$SNDX
Syndax Pharmaceuticals Inc

2018 Q1 Form 10-Q Financial Statement

#000156459018012378 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017 Q1
Revenue $379.0K $1.193M $305.0K
YoY Change 24.26% 291.15% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.790M $4.080M $3.930M
YoY Change 21.88% 37.37% -7.96%
% of Gross Profit
Research & Development $15.34M $16.60M $9.552M
YoY Change 60.58% 95.88% 99.58%
% of Gross Profit
Depreciation & Amortization $150.0K $10.00K
YoY Change 66.67% -80.0%
% of Gross Profit
Operating Expenses $20.13M $20.68M $13.48M
YoY Change 49.31% 80.69% 48.84%
Operating Profit -$19.75M -$19.49M -$13.18M
YoY Change 49.89% 74.93% 50.54%
Interest Expense $475.0K $460.0K $259.0K
YoY Change 83.4% 70.37% 79.86%
% of Operating Profit
Other Income/Expense, Net $353.0K $385.0K $206.0K
YoY Change 71.36% 18.1% -113.06%
Pretax Income -$19.40M -$19.10M -$12.97M
YoY Change 49.58% 76.52% 25.56%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$19.40M -$19.10M -$12.97M
YoY Change 49.55% 76.64% 25.57%
Net Earnings / Revenue -5118.21% -1601.34% -4252.79%
Basic Earnings Per Share
Diluted Earnings Per Share -$792.5K -$796.5K -$711.5K
COMMON SHARES
Basic Shares Outstanding 24.70M 24.39M shares 18.24M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q4 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.0M $131.3M $95.20M
YoY Change 19.75% 22.71% -29.11%
Cash & Equivalents $28.20M $35.17M $22.36M
Short-Term Investments $86.00M $96.10M $72.80M
Other Short-Term Assets $5.000M $1.800M $1.600M
YoY Change 212.5% 50.0% 45.45%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $119.3M $133.4M $97.06M
YoY Change 22.92% 22.98% -28.51%
LONG-TERM ASSETS
Property, Plant & Equipment $400.0K $267.0K $234.0K
YoY Change 70.94% 2.69% -14.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.200M
YoY Change
Other Assets $200.0K $231.0K $376.0K
YoY Change -46.81% -4.94% 73.27%
Total Long-Term Assets $700.0K $3.744M $610.0K
YoY Change 14.75% 644.33% 23.98%
TOTAL ASSETS
Total Short-Term Assets $119.3M $133.4M $97.06M
Total Long-Term Assets $700.0K $3.744M $610.0K
Total Assets $120.0M $137.2M $97.67M
YoY Change 22.87% 25.84% -28.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.600M $2.232M $2.741M
YoY Change -5.14% -6.02% 23.19%
Accrued Expenses $12.80M $12.00M $7.000M
YoY Change 82.86% 76.47% 94.44%
Deferred Revenue $1.573M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.90M $15.80M $10.99M
YoY Change 53.79% 52.4% 56.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.10M $310.0K $148.0K
YoY Change 10778.38% 7.64% -39.09%
Total Long-Term Liabilities $16.10M $17.07M $14.06M
YoY Change 14.48% 17.65% -8.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.90M $15.80M $10.99M
Total Long-Term Liabilities $16.10M $17.07M $14.06M
Total Liabilities $33.00M $32.87M $25.05M
YoY Change 31.73% 32.13% 11.77%
SHAREHOLDERS EQUITY
Retained Earnings -$366.1M -$318.3M
YoY Change 19.92% 17.38%
Common Stock $470.6M $390.9M
YoY Change 20.85% 1.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $86.95M $104.3M $72.62M
YoY Change
Total Liabilities & Shareholders Equity $120.0M $137.2M $97.67M
YoY Change 22.87% 25.84% -28.32%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017 Q1
OPERATING ACTIVITIES
Net Income -$19.40M -$19.10M -$12.97M
YoY Change 49.55% 76.64% 25.57%
Depreciation, Depletion And Amortization $150.0K $10.00K
YoY Change 66.67% -80.0%
Cash From Operating Activities -$19.87M -$12.72M -$12.67M
YoY Change 56.83% 22.07% 97.97%
INVESTING ACTIVITIES
Capital Expenditures $173.0K -$40.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $12.82M $1.590M $11.06M
YoY Change 15.91% -92.55% -123.53%
Cash From Investing Activities $12.64M $1.550M $11.06M
YoY Change 14.32% -92.73% -123.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $24.90M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.00K 25.61M 120.0K
YoY Change -72.5% 14964.71% -99.78%
NET CHANGE
Cash From Operating Activities -19.87M -12.72M -12.67M
Cash From Investing Activities 12.64M 1.550M 11.06M
Cash From Financing Activities 33.00K 25.61M 120.0K
Net Change In Cash -7.193M 14.44M -1.537M
YoY Change 367.99% 30.32% -15470.0%
FREE CASH FLOW
Cash From Operating Activities -$19.87M -$12.72M -$12.67M
Capital Expenditures $173.0K -$40.00K $0.00
Free Cash Flow -$20.04M -$12.68M -$12.67M
YoY Change 58.19% 21.69% 93.94%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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DeferredRevenueCurrent
1517000
CY2017Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
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CY2018Q1 us-gaap Deferred Revenue Noncurrent
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CY2017Q4 us-gaap Liabilities And Stockholders Equity
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CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2017Q4 us-gaap Common Stock Shares Outstanding
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CY2018Q1 us-gaap Licenses Revenue
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CY2017Q1 us-gaap Licenses Revenue
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CY2017Q1 us-gaap Research And Development Expense
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CY2018Q1 us-gaap General And Administrative Expense
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CY2017Q1 us-gaap General And Administrative Expense
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CY2018Q1 us-gaap Operating Expenses
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CY2017Q1 us-gaap Interest Income Expense Nonoperating Net
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CY2018Q1 us-gaap Nonoperating Income Expense
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CY2017Q1 us-gaap Nonoperating Income Expense
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CY2018Q1 us-gaap Net Income Loss
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CY2017Q1 us-gaap Net Income Loss
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CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2017Q1 us-gaap Comprehensive Income Net Of Tax
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CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q1 us-gaap Preferred Stock Shares Outstanding
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CY2018Q1 us-gaap Common Stock Shares Authorized
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CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2017Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2017Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2017Q1 sndx Issuance Costs Included In Accounts Payable And Accrued Expenses
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CY2017Q1 sndx Vesting Of Restricted Stock Value
VestingOfRestrictedStockValue
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CY2018Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Nature of Business </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Syndax Pharmaceuticals, Inc. (the Company) is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. The Company is developing its lead product candidate, entinostat, a once-weekly, oral, small molecule, Class I HDAC inhibitor, in combination with exemestane and several approved PD-1/PD-L1 antagonists. The Company&#8217;s pipeline also includes SNDX-6352, a monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor, as well as a portfolio of potent and selective inhibitors targeting the binding interaction of Menin with MLLr. 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 cancer therapies to expand its pipeline.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In 2016 and 2017, the Company raised approximately $99.0 million of net proceeds from two underwritten public offerings, including our initial public offering, (&#8220;IPO&#8221;) in March 2016. In October 2017, the Company also raised approximately $24.9 million of net proceeds through a purchase agreement with Biotech Value Fund, L.P. (&#8220;BVF&#8221;) and certain entities affiliated with BVF. In April 2017, the Company entered into a sales agreement with Cowen and Company, LLC (&#8220;Cowen&#8221;) under which the Company may issue and sell shares of our common stock having aggregate sales proceeds of up to $50.0 million from time to time through Cowen, acting as agent, in a series of one or more at-the-market (&#8220;ATM&#8221;) equity offerings. Cowen is not required to sell any specific amount, but acts as our sales agent using commercially reasonable efforts consistent with its normal trading and sales practices. In 2017, we raised approximately $1.7 million of net proceeds through sales under the ATM program.&nbsp;&nbsp;As of March 31, 2018, we had cash, cash equivalents and short-term investments of $113.2&#160;million.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;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 may be one or more years before any of our product candidates are approved, if ever, and the Company begins to generate revenue from sales of any of our product candidates. Accordingly, management expects to incur substantial losses on the ongoing development of our 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. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s management believes that the cash, cash equivalents and short-term investments balances as of March 31, 2018 should enable the Company to maintain its planned operations for at least 12&#160;months from the date these financial statements were issued. The Company&#8217;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>
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CY2017Q1 us-gaap Depreciation Amortization And Accretion Net
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CY2018Q1 us-gaap Share Based Compensation
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CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2017Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2018Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2017Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2018Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2017Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2017Q1 us-gaap Payments To Acquire Short Term Investments
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CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2017Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2017Q1 us-gaap Proceeds From Stock Options Exercised
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CY2018Q1 us-gaap Proceeds From Stock Plans
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CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2018Q1 us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.53%;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates<font style="font-weight:bold;"> </font></p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;s actual results may differ from these estimates under different assumptions or conditions. </p></div>
us-gaap Proceeds From Issuance Of Common Stock
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CY2017Q4 sndx Reimbursable Costs
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CY2018Q1 us-gaap Other Accrued Liabilities Current
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CY2017Q4 us-gaap Other Accrued Liabilities Current
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CY2017Q1 us-gaap Allocated Share Based Compensation Expense
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CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2018Q1 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
34000
CY2018Q1 sndx Cumulative Effects Adjustment From Adoption Of New Accounting Standard
CumulativeEffectsAdjustmentFromAdoptionOfNewAccountingStandard
649000
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2017Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q1 sndx Tax Cuts And Jobs Act Of2017 Accounting Complete
TaxCutsAndJobsActOf2017AccountingComplete
true
CY2017Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
0
CY2017Q4 sndx Tax Cuts And Jobs Act Transition Tax For Accumulated Foreign Earnings Liability
TaxCutsAndJobsActTransitionTaxForAccumulatedForeignEarningsLiability
0

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