Syndax Pharmaceuticals (SNDX) AI Stock Analysis

• Market Cap: $2.10B
• Dividend Yield: N/A
• Average Volume (3M): 1.28M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.05
• Revenue Growth: 597.19%
• EPS Growth: 0.45%
• Country: US
• Employees: 270
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.78
• Shares Outstanding: 88,200,600
• 10 Day Avg. Volume: 1,490,279
• 30 Day Avg. Volume: 1,275,484
• PEG Ratio: 0.55
• Price to Book (P/B): 28.16
• Price to Sales (P/S): 10.56
• P/FCF Ratio: -5.63
• Enterprise Value/Market Cap: 1.10
• Enterprise Value/Revenue: 13.32
• Enterprise Value/Gross Profit: 13.88
• Enterprise Value/Ebitda: -10.40
• 1Y Price Target: $42.14
• Price Target Upside: 77.28% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): -1.63
• Revenue Forecast (FY): $368.76M

• Rating: 51 Neutral
• Price Target: $24.50 ▲(3.07% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is held back primarily by weak financial performance (large net losses and high, rising cash burn despite strong revenue growth and high gross margins). Technicals are neutral-to-slightly constructive based on longer-term moving averages but show limited near-term momentum. Earnings call commentary is a positive offset due to accelerating launches, strong cash balance, and guidance implying a path to profitability, while valuation remains constrained by negative earnings.

Positive Factors

High revenue growth & gross margins

Syndax's rapid revenue ramp to $172M in 2025 with ~96% gross margins indicates durable product pricing power and favorable unit economics typical of specialty oncology. High gross margins support long-term cash conversion as volume scales, improving operating leverage once fixed costs are absorbed.

Successful commercial launches & approvals

Delivering two successful launches and multiple approvals demonstrates repeatable R&D and commercial execution, establishing distribution, payer access and physician adoption. This builds structural advantages in sales infrastructure and formulary coverage that should sustain market penetration over multiple years.

Debt eliminated, lower financial risk

Eliminating debt reduces interest obligations and refinancing risk, improving financial flexibility to fund commercialization and trials from cash and revenue. A debt-free capital structure enhances resilience to setbacks and gives management more runway to execute strategy without near-term mandatory debt repayments.

Negative Factors

High and rising cash burn

OCF of -$323M signals substantial negative cash generation that has materially drawn down equity and liquidity. Persistent, rising cash burn forces reliance on existing cash or external funding and creates structural runway risk if revenue growth or margin expansion stalls over the next several quarters.

Expense run-rate well above current revenue

A ~$400M operating expense run-rate compared with $172M in revenue requires sustained, material revenue growth to achieve profitability. This structural spending/revenue gap increases dilution or liquidity risk if commercial scale or clinical timelines slip versus management assumptions.

Dependence on clinical readouts and duration gains

Long-term revenue hinges on extending Revuforj treatment duration and higher post‑transplant maintenance uptake, plus positive pivotal trial outcomes. This creates binary clinical and adoption risk: unfavorable readouts or slower duration gains would materially reduce projected lifetime revenue per patient and growth sustainability.

Syndax Pharmaceuticals Business Overview & Revenue Model

Company Description

Syndax Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. Its lead product candidates are SNDX-5613, which is in phase 1/2 clinical trial targeting the binding interaction of Menin with the mixed lineage leukemia 1 protein for the treatment of MLL-rearranged (MLLr) and nucleophosmin 1 mutant acute myeloid leukemia (NPM1c AML); and SNDX-6352 or axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1, or CSF-1 receptor for the treatment of patients with chronic graft versus host disease (cGVHD). The company is also developing Entinostat. It also has collaborative research and development agreement with National Cancer Institute; a clinical trial agreement with Eastern Cooperative Oncology Group; and a license agreement with Kyowa Hakko Kirin Co., Ltd. Syndax Pharmaceuticals, Inc. was incorporated in 2005 and is headquartered in Waltham, Massachusetts.Massachusetts.

How the Company Makes Money

Syndax makes money primarily through product revenue from the sale of its FDA-approved therapies. Key revenue streams include (1) net product sales of REVUFORJ (revumenib) in markets where it is commercially launched, generated through sales to specialty distributors and other customers with revenue recognized net of expected rebates, discounts, chargebacks, returns, and other allowances typical for U.S. pharmaceuticals; and (2) net product sales of INREBIC (fedratinib) for myelofibrosis, similarly derived from commercial distribution channels and subject to standard gross-to-net adjustments. In addition to product sales, the company may generate revenue from collaboration and/or licensing arrangements such as upfront payments, milestones, and cost reimbursements or profit-sharing, when applicable; null for specific current partnership terms and amounts because they are not provided here. Earnings are influenced by factors common to commercial biopharma, including launch uptake, reimbursement coverage and payer mix (e.g., commercial vs. government), patient access programs, competition in hematology/oncology markets, and the company’s ability to expand labels or geographies and advance its pipeline into additional indications.

Syndax Pharmaceuticals Financial Statement Overview

Summary

Revenue is scaling rapidly in 2025 ($172.4M, +54.5% YoY) with exceptionally high gross margin (~96%) and debt reduced to $0, but the business remains heavily loss-making (2025 net income -$285.4M) with rising operating/free cash flow burn (OCF and FCF about -$323M). The sharp decline in equity ($64.6M) also indicates balance sheet capacity is being consumed by ongoing losses.

Income Statement

Revenue accelerated sharply in 2025 ($172.4M, +54.5% YoY) after ramping from a low base in 2024 ($23.7M) and zero revenue in 2022–2023, and gross margins are exceptionally high (~96%), consistent with a high-value biotech product mix. However, profitability is deeply negative: 2025 net income was -$285.4M with a net margin of about -166%, reflecting a cost structure that is still far ahead of current scale. Losses remain large and persistent post-2021, highlighting execution risk and a continued need for operating leverage to emerge.

Balance Sheet

Leverage improved materially in 2025 with total debt at $0 versus $345.7M in 2024, which reduces financial risk. The trade-off is a much thinner equity base: stockholders’ equity fell to $64.6M in 2025 (from $288.1M in 2024 and $554.2M in 2023), and return on equity is sharply negative due to ongoing losses. Overall assets also declined to $529.7M in 2025 from $724.8M in 2024, suggesting balance sheet capacity is being consumed by operating burn.

Cash Flow

Cash generation remains the key weakness: operating cash flow was -$323.0M in 2025 (worse than -$274.9M in 2024), and free cash flow was similarly negative at -$323.2M. While free cash flow tracked net income closely (free cash flow to net income ~1.0), indicating limited earnings-quality distortion, the absolute magnitude of cash burn is high and rising, implying continued reliance on external funding or balance sheet liquidity.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	172.35M	23.68M	0.00	0.00	139.71M
Gross Profit	165.38M	22.85M	0.00	0.00	139.71M
EBITDA	-251.64M	-313.82M	-209.14M	-146.17M	26.87M
Net Income	-285.42M	-318.76M	-209.36M	-149.34M	24.93M
Balance Sheet
Total Assets	529.71M	724.82M	612.88M	497.24M	449.66M
Cash, Cash Equivalents and Short-Term Investments	394.07M	582.91M	577.58M	484.40M	446.83M
Total Debt	346.48M	345.74M	1.64M	1.16M	20.97M
Total Liabilities	465.08M	436.69M	58.68M	29.79M	41.29M
Stockholders Equity	64.63M	288.12M	554.20M	467.45M	408.37M
Cash Flow
Free Cash Flow	-323.17M	-274.90M	-160.60M	-133.90M	29.00M
Operating Cash Flow	-322.98M	-274.90M	-160.60M	-133.68M	29.13M
Investing Cash Flow	290.04M	-219.78M	117.61M	-186.19M	-40.87M
Financing Cash Flow	13.68M	353.37M	264.13M	172.25M	118.46M

Syndax Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 23.77
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNDX, the sentiment is Positive. The current price of 23.77 is above the 20-day moving average (MA) of 22.04, above the 50-day MA of 21.32, and above the 200-day MA of 16.28, indicating a bullish trend. The MACD of 0.87 indicates Negative momentum. The RSI at 62.52 is Neutral, neither overbought nor oversold. The STOCH value of 66.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SNDX.

Syndax Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GERN	57 Neutral	$1.04B	-10.26	-34.23%	―	522.13%	62.68%
KALV	57 Neutral	$837.05M	-3.32	-282.01%	―	―	-13.14%
ANAB	57 Neutral	$1.93B	-101.81	1813.84%	―	196.42%	53.92%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SNDX	51 Neutral	$2.10B	-6.38	-206.62%	―	597.19%	0.45%
NUVB	50 Neutral	$1.53B	-14.96	-57.48%	―	1137.19%	70.51%
QURE	45 Neutral	$962.25M	-6.92	-174.03%	―	-44.90%	11.49%

Syndax Pharmaceuticals Corporate Events

Syndax Highlights Strong 2025 Results and Path to Profitability

On January 12, 2026, Syndax Pharmaceuticals reported preliminary, unaudited financial results for the fourth quarter and full year 2025, highlighting strong commercial uptake of its two recently launched products and progress toward profitability. Revuforj generated approximately $44 million in net revenue in the fourth quarter and $125 million for 2025, with a 38% sequential quarterly revenue increase following its October 24, 2025 FDA approval in relapsed or refractory NPM1-mutant AML and a roughly 35% rise in prescriptions, while also earning the 2025 Scrip Awards “Best New Drug” accolade and advancing into multiple Phase 3 and access-expansion programs. Niktimvo delivered about $56 million in fourth-quarter and $152 million in full-year 2025 net revenue, from which Syndax expects to recognize 25–30% as its share of net revenue when full-year results are reported, underpinning a growing royalty and profit-share stream from its collaboration with Incyte. The company ended 2025 with roughly $394 million in cash, cash equivalents and marketable securities and guided to about $400 million in 2026 operating expenses (excluding non-cash stock compensation), stating that its current cash plus anticipated product revenue and interest income are expected to fund operations through the transition to profitability, while it prioritizes revenue growth from Revuforj and Niktimvo and executes on a broad set of 2026 clinical milestones, including Phase 2 and Phase 3 trials in idiopathic pulmonary fibrosis and frontline acute leukemia.

The most recent analyst rating on (SNDX) stock is a Buy with a $56.00 price target. To see the full list of analyst forecasts on Syndax Pharmaceuticals stock, see the SNDX Stock Forecast page.

Syndax Pharmaceuticals Modernizes Bylaws for Electronic Share Issuance

On December 18, 2025, the Board of Directors of Syndax Pharmaceuticals approved amendments to the company’s Amended and Restated Bylaws that change how its capital stock is issued and documented. Effective that date, all newly issued shares will be in uncertificated form, while any shares already represented by physical certificates before December 18, 2025, will remain certificated until those certificates are surrendered to the company, signaling a shift toward a fully electronic share record-keeping system that may streamline corporate administration and modernize shareholder documentation practices.

The most recent analyst rating on (SNDX) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Syndax Pharmaceuticals stock, see the SNDX Stock Forecast page.