$SNDX
Syndax Pharmaceuticals Inc

2016 Q4 Form 10-Q Financial Statement

#000119312516767345 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $305.0K $305.0K $305.0K
YoY Change 0.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.970M $3.270M $3.200M
YoY Change 23.75% 2.19% -46.93%
% of Gross Profit
Research & Development $8.474M $12.27M $2.968M
YoY Change 227.56% 313.54% 73.57%
% of Gross Profit
Depreciation & Amortization $90.00K $0.00
YoY Change 800.0%
% of Gross Profit
Operating Expenses $11.45M $15.54M $6.163M
YoY Change 129.65% 152.2% -20.37%
Operating Profit -$11.14M -$15.24M -$5.858M
YoY Change 138.11% 160.12%
Interest Expense $270.0K $268.0K -$229.0K
YoY Change -151.92% -217.03% 663.33%
% of Operating Profit
Other Income/Expense, Net $326.0K $269.0K -$1.873M
YoY Change -155.82% -114.36% 18630.0%
Pretax Income -$10.82M -$14.97M -$7.730M
YoY Change 105.7% 93.66% -0.51%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.82M -$14.97M -$7.731M
YoY Change 105.49% 93.62% -0.5%
Net Earnings / Revenue -3545.9% -4907.87% -2534.75%
Basic Earnings Per Share
Diluted Earnings Per Share -$740.1K -$836.3K -$445.0K
COMMON SHARES
Basic Shares Outstanding 18.19M shares 17.78M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.0M $116.0M $100.5M
YoY Change 22.57% 15.42% 758.97%
Cash & Equivalents $23.84M $12.75M $54.21M
Short-Term Investments $83.10M $103.2M $46.20M
Other Short-Term Assets $1.200M $1.000M $500.0K
YoY Change 50.0% 100.0% 66.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $108.5M $117.3M $101.3M
YoY Change 23.3% 15.76% 751.26%
LONG-TERM ASSETS
Property, Plant & Equipment $260.0K $283.0K $100.0K
YoY Change 195.45% 183.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $243.0K $179.0K $1.500M
YoY Change -86.56% -88.07% 275.0%
Total Long-Term Assets $503.0K $462.0K $1.500M
YoY Change -73.47% -69.2% 275.0%
TOTAL ASSETS
Total Short-Term Assets $108.5M $117.3M $101.3M
Total Long-Term Assets $503.0K $462.0K $1.500M
Total Assets $109.0M $117.7M $102.8M
YoY Change 21.26% 14.52% 735.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.375M $2.010M $1.200M
YoY Change 63.57% 67.5% 200.0%
Accrued Expenses $6.800M $5.900M $2.700M
YoY Change 209.09% 118.52% -28.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.200M
YoY Change 54.72%
Total Short-Term Liabilities $10.37M $9.147M $13.50M
YoY Change 113.86% -32.24% 39.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $288.0K $223.0K $18.60M
YoY Change 311.43% -98.8% 2557.14%
Total Long-Term Liabilities $14.51M $14.75M $18.60M
YoY Change -20.97% -20.71% 257.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.37M $9.147M $13.50M
Total Long-Term Liabilities $14.51M $14.75M $18.60M
Total Liabilities $24.87M $23.90M $32.10M
YoY Change 7.19% -25.56% 115.44%
SHAREHOLDERS EQUITY
Retained Earnings -$305.3M -$294.5M
YoY Change 17.57%
Common Stock $389.4M $388.2M
YoY Change 38937500.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $84.14M $93.83M $70.80M
YoY Change
Total Liabilities & Shareholders Equity $109.0M $117.7M $102.8M
YoY Change 21.26% 14.52% 735.77%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$10.82M -$14.97M -$7.731M
YoY Change 105.49% 93.62% -0.5%
Depreciation, Depletion And Amortization $90.00K $0.00
YoY Change 800.0%
Cash From Operating Activities -$10.42M -$11.45M -$5.180M
YoY Change 142.33% 121.04% 99.23%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$50.00K -$10.00K
YoY Change -100.0% 400.0%
Acquisitions
YoY Change
Other Investing Activities $21.33M $8.110M -$7.400M
YoY Change -221.68% -209.59%
Cash From Investing Activities $21.33M $8.050M -$7.410M
YoY Change -221.47% -208.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 170.0K 1.710M 60.06M
YoY Change -101.85% -97.15% 530.88%
NET CHANGE
Cash From Operating Activities -10.42M -11.45M -5.180M
Cash From Investing Activities 21.33M 8.050M -7.410M
Cash From Financing Activities 170.0K 1.710M 60.06M
Net Change In Cash 11.08M -1.690M 47.47M
YoY Change -135.7% -103.56% 585.98%
FREE CASH FLOW
Cash From Operating Activities -$10.42M -$11.45M -$5.180M
Capital Expenditures $0.00 -$50.00K -$10.00K
Free Cash Flow -$10.42M -$11.40M -$5.170M
YoY Change 144.03% 120.5% 98.85%

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NatureOfOperations
<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"> The Company&#x2019;s lead product candidate, entinostat was granted Breakthrough Therapy designation by the U.S. Food and Drug Administration (&#x201C;FDA&#x201D;) following positive results from its Phase 2b clinical trial, ENCORE 301. Syndax 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. The Company is also evaluating entinostat as a combination therapeutic in Phase 1b/2 clinical trials with Merck &amp; Co., Inc. (&#x201C;Merck&#x201D;) for non-small cell lung cancer and melanoma, with Genentech, Inc. for triple negative breast cancer (&#x201C;TNBC&#x201D;), and with Pfizer Inc. and Merck KGaA, Darmstadt, Germany, for 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. During the fourth quarter of 2016, the Company began evaluating SNDX-6352 in a single ascending dose Phase 1 clinical trial.&#xA0;The Company believes that SNDX-6352 has the potential to be used to treat a variety of cancers in combination with other oncology agents, including immune checkpoint inhibitors, radiation, chemotherapy and entinostat.</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;&#xA0;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 shares 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 is 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="font-size:1px;margin-top:12px;margin-bottom:0px"> &#xA0;</p> <p style="margin-top:0pt; 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 September&#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
-24741000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
261000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
100000
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
7186000
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
2598000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
321711000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
52177000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
50527000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1852000
dei Trading Symbol
TradingSymbol
SNDX
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
23191000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1852000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3000
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
31000
us-gaap Share Based Compensation
ShareBasedCompensation
3761000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13419919 shares
sndx Fair Value Adjustment Of Warrants And Derivative Liabilities
FairValueAdjustmentOfWarrantsAndDerivativeLiabilities
-1720000
sndx Vesting Of Restricted Stock Value
VestingOfRestrictedStockValue
31000
sndx Reclassification Of Common Stock Warrant Liability To Additional Paid In Capital
ReclassificationOfCommonStockWarrantLiabilityToAdditionalPaidInCapital
4551000
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-790.85
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1288000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3195000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-7706000
CY2015Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2015Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
1607000
CY2015Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-229000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
305000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1873000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-37000
CY2015Q3 us-gaap Licenses Revenue
LicensesRevenue
305000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
6163000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-7731000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-56656000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-5858000
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
25000
CY2015Q3 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
2817000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2968000
CY2015Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
46108000
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
71639 shares
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.84
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
792000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3269000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-15061000
CY2016Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2016Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
268000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
305000
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
269000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000
CY2016Q3 us-gaap Licenses Revenue
LicensesRevenue
305000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
15543000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-14969000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14969000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-15238000
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-92000
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12274000
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17899481 shares

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