$SNDX
Syndax Pharmaceuticals Inc

2021 Q2 Form 10-Q Financial Statement

#000156459021042657 Filed on August 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 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 $5.842M $6.050M
YoY Change -3.44% 74.86%
% of Gross Profit
Research & Development $16.87M $10.94M
YoY Change 54.17% -10.96%
% of Gross Profit
Depreciation & Amortization $5.000K $30.00K
YoY Change -83.33%
% of Gross Profit
Operating Expenses $22.71M $16.99M
YoY Change 33.69% 7.85%
Operating Profit -$22.33M -$16.61M
YoY Change 34.46% 8.04%
Interest Expense $634.0K $638.0K
YoY Change -0.63% 27.35%
% of Operating Profit
Other Income/Expense, Net -$576.0K -$452.0K
YoY Change 27.43% -198.69%
Pretax Income -$22.91M -$17.06M
YoY Change 34.29% 14.34%
Income Tax
% Of Pretax Income
Net Earnings -$22.91M -$17.06M
YoY Change 34.27% 14.39%
Net Earnings / Revenue -6044.85% -4501.85%
Basic Earnings Per Share -$0.44
Diluted Earnings Per Share -$0.44 -$420.1K
COMMON SHARES
Basic Shares Outstanding 51.60M
Diluted Shares Outstanding 51.60M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $260.0M $189.7M
YoY Change 37.08% 126.64%
Cash & Equivalents $68.16M $53.73M
Short-Term Investments $192.0M $136.1M
Other Short-Term Assets $2.073M $1.900M
YoY Change 9.11% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $262.6M $191.8M
YoY Change 36.89% 123.61%
LONG-TERM ASSETS
Property, Plant & Equipment $504.0K $700.0K
YoY Change -28.0% 114.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $100.0K
YoY Change -100.0% -50.25%
Total Long-Term Assets $504.0K $800.0K
YoY Change -37.0% -50.46%
TOTAL ASSETS
Total Short-Term Assets $262.6M $191.8M
Total Long-Term Assets $504.0K $800.0K
Total Assets $263.1M $192.6M
YoY Change 36.58% 120.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.624M $1.800M
YoY Change 101.33% -20.91%
Accrued Expenses $12.12M $9.100M
YoY Change 33.2% -33.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.030M
YoY Change
Total Short-Term Liabilities $24.29M $12.50M
YoY Change 94.34% -28.53%
LONG-TERM LIABILITIES
Long-Term Debt $13.32M $19.90M
YoY Change -33.05%
Other Long-Term Liabilities $10.88M $12.60M
YoY Change -13.64% 179900.0%
Total Long-Term Liabilities $24.20M $32.50M
YoY Change -25.53% 122.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.29M $12.50M
Total Long-Term Liabilities $24.20M $32.50M
Total Liabilities $48.50M $45.00M
YoY Change 7.77% 40.12%
SHAREHOLDERS EQUITY
Retained Earnings -$619.3M -$527.8M
YoY Change 17.34% 12.62%
Common Stock $833.8M $675.3M
YoY Change 23.47% 28.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $214.6M $147.6M
YoY Change
Total Liabilities & Shareholders Equity $263.1M $192.6M
YoY Change 36.56% 120.42%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$22.91M -$17.06M
YoY Change 34.27% 14.39%
Depreciation, Depletion And Amortization $5.000K $30.00K
YoY Change -83.33%
Cash From Operating Activities -$24.04M -$21.40M
YoY Change 12.36% 70.79%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $21.68M -$78.62M
YoY Change -127.58% 315.32%
Cash From Investing Activities $21.68M -$78.62M
YoY Change -127.58% 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 6.020M 109.0M
YoY Change -94.48%
NET CHANGE
Cash From Operating Activities -24.04M -21.40M
Cash From Investing Activities 21.68M -78.62M
Cash From Financing Activities 6.020M 109.0M
Net Change In Cash 3.658M 8.980M
YoY Change -59.27% -128.54%
FREE CASH FLOW
Cash From Operating Activities -$24.04M -$21.40M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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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;">We anticipate that the COVID-19 pandemic will have an impact on the clinical and pre-clinical development timelines for our 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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<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>
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
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0
CY2021Q2 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2020Q2 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2021Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
185074000
CY2021Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
24000
CY2021Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
7000
CY2021Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
185091000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
15000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
19000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
182819000
CY2021Q2 us-gaap Deposits Assets Current
DepositsAssetsCurrent
6917000
CY2020Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
4683000
CY2021Q2 us-gaap Prepaid Insurance
PrepaidInsurance
1531000
CY2021Q2 us-gaap Interest Receivable Current
InterestReceivableCurrent
433000
CY2020Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
175000
CY2020Q4 us-gaap Supplies
Supplies
58000
CY2021Q2 sndx Reimbursable Costs
ReimbursableCosts
2000
CY2020Q4 sndx Reimbursable Costs
ReimbursableCosts
24000
CY2021Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
171000
CY2020Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
114000
CY2021Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9308000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5684000
CY2021Q2 sndx Accrued Clinical Costs Current
AccruedClinicalCostsCurrent
8339000
CY2020Q4 sndx Accrued Clinical Costs Current
AccruedClinicalCostsCurrent
7132000
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2535000
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
292000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3213000
CY2021Q2 sndx Accrued Interest Payable
AccruedInterestPayable
164000
CY2020Q4 sndx Accrued Interest Payable
AccruedInterestPayable
170000
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
394000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
373000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
191394
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1700000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
358000
CY2021Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
11724000
CY2020Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
11246000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3240000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2129000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6007000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3959000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
141490
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1400000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2285000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
9727000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
7988000
CY2021Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
20000000
CY2021Q2 sndx Amortized Losses Reacquired Debt Noncurrent
AmortizedLossesReacquiredDebtNoncurrent
490000
CY2021Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
137000
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
CY2021Q2 us-gaap Loans Payable
LoansPayable
20353000
CY2021Q2 us-gaap Loans Payable Current
LoansPayableCurrent
7030000
CY2021Q2 us-gaap Long Term Loans Payable
LongTermLoansPayable
13323000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
252188000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2767000
CY2021Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
13000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-27723000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
228205000
CY2021Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
8000
CY2021Q2 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
64000
CY2021Q2 sndx Stock Issued During Period Value At The Market Offering Expenses
StockIssuedDuringPeriodValueAtTheMarketOfferingExpenses
200000
CY2021Q2 sndx Stock Issued During Period Value At The Market Offering Net
StockIssuedDuringPeriodValueAtTheMarketOfferingNet
5131000
CY2021Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
825000
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
CY2020Q1 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
64000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-15236000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
53509000
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2130000
CY2020Q2 sndx Stock Issued During Period Value Offering Expenses
StockIssuedDuringPeriodValueOfferingExpenses
7099000
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
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-17062000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
147647000
CY2019Q1 sndx Number Of Series Of Warrants
NumberOfSeriesOfWarrants
2

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