$SNDX
Syndax Pharmaceuticals Inc

2016 Q3 Form 10-Q Financial Statement

#000119312516681546 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q2
Revenue $305.0K $305.0K $17.00K
YoY Change 0.0% 1694.12%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.270M $2.810M $3.290M
YoY Change 2.19% -14.59% 126.9%
% of Gross Profit
Research & Development $12.27M $6.131M $2.271M
YoY Change 313.54% 169.97% -53.37%
% of Gross Profit
Depreciation & Amortization $10.00K -$90.00K
YoY Change -111.11% -1000.0%
% of Gross Profit
Operating Expenses $15.54M $8.939M $5.559M
YoY Change 152.2% 60.8% -12.04%
Operating Profit -$15.24M -$8.634M -$5.542M
YoY Change 160.12% 55.79%
Interest Expense $268.0K $276.0K -$322.0K
YoY Change -217.03% -185.71%
% of Operating Profit
Other Income/Expense, Net $269.0K $276.0K -$672.0K
YoY Change -114.36% -141.07% -136.52%
Pretax Income -$14.97M -$8.360M -$6.210M
YoY Change 93.66% 34.62% 38.31%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$14.97M -$8.358M -$6.214M
YoY Change 93.62% 34.5% 38.4%
Net Earnings / Revenue -4907.87% -2740.33% -36552.94%
Basic Earnings Per Share
Diluted Earnings Per Share -$836.3K -$470.5K -$357.5K
COMMON SHARES
Basic Shares Outstanding 17.78M shares 17.78M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.0M $125.9M $45.80M
YoY Change 15.42% 174.89% 816.0%
Cash & Equivalents $12.75M $14.44M $6.749M
Short-Term Investments $103.2M $111.5M $39.10M
Other Short-Term Assets $1.000M $1.200M $500.0K
YoY Change 100.0% 140.0% 150.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $117.3M $127.4M $46.20M
YoY Change 15.76% 175.71% 788.46%
LONG-TERM ASSETS
Property, Plant & Equipment $283.0K $304.0K $0.00
YoY Change 183.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $179.0K $173.0K $300.0K
YoY Change -88.07% -42.33% -93.33%
Total Long-Term Assets $462.0K $477.0K $300.0K
YoY Change -69.2% 59.0% -93.33%
TOTAL ASSETS
Total Short-Term Assets $117.3M $127.4M $46.20M
Total Long-Term Assets $462.0K $477.0K $300.0K
Total Assets $117.7M $127.9M $46.50M
YoY Change 14.52% 174.96% 379.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.010M $1.588M $800.0K
YoY Change 67.5% 98.5% -11.11%
Accrued Expenses $5.900M $3.700M $2.100M
YoY Change 118.52% 76.19% -43.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M
YoY Change
Total Short-Term Liabilities $9.147M $6.553M $7.200M
YoY Change -32.24% -8.99% 56.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $6.000M
YoY Change -100.0%
Other Long-Term Liabilities $223.0K $232.0K $17.40M
YoY Change -98.8% -98.67% 2385.71%
Total Long-Term Liabilities $14.75M $15.06M $23.40M
YoY Change -20.71% -35.63% 3242.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.147M $6.553M $7.200M
Total Long-Term Liabilities $14.75M $15.06M $23.40M
Total Liabilities $23.90M $21.62M $30.50M
YoY Change -25.56% -29.13% 464.81%
SHAREHOLDERS EQUITY
Retained Earnings -$294.5M -$279.5M
YoY Change
Common Stock $388.2M $385.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $93.83M $106.2M $16.00M
YoY Change
Total Liabilities & Shareholders Equity $117.7M $127.9M $46.50M
YoY Change 14.52% 174.96% 379.38%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$14.97M -$8.358M -$6.214M
YoY Change 93.62% 34.5% 38.4%
Depreciation, Depletion And Amortization $10.00K -$90.00K
YoY Change -111.11% -1000.0%
Cash From Operating Activities -$11.45M -$6.890M -$4.000M
YoY Change 121.04% 72.25% 4.99%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$80.00K -$10.00K
YoY Change 400.0% 700.0%
Acquisitions
YoY Change
Other Investing Activities $8.110M -$560.0K -$17.21M
YoY Change -209.59% -96.75% -777.56%
Cash From Investing Activities $8.050M -$620.0K -$17.22M
YoY Change -208.64% -96.4% -777.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.710M -1.230M 18.68M
YoY Change -97.15% -106.58% -2175.56%
NET CHANGE
Cash From Operating Activities -11.45M -6.890M -4.000M
Cash From Investing Activities 8.050M -620.0K -17.22M
Cash From Financing Activities 1.710M -1.230M 18.68M
Net Change In Cash -1.690M -8.740M -2.540M
YoY Change -103.56% 244.09% 17.05%
FREE CASH FLOW
Cash From Operating Activities -$11.45M -$6.890M -$4.000M
Capital Expenditures -$50.00K -$80.00K -$10.00K
Free Cash Flow -$11.40M -$6.810M -$3.990M
YoY Change 120.5% 70.68% 4.72%

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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Nature of Business</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Syndax Pharmaceuticals, Inc. (the &#x201C;Company&#x201D;) is a clinical stage biopharmaceutical company focused on developing an innovative pipeline of combination therapies in multiple cancer indications. The Company was incorporated under the laws of the State of Delaware on October&#xA0;11, 2005 (date of inception) and is headquartered in Waltham, Massachusetts.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Our lead product candidate, entinostat, which was granted Breakthrough Therapy designation by the U.S. Food and Drug Administration (&#x201C;FDA&#x201D;) following positive results from the Company&#x2019;s Phase 2b clinical trial, ENCORE 301, is currently being evaluated in a Phase 3 clinical trial for advanced hormone receptor positive breast cancer. The Company is developing entinostat, which has direct effects on both cancer cells and immune regulatory cells, to potentially enhance the body&#x2019;s immune response on tumors that have shown sensitivity to immunotherapy. Entinostat is also being evaluated as a combination therapy in Phase 1b/2 clinical trials with (i)&#xA0;Merck&#xA0;&amp; Co., Inc. (&#x201C;Merck&#x201D;) for patients with non-small cell lung cancer and melanoma, (ii)&#xA0;Genentech, Inc. for patients with triple negative breast cancer (&#x201C;TNBC&#x201D;), and (iii)&#xA0;Pfizer Inc. and Merck KGaA, Darmstadt, Germany, for patients with ovarian cancer.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> On July&#xA0;1, 2016, the Company entered into a license agreement with UCB Biopharma Sprl (&#x201C;UCB&#x201D;) under which UCB granted to the Company a worldwide, sublicenseable, exclusive license to UCB6352, which the Company will refer to as SNDX-6352, an IND-ready anti-CSF-1R monoclonal antibody. Concurrently with the development of entinostat, the Company is also developing SNDX-6352 to potentially enhance the body&#x2019;s immune response on tumors that have shown sensitivity to immunotherapy. The Company believes that SNDX-6352 has the potential to be used to treat a variety of cancer indications in combination with other oncology agents, including immune checkpoint inhibitors, radiation, chemotherapy and entinostat. We expect to begin the Phase 1 single ascending dose study with SNDX-6352 in healthy volunteers to determine safety and pharmacokinetics during the fourth quarter of 2016.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> In March 2016, the Company completed its initial public offering (&#x201C;IPO&#x201D;) whereby it sold 4,809,475 shares of common stock at the initial public offering price of $12.00 per share, which included 409,475 shares issued pursuant to the underwriters&#x2019; partial exercise of their over-allotment option to purchase additional shares of common stock. The aggregate net proceeds received by the Company from the offering were $50.5 million, net of underwriting discounts and commissions of $4.0 million and offering expenses of $3.1 million. Upon the closing of the IPO, all outstanding shares of the Company&#x2019;s outstanding convertible preferred stock converted into 12,872,551 shares of common stock; and the Company&#x2019;s outstanding warrant liability to purchase 357,840 shares of the Company&#x2019;s common stock valued at $4.6 million was reclassified to additional paid-in capital. The shares trade on the Nasdaq Global Select Market under the symbol &#x201C;SNDX.&#x201D;</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> In connection with the closing of the Company&#x2019;s IPO, the Company filed an amended and restated certificate of incorporation and adopted amended and restated bylaws, both of which were approved by the Company&#x2019;s board of directors and stockholders on September&#xA0;28, 2015 and February&#xA0;24, 2016, respectively. Pursuant to the amended and restated certificate of incorporation, the Company is now authorized to issue 100,000,000 of common stock and 10,000,000 shares of preferred stock.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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&#x2019;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 either entinostat or SNDX-6352 are approved, if ever, and the Company begins to generate revenue from sales of entinostat and SNDX-6352. Accordingly, management expects to incur substantial losses on the ongoing development of entinostat and SNDX-6352 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The Company&#x2019;s management believes that the cash, cash equivalents and short-term investments balances as of June&#xA0;30, 2016 should enable the Company to maintain its planned operations for at least the next 12 months. The Company&#x2019;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 general and administrative activities.</p> </div>
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-13293000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
206000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <i>Use of Estimates</i> &#x2013; 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. The Company&#x2019;s actual results may differ from these estimates under different assumptions or conditions.</p> </div>
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
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us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
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us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Stock Issued During Period Value New Issues
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dei Trading Symbol
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SNDX
us-gaap Research And Development Expense
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
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us-gaap Share Based Compensation
ShareBasedCompensation
2969000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11155525 shares
CY2015Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-322000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
17000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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sndx Vesting Of Restricted Stock Value
VestingOfRestrictedStockValue
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sndx Reclassification Of Common Stock Warrant Liability To Additional Paid In Capital
ReclassificationOfCommonStockWarrantLiabilityToAdditionalPaidInCapital
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CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-440.52
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1100000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3288000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6225000
CY2015Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2015Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
346000
CY2015Q2 us-gaap Licenses Revenue
LicensesRevenue
17000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
5559000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-6214000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-26338000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5542000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-11000
CY2015Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
1929000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2271000
CY2015Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
18195000
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
59788 shares
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.47
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
779000
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2808000
CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-8394000
CY2016Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2016Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
276000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
305000
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
276000
CY2016Q2 us-gaap Licenses Revenue
LicensesRevenue
305000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
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CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2016Q2 us-gaap Operating Income Loss
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CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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ResearchAndDevelopmentExpense
6131000
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17769514 shares

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