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Syndax Pharmaceuticals
(NASDAQ:SNDX)
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Rating:52Neutral
Price Target:
$25.00
▲(3.18% Upside)
Action:Reiterated
Date:07/09/26
The score is primarily constrained by weak financial performance: despite strong revenue growth and very high gross margins, SNDX remains far from profitability with substantial free-cash-flow burn and a thin equity cushion. Technicals are supportive with a clear uptrend and positive MACD, though overextended RSI/Stoch readings add pullback risk. Corporate actions improve funding runway via convertible financing but bring dilution overhang, while valuation is limited by negative earnings and no dividend support.
Positive Factors
High gross margins & revenue growth
Syndax reports durable top-line expansion (+26% TTM) alongside exceptionally high gross margins (~96%), a structural advantage for an oncology commercial-stage biopharma. High product margins mean incremental revenue can flow to operating leverage as commercialization scales, improving the path to reduced losses and stronger cash conversion over the next several quarters if sales growth is sustained.
Negative Factors
High cash burn
Syndax’s persistent negative operating and free cash flow (~-$278M TTM) is a structural weakness requiring recurring external financing unless spending materially declines or revenue scales rapidly. Sustained cash burn erodes cash reserves and forces dilution or debt issuance, constraining strategic flexibility and increasing dependency on capital markets over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins & revenue growth
Syndax reports durable top-line expansion (+26% TTM) alongside exceptionally high gross margins (~96%), a structural advantage for an oncology commercial-stage biopharma. High product margins mean incremental revenue can flow to operating leverage as commercialization scales, improving the path to reduced losses and stronger cash conversion over the next several quarters if sales growth is sustained.
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
$2.20B
Dividend YieldN/A
Average Volume (3M)2.18M
Price to Earnings (P/E)―
Beta (1Y)1.00
Revenue Growth397.28%
EPS Growth27.68%
CountryUS
Employees270
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.80
Shares Outstanding88,610,020
10 Day Avg. Volume2,487,810
30 Day Avg. Volume2,177,105
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 Cap0.86
Enterprise Value/Revenue8.76
Enterprise Value/Gross Profit8.94
Enterprise Value/Ebitda-11.70
Forecast
1Y Price Target
$36.38Price Target Upside50.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-1.79
Revenue Forecast (FY)$346.20M
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 primarily makes money by selling its approved prescription oncology drug(s) and recording related net product revenue, which is driven by demand, pricing, and reimbursement dynamics in the markets where it commercializes. Revenue is recogni...
Syndax Pharmaceuticals Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum and meaningful scientific progress: two successful launches, accelerating quarter-over-quarter revenue growth (Revuforj +38% QoQ; Niktimvo +22% QoQ), solid real-world evidence, a healthy year-end cash balance ($394M) and multiple near- and mid-term clinical catalysts (frontline pivotal trials and an IPF readout). Offsetting factors include a high 2026 expense run-rate (~$400M), still-short average treatment duration in year one for Revuforj (4–6 months), incomplete post-transplant maintenance uptake (~40%–45%) and the risk that pending clinical readouts or competitive dynamics could temper expectations. On balance, highlights and growth drivers substantially outweigh near-term risks, but upcoming readouts and execution on duration/maintenance adoption and expense control are critical.Positive Updates
Multiple Approvals and Successful Launches
Syndax launched 2 first- and best-in-class medicines in 2025 and achieved its third FDA approval within ~1 year, demonstrating strong commercial and R&D execution.
Negative Updates
High Operating Expense Run-Rate Versus Current Revenue
2026 guidance for R&D + SG&A of ~ $400M (excl. ~$50M noncash comp) contrasts with 2025 total revenue of $172.4M, implying a high near-term cash burn and substantial investment before (or while) profitability is achieved.
Read all updates
Q4-2025 Updates
Positive
Negative
Multiple Approvals and Successful Launches
Syndax launched 2 first- and best-in-class medicines in 2025 and achieved its third FDA approval within ~1 year, demonstrating strong commercial and R&D execution.
Read all positive updates
Company Guidance
Syndax guided to continued top-line momentum and stable spending in 2026, citing key metrics: 2025 revenue was $172.4M (Revuforj $124.8M, partner‑reported Niktimvo $151.6M with $42.4M recorded by Syndax), Q4 Revuforj $44.2M (+38% QoQ) with prescriptions up ~35% and new patient starts up ~20% (≈1,050 patients treated since launch; ~50% penetration of KMT2A incident cases), Q4 Niktimvo $56M (+22% QoQ; ~13,500 infusions to >1,400 patients), Revuforj average treatment duration 4–6 months in 2025 (expected to extend to 6–12 months in year two), KMT2A transplant rate ~1/3 with 40–45% restarting therapy post‑transplant, NPM1 now expands annual addressable population to ~6,500 and has 97% formulary coverage, Niktimvo persistency ~60–70% at month 10 and ~20% share of 3L+ cGVHD so far; financial guidance includes R&D+SG&A of ~ $400M in 2026 (excl. ~$50M non‑cash stock comp), inventory at 2–3 weeks, a near‑term Niktimvo collaboration margin of ~25–30% of net sales that should improve as sales scale, $394M cash at 12/31/25, and an expectation to reach profitability without raising additional capital.Syndax Pharmaceuticals Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
41
Neutral
Cash Flow
23
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 217.17M | 172.35M | 23.68M | 0.00 | 0.00 | 139.71M |
| Gross Profit | 212.73M | 165.38M | 22.85M | 0.00 | 0.00 | 139.71M |
| EBITDA | -162.50M | -251.63M | -313.82M | -209.14M | -146.17M | 26.87M |
| Net Income | -243.25M | -285.42M | -318.76M | -209.36M | -149.34M | 24.93M |
Balance Sheet | ||||||
| Total Assets | 472.67M | 529.71M | 724.82M | 612.88M | 497.24M | 449.66M |
| Cash, Cash Equivalents and Short-Term Investments | 352.06M | 413.69M | 582.91M | 577.58M | 484.40M | 446.83M |
| Total Debt | 345.36M | 346.48M | 345.74M | 1.64M | 1.16M | 20.97M |
| Total Liabilities | 431.05M | 465.08M | 436.69M | 58.68M | 29.79M | 41.29M |
| Stockholders Equity | 41.62M | 64.63M | 288.12M | 554.20M | 467.45M | 408.37M |
Cash Flow | ||||||
| Free Cash Flow | -278.35M | -323.17M | -274.90M | -160.60M | -133.90M | 29.00M |
| Operating Cash Flow | -278.16M | -322.98M | -274.90M | -160.60M | -133.68M | 29.13M |
| Investing Cash Flow | 234.28M | 290.04M | -219.78M | 117.61M | -186.19M | -40.87M |
| Financing Cash Flow | 20.66M | 13.68M | 353.37M | 264.13M | 172.25M | 118.46M |
Syndax Pharmaceuticals Technical Analysis
Positive
24.23
Price Trends
20.08
Positive
21.50
Positive
19.92
Positive
Market Momentum
1.20
Negative
66.01
Neutral
81.36
Negative
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 24.23 is above the 20-day moving average (MA) of 20.80, above the 50-day MA of 20.08, and above the 200-day MA of 19.92, indicating a bullish trend. The MACD of 1.20 indicates Negative momentum. The RSI at 66.01 is Neutral, neither overbought nor oversold. The STOCH value of 81.36 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | $3.03B | -12.10 | -145.81% | ― | -10.44% | 19.99% | |
60 Neutral | $1.97B | -77.71 | 442.91% | ― | 107.73% | 82.33% | |
56 Neutral | $2.13B | -13.89 | -44.10% | ― | 1205.52% | 81.79% | |
52 Neutral | $2.20B | -8.39 | -256.66% | ― | 397.28% | 27.68% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.00B | -14.33 | -28.90% | ― | 68.64% | 50.57% |
* Healthcare Sector Average
SNDX
Syndax Pharmaceuticals
23.61
14.02
146.19%
GERN
Geron
1.50
0.18
13.64%
QURE
uniQure
42.63
28.23
196.04%
ANAB
AnaptysBio
66.39
48.93
280.15%
NUVB
Nuvation Bio
5.81
3.61
164.09%
Syndax Pharmaceuticals Corporate Events
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.