Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 16, 2026
Scynexis Inc (SCYX)
A forensic read on Scynexis Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-13.9
Distress distance
Clean
Earnings quality
4
Forensic signals
-17.4%
ROE
449.9%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Scynexis Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -13.9, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-39.6%
FY2025
Return on invested capital.Return on invested capital is -39.6% in the latest fiscal year, against -2767% in FY2021, having run between -2767.0% and 83.8% across FY2021–FY2025 with no direction held — below the ~10% cost of capital we hold this sector to. If that gap persists through the cycle, incremental reinvestment reduces rather than creates value per share. The capital base behind it cannot be compared across FY2021–FY2025: short-term debt and long-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
+5.4%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +17% over the last 3 years to FY2025 (+5.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~15%.
0.83×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.83× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
14% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 14% of revenue in FY2025 — about $0.06 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 5.6% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$20.6M
Revenue Growth YoY+449.9%
Revenue CAGR (3yr)+59.3%
Net Margin-41.8%
Return on Equity-17.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Scynexis Inc's actual 10-K/10-Q/8-K filings?