$SNDX
Syndax Pharmaceuticals Inc

2023 Q2 Form 10-Q Financial Statement

#000095017023018806 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.90M $11.96M $10.19M
YoY Change 86.48% 74.97% 47.13%
% of Gross Profit
Research & Development $34.76M $34.05M $31.84M
YoY Change 16.92% 13.43% 33.23%
% of Gross Profit
Depreciation & Amortization $3.000K $3.000K $3.000K
YoY Change -72.73% -72.73% -70.0%
% of Gross Profit
Operating Expenses $49.68M $46.02M $42.03M
YoY Change 31.69% 53.27% 36.35%
Operating Profit -$49.68M -$46.02M
YoY Change 31.69% 24.84%
Interest Expense $35.00K $40.00K $2.945M
YoY Change -94.96% -93.86% 2905.1%
% of Operating Profit
Other Income/Expense, Net $5.063M $4.889M -$106.0K
YoY Change 3230.92% 4114.66% -130.2%
Pretax Income -$44.60M -$41.13M -$39.19M
YoY Change 18.71% 10.65% -140.74%
Income Tax
% Of Pretax Income
Net Earnings -$44.62M -$41.13M -$39.19M
YoY Change 18.75% 10.65% -140.74%
Net Earnings / Revenue
Basic Earnings Per Share -$0.64 -$0.59
Diluted Earnings Per Share -$0.64 -$0.59 -$0.62
COMMON SHARES
Basic Shares Outstanding 68.82M 68.44K 60.22M
Diluted Shares Outstanding 69.64M 69.44M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $406.0M $438.2M $484.4M
YoY Change 7.79% 6.64% 8.41%
Cash & Equivalents $97.28M $57.52M $74.36M
Short-Term Investments $308.7M $380.7M $410.0M
Other Short-Term Assets $2.522M $1.234M $1.332M
YoY Change 20.27% -86.27% 17.15%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $409.1M $441.5M $489.8M
YoY Change 4.28% 5.11% 9.23%
LONG-TERM ASSETS
Property, Plant & Equipment $1.981M $17.00K $20.00K
YoY Change 673.83% -98.51% -92.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $19.48M $16.56M $5.469M
YoY Change 60.68%
Other Assets $796.0K $693.0K $807.0K
YoY Change -20.0% -32.52%
Total Long-Term Assets $22.26M $18.32M $7.450M
YoY Change 57.31% 745.57% 490.8%
TOTAL ASSETS
Total Short-Term Assets $409.1M $441.5M $489.8M
Total Long-Term Assets $22.26M $18.32M $7.450M
Total Assets $431.3M $459.8M $497.2M
YoY Change 6.13% 8.91% 10.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.98M $8.057M $4.350M
YoY Change 70.52% -2.11% -23.27%
Accrued Expenses $18.69M $15.66M $24.71M
YoY Change 8.18% -16.49% 66.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.00K $5.000K $5.000K
YoY Change -99.85% -99.86%
Total Short-Term Liabilities $30.17M $23.72M $29.07M
YoY Change -2.45% -22.36% 40.53%
LONG-TERM LIABILITIES
Long-Term Debt $16.00K $12.00K $13.00K
YoY Change -99.88% -99.93% -99.93%
Other Long-Term Liabilities $1.115M $588.0K $709.0K
YoY Change 95.61% -8.55% -0.28%
Total Long-Term Liabilities $1.131M $600.0K $722.0K
YoY Change -91.67% -96.5% -96.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.17M $23.72M $29.07M
Total Long-Term Liabilities $1.131M $600.0K $722.0K
Total Liabilities $31.30M $24.32M $29.79M
YoY Change -29.66% -48.98% -27.86%
SHAREHOLDERS EQUITY
Retained Earnings -$778.8M -$734.2M -$693.0M
YoY Change 25.93% 27.47%
Common Stock $1.179B $1.170B $1.161B
YoY Change 20.14% 21.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $400.0M $435.5M $467.4M
YoY Change
Total Liabilities & Shareholders Equity $431.3M $459.8M $497.2M
YoY Change 6.13% 8.91% 10.58%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$44.62M -$41.13M -$39.19M
YoY Change 18.75% 10.65% -140.74%
Depreciation, Depletion And Amortization $3.000K $3.000K $3.000K
YoY Change -72.73% -72.73% -70.0%
Cash From Operating Activities -$35.37M -$39.23M -$22.89M
YoY Change -12.24% -6.45% -122.73%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $73.91M $19.92M -$137.6M
YoY Change -247.97% 143.4% 130.04%
Cash From Investing Activities $73.91M $19.92M -$137.6M
YoY Change -247.97% 143.4% 129.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.324M 2.474M 163.5M
YoY Change -93.9% 344.17% 48.94%
NET CHANGE
Cash From Operating Activities -35.37M -39.23M -22.89M
Cash From Investing Activities 73.91M 19.92M -137.6M
Cash From Financing Activities 1.324M 2.474M 163.5M
Net Change In Cash 39.86M -16.84M 2.979M
YoY Change -158.16% -49.27% -98.02%
FREE CASH FLOW
Cash From Operating Activities -$35.37M -$39.23M -$22.89M
Capital Expenditures $0.00
Free Cash Flow -$22.89M
YoY Change -122.7%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1. Nature of Business</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Syndax Pharmaceuticals, Inc. (“we,” “us,” “our” or the “Company”) is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. We were incorporated in </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Delaware</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> in 2005. We base our operations in Waltham, Massachusetts and we operate in </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> segment.</span></p>
CY2023Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 sndx Increase Decrease In Collaboration Receivable
IncreaseDecreaseInCollaborationReceivable
-6300000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of costs and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s condensed consolidated financial statements.</span></p>
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
391773000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-41126000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-37169000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-41126000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-41126000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-37169000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-37169000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.59
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.59
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.63
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.63
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69438890
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69438890
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58978615
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58978615
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
36000
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
276506
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
372000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
391437000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
422581000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
806000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
421775000
CY2023Q1 us-gaap Prepaid Insurance
PrepaidInsurance
405000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
692000
CY2023Q1 us-gaap Interest Receivable Current
InterestReceivableCurrent
679000
CY2022Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
583000
CY2023Q1 sndx Prepaid Subscriptions
PrepaidSubscriptions
659000
CY2022Q4 sndx Prepaid Subscriptions
PrepaidSubscriptions
446000
CY2023Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
170000
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
194000
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1913000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1915000
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2300000
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
28839
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
465000
CY2023Q1 sndx Accrued Clinical Costs Current
AccruedClinicalCostsCurrent
10627000
CY2022Q4 sndx Accrued Clinical Costs Current
AccruedClinicalCostsCurrent
14375000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3052000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5945000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
823000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1352000
CY2023Q1 sndx Accrued Milestone Costs
AccruedMilestoneCosts
0
CY2022Q4 sndx Accrued Milestone Costs
AccruedMilestoneCosts
2000000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
703000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
604000
CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
15205000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
24276000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6238000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3478000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6238000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3478000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
467449000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6238000
CY2023Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
470000
CY2023Q1 sndx Adjustment To Additional Paid In Capital Employee Withholdings Employee Stock Purchase Plan
AdjustmentToAdditionalPaidInCapitalEmployeeWithholdingsEmployeeStockPurchasePlan
196000
CY2023Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2278000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-41126000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
435505000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
408368000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3478000
CY2022Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-685000
CY2022Q1 sndx Adjustment To Additional Paid In Capital Employee Withholdings Employee Stock Purchase Plan
AdjustmentToAdditionalPaidInCapitalEmployeeWithholdingsEmployeeStockPurchasePlan
92000
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
465000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-37169000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
374549000
CY2021Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3802144
CY2021Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
81200000
CY2022Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
7840909
CY2022Q4 sndx Offering Price Per Share
OfferingPricePerShare
22.00
CY2022Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
162000000.0
CY2023Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
0

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