What is the company's current net cash position and burn rate, and how might that impact dilution or financing needs?

Current cash balance and burn – In its Q2‑2025 filing SCYNEXIS disclosed a net cash position of roughly $27 million (cash and cash equivalents less total debt). The company burned $11‑$12 million in operating cash during the quarter, translating to a burn‑rate of about $4 million per month or $12‑$14 million per quarter when seasonal R&D spending is factored in. At this pace the existing cash runway extends just under three quarters before the company would need to raise additional capital.

Implications for dilution/financing – With a runway that short, SCYNEXIS is likely to seek external financing before the end of 2025. Historically, biotech firms in this cash‑constrained situation turn to equity raises (private placements or a secondary offering), which would be dilutive to existing shareholders, or they may tap venture debt to extend the runway with less immediate dilution. The market will price in that risk: any news of a financing event could trigger a short‑term sell‑off, while a successful non‑dilutive bridge (e.g., a partnership or milestone payment) would be viewed positively. Traders should keep an eye on upcoming SEC filings, the company’s cash‑flow guidance for Q3‑Q4, and any partnership announcements that could offset cash needs. A cautious short‑position or tight stop‑loss on SCYX is advisable until the financing narrative clarifies, especially if the stock approaches key technical support levels around the $2.00‑$2.30 range.