SCYNEXIS, Inc. acquired all of Poxel SA's direct AMP kinase activator research and development program assets, including the compound PXL-770 (now SCY-770). The acquisition includes all related patents, know-how, regulatory filings, inventory, records, and assumed contracts specifically related to compounds that directly activate AMP kinase. SCYNEXIS will make a one-time upfront payment of $8,000,000 to Poxel SA within 30 days after the effective date of the Asset Purchase Agreement. The company is obligated to pay Poxel SA up to $188,000,000 in aggregate milestone payments upon the first achievement of certain development and commercial milestone events. Development milestones include $2,000,000 for the initiation of the first Phase 2 clinical trial and $6,000,000 for the initiation of the first Phase 3 clinical trial or first US marketing authorization approval. Commercial milestones range from $25,000,000 for the first commercial sale in the United States to $75,000,000 when calendar year net sales equal or exceed $1,500,000,000. Poxel SA granted SCYNEXIS an exclusive, sublicensable, perpetual, and irrevocable worldwide license under certain licensed intellectual property related to the AMP kinase activator program. SCY-770 is a novel, highly selective, direct AMP-activated protein kinase (AMPK) activator for the treatment of Autosomal Dominant Polycystic Kidney Disease (ADPKD). SCY-770 has been evaluated in eight clinical trials with a favorable safety profile and has been granted Orphan Drug Designation by the U.S. Food and Drug Administration (FDA). A Phase 2 proof-of-concept study of SCY-770 in ADPKD patients is anticipated to begin in Q4 2026, with an early efficacy readout expected in the second half of 2027. SCYNEXIS has the potential to receive up to $146 million in annual net sales milestones plus low-to-mid-single digit royalties for the commercialization of BREXAFEMME by GSK. The company's second-generation antifungal, SCY-247, is currently in a Phase 1 trial of the IV formulation, with data expected in Q3 2026.