$SNDX
Syndax Pharmaceuticals Inc

2019 Q2 Form 10-Q Financial Statement

#000156459019030067 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $379.0K $379.0K
YoY Change 0.0% 24.26%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.460M $4.480M
YoY Change -22.77% 4.43%
% of Gross Profit
Research & Development $12.29M $14.85M
YoY Change -17.24% 50.59%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $15.75M $19.33M
YoY Change -18.5% 36.64%
Operating Profit -$15.37M -$18.95M
YoY Change -18.87% 36.91%
Interest Expense $501.0K $459.0K
YoY Change 9.15% 58.28%
% of Operating Profit
Other Income/Expense, Net $458.0K $563.0K
YoY Change -18.65% 177.34%
Pretax Income -$14.92M -$18.39M
YoY Change -18.87% 34.82%
Income Tax
% Of Pretax Income
Net Earnings -$14.92M -$18.39M
YoY Change -18.88% 34.82%
Net Earnings / Revenue -3935.62% -4851.72%
Basic Earnings Per Share
Diluted Earnings Per Share -$472.0K -$744.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.70M $99.80M
YoY Change -16.13% -24.39%
Cash & Equivalents $26.67M $32.20M
Short-Term Investments $57.00M $67.60M
Other Short-Term Assets $1.900M $4.600M
YoY Change -58.7% 155.56%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $85.78M $104.7M
YoY Change -18.07% -21.97%
LONG-TERM ASSETS
Property, Plant & Equipment $327.0K $415.0K
YoY Change -21.2% 59.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $201.0K $259.0K
YoY Change -22.39% 8.37%
Total Long-Term Assets $1.615M $674.0K
YoY Change 139.61% 35.07%
TOTAL ASSETS
Total Short-Term Assets $85.78M $104.7M
Total Long-Term Assets $1.615M $674.0K
Total Assets $87.39M $105.4M
YoY Change -17.06% -21.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.276M $5.297M
YoY Change -57.03% 57.56%
Accrued Expenses $13.70M $12.50M
YoY Change 9.6% 81.16%
Deferred Revenue $1.517M $1.517M
YoY Change 0.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.49M $19.30M
YoY Change -9.36% 67.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.000K $311.0K
YoY Change -97.75% 45.33%
Total Long-Term Liabilities $14.62M $15.72M
YoY Change -6.97% 13.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.49M $19.30M
Total Long-Term Liabilities $14.62M $15.72M
Total Liabilities $32.12M $35.02M
YoY Change -8.29% 38.25%
SHAREHOLDERS EQUITY
Retained Earnings -$468.6M -$403.2M
YoY Change 16.22% 21.49%
Common Stock $523.9M $473.7M
YoY Change 10.59% 7.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.28M $70.35M
YoY Change
Total Liabilities & Shareholders Equity $87.39M $105.4M
YoY Change -17.06% -21.75%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$14.92M -$18.39M
YoY Change -18.88% 34.82%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$12.53M -$15.15M
YoY Change -17.29% 28.39%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$18.93M $19.28M
YoY Change -198.18% -152.68%
Cash From Investing Activities -$18.93M $19.29M
YoY Change -198.13% -152.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 90.00K
YoY Change -100.0% -99.82%
NET CHANGE
Cash From Operating Activities -12.53M -15.15M
Cash From Investing Activities -18.93M 19.29M
Cash From Financing Activities 0.000 90.00K
Net Change In Cash -31.46M 4.230M
YoY Change -843.74% 629.31%
FREE CASH FLOW
Cash From Operating Activities -$12.53M -$15.15M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$12.53M -$15.15M
YoY Change -17.29% 28.39%

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<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. (&#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; or the &#8220;Company&#8221;) is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. We were incorporated in Delaware in 2005. We base our operations in Waltham, Massachusetts and we operate in one segment.</p>
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dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2005-10-11
dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Delaware
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1300000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1300000
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
true
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1255000
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.14
us-gaap Operating Lease Expense
OperatingLeaseExpense
243000
us-gaap Operating Lease Payments
OperatingLeasePayments
282000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
285000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
569000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1323000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1611000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
68000
CY2019Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
11000
CY2018Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
10000
CY2019Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2095039
CY2019Q1 sndx Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
2500000
CY2019Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.0001
CY2019Q2 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2018Q2 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2019Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
53796000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
91000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
68626000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
51666000
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
58000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
27000
CY2019Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
53854000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
51641000
CY2019Q2 us-gaap Deposits Assets Current
DepositsAssetsCurrent
3147000
CY2018Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
663000
CY2019Q2 us-gaap Supplies
Supplies
213000
CY2018Q4 us-gaap Supplies
Supplies
101000
CY2019Q2 us-gaap Interest Receivable Current
InterestReceivableCurrent
208000
CY2018Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
253000
CY2019Q2 sndx Reimbursable Costs
ReimbursableCosts
677000
CY2018Q4 sndx Reimbursable Costs
ReimbursableCosts
797000
CY2019Q2 us-gaap Prepaid Insurance
PrepaidInsurance
582000
CY2018Q4 us-gaap Prepaid Insurance
PrepaidInsurance
188000
CY2019Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
327000
CY2018Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
332000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
425000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
484000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1774000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2804000
CY2019Q2 sndx Accrued Clinical Costs Current
AccruedClinicalCostsCurrent
6700000
CY2018Q4 sndx Accrued Clinical Costs Current
AccruedClinicalCostsCurrent
9726000
CY2019Q2 sndx Accrued Milestones Current
AccruedMilestonesCurrent
4000000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
269000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
135000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1338000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1570000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2930000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2992000
CY2019Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
22167
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
22167
CY2018Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
7850
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
7850
CY2019Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
151000
CY2018Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
26000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
7000
CY2019Q1 sndx Stock Issued During Period Value At The Market Offering Net
StockIssuedDuringPeriodValueAtTheMarketOfferingNet
830000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1592000
CY2019Q1 sndx Stock Issued During Period Value Direct Offering
StockIssuedDuringPeriodValueDirectOffering
10922000
CY2019Q1 sndx Stock Issued During Period Value Pre Funded Common Stock Warrants From Direct Offering
StockIssuedDuringPeriodValuePreFundedCommonStockWarrantsFromDirectOffering
13032000
CY2019Q1 sndx Stock Issued During Period Value Common Stock Warrant With Direct Offering
StockIssuedDuringPeriodValueCommonStockWarrantWithDirectOffering
3446000
CY2019Q1 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
26000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-14302000
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1338000
CY2019Q2 sndx Offering Expenses Associated With Direct Offering
OfferingExpensesAssociatedWithDirectOffering
20000
CY2019Q2 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
46000
CY2019Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
151000
sndx Stock Issued During Period Value At The Market Offering Expenses
StockIssuedDuringPeriodValueAtTheMarketOfferingExpenses
34000
sndx Stock Issued During Period Value Direct Offering Common Stock Warrant
StockIssuedDuringPeriodValueDirectOfferingCommonStockWarrant
1571000
sndx Stock Issued During Period Value Offering Expenses
StockIssuedDuringPeriodValueOfferingExpenses
78000
sndx Stock Issued During Period Value Pre Funded Common Stock Warrant
StockIssuedDuringPeriodValuePreFundedCommonStockWarrant
1875000
sndx Stock Issued During Period Value Pre Funded Common Stock Warrant Offering Expenses
StockIssuedDuringPeriodValuePreFundedCommonStockWarrantOfferingExpenses
93000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
104319000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1421000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-75000
CY2018Q1 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
34000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-19398000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
86951000
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1571000
CY2018Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
26000
CY2018Q2 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
63000
CY2018Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
16780000
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
16780000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
70352000
CY2019Q1 sndx Number Of Series Of Warrants
NumberOfSeriesOfWarrants
2
CY2019Q1 sndx Gross Proceeds From Offering
GrossProceedsFromOffering
27600000
CY2019Q1 sndx Offering Cost
OfferingCost
200000
CY2019Q2 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P1Y4M24D

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