May. 16 at 4:07 PM
$SCNX Here (attached) is the latest 10Q. The Company has not shown material growth yet from Arbli (Sep-2025 launch); however, the setup here remains appealing (IMO). Rezenopy launch is scheduled for Q2, the Company just secured
$11M in additional financing, and plans to become profitable in 2027. Quarterly cash burn of $(3)M approximately with
$14.5M available liquidity takes them to 2H-2027. Rezenopy + Arbli in the interim must generate quarterly revenue appx
$3.0-5.0M to achieve profitability (
$12-20M annualized), while further developing the balance of its assets
$70-80M book value attributed. I have done the math here multiple times: 10-15% market penetration on
$400M equates to
$40-60M annualized and P/S 2-4
$80-240M valuation. The Company needs to execute - the GM is amazing, but need to generate sales from the collaborations they have developed. Execution equates to multiplier upside here (IMO), intermediate term.
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001382574/000149315226023862/form10-q.htm#a_003