 USD
us-gaap Proceeds From Sales Of Assets Investing Activities
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us-gaap Proceeds From Sales Of Assets Investing Activities
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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1050000 USD
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2478000 USD
us-gaap Research And Development Expense
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3203000 USD
us-gaap Research And Development Expense
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition and Deferred Revenue</font></div><div style="line-height:120%;padding-top:8px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company derives the majority of its revenue from providing contract research and development services under fee for service arrangements. The Company also has entered into collaboration arrangements in exchange for non-refundable upfront payments and consideration as services are performed. These arrangements include multiple elements, such as the sale of licenses and the provision of services. Under these arrangements, the Company also is entitled to receive development milestone payments and royalties in the form of a designated percentage of product sales.</font></div><div style="line-height:120%;padding-top:16px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenue is recognized when all of the following conditions are met: (i)&#160;persuasive evidence of an arrangement exists, (ii)&#160;delivery has occurred or services have been rendered, (iii)&#160;fees are fixed or determinable, and (iv)&#160;collection of fees is reasonably assured.</font></div><div style="line-height:120%;padding-top:16px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">When entering into an arrangement, the Company first determines whether the arrangement includes multiple deliverables and is subject to accounting guidance in ASC subtopic 605-25, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Multiple-Element Arrangements</font><font style="font-family:inherit;font-size:10pt;">. If the Company determines that an arrangement includes multiple elements, it determines whether the arrangement should be divided into separate units of accounting and how the arrangement consideration should be measured and allocated among the separate units of accounting.</font></div><div style="line-height:120%;padding-top:16px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">An element qualifies as a separate unit of accounting when the delivered element has standalone value to the customer. The Company&#8217;s arrangements do not include a general right of return relative to delivered elements. Any delivered elements that do not qualify as separate units of accounting are combined with other undelivered elements within the arrangement as a single unit of accounting. If the arrangement constitutes a single combined unit of accounting, the Company determines the revenue recognition method for the combined unit of accounting and recognizes the revenue over the period from inception through the date the last deliverable within the single unit of accounting is delivered.</font></div><div style="line-height:120%;padding-top:16px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s contract research and development services revenue is recognized in the period in which the services are performed. The Company historically has recognized milestone payments received on a straight-line basis over the remaining service period. No milestone payments were received in the periods presented in the accompanying statements of operations. In arrangements that include license rights and other non-contingent deliverables, such as participation in a steering committee, these deliverables do not have standalone value because the non-contingent deliverables are dependent on the license rights. That is, the non-contingent deliverables would not have value without the license rights, and only the Company can perform the related services. Upfront license rights and non-contingent deliverables, such as participation in a steering committee, do not have standalone value as they are not sold separately and they cannot be resold. In addition, when non-contingent deliverables are sold with upfront license rights, the license rights do not represent the culmination of a separate earnings process. As such, the Company accounts for the license and the non-contingent deliverables as a single combined unit of accounting. Therefore, license revenue in the form of non-refundable upfront payments is deferred and recognized over the applicable relationship period, which historically has been the estimated period of the Company&#8217;s substantive performance obligations or the period the rights granted are in effect. The Company recognizes contingent event-based payments under license agreements when the payments are received. The Company recognized an immaterial amount of license revenue from the receipt of upfront payments in the accompanying statement of operations. The Company has not received any royalty payments to date.</font></div><div style="line-height:120%;padding-top:16px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company will recognize a milestone payment when earned if it is substantive and the Company has </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> ongoing performance obligations related to the milestone. A milestone payment is considered substantive if it: 1)&#160;is commensurate with either the Company&#8217;s performance to achieve the milestone or the enhanced value of the delivered item as a result of a specific outcome from the Company&#8217;s performance to achieve the milestone; 2)&#160;relates solely to past performance;&#160;and 3)&#160;is reasonable relative to all of the deliverables and payment terms, including other potential milestone consideration, within the arrangement.</font></div><div style="line-height:120%;padding-top:16px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amounts received prior to satisfying all revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets.</font></div><div style="line-height:120%;padding-top:16px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s deferred revenue comprises upfront payments received and is recognized over the estimated relationship period. The Company received upfront payments of </font><font style="font-family:inherit;font-size:10pt;">$313</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$1,500</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$500</font><font style="font-family:inherit;font-size:10pt;"> in August 2012,&#160;August 2013 and January 2014, respectively, which are recognized over periods of </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> months, </font><font style="font-family:inherit;font-size:10pt;">70</font><font style="font-family:inherit;font-size:10pt;"> months and </font><font style="font-family:inherit;font-size:10pt;">48</font><font style="font-family:inherit;font-size:10pt;"> months, respectively. The Company recognized revenue from these upfront payments of </font><font style="font-family:inherit;font-size:10pt;">$93</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$282</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">for the three and nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$29</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$91</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">for the three and nine months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
CY2013Q3 us-gaap Revenues
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us-gaap Revenues
Revenues
13184000 USD
us-gaap Revenues
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CY2014Q3 us-gaap Revenues
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4380000 USD
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CY2014Q3 us-gaap Sales Revenue Net
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2558000 USD
us-gaap Sales Revenue Net
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us-gaap Selling General And Administrative Expense
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CY2013Q3 us-gaap Selling General And Administrative Expense
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1141000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2046000 USD
CY2014Q2 us-gaap Severance Costs1
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CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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49734 shares
CY2013Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
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CY2014Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
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CY2014Q2 us-gaap Share Price
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us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
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CY2014Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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us-gaap Stockholders Equity Reverse Stock Split
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CY2013Q3 us-gaap Temporary Equity Accretion To Redemption Value
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0 USD
us-gaap Temporary Equity Accretion To Redemption Value
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0 USD
CY2014Q3 us-gaap Temporary Equity Accretion To Redemption Value
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0 USD
us-gaap Temporary Equity Accretion To Redemption Value
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CY2014Q2 us-gaap Temporary Equity Shares Authorized
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CY2013Q4 us-gaap Unbilled Contracts Receivable
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343000 USD
CY2014Q3 us-gaap Unbilled Contracts Receivable
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390000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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335930 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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4976965 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
335938 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4703278 shares
CY2014Q3 scyx Additional Milestone Payments Maximum
AdditionalMilestonePaymentsMaximum
2300000 USD
CY2014Q3 scyx Common Stock Capital Shares Reserved For Future Issuance For Conversion Of Preferred Stock And Exercise Of Warrants
CommonStockCapitalSharesReservedForFutureIssuanceForConversionOfPreferredStockAndExerciseOfWarrants
0 shares
CY2013Q4 scyx Common Stock Capital Shares Reserved For Future Issuance For Conversion Of Preferred Stock And Exercise Of Warrants
CommonStockCapitalSharesReservedForFutureIssuanceForConversionOfPreferredStockAndExerciseOfWarrants
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CY2013Q4 scyx Common Stock Capital Shares Reserved For Future Issuance Of Exercise Of Outstanding Warrants
CommonStockCapitalSharesReservedForFutureIssuanceOfExerciseOfOutstandingWarrants
257242 shares
CY2014Q3 scyx Common Stock Capital Shares Reserved For Future Issuance Of Exercise Of Outstanding Warrants
CommonStockCapitalSharesReservedForFutureIssuanceOfExerciseOfOutstandingWarrants
0 shares
scyx Deemed Contribution Of Loan Guarantee
DeemedContributionOfLoanGuarantee
3930000 USD
scyx Deemed Contribution Of Loan Guarantee
DeemedContributionOfLoanGuarantee
0 USD
scyx Deemed Dividend Associated With Beneficial Conversion Of Convertible Preferred Stock
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909000 USD
CY2013Q3 scyx Deemed Dividend Associated With Beneficial Conversion Of Convertible Preferred Stock
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0 USD
CY2013Q3 scyx Deferred Revenue Recognition Period
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P70M
CY2014Q1 scyx Deferred Revenue Recognition Period
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P48M
scyx Deemed Dividend Associated With Beneficial Conversion Of Convertible Preferred Stock
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0 USD
CY2014Q3 scyx Deemed Dividend Associated With Beneficial Conversion Of Convertible Preferred Stock
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0 USD
CY2013Q3 scyx Deemed Dividend For Antidilution Adjustments To Convertible Preferred Stock
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0 USD
scyx Deemed Dividend For Antidilution Adjustments To Convertible Preferred Stock
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0 USD
CY2014Q3 scyx Deemed Dividend For Antidilution Adjustments To Convertible Preferred Stock
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0 USD
scyx Deemed Dividend For Antidilution Adjustments To Convertible Preferred Stock
DeemedDividendForAntidilutionAdjustmentsToConvertiblePreferredStock
214000 USD
scyx Deferred Offering Costs Reclassified To Additional Paid In Capital
DeferredOfferingCostsReclassifiedToAdditionalPaidInCapital
4127000 USD
scyx Deferred Offering Costs Reclassified To Additional Paid In Capital
DeferredOfferingCostsReclassifiedToAdditionalPaidInCapital
0 USD
scyx Issuance Of Common Stock Pursuant To Conversion Of Warrants Shares
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275687 shares
CY2012Q3 scyx Deferred Revenue Recognition Period
DeferredRevenueRecognitionPeriod
P6M
scyx Derivative Fair Value Gain Loss From Mark To Market Adjustment
DerivativeFairValueGainLossFromMarkToMarketAdjustment
-10442000 USD
CY2013Q3 scyx Derivative Fair Value Gain Loss From Mark To Market Adjustment
DerivativeFairValueGainLossFromMarkToMarketAdjustment
671000 USD
scyx Derivative Fair Value Gain Loss From Mark To Market Adjustment
DerivativeFairValueGainLossFromMarkToMarketAdjustment
671000 USD
scyx Excess Of Fair Value Warrants Over Proceeds
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362000 USD
scyx Excess Of Fair Value Warrants Over Proceeds
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269000 USD
CY2013Q3 scyx Excess Of Fair Value Warrants Over Proceeds
ExcessOfFairValueWarrantsOverProceeds
0 USD
scyx Increase Decrease In Deferred Rent
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-38000 USD
scyx Increase Decrease In Deferred Rent
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-97000 USD
CY2014Q1 scyx Ipo Gross Proceeds Threshold That Triggers Automatic Conversion Of Preferred Stock
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20000000 USD
CY2014Q2 scyx Issuance Of Common Stock Pursuant To Conversion Of Warrants Shares
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275687 shares
CY2014Q2 scyx Issuance Of Common Stock Pursuant To Conversion Of Warrants Shares
IssuanceOfCommonStockPursuantToConversionOfWarrantsShares
275687 shares
scyx Lease Expiration Extension Date Under Option
LeaseExpirationExtensionDateUnderOption
2024-03-31
scyx Lease Expiration Year
LeaseExpirationYear
2019
scyx Milestone Payments
MilestonePayments
19000000 USD
CY2014Q3 scyx Number Of License Agreements
NumberOfLicenseAgreements
2 Agreement
CY2014Q2 scyx Offering Expenses
OfferingExpenses
4127000 USD
scyx Property And Equipment Purchases In Accounts Payable
PropertyAndEquipmentPurchasesInAccountsPayable
11000 USD
scyx Property And Equipment Purchases In Accounts Payable
PropertyAndEquipmentPurchasesInAccountsPayable
0 USD
CY2014Q3 scyx Remaining Unpaid Accrued Severance Balance
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163000 USD
scyx Required Percentage Written Consent By Holders Of Outstanding Aggregated Principle Amount Of Convertible Notes
RequiredPercentageWrittenConsentByHoldersOfOutstandingAggregatedPrincipleAmountOfConvertibleNotes
0.70
scyx Severance Disbursements
SeveranceDisbursements
216000 USD
CY2014Q2 scyx Temporary Equity Shares Issued And Outstanding
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17803273 shares
scyx Warrant Derivative Liability Reclassified To Additional Paid In Capital
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0 USD
scyx Warrant Derivative Liability Reclassified To Additional Paid In Capital
WarrantDerivativeLiabilityReclassifiedToAdditionalPaidInCapital
2701000 USD
CY2013Q3 scyx Warrant Derivative Liability Reclassified To Additional Paid In Capital
WarrantDerivativeLiabilityReclassifiedToAdditionalPaidInCapital
0 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001178253
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
8512103 shares
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
1999-11-04
dei Entity Registrant Name
EntityRegistrantName
SCYNEXIS INC

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