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Syndax Pharmaceuticals
(NASDAQ:SNDX)
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Rating:50Neutral
Price Target:
$19.00
▼(-8.70% Downside)
Action:Reiterated
Date:08/05/26
Overall score reflects a high-risk profile: financial durability is the main drag due to heavy losses/cash burn and a weakened equity cushion alongside higher debt. Technical indicators also signal weak near-term price momentum. Offsetting these, the latest earnings call was constructive on commercial traction and liquidity/runway, providing partial support despite continued high spending needs.
Positive Factors
High gross margin and revenue growth
Syndax’s commercialization is producing structurally high gross margins (~97.5%) and clear top-line growth (TTM revenue ~ $252M, +16%). High product-level margins mean incremental sales can flow to operating leverage as fixed costs are absorbed, supporting durable improvement in cash generation if growth continues.
Negative Factors
Severe cash burn and negative operating cash flow
Syndax is consuming cash at a very high rate (TTM operating and free cash flow ~ -$220M). Persistent large negative cash flow erodes runway absent sustained revenue growth or further financing, constraining flexibility on R&D, commercialization pace and forcing reliance on external capital over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margin and revenue growth
Syndax’s commercialization is producing structurally high gross margins (~97.5%) and clear top-line growth (TTM revenue ~ $252M, +16%). High product-level margins mean incremental sales can flow to operating leverage as fixed costs are absorbed, supporting durable improvement in cash generation if growth continues.
Read all positive factors
Syndax Pharmaceuticals Key Performance Indicators (KPIs)
Any
Revenue by Type
Reveals how different revenue streams contribute to the overall income, highlighting the company’s diversification and potential reliance on specific products or services.
Reveals how different revenue streams contribute to the overall income, highlighting the company’s diversification and potential reliance on specific products or services.
Data provided by:
The Fly
The FlySyndax Pharmaceuticals (SNDX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.76B
Dividend YieldN/A
Average Volume (3M)1.97M
Price to Earnings (P/E)―
Beta (1Y)1.01
Revenue Growth222.65%
EPS Growth35.43%
CountryUS
Employees298
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.52
Shares Outstanding89,297,090
10 Day Avg. Volume1,453,657
30 Day Avg. Volume1,971,124
Financial Highlights & Ratios
PEG Ratio0.54
Price to Book (P/B)28.16
Price to Sales (P/S)10.56
P/FCF Ratio-5.63
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$37.33Price Target Upside79.40% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-1.95
Revenue Forecast (FY)$319.97M
Syndax Pharmaceuticals Business Overview & Revenue Model
Company Description
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, w...
How the Company Makes Money
Syndax makes money primarily by commercializing its approved medicines and recognizing product sales revenue from distributors and specialty pharmacies (net of rebates, discounts, chargebacks, returns, and other allowances customary in U.S. pharma...
Syndax Pharmaceuticals Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call highlights robust commercial momentum (double-digit Revuforj growth, strong Niktimvo adoption, expanding prescriber and payer coverage), meaningful R&D progress with multiple near-term data catalysts, and a strong balance sheet that funds execution toward profitability. Offsetting risks include a quarter-of-quarter dip in new patient starts, limited current penetration in the larger NPM1 population, substantial ongoing expense guidance, and dependence on upcoming data readouts to unlock larger indications. Overall the positives (revenue acceleration, elongating treatment duration, pipeline depth, and cash runway) outweigh the near-term operational and clinical-readout risks.Positive Updates
Strong Commercial Revenue and YoY Growth
Combined commercial sales reported by management totaled ~$115M in Q2 2026 (Revuforj ~$55M; Niktimvo partner-reported ~$60M). Syndax-reported total revenue was $72.8M, up 92% year-over-year.
Negative Updates
Sequential Weakness in New Patient Starts
Management acknowledged a step-down in new commercial patient starts in Q2 (described as an anomaly), with variability attributed to limited rare-disease patient availability, competition, and clinical trial enrollment; fewer new starts can pressure near-term top-line momentum.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Commercial Revenue and YoY Growth
Combined commercial sales reported by management totaled ~$115M in Q2 2026 (Revuforj ~$55M; Niktimvo partner-reported ~$60M). Syndax-reported total revenue was $72.8M, up 92% year-over-year.
Read all positive updates
Company Guidance
The company reiterated financial and operational guidance anchored by continued commercial momentum and a capital runway to profitability: combined Revuforj/Niktimvo sales were $115 million in Q2 (Revuforj ~$55M, +91% YoY and +12% QoQ; Niktimvo ~$60M, +67% YoY and +9% QoQ) while Syndax reported total revenue of $72.8M (Revuforj $54.7M; $18.1M Niktimvo collaboration revenue, ~30% of Incyte’s Niktimvo sales), and Niktimvo margin contribution is expected to be ~25–30% near term. Management guided R&D plus SG&A of approximately $400M for 2026 (excluding an estimated $50M of non‑cash stock‑comp), reported $575M in cash, equivalents and investments (including $244M net from $250M of 2.25% convertibles), and said they are fully funded to execute late‑stage trials and reach profitability. Commercial KPIs cited included ~1,500 Revuforj prescriptions (+15% QoQ), >1,600 patients treated commercially (250 new in Q2), >580 prescribing accounts (+11% QoQ), ~98% formulary coverage (17% preferential lives vs <2% for the other menin inhibitor), Revuforj and Niktimvo each annualizing at >$200M (Niktimvo ~ $240M), and addressable populations of ~2,000 relapsed/refractory KMT2A and ~4,500 relapsed/refractory NPM1 patients (with <15% of NPM1 having received a menin inhibitor to date).Syndax Pharmaceuticals Financial Statement Overview
Summary
Income Statement
33
Negative
Balance Sheet
18
Very Negative
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 252.00M | 172.35M | 23.68M | 0.00 | 0.00 | 139.71M |
| Gross Profit | 245.63M | 165.38M | 22.85M | 0.00 | 0.00 | 139.71M |
| EBITDA | -135.25M | -251.63M | -313.82M | -209.14M | -146.17M | 26.87M |
| Net Income | -220.76M | -285.42M | -318.76M | -209.36M | -149.34M | 24.93M |
Balance Sheet | ||||||
| Total Assets | 703.65M | 529.71M | 724.82M | 612.88M | 497.24M | 449.66M |
| Cash, Cash Equivalents and Short-Term Investments | 547.86M | 413.69M | 582.91M | 577.58M | 484.40M | 446.83M |
| Total Debt | 589.38M | 346.48M | 345.74M | 1.64M | 1.16M | 20.97M |
| Total Liabilities | 688.55M | 465.08M | 436.69M | 58.68M | 29.79M | 41.29M |
| Stockholders Equity | 15.10M | 64.63M | 288.12M | 554.20M | 467.45M | 408.37M |
Cash Flow | ||||||
| Free Cash Flow | -220.87M | -323.17M | -274.90M | -160.60M | -133.90M | 29.00M |
| Operating Cash Flow | -220.64M | -322.98M | -274.90M | -160.60M | -133.68M | 29.13M |
| Investing Cash Flow | 175.48M | 290.04M | -219.78M | 117.61M | -186.19M | -40.87M |
| Financing Cash Flow | 272.88M | 13.68M | 353.37M | 264.13M | 172.25M | 118.46M |
Syndax Pharmaceuticals Technical Analysis
Negative
20.81
Price Trends
20.73
Negative
20.94
Negative
20.77
Negative
Market Momentum
-0.30
Negative
45.05
Neutral
60.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNDX, the sentiment is Negative. The current price of 20.81 is above the 20-day moving average (MA) of 19.78, above the 50-day MA of 20.73, and above the 200-day MA of 20.77, indicating a bearish trend. The MACD of -0.30 indicates Negative momentum. The RSI at 45.05 is Neutral, neither overbought nor oversold. The STOCH value of 60.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SNDX.
Syndax Pharmaceuticals Risk Analysis
Syndax Pharmaceuticals disclosed 56 risk factors in its most recent earnings report. Syndax Pharmaceuticals reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Syndax Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | $2.54B | -11.05 | -37.99% | ― | -27.15% | 23.10% | |
54 Neutral | $1.04B | -3.53 | -207.18% | ― | -7.27% | -48.89% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $2.01B | -12.81 | -28.66% | ― | -28.56% | 10.25% | |
51 Neutral | $1.44B | -10.52 | -35.35% | ― | ― | 28.64% | |
50 Neutral | $1.76B | -7.80 | -372.94% | ― | 222.65% | 35.43% | |
48 Neutral | $1.87B | -204.55 | -2.35% | ― | 20.19% | ― |
* Healthcare Sector Average
SNDX
Syndax Pharmaceuticals
19.65
3.41
21.00%
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12.00%
Syndax Pharmaceuticals Corporate Events
Business Operations and StrategyProduct-Related Announcements
Syndax Showcases Late-Stage Pipeline, Expands R&D Strategy
Positive
Jul 15, 2026
On July 14, 2026, Syndax Pharmaceuticals held an RD event in New York to showcase late-stage programs and outline the next phase of its research strategy, centered on expanding leadership in menin and CSF-1R inhibition. Management emphasized that ...
Financial DisclosuresRegulatory Filings and Compliance
Syndax Pharmaceuticals Reports New Significant Financial Obligation Agreement
Neutral
Jun 10, 2026
Syndax Pharmaceuticals filed a Current Report on Form 8-K that references information previously disclosed under Item 1.01, indicating that the company has executed or amended a material agreement. The filing signals that the referenced contractua...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Syndax Shareholders Approve 2026 Equity and ESPP Plans
Positive
Jun 10, 2026
At its Annual Meeting held on June 10, 2026, Syndax Pharmaceuticals’ stockholders approved a new 2026 Equity Incentive Plan and 2026 Employee Stock Purchase Plan, both effective that day, replacing the company’s 2015 plans. The 2026 Eq...
Business Operations and StrategyPrivate Placements and Financing
Syndax Pharmaceuticals Prices $250 Million Convertible Senior Notes
Positive
Jun 4, 2026
On June 4, 2026, Syndax Pharmaceuticals announced that it had entered into privately negotiated subscription agreements to issue $250 million of 2.25% Convertible Senior Notes due 2031 in a private placement. The sale, expected to close on June 10...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.