Syndax Pharmaceuticals Inc
SNDXHealthcare|Biotechnology|USA
$23.62
-1.23 (-4.95%)
Tangible Book
$0.47
Financials
Financial Snapshot
Market Cap
$2.09B
Enterprise Value
$15.9M
Revenue (TTM)
$217.4M
Net Income (TTM)
$-243.2M
Cash & Equivalents
—
Net Cash/Share
$-0.79
Free Cash Flow (TTM)
$-278.2M
Operating CF (TTM)
$-278.2M
Debt/Equity
8.3
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$69.5M
Monthly Burn
$23.2M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $105.3M | $130.0M | $80.9M | $59.8M | $293.1M | $446.8M | $484.4M | $577.6M | $582.9M | $413.7M | $361.2M | |
| Operating Cash Flow | $-35.2M | $-47.4M | $-68.5M | $-50.6M | $-71.3M | $29.1M | $-133.7M | $-160.6M | $-274.9M | $-323.0M | $-278.2M | |
| Free Cash Flow | $-35.4M | $-47.5M | $-68.7M | $-50.6M | $-71.3M | $29.0M | $-133.7M | $-160.6M | $-274.9M | $-323.2M | $-278.2M | |
| Capital Expenditure | $-261.0K | $-84.0K | $-187.0K | $0.00 | $0.00 | $-129.0K | $0.00 | $0.00 | $0.00 | $-187.0K | $-56.0K | |
| Financing Cash Flow | $54.2M | $75.7M | $15.7M | $28.6M | $304.4M | $118.5M | $172.3M | $264.1M | $353.4M | $13.7M | $20.7M |
R&D Spending
R&D (TTM)
$256.0M
R&D Intensity
117.7%
R&D Growth YoY
-1.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2M | $2.1M | $1.5M | $1.5M | $1.5M | $139.7M | $0.00 | $0.00 | $23.7M | $172.4M | $217.4M | |
| R&D Expense | $31.7M | $48.2M | $60.1M | $43.0M | $50.4M | $88.2M | $118.5M | $163.0M | $241.6M | $258.8M | $256.0M | |
| R&D % of Revenue | 2595.5% | 2286.6% | 3962.2% | 2834.1% | 3324.7% | 63.2% | — | — | 1020.5% | 150.1% | 117.7% | |
| SG&A | $13.3M | $15.9M | $17.3M | $16.1M | $22.5M | $25.2M | $33.3M | $66.9M | $120.9M | $179.7M | $176.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2M | $2.1M | $1.5M | $1.5M | $1.5M | $139.7M | $0.00 | $0.00 | $23.7M | $172.4M | $217.4M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $826.0K | $7.0M | $8.7M | |
| Gross Profit | $1.2M | $2.1M | $1.5M | $1.5M | $1.5M | $139.7M | $0.00 | $0.00 | $22.9M | $165.4M | $208.7M | |
| R&D | $31.7M | $48.2M | $60.1M | $43.0M | $50.4M | $88.2M | $118.5M | $163.0M | $241.6M | $258.8M | $256.0M | |
| SG&A | $13.3M | $15.9M | $17.3M | $16.1M | $22.5M | $25.2M | $33.3M | $66.9M | $120.9M | $179.7M | $176.2M | |
| Operating Income | $-43.8M | $-62.0M | $-75.9M | $-57.5M | $-71.4M | $26.2M | $-151.8M | $-230.0M | $-339.7M | $-273.1M | $-223.5M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $-2.4M | $-1.9M | $-3.1M | $-208.0K | $-4.9M | $-33.8M | $-37.6M | |
| Pretax Income | $-44.5M | $-60.8M | $-74.0M | $-56.0M | $-73.2M | $24.9M | $-149.3M | $-209.4M | $-318.8M | $-285.4M | $-243.2M | |
| Net Income | $-44.5M | $-60.8M | $-74.0M | $-56.0M | $-73.2M | $24.9M | $-149.3M | $-209.4M | $-318.8M | $-285.4M | $-243.2M | |
| EPS (Diluted) | -3.22 | -2.90 | -2.92 | -1.84 | -1.87 | 0.46 | -2.46 | -2.98 | -3.72 | -3.29 | -2.79 | |
| EBITDA | $-43.7M | $-61.9M | $-73.9M | $-56.0M | $-70.7M | $26.9M | $-146.2M | $-209.1M | $-313.8M | $-251.6M | $-205.7M | |
| Shares Out. (M) | 14.62 | 21.00 | 25.37 | 30.49 | 41.31 | 53.62 | 60.76 | 70.37 | 85.62 | 86.63 | 88.26 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23.8M | $35.2M | $33.8M | $24.6M | $115.2M | $222.0M | $74.4M | $295.4M | $154.1M | $134.9M | $130.9M | |
| Marketable Securities | $81.5M | $94.8M | $47.1M | $35.2M | $177.8M | $224.9M | $410.0M | $282.2M | $428.8M | $278.8M | $230.3M | |
| Total Current Assets | $108.5M | $133.4M | $83.3M | $62.3M | $298.9M | $448.4M | $489.8M | $580.9M | $603.1M | $528.1M | $471.2M | |
| Total Assets | $109.0M | $137.2M | $83.9M | $63.5M | $300.6M | $449.7M | $497.2M | $612.9M | $724.8M | $529.7M | $472.7M | |
| Total Current Liabilities | $10.4M | $15.8M | $16.1M | $18.4M | $18.9M | $20.7M | $29.1M | $58.1M | $103.5M | $120.1M | $86.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $17.8M | $19.9M | $0.00 | $0.00 | $331.6M | $343.9M | $344.0M | |
| Total Liabilities | $24.9M | $32.9M | $30.9M | $31.9M | $48.4M | $41.3M | $29.8M | $58.7M | $436.7M | $465.1M | $431.0M | |
| Stockholders' Equity | $84.1M | $104.3M | $53.0M | $31.6M | $252.2M | $408.4M | $467.4M | $554.2M | $288.1M | $64.6M | $41.6M | |
| Retained Earnings | $-305.3M | $-366.1M | $-439.4M | $-495.5M | $-568.6M | $-543.7M | $-693.0M | $-902.4M | $-1.22B | $-1.51B | $-1.55B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-35.2M | $-47.4M | $-68.5M | $-50.6M | $-71.3M | $29.1M | $-133.7M | $-160.6M | $-274.9M | $-323.0M | $-278.2M | |
| Capital Expenditure | $-261.0K | $-84.0K | $-187.0K | $0.00 | $0.00 | $-129.0K | $0.00 | $0.00 | $0.00 | $-187.0K | $-56.0K | |
| Free Cash Flow | $-35.4M | $-47.5M | $-68.7M | $-50.6M | $-71.3M | $29.0M | $-133.7M | $-160.6M | $-274.9M | $-323.2M | $-278.2M | |
| Investing Cash Flow | $-18.3M | $-17.1M | $51.4M | $12.8M | $-142.5M | $-40.9M | $-186.2M | $117.6M | $-219.8M | $290.0M | $234.3M | |
| Financing Cash Flow | $54.2M | $75.7M | $15.7M | $28.6M | $304.4M | $118.5M | $172.3M | $264.1M | $353.4M | $13.7M | $20.7M | |
| Issuance of Stock | $52.1M | $75.3M | $15.5M | $28.2M | $278.1M | $86.3M | $181.4M | $258.1M | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $19.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-21.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $4.7M | $5.5M | $6.2M | $6.0M | $9.1M | $13.3M | $16.0M | $31.0M | $43.0M | $47.5M | $49.2M | |
| Net Change in Cash | $762.0K | $11.3M | $-1.4M | $-9.3M | $90.6M | $106.7M | $-147.6M | $221.1M | $-141.3M | $-19.3M | $-23.2M |
Dilution Tracker
Shares outstanding grew 64.6% over 5 years — significant dilution
Shares Outstanding
88M
5-Year Share Growth
+64.6%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 14.62 | 21.00 | 25.37 | 30.49 | 41.31 | 53.62 | 60.76 | 70.37 | 85.62 | 86.63 | 88.26 | |
| YoY Change % | — | 43.6% | 20.8% | 20.2% | 35.5% | 29.8% | 13.3% | 15.8% | 21.7% | 1.2% | 1.9% | |
| Stock Issuance | $52.1M | $75.3M | $15.5M | $28.2M | $278.1M | $86.3M | $181.4M | $258.1M | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $4.7M | $5.5M | $6.2M | $6.0M | $9.1M | $13.3M | $16.0M | $31.0M | $43.0M | $47.5M | $49.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 96.5% | 96.0% | 96.0% | |
| Operating Margin % | -3587.4% | -2939.0% | -5001.7% | -3792.9% | -4708.2% | 18.8% | 0.0% | 0.0% | -1434.4% | -158.4% | -102.8% | |
| Net Margin % | -3645.2% | -2884.3% | -4875.5% | -3694.6% | -4822.5% | 17.8% | 0.0% | 0.0% | -1346.1% | -165.6% | -111.9% | |
| EBITDA Margin % | -3580.1% | -2935.4% | -4870.3% | -3688.5% | -4661.3% | 19.2% | 0.0% | 0.0% | -1325.3% | -146.0% | -94.6% | |
| FCF Margin % | -2903.1% | -2251.2% | -4529.9% | -3336.3% | -4697.4% | 20.8% | 0.0% | 0.0% | -1160.9% | -187.5% | -127.9% | |
| ROE % | -59.0% | -64.5% | -94.0% | -132.4% | -51.6% | 7.5% | -34.1% | -41.0% | -75.7% | -161.8% | -204.7% | |
| ROA % | -44.7% | -49.4% | -66.9% | -76.0% | -40.2% | 6.6% | -31.5% | -37.7% | -47.7% | -45.5% | -43.6% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 49.32 / 153.88
Industry Med.27.41
P/S9.46
Historical5.40 / 80.01 / 720.30
Industry Med.9.51
P/B50.26
Historical1.36 / 3.76 / 53.51
Industry Med.2.93
EV/EBITDA-10.10
Historical-125.50 / -3.74 / 395.46
Industry Med.13.14
EV/Revenue9.55
Historical1.23 / 46.35 / 642.21
Industry Med.8.71
P/FCF—
Historical48.32 / 220.97 / 503.42
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$0.47
Net Current Assets
$0.450
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | 47.59 | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 86.39 | 87.60 | 74.17 | 175.60 | 601.08 | 8.40 | - | - | 47.73 | 10.56 | 9.46 | |
| PB Ratio | 1.55 | 2.05 | 2.08 | 7.54 | 4.22 | 2.95 | 3.71 | 3.31 | 3.93 | 28.43 | 50.26 | |
| EV/EBITDA | -0.58 | -1.35 | -0.40 | -3.21 | -11.21 | 28.95 | -8.55 | -6.01 | -2.85 | -7.03 | -10.10 | |
| EV/Revenue | 20.71 | 39.70 | 19.52 | 118.27 | 522.31 | 5.57 | 0.00 | 0.00 | 37.83 | 10.26 | 9.55 |
Analyst Estimates & Quality
Altman Z-Score
-1.67
Distress
Piotroski F-Score
2
Weak
Beneish M-Score
-0.92
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $343.5M | $486.2M | $672.8M |
| Net Income | $-152.9M | $-66.3M | $71.7M |
| EPS | -1.67 | -0.59 | 0.68 |
| Book Value per Share | -0.31 | 0.04 | 0.72 |
| Operating Cash Flow per Share | -1.30 | 0.00 | 0.63 |
| Operating CF | $-114.73M | $0.00M | $55.60M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Syndax Pharmaceuticals | $172.4M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $172.4M |