2024 Q1 Form 10-K Financial Statement

#000095017024021253 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $23.02M $22.78M $66.92M
YoY Change 92.48% 123.5% 101.22%
% of Gross Profit
Research & Development $56.49M $55.13M $163.0M
YoY Change 65.89% 73.13% 37.58%
% of Gross Profit
Depreciation & Amortization $3.000K $3.000K $12.00M
YoY Change 0.0% 0.0% -63.64%
% of Gross Profit
Operating Expenses $79.51M $77.91M $230.0M
YoY Change 72.8% 85.34% 51.53%
Operating Profit -$79.51M -$230.0M
YoY Change 72.8% 51.53%
Interest Expense $55.00K $5.487M $208.0K
YoY Change 37.5% 86.32% -93.37%
% of Operating Profit
Other Income/Expense, Net $7.114M -$55.00K $20.59M
YoY Change 45.51% -48.11% 751.34%
Pretax Income -$72.40M -$72.47M -$209.4M
YoY Change 76.04% 84.91% 40.19%
Income Tax
% Of Pretax Income
Net Earnings -$72.40M -$72.47M -$209.4M
YoY Change 76.04% 84.91% 40.19%
Net Earnings / Revenue
Basic Earnings Per Share -$0.85 -$2.98
Diluted Earnings Per Share -$0.85 -$1.00 -$2.98
COMMON SHARES
Basic Shares Outstanding 84.97M 69.64M 70.37M
Diluted Shares Outstanding 85.21M 70.37M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $443.2M $577.6M $577.6M
YoY Change 1.13% 19.24% 19.24%
Cash & Equivalents $114.6M $295.4M $295.4M
Short-Term Investments $328.5M $282.2M $282.2M
Other Short-Term Assets $6.073M $2.066M $2.066M
YoY Change 392.14% 55.11% 55.11%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $453.9M $580.9M $580.9M
YoY Change 2.81% 18.6% 18.6%
LONG-TERM ASSETS
Property, Plant & Equipment $5.000K $8.000K $1.495M
YoY Change -70.59% -60.0% 41.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $87.42M $29.83M $29.83M
YoY Change 427.84% 445.42% 445.42%
Other Assets $248.0K $463.0K $680.0K
YoY Change -64.21% -42.63% -26.25%
Total Long-Term Assets $89.13M $32.00M $32.00M
YoY Change 386.64% 329.58% 329.58%
TOTAL ASSETS
Total Short-Term Assets $453.9M $580.9M $580.9M
Total Long-Term Assets $89.13M $32.00M $32.00M
Total Assets $543.0M $612.9M $612.9M
YoY Change 18.09% 23.26% 23.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.809M $9.961M $9.961M
YoY Change 9.33% 128.99% 128.99%
Accrued Expenses $34.44M $40.89M $40.89M
YoY Change 119.92% 65.48% 65.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00K $12.00K $12.00K
YoY Change 140.0% 140.0% 140.0%
Total Short-Term Liabilities $50.81M $58.10M $58.10M
YoY Change 114.18% 99.88% 99.88%
LONG-TERM LIABILITIES
Long-Term Debt $7.000K $10.00K $10.00K
YoY Change -41.67% -23.08% -23.08%
Other Long-Term Liabilities $327.0K $578.0K $578.0K
YoY Change -44.39% -18.48% -18.48%
Total Long-Term Liabilities $334.0K $588.0K $588.0K
YoY Change -44.33% -18.56% -18.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.81M $58.10M $58.10M
Total Long-Term Liabilities $334.0K $588.0K $588.0K
Total Liabilities $51.14M $58.68M $58.68M
YoY Change 110.27% 97.01% 97.01%
SHAREHOLDERS EQUITY
Retained Earnings -$974.8M -$902.4M
YoY Change 32.78% 30.21%
Common Stock $1.467B $1.456B
YoY Change 25.42% 25.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $491.9M $554.2M $554.2M
YoY Change
Total Liabilities & Shareholders Equity $543.0M $612.9M $612.9M
YoY Change 18.09% 23.26% 23.26%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$72.40M -$72.47M -$209.4M
YoY Change 76.04% 84.91% 40.19%
Depreciation, Depletion And Amortization $3.000K $3.000K $12.00M
YoY Change 0.0% 0.0% -63.64%
Cash From Operating Activities -$83.55M -$41.35M -$160.6M
YoY Change 112.98% 80.61% 20.14%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$99.40M -$16.29M $117.6M
YoY Change -599.12% -88.16% -163.17%
Cash From Investing Activities -$99.40M -$16.29M $117.6M
YoY Change -599.12% -88.16% -163.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.168M 258.5M 264.1M
YoY Change -12.37% 58.09% 53.34%
NET CHANGE
Cash From Operating Activities -83.55M -41.35M -160.6M
Cash From Investing Activities -99.40M -16.29M 117.6M
Cash From Financing Activities 2.168M 258.5M 264.1M
Net Change In Cash -180.8M 200.8M 221.1M
YoY Change 973.57% 6641.99% -249.81%
FREE CASH FLOW
Cash From Operating Activities -$83.55M -$41.35M -$160.6M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$41.35M -$160.6M
YoY Change 80.61% 20.14%

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5128000
CY2023 us-gaap Net Income Loss
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CY2023Q4 us-gaap Stockholders Equity
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CY2023 us-gaap Profit Loss
ProfitLoss
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CY2022 us-gaap Profit Loss
ProfitLoss
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CY2021 us-gaap Profit Loss
ProfitLoss
24926000
CY2023 sndx Depreciation And Related Adjustment
DepreciationAndRelatedAdjustment
12000
CY2022 sndx Depreciation And Related Adjustment
DepreciationAndRelatedAdjustment
33000
CY2021 sndx Depreciation And Related Adjustment
DepreciationAndRelatedAdjustment
43000
CY2023 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
14803000
CY2022 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
3382000
CY2021 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-644000
CY2023 sndx Noncash Operating Lease Expense
NoncashOperatingLeaseExpense
739000
CY2022 sndx Noncash Operating Lease Expense
NoncashOperatingLeaseExpense
421000
CY2021 sndx Noncash Operating Lease Expense
NoncashOperatingLeaseExpense
413000
CY2023 sndx Paid In Kind Interest And Interest Reversal
PaidInKindInterestAndInterestReversal
0
CY2022 sndx Paid In Kind Interest And Interest Reversal
PaidInKindInterestAndInterestReversal
1103000
CY2021 sndx Paid In Kind Interest And Interest Reversal
PaidInKindInterestAndInterestReversal
-225000
CY2023 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
0
CY2022 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
187000
CY2021 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
389000
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
30951000
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
16019000
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
13317000
CY2023 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0
CY2022 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0
CY2021 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1000
CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-676000
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2972000
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1394000
CY2023 sndx Increase Decrease In Collaboration Receivable
IncreaseDecreaseInCollaborationReceivable
10706000
CY2022 sndx Increase Decrease In Collaboration Receivable
IncreaseDecreaseInCollaborationReceivable
-3474000
CY2021 sndx Increase Decrease In Collaboration Receivable
IncreaseDecreaseInCollaborationReceivable
0
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
5611000
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1319000
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2161000
CY2023 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
0
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
0
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-13133000
CY2023 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
14867000
CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
9421000
CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2769000
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-160601000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-133675000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
29131000
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
129000
CY2023 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
0
CY2022 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
225000
CY2021 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
0
CY2023 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
354606000
CY2022 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
495346000
CY2021 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
294719000
CY2023 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
472215000
CY2022 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
308933000
CY2021 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
253975000
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
117609000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-186188000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-40873000
CY2023 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
0
CY2022 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
20996000
CY2021 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
0
CY2023 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
910000
CY2022 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
401000
CY2021 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
367000
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5128000
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11459000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6336000
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
264132000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
172254000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
118464000
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
221140000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-147609000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
106722000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
74471000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
222080000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
115358000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
295611000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
74471000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
222080000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
295394000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
74356000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
221965000
CY2023Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
217000
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
115000
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
115000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
295611000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
74471000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
222080000
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of Business</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Syndax Pharmaceuticals, Inc. (“the Company” or “Syndax”) is a clinical-stage biopharmaceutical company developing an innovative pipeline of cancer therapies. The Company's two lead product candidates are revumenib and axatilimab. The Company is developing revumenib, a potent, selective, small molecule inhibitor of the menin-MLL binding interaction for the treatment of KMT2A rearranged, (“KMT2Ar”), also known as mixed lineage leukemia rearranged, (“MLLr”), acute leukemias including acute lymphoblastic leukemia, (“ALL”), and acute myeloid leukemia, or AML, and nucleophosmin 1, also known as NPM1, mutant AML. The Company is also exploring the use of revumenib as a treatment in solid tumors, specifically its activity in metastatic colorectal cancer. The Company is developing axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1 receptor, (“CSF-1R”), in chronic graft-versus-host disease, (“cGVHD”), as well as idiopathic pulmonary fibrosis, (“IPF”). The Company plans to continue to leverage the technical and business expertise of its management team and scientific collaborators to license, acquire and develop additional therapeutics to expand its pipeline.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Since its inception, the Company has devoted its efforts principally to research and development and raising capital. The Company is subject to risks common to companies in the development stage, including, but not limited to, successful development of therapeutics, obtaining additional funding, protection of proprietary therapeutics, compliance with government regulations, fluctuations in operating results, dependence on key personnel and collaborative partners, and risks associated with industry changes. The Company’s long-term success is dependent upon its ability to successfully develop and market its product candidates, expand its oncology drug pipeline, earn revenue, obtain additional capital when needed, and ultimately, achieve profitable operations. The Company anticipates that it will be several years before any of its product candidates is approved, if ever, and the Company begins to generate revenue from sales of such product candidates. Accordingly, management expects to incur substantial losses on the ongoing development of its product candidates and does not expect to achieve positive cash flow from operations for the foreseeable future, if ever. As a result, the Company will continue to require additional capital to move forward with its business plan. While certain amounts of this additional capital were raised in the past, there can be no assurance that funds necessary beyond these amounts will be available in amounts or on terms sufficient to ensure ongoing operations.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s management believes that the cash, cash equivalents and short-term investments balances as of December 31, 2023, should enable the Company to maintain its planned operations for at least 12 months from the issuance date of these financial statements. The Company’s ability to fund all of its planned operations internally beyond that date, including the completion of its ongoing and planned clinical trial activities, may be substantially dependent upon whether the Company can obtain sufficient funding on terms acceptable to the Company. Proceeds from additional capital transactions would allow the Company to accelerate and/or expand its planned research and development activities. In the event that sufficient funds were not available, the Company may be required to delay or reduce expenditures to conserve cash, which could involve scaling back or curtailing development and selling, general and administrative activities.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to challenges and risks specific to its business and ability to execute on the strategy, as well as risks and uncertainties common to companies in the pharmaceutical industry with development and commercial operations, including, without limitation, risks and uncertainties associated with: obtaining regulatory approval of the Company’s late-stage product candidate; delays or problems in the supply of the Company’s products, loss of single source suppliers or failure to comply with manufacturing regulations; identifying, acquiring or in-licensing additional products or product candidates; pharmaceutical product development and the inherent uncertainty of clinical success; and the challenges of protecting and enhancing the Company’s intellectual property rights; complying with applicable regulatory requirements.</span></p>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of 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 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. The Company’s actual results may differ from these estimates under different assumptions or conditions.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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 consolidated financial statements.</span></p>
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Cash and cash equivalents, restricted cash, and short and long-term investments are financial instruments that potentially subject the Company to concentrations of credit risk. Substantially all of the Company’s cash, cash equivalents, and short and long-term investments were deposited in accounts at two financial institutions, and at times, such deposits may exceed federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company’s available-for-sale investments primarily consist of government money market funds, corporate debt securities, commercial paper, credit card asset-backed securities and overnight deposits and potentially subject the Company to concentrations of credit risk.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1500000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1600000
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.14
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
743000
CY2023 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<p style="margin-left:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Guarantees and Indemnifications</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As permitted under Delaware law, the Company indemnifies its officers, directors, and employees for certain events or occurrences that happen by reason of the relationship with, or position held at, the Company. The Company has standard indemnification arrangements under office leases (as described in Note 5, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Leases</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> to these consolidated financial statements) that require it to indemnify the landlord against all costs, expenses, fines, suits, claims, demands, liabilities, and actions directly resulting from any breach, violation, or nonperformance of any covenant or condition of the Company’s lease. Through December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the Company had not experienced any losses related to these indemnification obligations and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> claims were outstanding. The Company does not expect significant claims related to these indemnification obligations, and consequently, concluded that the fair value of these obligations is negligible, and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> related reserves were established.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
924000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1196000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
606000
CY2023Q4 sndx Lessee Operating Lease Liability Payments Due After Year Two
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearTwo
0
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1802000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
189000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1613000
CY2023Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
25864000
CY2022Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
22441000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-209360000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-149338000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
24926000
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-209360000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-149338000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24926000
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70371000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60761000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52065000
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1558000
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70371000
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60761000
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53623000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
419000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
419000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
411000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
399000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20000
CY2023 us-gaap Depreciation
Depreciation
12000000
CY2022 us-gaap Depreciation
Depreciation
33000000
CY2023 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
304916000
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sndx-ex32_1.htm Edgar Link pending
sndx-ex4_3.htm Edgar Link pending
sndx-ex97.htm Edgar Link pending
sndx-20231231_htm.xml Edgar Link completed
FilingSummary.xml Edgar Link unprocessable