Syndax Pharmaceuticals Inc (SNDX)

Price$19.84Cached quoteAs of 2026-09-10 00:20 UTC

AI: Undervalued

Price checkMarket value looks modest beside fast-growing sales, though losses and financing claims justify a discount.

At the observed quote, equity value is about $1.8 billion and enterprise value is also roughly $1.8 billion after netting $575.1 million of cash and investments against the convertible and royalty-financing liabilities. That is about seven times trailing twelve-month revenue and a little over six times second-quarter revenue annualized. Analysts tracked by S&P Global are broadly bullish, with consensus upside near 90%, but analyst targets are not intrinsic value. The multiple looks attractive if launch growth persists and demanding if sales stall.

Big pictureSyndax is transitioning from launch-stage biotech to a two-product commercial company, but profitability remains ahead.

Syndax Pharmaceuticals, Inc., listed on Nasdaq as SNDX, reported second-quarter revenue up 92% year over year to $72.8 million, while the quarterly net loss narrowed to $49.4 million. First-half operating cash use was $80.6 million, versus $183.0 million a year earlier. Cash and investments of $575.1 million equal roughly 3.5 years of that first-half annualized burn before adjusting for future sales growth or higher trial spending. Cancer-drug demand is not very economic-cycle sensitive, but biotech valuations can swing sharply with clinical readouts, interest rates, and financing conditions.

Business strengthRevuforj and Niktimvo are scaling quickly, supported by differentiated biology and multiple expansion paths.

Revuforj produced $54.7 million of second-quarter net revenue, up 91% year over year, and prescriptions rose 121%. Niktimvo generated $60.3 million of product sales, up 67%, but Syndax records only its share of collaboration profit; collaboration revenue was $18.1 million. Revumenib combination and post-transplant data strengthen the clinical case, while pivotal frontline AML studies could enlarge the market. The main weakness is concentration: current economics depend heavily on two medicines, with Niktimvo profits also shared with Incyte and burdened by a royalty financing.

What could change the storyPositive late-2026 trial readouts could re-rate the shares; weak uptake or failures could reverse that quickly.

Bull case: Revuforj keeps double-digit sequential growth, Niktimvo adoption expands, and fourth-quarter axatilimab data in IPF and frontline cGVHD are strong enough to support larger indications; frontline revumenib programs then add another growth leg. Bear case: launch growth slows before fixed R&D and commercial spending falls, pivotal trials disappoint, or safety and competition limit duration and market share. The $250 million convertible note adds future dilution risk if the stock rises materially, while the Royalty Pharma financing diverts 13.8% of U.S. Niktimvo sales until its contractual cap. An unused $157.9 million ATM facility could also dilute holders if tapped.

AI: News

Second-Quarter Sales JumpAugust results showed rapid revenue growth, narrower losses, and continued prescription expansion across both launched medicines.

On August 4, Syndax reported $72.8 million of second-quarter revenue, up 92% year over year. Revuforj net revenue increased 91% to $54.7 million, while Niktimvo product sales rose 67% to $60.3 million and contributed $18.1 million of collaboration revenue to Syndax. The quarterly net loss narrowed to $49.4 million from $71.8 million a year earlier. Management also reiterated fourth-quarter 2026 axatilimab readouts in IPF and frontline cGVHD.

Pipeline Expands at R&D DayJuly’s R&D event added two earlier-stage assets while preserving near-term focus on core late-stage programs.

On July 14, the company unveiled SNDX-4321, an allosteric EGFR inhibitor for genetically defined non-small cell lung cancer, and SNDX-62122, a next-generation menin inhibitor for myelofibrosis. Syndax expects an IND for SNDX-4321 by year-end 2026 and first-in-human work in 2027; SNDX-62122 is also targeted for clinical entry in 2027. The additions increase long-run optionality but also raise future R&D demands before either asset can contribute revenue.

Revumenib Data DeepenJune leukemia data showed high response rates in combinations and encouraging outcomes after stem-cell transplant.

On June 11, Syndax highlighted EHA 2026 data across multiple leukemia settings. A Phase 1 frontline intensive-chemotherapy combination showed a 97% composite complete-remission rate in 35 evaluable patients, while the SAVE study reported an 88% overall response rate in relapsed or refractory disease. These are small, non-randomized datasets, so they do not guarantee pivotal success, but they support broader use of revumenib and strengthen the case for the ongoing frontline development program.

Convertible Debt Adds RunwayJune financing strengthened liquidity for trials and commercialization, while introducing interest expense and potential future share dilution.

On June 4, Syndax announced a $250 million private placement of 2.25% convertible senior notes due 2031, with about $243 million of expected net proceeds. The company said proceeds would support working capital, R&D, commercialization, and business development. The financing materially improved liquidity without immediate common-stock issuance, but conversion could create substantial dilution later; the June 10-Q shows a maximum of 13.6 million shares potentially issuable under anti-dilution-adjusted conversion terms.

Loading local price history

Revenue

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2014

2015

2016

2017

2018

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$172.4M	$23.7M	$0	$0	$139.7M	$1.5M	$1.5M	$1.5M	$2.1M	$1.2M	$627,000	—
Research & development	$258.8M	$241.6M	$163.0M	$118.5M	$88.2M	$50.4M	$43.0M	$60.1M	$48.2M	$31.7M	$9.5M	$10.2M
Operating expenses	$445.4M	$363.4M	$230.0M	$151.8M	$113.5M	$72.9M	$59.1M	$77.4M	$64.1M	$45.0M	$21.1M	$21.3M
Operating income	−$273.1M	−$339.7M	−$230.0M	−$151.8M	$26.2M	−$71.4M	−$57.5M	−$75.9M	−$62.0M	−$43.8M	−$20.5M	−$21.3M
Operating margin	−158.45%	−1,434.43%	—	—	18.77%	−4,708.17%	−3,792.95%	−5,001.71%	−2,938.99%	−3,587.38%	−3,271.61%	—
EBITDA	−$267.1M	−$331.7M	−$218.0M	−$118.8M	$69.2M	−$71.3M	−$57.4M	−$75.8M	−$61.9M	−$43.7M	−$20.5M	−$21.3M
EBITDA margin	−154.96%	−1,400.64%	—	—	49.55%	−4,702.24%	−3,786.88%	−4,996.57%	−2,935.39%	−3,580.08%	−3,268.26%	—
Net income	−$285.4M	−$318.8M	−$209.4M	−$149.3M	$24.9M	−$73.2M	−$56.0M	−$74.0M	−$60.8M	−$44.5M	−$24.1M	−$19.8M
Net profit margin	−165.60%	−1,346.11%	—	—	17.84%	−4,822.54%	−3,694.59%	−4,875.48%	−2,884.35%	−3,645.25%	−3,846.73%	—
Basic EPSper basic share	-$3.29	-$3.72	-$2.98	-$2.46	$0.48	-$1.87	-$1.84	-$2.92	-$2.90	-$3.22	-$1,519.27	-$453.02
Diluted EPSper diluted share	-$3.29	-$3.72	-$2.98	-$2.46	$0.46	-$1.87	-$1.84	-$2.92	-$2.90	-$3.22	-$1,519.27	-$453.02

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

10.12%of listed shares

BlackRock, Inc.9.02M shares · Jun 30, 2026

View holders

Top 20 reported holders of SNDX
Holder	% owned
BlackRock, Inc.	10.12%9.02M shares
Kynam Capital Management, LP	9.03%8.05M shares
GOLDMAN SACHS GROUP INC	6.57%5.86M shares
STATE STREET CORP	6.35%5.66M shares
BANK OF AMERICA CORP /DE/	4.54%4.05M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.41%3.93M shares
DEERFIELD MANAGEMENT COMPANY, L.P.	4.24%3.78M shares
Eversept Partners, LP	3.14%2.8M shares
GEODE CAPITAL MANAGEMENT, LLC	2.90%2.58M shares
Hood River Capital Management LLC	2.88%2.56M shares
KINGDON CAPITAL MANAGEMENT, L.L.C.	2.80%2.5M shares
FRANKLIN RESOURCES INC	2.56%2.29M shares
MILLENNIUM MANAGEMENT LLC	2.30%2.05M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.16%1.92M shares
UBS Group AG	2.12%1.89M shares
Elmind Capital, LP	2.08%1.86M shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	2.01%1.79M shares
Candriam S.C.A.	1.90%1.7M shares
Soleus Capital Management, L.P.	1.83%1.63M shares
TWO SIGMA INVESTMENTS, LP	1.77%1.58M shares

Percentages use 89.15M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$241.9K disclosed value

Sells (SEC code S)18$5.96M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 12, 2026Form 4 · 10b5-1	Botwood Nicholas A.J.Head of R&D, CMO	SellCommon Stock	31.2K	$18.14	$566.6K	60.9K
Jun 11, 2026Form 4 · 10b5-1	Botwood Nicholas A.J.Head of R&D, CMO	SellCommon Stock	34.3K	$18.00	$617.0K	60.9K
Jun 1, 2026Form 4	Goldan Keith A.Chief Financial Officer	SellCommon Stock	1.2K	$18.99	$22.4K	139.3K
Jun 1, 2026Form 4	Metzger Michael AChief Executive Officer	SellCommon Stock	6.8K	$18.99	$130.0K	484.8K
Feb 9, 2026Form 4	Metzger Michael AChief Executive Officer	SellCommon Stock	17.2K	$21.03	$360.9K	491.7K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about SNDX yet. Start the conversation.

Write the first post

Syndax Pharmaceuticals Inc (SNDX)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.