2021 Q4 Form 10-K Financial Statement

#000156459022008112 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $126.6M $139.7M $380.0K
YoY Change 33209.47% 9091.38% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.927M $25.24M $4.720M
YoY Change 46.76% 12.13% -7.09%
% of Gross Profit
Research & Development $23.90M $88.25M $15.52M
YoY Change 53.98% 74.96% 63.36%
% of Gross Profit
Depreciation & Amortization $10.00K $43.00K $20.00K
YoY Change -50.0% -52.22% -77.78%
% of Gross Profit
Operating Expenses $30.83M $113.5M $20.24M
YoY Change 52.31% 55.59% 38.77%
Operating Profit $26.22M -$19.86M
YoY Change -136.71% 39.81%
Interest Expense $98.00K $1.899M -$530.0K
YoY Change -118.49% -19.43% -340.91%
% of Operating Profit 7.24%
Other Income/Expense, Net $351.0K -$1.294M -$563.0K
YoY Change -162.34% -25.42% -374.63%
Pretax Income $96.20M $24.93M -$20.42M
YoY Change -571.1% -134.07% 45.86%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $96.20M $24.93M -$20.42M
YoY Change -571.03% -134.07% 45.88%
Net Earnings / Revenue 76.0% 17.84% -5374.47%
Basic Earnings Per Share $0.48
Diluted Earnings Per Share $1.619M $0.46 -$443.0K
COMMON SHARES
Basic Shares Outstanding 52.07M
Diluted Shares Outstanding 53.62M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $446.8M $446.8M $297.7M
YoY Change 50.09% 50.09% 387.23%
Cash & Equivalents $222.0M $222.0M $115.2M
Short-Term Investments $224.9M $224.9M $182.5M
Other Short-Term Assets $1.137M $1.137M $900.0K
YoY Change 26.33% 26.33% -25.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $448.4M $448.4M $298.9M
YoY Change 50.03% 50.02% 379.48%
LONG-TERM ASSETS
Property, Plant & Equipment $278.0K $1.261M $192.0K
YoY Change 44.79% 152.2% -31.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $1.267M
YoY Change -100.0% -100.0% 543.15%
Total Long-Term Assets $1.261M $1.261M $1.749M
YoY Change -27.9% -25.82% 46.48%
TOTAL ASSETS
Total Short-Term Assets $448.4M $448.4M $298.9M
Total Long-Term Assets $1.261M $1.261M $1.749M
Total Assets $449.7M $449.7M $300.6M
YoY Change 49.58% 49.59% 373.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.669M $5.669M $3.508M
YoY Change 61.6% 61.97% -43.22%
Accrued Expenses $14.83M $14.83M $11.60M
YoY Change 27.82% 27.82% 8.41%
Deferred Revenue $1.517M
YoY Change 0.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $2.300M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $20.68M $20.68M $18.87M
YoY Change 9.6% 9.43% 2.74%
LONG-TERM LIABILITIES
Long-Term Debt $19.90M $19.90M $17.80M
YoY Change 11.77% 11.77%
Other Long-Term Liabilities $711.0K $711.0K $1.000K
YoY Change 71000.0% -93.92% -80.0%
Total Long-Term Liabilities $20.61M $20.61M $29.55M
YoY Change -30.27% -30.15% 117.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.68M $20.68M $18.87M
Total Long-Term Liabilities $20.61M $20.61M $29.55M
Total Liabilities $41.29M $41.29M $48.43M
YoY Change -14.74% -14.69% 51.68%
SHAREHOLDERS EQUITY
Retained Earnings -$543.7M -$568.6M
YoY Change -4.38% 14.77%
Common Stock $952.0M $820.8M
YoY Change 15.98% 55.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $408.4M $408.4M $252.2M
YoY Change
Total Liabilities & Shareholders Equity $449.7M $449.7M $300.6M
YoY Change 49.58% 49.59% 373.22%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $96.20M $24.93M -$20.42M
YoY Change -571.03% -134.07% 45.88%
Depreciation, Depletion And Amortization $10.00K $43.00K $20.00K
YoY Change -50.0% -52.22% -77.78%
Cash From Operating Activities $100.7M $29.13M -$15.63M
YoY Change -744.33% -140.88% 22.88%
INVESTING ACTIVITIES
Capital Expenditures -$129.0K $129.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$59.83M -$40.74M -$64.14M
YoY Change -6.72% -71.41% -1073.29%
Cash From Investing Activities -$59.96M -$40.87M -$64.14M
YoY Change -6.52% -71.32% -1073.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $81.20M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 109.8M 118.5M 138.7M
YoY Change -20.82% -61.09% 230983.33%
NET CHANGE
Cash From Operating Activities 100.7M 29.13M -15.63M
Cash From Investing Activities -59.96M -40.87M -64.14M
Cash From Financing Activities 109.8M 118.5M 138.7M
Net Change In Cash 150.5M 106.7M 58.88M
YoY Change 155.66% 17.75% -1070.02%
FREE CASH FLOW
Cash From Operating Activities $100.7M $29.13M -$15.63M
Capital Expenditures -$129.0K $129.0K
Free Cash Flow $100.8M $29.00M
YoY Change -140.7%

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4314000
CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
52000
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2161000
CY2020 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2670000
CY2019 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4739000
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-13133000
CY2020 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1517000
CY2019 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1517000
CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2769000
CY2020 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
567000
CY2019 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-3411000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
29131000
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-71260000
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-50612000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
129000
CY2021 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
294719000
CY2020 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
278937000
CY2019 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
104018000
CY2021 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
253975000
CY2020 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
136407000
CY2019 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
116799000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-40873000
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-142530000
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
12781000
CY2020 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
19730000
CY2021 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
367000
CY2020 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
345000
CY2019 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
182000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6336000
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6633000
CY2019 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
178000
CY2020 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
1000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
118464000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
304424000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
28570000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
106722000
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
90634000
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-9261000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
115358000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
24724000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
33985000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
222080000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
115358000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
24724000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
221965000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
115243000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24609000
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
115000
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
115000
CY2019Q4 us-gaap Restricted Cash
RestrictedCash
115000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
222080000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
115358000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
24724000
CY2021 us-gaap Nature Of Operations
NatureOfOperations
<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:0pt;text-indent:5.24%;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” or “Syndax”) is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. The Company is developing SNDX-5613, targeting the binding interaction of menin with the mixed lineage leukemia 1 (MLL1) protein for the treatment of MLL-rearranged, or MLLr, acute leukemias and nucleophosmin 1, or NPM1, mutant acute myeloid leukemia (AML), as well as axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1, or CSF-1 receptor. The Company has deprioritized the development of entinostat, a once-weekly, oral, small molecule, Class I HDAC inhibitor, to focus resources on advancing the remainder of our pipeline. 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:5.24%;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’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 any of its product candidates is approved, if ever, and the Company begins to generate revenue from sales of such product candidates. Accordingly, management expects to incur substantial losses on the ongoing development of its 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:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s management believes that the cash, cash equivalents and short-term investments balances as of December 31, 2021, should enable the Company to maintain its planned operations for at least twelve months from the date these financial statements were issued. The Company’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> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">With the global spread of the ongoing COVID-19 pandemic in 2021, the Company has implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on its business. The Company anticipates that the COVID-19 pandemic could have an impact on the clinical development timelines for one or more of its clinical programs. The extent to which the COVID-19 pandemic impacts the Company’s business, clinical development, manufacturing of clinical and commercial drug substance and drug product, and regulatory efforts, the corporate development objectives and the value of and market for the Company’s common stock, will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the United States, Europe and other countries, and the effectiveness of actions taken globally to contain and treat the disease. The global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic could have a material adverse effect on its business, financial condition, results of operations and growth prospects.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, the Company is subject to other challenges and risks specific to its business and ability to execute on the strategy, as well as risks and uncertainties common to companies in the pharmaceutical industry with </p> <p style="margin-bottom:0pt;margin-top:12pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">development and commercial operations, including, without limitation, risks and uncertainties associated with: obtaining regulatory approval of the Company’s late-stage product candidate; delays or problems in the supply of the Company’s products, loss of single source suppliers or failure to comply with manufacturing regulations; identifying, acquiring or in-licensing additional products or product candidates; pharmaceutical product development and the inherent uncertainty of clinical success; and the challenges of protecting and enhancing the Company’s intellectual property rights; complying with applicable regulatory requirements. In addition, to the extent the ongoing COVID-19 pandemic adversely affects the Company’s business and results of operations, it may also have the effect of heightening many of the other risks and uncertainties discussed above</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p>
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:12pt;margin-left:5.24%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of 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 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:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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>
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:12pt;margin-left:5.24%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentrations of Credit Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents, restricted cash, and short-term investments are financial instruments that potentially subject the Company to concentrations of credit risk. Substantially all of the Company’s cash, cash equivalents, and short-term investments were deposited in accounts at two financial institutions, and at times, such deposits may exceed federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company’s available-for-sale investments primarily consist of government money market funds, corporate debt securities, commercial paper, credit card asset-backed securities and overnight deposits and potentially subject the Company to concentrations of credit risk. </p>
CY2021 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0
CY2021 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<p style="margin-bottom:0pt;margin-top:12pt;margin-left:5.24%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Guarantees and Indemnifications </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As permitted under Delaware law, the Company indemnifies its officers, directors, and employees for certain events or occurrences that happen by reason of the relationship with, or position held at, the Company. The Company has standard indemnification arrangements under office leases (as described in Note 5) that require it to indemnify the landlord against all costs, expenses, fines, suits, claims, demands, liabilities, and actions directly resulting from any breach, violation, or nonperformance of any covenant or condition of the Company’s lease. Through December 31, 2021, the Company had not experienced any losses related to these indemnification obligations and no claims were outstanding. The Company does not expect significant claims related to these indemnification obligations, and consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. </p>
CY2021 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
In February 2021, the Company signed an 18-month extension to the lease for the New York office, with aggregate payments of $270,000, with a lease commencement date of March 1, 2021.
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
270000
CY2021Q1 sndx Lease Commencement Date
LeaseCommencementDate
2021-03-01
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1000000.0
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1100000
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.14
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
413000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
544000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
394000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
473000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
59000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
376000
CY2021Q4 sndx Lessee Operating Lease Liability Payments Due After Year Three
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearThree
454000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1303000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
417000
CY2021Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1000
CY2020Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
5000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
453000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
231000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
36000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1072000
CY2021 sndx Number Of Pre Funded Warrants Exchanged For Common Stock
NumberOfPreFundedWarrantsExchangedForCommonStock
250000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
24926000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-73158000
CY2020 us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount
WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount
3906000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24926000
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-77064000
CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-56047000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52065000
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41308000
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30491000
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1558000
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53623000
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41308000
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30491000
CY2020Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3036719
CY2020Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
8.00
CY2021 sndx Number Of Pre Funded Warrants Cashless Exchanged For Common Stock
NumberOfPreFundedWarrantsCashlessExchangedForCommonStock
475784
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
721000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
591000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
443000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
399000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
278000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
192000
CY2021 us-gaap Depreciation
Depreciation
43000
CY2020 us-gaap Depreciation
Depreciation
90000
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0
CY2021 sndx Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value Additions
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValueAdditions
576000
CY2021 sndx Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Change In Fair Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityChangeInFairValue
389000
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
187000
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
343074000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
70000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
25000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
343119000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
182823000
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
CY2020Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
175000
CY2021Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
6894000
CY2020Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
4683000
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
642000
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
427000
CY2021Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
429000
CY2020Q4 us-gaap Supplies
Supplies
58000
CY2020Q4 sndx Reimbursable Costs
ReimbursableCosts
24000
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
380000
CY2020Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
317000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8345000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5684000
CY2021Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
81200000
CY2019Q1 sndx Number Of Series Of Warrants
NumberOfSeriesOfWarrants
2
CY2019Q1 sndx Gross Proceeds From Offering
GrossProceedsFromOffering
27600000
CY2019Q1 sndx Offering Cost
OfferingCost
200000
CY2021Q4 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
CY2021Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3802144
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13342523
CY2021Q4 sndx Accrued Clinical Costs Current
AccruedClinicalCostsCurrent
7760000
CY2020Q4 sndx Accrued Clinical Costs Current
AccruedClinicalCostsCurrent
7132000
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9.40
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6921514
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17591
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0.210
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0.210
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0.210
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CY2021Q4 us-gaap Unamortized Debt Issuance Expense
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122927
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19894664
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19894664
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14764764
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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5235236
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444000
CY2020 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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250000
CY2019 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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119000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
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20000000
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0.000
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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0.000
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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0.000
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EffectiveIncomeTaxRateContinuingOperations
0.000
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17642000
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22794000
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6113000
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34898000
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28854000
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31365000
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The Company has provided a valuation allowance for the full amount of the net deferred tax assets as the realization of the deferred tax assets is not determined to be more likely than not. The valuation allowance decreased by $4.8 million in 2021 due to the decrease in deferred tax assets, primarily driven by the utilization of tax attributes to offset federal and state taxable income, partially offset by an increase to other deferred tax assets. The valuation allowance increased by $17.5 million in 2020 due to the increase in deferred tax assets, primarily driven by net operating loss carryforwards and capitalized research and development costs.
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43000

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