Detailed financial statements for Syndax Pharmaceuticals, Inc. (SNDX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Syndax Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical firm focused on developing innovative therapies for cancer. Among its leading investigational products are SNDX-5613, currently undergoing Phase 1/2 clinical assessment, which targets the Menin-mixed lineage leukemia 1 protein interaction for treating MLL-rearranged (MLLr) and nucleophosmin 1 mutant acute myeloid leukemia (NPM1c AML).
Analysis Summary
Syndax Pharmaceuticals, Inc. reported revenue of $172.4M in the most recent fiscal year, growing at a 5-year CAGR of 157.7%.
Trailing-twelve-month margins: gross margin 97.5%, operating margin -77.1%, net margin -87.6%.
At the current price of $17.28, SNDX has negative trailing earnings (P/E not meaningful) and an ROE of -372.94%. Market capitalisation stands at $1.5B.
Balance sheet quality for SNDX: current ratio of 4.4, net cash position of $67.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2M | $2.1M | $1.5M | $1.5M | $1.5M | $139.7M | 0 | 0 | $23.7M | $172.4M |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $826000 | $7.0M |
| Gross Profit | $1.2M | $2.1M | $1.5M | $1.5M | $1.5M | $139.7M | 0 | 0 | $22.9M | $165.4M |
| Research & Development | $31.7M | $48.2M | $60.1M | $43.0M | $50.4M | $88.2M | $118.5M | $163.0M | $241.6M | $258.8M |
| Selling, General & Admin | $13.3M | $15.9M | $17.3M | $16.1M | $22.5M | $25.2M | $33.3M | $66.9M | $120.9M | $179.7M |
| Operating Expenses | $45.0M | $64.1M | $77.4M | $59.1M | $72.9M | $113.5M | $151.8M | $230.0M | $362.5M | $438.5M |
| Operating Income | -$43.8M | -$62.0M | -$75.9M | -$57.5M | -$71.4M | $26.2M | -$151.8M | -$230.0M | -$339.7M | -$273.1M |
| EBITDA | -$43.7M | -$61.9M | -$73.9M | -$55.6M | -$70.3M | $26.9M | -$146.2M | -$209.1M | -$313.8M | -$251.6M |
| Interest Expense | $956000 | $1.4M | $1.9M | 0 | $2.4M | $1.9M | $3.1M | $208000 | $4.9M | $33.8M |
| Pre-tax Income | -$44.5M | -$60.8M | -$74.0M | -$56.0M | -$73.2M | $24.9M | -$149.3M | -$209.4M | -$318.8M | -$285.4M |
| Income Tax | -$89000 | -$76000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$44.5M | -$60.8M | -$74.0M | -$56.0M | -$73.1M | $24.9M | -$149.3M | -$209.4M | -$318.8M | -$285.4M |
| EPS | $-3.04 | $-2.90 | $-2.92 | $-1.84 | $-1.77 | $0.48 | $-2.46 | $-2.98 | $-3.73 | $-3.29 |
| EPS (Diluted) | $-3.04 | $-2.90 | $-2.92 | $-1.84 | $-1.77 | $0.48 | $-2.46 | $-2.98 | $-3.73 | $-3.29 |
| Shares Outstanding (Diluted) | $14.6M | $21.0M | $25.4M | $30.5M | $41.3M | $52.1M | $60.8M | $70.4M | $85.6M | $86.6M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23.8M | $35.2M | $33.8M | $24.6M | $115.2M | $222.0M | $74.4M | $295.4M | $154.1M | $134.9M |
| Short-term Investments | $81.5M | $94.8M | $47.1M | $35.2M | $177.8M | $224.9M | $410.0M | $282.2M | $428.8M | $278.8M |
| Receivables | $306000 | $377000 | $253000 | $116000 | $175000 | $429000 | $4.1M | $1.2M | $13.9M | $70.3M |
| Inventory | $2.4M | -$1.4M | $1.1M | 0 | 0 | 0 | 0 | 0 | $366000 | $32.8M |
| Total Current Assets | $108.5M | $133.4M | $83.3M | $62.3M | $298.9M | $448.4M | $489.8M | $580.9M | $603.1M | $528.1M |
| Property, Plant & Equipment | $260000 | $267000 | $373000 | $997000 | $482000 | $1.3M | $1.1M | $1.5M | $2.0M | $1.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $109.0M | $137.2M | $83.9M | $63.5M | $300.6M | $449.7M | $497.2M | $612.9M | $724.8M | $529.7M |
| Accounts Payable | $2.4M | $2.2M | $1.4M | $6.2M | $3.5M | $5.7M | $4.3M | $10.0M | $11.6M | $16.6M |
| Short-term Debt | 0 | 0 | 0 | 0 | $2.3M | 0 | 0 | 0 | $12.1M | 0 |
| Total Current Liabilities | $10.4M | $15.8M | $16.1M | $18.4M | $18.9M | $20.7M | $29.1M | $58.1M | $103.5M | $120.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | $17.8M | $19.9M | 0 | 0 | $331.6M | $345.0M |
| Total Liabilities | $24.9M | $32.9M | $30.9M | $31.9M | $48.4M | $41.3M | $29.8M | $58.7M | $436.7M | $465.1M |
| Retained Earnings | -$305.3M | -$366.1M | -$439.4M | -$495.5M | -$568.6M | -$543.7M | -$693.0M | -$902.4M | -$1.22B | -$1.51B |
| Total Equity | $84.1M | $104.3M | $53.0M | $31.6M | $252.2M | $408.4M | $467.4M | $554.2M | $288.1M | $64.6M |
| Total Debt | 0 | 0 | 0 | $897000 | $20.5M | $21.0M | $1.2M | $1.6M | $345.7M | $346.5M |
| Net Debt | -$105.3M | -$133.2M | -$80.9M | -$58.9M | -$272.5M | -$425.9M | -$483.2M | -$575.9M | -$237.2M | -$67.2M |
| Working Capital | $98.1M | $117.6M | $67.2M | $44.0M | $280.0M | $427.7M | $460.7M | $522.8M | $499.5M | $408.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$44.5M | -$60.8M | -$74.0M | -$56.0M | -$73.2M | $24.9M | -$149.3M | -$209.4M | -$318.8M | -$285.4M |
| Depreciation & Amortization | $89000 | $76000 | $78000 | $92000 | $89000 | $43000 | $33000 | $12000 | $8000 | $6000 |
| Stock-based Compensation | $4.7M | $5.5M | $6.2M | $6.0M | $9.1M | $13.3M | $16.0M | $31.0M | $43.0M | $47.5M |
| Change in Working Capital | $2.9M | $7.7M | -$302000 | -$241000 | -$7.9M | -$9.6M | $1.7M | $31.9M | $13.3M | -$79.3M |
| Operating Cash Flow | -$35.2M | -$47.4M | -$68.5M | -$50.6M | -$71.3M | $29.1M | -$133.7M | -$160.6M | -$274.9M | -$323.0M |
| Capital Expenditure | -$261000 | -$84000 | -$187000 | 0 | 0 | -$129000 | -$225000 | 0 | 0 | -$187000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | $40744 | $225000 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$2.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$35.4M | -$47.5M | -$68.7M | -$50.6M | -$71.3M | $29.0M | -$133.9M | -$160.6M | -$274.9M | -$323.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +72.8% | -28.0% | +0.0% | +0.0% | +9109.6% | -100.0% | +627.8% | |||
| Net Income Growth (YoY) | -36.7% | -21.6% | +24.3% | -30.6% | +134.1% | -699.1% | -40.2% | -52.3% | +10.5% | |
| EPS Growth (YoY) | +4.6% | -0.7% | +37.0% | +3.8% | +127.1% | -612.5% | -21.1% | -25.2% | +11.8% | |
| Shares Change (YoY) | +43.6% | +20.8% | +20.2% | +35.5% | +26.0% | +16.7% | +15.8% | +21.7% | +1.2% | |
| FCF Growth (YoY) | -34.0% | -44.8% | +26.3% | -40.8% | +140.7% | -561.7% | -19.9% | -71.2% | -17.6% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 96.5% | 96.0% | ||
| Operating Margin | -3587.4% | -2939.0% | -5001.7% | -3792.9% | -4708.2% | 18.8% | -1434.4% | -158.4% | ||
| EBITDA Margin | -3580.1% | -2935.4% | -4870.3% | -3664.9% | -4633.2% | 19.2% | -1325.3% | -146.0% | ||
| Net Margin | -3645.2% | -2884.3% | -4875.5% | -3688.5% | -4816.7% | 17.8% | -1346.1% | -165.6% | ||
| FCF Margin | -2903.1% | -2251.2% | -4529.9% | -3336.3% | -4697.4% | 20.8% | -1160.9% | -187.5% | ||
| Effective Tax Rate | 0.2% | 0.1% | -0.0% | -0.0% | -0.0% | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.42 | $-2.26 | $-2.71 | $-1.66 | $-1.73 | $0.56 | $-2.20 | $-2.28 | $-3.21 | $-3.73 |
| Dividends Per Share | $0.18 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $14.6M | $21.0M | $25.4M | $30.5M | $41.3M | $52.1M | $60.8M | $70.4M | $85.6M | $86.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -372.94% |
| Return on Invested Capital | -32.10% |
| Return on Assets | -31.37% |
| Gross Margin | 97.47% |
| Operating Margin | -77.05% |
| Net Margin | -87.60% |
Financial Health
| Debt / Equity | 39.03 |
| Current Ratio | 6.77 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -2.36 | -3.02 | -1.52 | -4.77 | -12.56 | 45.60 | -10.35 | -7.25 | -3.54 | -6.39 |
| P/B | 1.25 | 1.76 | 2.13 | 8.47 | 3.64 | 2.79 | 3.31 | 2.74 | 3.93 | 28.16 |
| P/S | 85.92 | 87.26 | 74.43 | 176.47 | 605.60 | 8.16 | 0.00 | 0.00 | 47.80 | 10.56 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 0.0% | 0.0% | 96.5% | 96.0% |
| Operating Margin | -3587.4% | -2939.0% | -5001.7% | -3792.9% | -4708.2% | 18.8% | 0.0% | 0.0% | -1434.4% | -158.4% |
| Net Margin | -3645.2% | -2884.3% | -4875.5% | -3688.5% | -4816.7% | 17.8% | 0.0% | 0.0% | -1346.1% | -165.6% |
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