# Syndax Pharmaceuticals (SNDX.US)

Canonical: https://gigainvestors.com/s/SNDX

Analysis as of: 2026-10-16T07:32:00.183Z. Financial observations: FY2014–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $13.65 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 9

- Operating margin variation: 0.98×

Chart: Operating margin; fiscal year observations.

- FY2017: -29.39×

- FY2018: -50.02×

- FY2019: -37.93×

- FY2020: -47.08×

- FY2021: 0.19×

- FY2022: -1.20×

- FY2024: -14.34×

- FY2025: -1.58×

- LTM to Jun 2026: -0.77×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -40.2%

- ROIC, second-lowest year: -139.9%

- Years with nonpositive capital: 9

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: -16637.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -38.2%

- FY2017: -42.1%

- FY2018: -90.7%

- FY2019: -139.9%

- FY2020: -20.7%

- FY2021: 6.1%

- FY2022: -25.6%

- FY2023: -32.7%

- FY2024: -526.7%

- FY2025: -52.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$933M

- Net income, five-year total: -$932M

- Return on incremental invested capital: -226.2%

- Working capital / revenue, annual change: 13.3 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $25M

- FY2022: -$144M

- FY2023: -$209M

- FY2024: -$319M

- FY2025: -$285M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -42.1% vs -52.5%

- Per-share earnings: -3.04 to -3.29 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 29.3%

- Ordinary dilution, 5-year annual growth: 16.0%

- Market cap gain: $1.7B

- Cumulative retained earnings: -$1.2B

- Diluted shares, 10-year annual growth: 29.3%

- Diluted shares, 5-year annual growth: 16.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$0.25

- Per-share value, starting three-year median: -$3.04

- Per-share value, ending three-year median: -$3.29

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: -$1.2B

- ROIC, first three-year median: -42.1%

- ROIC, last three-year median: -52.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$3.04

- FY2017: -$2.90

- FY2018: -$2.92

- FY2019: -$1.84

- FY2020: -$1.77

- FY2021: $0.46

- FY2022: -$2.37

- FY2023: -$2.98

- FY2024: -$3.72

- FY2025: -$3.29

### accounting: pass

- Sloan accruals: 7.1%

- Receivables to sales index (DSRI): 0.70×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.5%

- FY2017: -9.8%

- FY2018: -6.5%

- FY2019: -8.4%

- FY2020: -0.6%

- FY2021: -0.9%

- FY2022: -2.0%

- FY2023: -8.0%

- FY2024: -6.1%

- FY2025: 7.1%

## Holders

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 52% since Jan 2023 · sales +46.2%

Story as of 2026-10-16T09:59:36.336Z; price observation 2026-10-15.

- 2025-08-05: Earnings call transcript: Syndax Pharmaceuticals Q2 2025 beats forecasts, stock rises ([investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-syndax-pharmaceuticals-q2-2025-beats-forecasts-stock-rises-93CH-4169121))

- 2026-05-01: Syndax outlines 2026 operating expense target of approximately $400M as Revuforj expands in NPM1 ([seekingalpha.com](https://seekingalpha.com/news/4583534-syndax-outlines-2026-operating-expense-target-of-approximately-400m-as-revuforj-expands-in?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +46.2%; source https://www.sec.gov/Archives/edgar/data/1395937/000119312526076536/sndx-20251231.htm; observed 2026-02-26.

- FY2017: $2.1M 

- FY2018: $1.5M 

- FY2019: $1.5M 

- FY2020: $1.5M 

- FY2021: $140M 

- FY2022: $127M 

- FY2023: $0 

- FY2024: $24M 

- FY2025: $172M 

- FY2026: $252M 

### Gross margin · FY2025

gross margin 96%; source https://www.sec.gov/Archives/edgar/data/1395937/000119312526076536/sndx-20251231.htm; observed 2026-02-26.

- FY2024: 96.5% 

- FY2025: 96.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 172.4 million.

- Source: https://www.sec.gov/Archives/edgar/data/1395937/000119312526076536/sndx-20251231.htm (filed 2026-02-26); FY2025: revenue 172352000; grossProfit 165382000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); SNDX.US: Syndax Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, develops therapies for the treatment of cancer. Its lead product candidate includes Revuforj (revumenib), a menin inhibitor for the treatment of relapsed or refractory R/R acute leukemia; and Niktimvo (axatilimab-csfr), a colony stimulating factor-1 receptor blocking antibody to treat chronic graft-versus-host disease. The company is also developing revumenib for the treatment of R/R acute myeloid leukemia (AML) with a nucleophosmin 1 mutation (mNPM1) and in combination with standard-of-care agents in mNPM1 AML or KMT2Ar acute leukemia, as well as for metastatic colorectal cancer; axatilimab to treat idiopathic pulmonary fibrosis; and Entinostat, a Class 1 HDAC inhibitor. It has an agreement with Eddingpharm International Company Limited for licensing, development, and commercialization of Entinostat. Syndax Pharmaceuticals, Inc. was incorporated in 2005 and is headquartered in New York, New York.

### Why customers stay

It lost 40.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,-0.3819613345117101],[2017,-0.42136870017390704],[2018,-0.907374093640726],[2019,-1.398769424869988],[2020,-0.20689110602660565],[2021,0.061071049248141315],[2022,-0.25583754081218923],[2023,-0.32683254442447435],[2024,-5.266749362119725],[2025,-0.5247617078516126]]; median -0.4016650173428086. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 86000; upkeep 43000; owner earnings 24926000. Growth capex / owner earnings = 0.0034502126293829735.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,2598000],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); SNDX.US SharesStats.PercentInsiders = 1.687 percentage points; cache date 2026-10-15.

### What the price says

The price is 6.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 13.65 USD; reporting-to-trading FX 1; FY2025 annual sales per share 1.9896194670375194; price multiple 6.860608385745451. FY2025 cash earnings/share -3.294891660791768. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $11.81 per share

- 2016-11: $9.68 per share

- 2016-12: $7.17 per share

- 2017-01: $7.60 per share

- 2017-02: $11.38 per share

- 2017-03: $13.72 per share

- 2017-04: $9.49 per share

- 2017-05: $12.14 per share

- 2017-06: $13.97 per share

- 2017-07: $12.11 per share

- 2017-08: $11.60 per share

- 2017-09: $11.70 per share

- 2017-10: $11.18 per share

- 2017-11: $8.76 per share

- 2017-12: $8.76 per share

- 2018-01: $10.90 per share

- 2018-02: $9.04 per share

- 2018-03: $14.23 per share

- 2018-04: $10.44 per share

- 2018-05: $8.73 per share

- 2018-06: $7.02 per share

- 2018-07: $6.74 per share

- 2018-08: $7.76 per share

- 2018-09: $8.08 per share

- 2018-10: $4.81 per share

- 2018-11: $5.10 per share

- 2018-12: $4.45 per share

- 2019-01: $5.60 per share

- 2019-02: $6.17 per share

- 2019-03: $5.25 per share

- 2019-04: $7.15 per share

- 2019-05: $7.30 per share

- 2019-06: $9.31 per share

- 2019-07: $9.60 per share

- 2019-08: $8.41 per share

- 2019-09: $7.47 per share

- 2019-10: $6.72 per share

- 2019-11: $7.29 per share

- 2019-12: $8.78 per share

- 2020-01: $9.38 per share

- 2020-02: $9.41 per share

- 2020-03: $10.97 per share

- 2020-04: $18.00 per share

- 2020-05: $16.20 per share

- 2020-06: $14.82 per share

- 2020-07: $14.11 per share

- 2020-08: $16.31 per share

- 2020-09: $14.76 per share

- 2020-10: $17.41 per share

- 2020-11: $23.17 per share

- 2020-12: $22.24 per share

- 2021-01: $20.04 per share

- 2021-02: $24.41 per share

- 2021-03: $22.36 per share

- 2021-04: $15.94 per share

- 2021-05: $18.37 per share

- 2021-06: $17.17 per share

- 2021-07: $14.58 per share

- 2021-08: $17.49 per share

- 2021-09: $19.11 per share

- 2021-10: $19.45 per share

- 2021-11: $15.97 per share

- 2021-12: $21.89 per share

- 2022-01: $16.34 per share

- 2022-02: $15.59 per share

- 2022-03: $17.38 per share

- 2022-04: $16.77 per share

- 2022-05: $16.50 per share

- 2022-06: $19.24 per share

- 2022-07: $20.37 per share

- 2022-08: $23.61 per share

- 2022-09: $24.03 per share

- 2022-10: $22.96 per share

- 2022-11: $23.96 per share

- 2022-12: $25.45 per share

- 2023-01: $28.70 per share

- 2023-02: $25.35 per share

- 2023-03: $21.12 per share

- 2023-04: $20.55 per share

- 2023-05: $19.97 per share

- 2023-06: $20.93 per share

- 2023-07: $21.32 per share

- 2023-08: $18.51 per share

- 2023-09: $14.52 per share

- 2023-10: $14.08 per share

- 2023-11: $16.65 per share

- 2023-12: $21.61 per share

- 2024-01: $20.49 per share

- 2024-02: $23.44 per share

- 2024-03: $23.80 per share

- 2024-04: $21.13 per share

- 2024-05: $19.27 per share

- 2024-06: $20.53 per share

- 2024-07: $22.70 per share

- 2024-08: $20.55 per share

- 2024-09: $19.25 per share

- 2024-10: $18.86 per share

- 2024-11: $16.72 per share

- 2024-12: $13.22 per share

- 2025-01: $14.17 per share

- 2025-02: $15.64 per share

- 2025-03: $12.29 per share

- 2025-04: $14.15 per share

- 2025-05: $10.54 per share

- 2025-06: $9.37 per share

- 2025-07: $9.92 per share

- 2025-08: $16.33 per share

- 2025-09: $15.39 per share

- 2025-10: $13.70 per share

- 2025-11: $19.82 per share

- 2025-12: $21.01 per share

- 2026-01: $20.31 per share

- 2026-02: $21.71 per share

- 2026-03: $23.36 per share

- 2026-04: $21.43 per share

- 2026-05: $19.59 per share

- 2026-06: $21.86 per share

- 2026-07: $19.05 per share

- 2026-08: $19.29 per share

- 2026-09: $18.80 per share

- 2026-10: $13.65 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1395937/000119312526076536/sndx-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.