Syndax Pharmaceuticals Inc (SNDX)
NASDAQ:SNDX
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Syndax Pharmaceuticals
(NASDAQ:SNDX)
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Rating:51Neutral
Price Target:
$24.50
▲(1.03% Upside)
Action:ReiteratedDate: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
Revenue growth & high gross margins
Syndax has moved from zero/low revenue to substantive commercial scale in 2025, with very high gross margins (~96%). Durable high unit economics mean incremental sales should flow strongly to gross profit as volumes grow, supporting a lasting path to operating leverage if commercial momentum continues.
Negative Factors
High and rising cash burn
Syndax's operating and free cash flow remain deeply negative and worsened year-over-year, indicating the business is consuming balance sheet capacity to fund commercialization and development. Persistent large cash burn creates structural runway risk and increases sensitivity to slower revenue ramp or clinical setbacks over a multi-quarter horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & high gross margins
Syndax has moved from zero/low revenue to substantive commercial scale in 2025, with very high gross margins (~96%). Durable high unit economics mean incremental sales should flow strongly to gross profit as volumes grow, supporting a lasting path to operating leverage if commercial momentum continues.
Read all positive factors
Syndax Pharmaceuticals (SNDX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.16B
Dividend YieldN/A
Average Volume (3M)1.48M
Price to Earnings (P/E)―
Beta (1Y)1.02
Revenue Growth597.19%
EPS Growth0.45%
CountryUS
Employees270
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.78
Shares Outstanding88,200,600
10 Day Avg. Volume1,487,703
30 Day Avg. Volume1,477,402
Financial Highlights & Ratios
PEG Ratio0.55
Price to Book (P/B)28.16
Price to Sales (P/S)10.56
P/FCF Ratio-5.63
Enterprise Value/Market Cap1.10
Enterprise Value/Revenue13.73
Enterprise Value/Gross Profit14.31
Enterprise Value/Ebitda-10.72
Forecast
1Y Price Target
$39.56Price Target Upside63.13% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-1.84
Revenue Forecast (FY)$360.91M
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 wi...
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 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 Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 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
26
Negative
| 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
Positive
24.25
Price Trends
22.51
Positive
21.36
Positive
17.52
Positive
Market Momentum
0.53
Positive
54.62
Neutral
62.61
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 24.25 is above the 20-day moving average (MA) of 24.10, above the 50-day MA of 22.51, and above the 200-day MA of 17.52, indicating a bullish trend. The MACD of 0.53 indicates Positive momentum. The RSI at 54.62 is Neutral, neither overbought nor oversold. The STOCH value of 62.61 is Neutral, 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 55 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 |
|---|---|---|---|---|---|---|---|
54 Neutral | $1.07B | -10.26 | -34.23% | ― | 522.13% | 62.68% | |
54 Neutral | $993.20M | ― | -444.41% | ― | ― | -13.14% | |
53 Neutral | $2.02B | -101.81 | 1813.84% | ― | 196.42% | 53.92% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $2.16B | ― | -206.62% | ― | 597.19% | 0.45% | |
50 Neutral | $1.60B | ― | -57.48% | ― | 1137.19% | 70.51% | |
45 Neutral | $947.47M | ― | -174.03% | ― | -44.90% | 11.49% |
* Healthcare Sector Average
SNDX
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12.92
114.03%
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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.