$SNDX
Syndax Pharmaceuticals Inc

2020 Q3 Form 10-Q Financial Statement

#000156459020037777 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2
Revenue $379.0K $379.0K
YoY Change 0.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.820M $6.050M
YoY Change 61.22% 74.86%
% of Gross Profit
Research & Development $14.41M $10.94M
YoY Change 45.2% -10.96%
% of Gross Profit
Depreciation & Amortization $20.00K $30.00K
YoY Change
% of Gross Profit
Operating Expenses $20.23M $16.99M
YoY Change 49.56% 7.85%
Operating Profit -$19.85M -$16.61M
YoY Change 50.98% 8.04%
Interest Expense -$460.0K $638.0K
YoY Change -216.46% 27.35%
% of Operating Profit
Other Income/Expense, Net -$584.0K -$452.0K
YoY Change -282.5% -198.69%
Pretax Income -$20.44M -$17.06M
YoY Change 59.31% 14.34%
Income Tax
% Of Pretax Income
Net Earnings -$20.44M -$17.06M
YoY Change 59.3% 14.39%
Net Earnings / Revenue -5392.35% -4501.85%
Basic Earnings Per Share
Diluted Earnings Per Share -$462.9K -$420.1K
COMMON SHARES
Basic Shares Outstanding 38.55M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $175.7M $189.7M
YoY Change 140.68% 126.64%
Cash & Equivalents $56.40M $53.73M
Short-Term Investments $119.4M $136.1M
Other Short-Term Assets $1.400M $1.900M
YoY Change -12.5% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $177.4M $191.8M
YoY Change 137.01% 123.61%
LONG-TERM ASSETS
Property, Plant & Equipment $600.0K $700.0K
YoY Change 97.37% 114.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.300M $100.0K
YoY Change 224.19% -50.25%
Total Long-Term Assets $1.900M $800.0K
YoY Change 24.1% -50.46%
TOTAL ASSETS
Total Short-Term Assets $177.4M $191.8M
Total Long-Term Assets $1.900M $800.0K
Total Assets $179.3M $192.6M
YoY Change 134.74% 120.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.800M $1.800M
YoY Change -43.76% -20.91%
Accrued Expenses $9.800M $9.100M
YoY Change -2.0% -33.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.20M $12.50M
YoY Change -16.91% -28.53%
LONG-TERM LIABILITIES
Long-Term Debt $20.00M $19.90M
YoY Change
Other Long-Term Liabilities $12.20M $12.60M
YoY Change 203233.33% 179900.0%
Total Long-Term Liabilities $32.20M $32.50M
YoY Change 129.28% 122.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.20M $12.50M
Total Long-Term Liabilities $32.20M $32.50M
Total Liabilities $47.30M $45.00M
YoY Change 46.27% 40.12%
SHAREHOLDERS EQUITY
Retained Earnings -$527.8M
YoY Change 12.62%
Common Stock $675.3M
YoY Change 28.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $132.0M $147.6M
YoY Change
Total Liabilities & Shareholders Equity $179.3M $192.6M
YoY Change 134.74% 120.42%

Cashflow Statement

Concept 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$20.44M -$17.06M
YoY Change 59.3% 14.39%
Depreciation, Depletion And Amortization $20.00K $30.00K
YoY Change
Cash From Operating Activities -$18.30M -$21.40M
YoY Change 114.54% 70.79%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $19.28M -$78.62M
YoY Change 55.86% 315.32%
Cash From Investing Activities $19.28M -$78.62M
YoY Change 55.86% 315.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $107.9M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.770M 109.0M
YoY Change 2112.5%
NET CHANGE
Cash From Operating Activities -18.30M -21.40M
Cash From Investing Activities 19.28M -78.62M
Cash From Financing Activities 1.770M 109.0M
Net Change In Cash 2.750M 8.980M
YoY Change -29.85% -128.54%
FREE CASH FLOW
Cash From Operating Activities -$18.30M -$21.40M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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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. (“we,” “us,” “our” or the “Company”) 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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<p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.54%;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<span style="font-weight:bold;"> </span></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’s actual results may differ from these estimates under different assumptions or conditions.</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;">Management anticipates that the COVID-19 pandemic will have an impact on the clinical and pre-clinical development timelines for the Company’s clinical and pre-clinical programs. 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 financial statements.</p>
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-17062000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
147647000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
295000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
403000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2029000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2800000
CY2020Q2 sndx Accrued Clinical Costs Current
AccruedClinicalCostsCurrent
5657000
CY2019Q4 sndx Accrued Clinical Costs Current
AccruedClinicalCostsCurrent
6726000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
710000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
266000
CY2020Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
8691000
CY2019Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
10195000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2129000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1338000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3959000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2930000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2129000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1338000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3959000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2930000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
141490
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1400000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
22167
CY2020Q2 sndx Stock Issued During Period Value Offering Expenses
StockIssuedDuringPeriodValueOfferingExpenses
7099000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
200000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3057000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
9809000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
7134000
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
20000000
CY2020Q2 sndx Amortized Loss Reacquired Debt Noncurrent
AmortizedLossReacquiredDebtNoncurrent
131000
CY2020Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
235000
CY2020Q2 us-gaap Long Term Loans Payable
LongTermLoansPayable
19896000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
31600000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1829000
CY2020Q1 sndx Stock Issued During Period Value Offering Expenses
StockIssuedDuringPeriodValueOfferingExpenses
93000
CY2020Q1 sndx Stock Issued During Period Value Direct Offering
StockIssuedDuringPeriodValueDirectOffering
24201000
CY2020Q1 sndx Stock Issued During Period Value Pre Funded Common Stock Warrant Offering Expenses
StockIssuedDuringPeriodValuePreFundedCommonStockWarrantOfferingExpenses
41000
CY2020Q1 sndx Stock Issued During Period Value Pre Funded Common Stock Warrants From Direct Offering
StockIssuedDuringPeriodValuePreFundedCommonStockWarrantsFromDirectOffering
10665000
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
338000
CY2020Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
48000
CY2020Q2 sndx Stock Issued During Period Value Direct Offering
StockIssuedDuringPeriodValueDirectOffering
107901000
CY2020Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1015000
CY2020Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
69000
CY2020Q2 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
85000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
53047000
CY2019Q1 sndx Stock Issued During Period Value At The Market Offering Expenses
StockIssuedDuringPeriodValueAtTheMarketOfferingExpenses
34000
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 Common Stock Warrant
StockIssuedDuringPeriodValueDirectOfferingCommonStockWarrant
1571000
CY2019Q1 sndx Stock Issued During Period Value Offering Expenses
StockIssuedDuringPeriodValueOfferingExpenses
78000
CY2019Q1 sndx Stock Issued During Period Value Direct Offering
StockIssuedDuringPeriodValueDirectOffering
10922000
CY2019Q1 sndx Stock Issued During Period Value Pre Funded Common Stock Warrant
StockIssuedDuringPeriodValuePreFundedCommonStockWarrant
1875000
CY2019Q1 sndx Stock Issued During Period Value Pre Funded Common Stock Warrant Offering Expenses
StockIssuedDuringPeriodValuePreFundedCommonStockWarrantOfferingExpenses
93000
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 Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
33000
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
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
68626000
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 Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
50000
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
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-14916000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
55275000
CY2019Q1 sndx Number Of Series Of Warrants
NumberOfSeriesOfWarrants
2
CY2019Q1 sndx Gross Proceeds From Offering
GrossProceedsFromOffering
27600000
CY2019Q1 sndx Offering Cost
OfferingCost
200000
CY2019Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P1Y4M24D
CY2020Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3036719
CY2020Q1 sndx Adjustments To Additional Paid In Capital Repricing Warrants
AdjustmentsToAdditionalPaidInCapitalRepricingWarrants
3900000
CY2020Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P0Y4M24D
CY2020Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6388889
CY2020Q2 sndx Offering Price Per Share
OfferingPricePerShare
18.00
CY2020Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
107900000
CY2020Q2 sndx Stock Issued During Period Shares Pre Funded Warrant Exchange
StockIssuedDuringPeriodSharesPreFundedWarrantExchange
280335
CY2020Q2 sndx Stock Issued During Period Shares Exercise Of Warrants
StockIssuedDuringPeriodSharesExerciseOfWarrants
3489131

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