Syndax Pharmaceuticals Inc
SNDX · Pharmaceutical Preparations · 88.6M shares · +23%/yr ↑ dilution · EDGAR filings ↗
Reference price $18.14 · est. market cap ~$1.6B — last insider sale, 2026-06-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — oncology launches (Niktimvo/Revuforj), heavy burn, leverage.
Strengths
- Liquidity — current ratio 4.4 (54th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- High leverageHigh leverage (debt/equity 5.32)
- Net lossNet loss (net margin -165.6%)
- Cash burnNegative free cash flow (-323.2M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +23%/yr over 4y (dilution, book value/share -93%)
- Notable holderHeld by 5 notable fund(s): GOLDMAN SACHS GROUP INC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 8 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-158.4%
Net margin
-165.6%
Return on equity
-441.6%
Return on assets
-53.9%
ROIC
-52.8%
Revenue growth (QoQ)
-5.6%
Debt / equity
5.3×
Current ratio
4.4×
Free cash flow
-$323M
Tangible book value
$65M
Cash & investments
$394M
Cash runway
5q
Stock comp / revenue
27.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-12 | Botwood Nicholas A.J. | Option exercise | 31K | $13.82 |
| 2026-06-12 | Botwood Nicholas A.J. | Sell | 31K | $18.14 |
| 2026-06-11 | Botwood Nicholas A.J. | Sell | 34K | $18.00 |
| 2026-06-11 | Botwood Nicholas A.J. | Option exercise | 23K | $13.82 |
| 2026-06-01 | Goldan Keith A. | Sell | 1.2K | $18.99 |
| 2026-06-01 | Metzger Michael A | Sell | 6.8K | $18.99 |
| 2026-02-09 | Metzger Michael A | Sell | 17K | $21.03 |
| 2026-02-09 | Goldan Keith A. | Sell | 3.4K | $21.03 |
| 2026-02-06 | Goldan Keith A. | Sell | 2.1K | $20.62 |
| 2026-02-06 | Metzger Michael A | Sell | 7.4K | $20.62 |
| 2026-02-04 | Metzger Michael A | Grant | 145K | — |
| 2026-02-04 | Botwood Nicholas A.J. | Grant | 24K | — |
| 2026-02-04 | Botwood Nicholas A.J. | Grant | 36K | — |
| 2026-02-04 | Podlesak Dennis | Grant | 48K | — |
| 2026-02-04 | Rizo Aleksandra | Grant | 24K | — |
| 2026-02-04 | Katkin Keith | Grant | 24K | — |
| 2026-02-04 | Legault Pierre | Grant | 24K | — |
| 2026-02-04 | Goldan Keith A. | Grant | 22K | — |
| 2026-02-04 | Goldan Keith A. | Grant | 31K | — |
| 2026-02-04 | Metzger Michael A | Grant | 73K | — |
| 2026-02-04 | Jarrett Jennifer | Grant | 24K | — |
| 2026-02-04 | Huber Martin H. Jr. | Grant | 24K | — |
| 2026-01-30 | Goldan Keith A. | Other | 1.2K | $8.48 |
| 2025-12-01 | Goldan Keith A. | Gift | 1.2K | — |
| 2025-09-08 | Metzger Michael A | Option exercise | 157K | $10.90 |
| 2025-09-08 | Metzger Michael A | Sell | 157K | $16.41 |
| 2025-08-18 | Podlesak Dennis | Option exercise | 19K | $7.20 |
| 2025-08-18 | Podlesak Dennis | Sell | 19K | $15.84 |
| 2025-08-15 | Podlesak Dennis | Sell | 19K | $15.54 |
| 2025-08-15 | Podlesak Dennis | Option exercise | 19K | $7.20 |
| 2025-08-14 | Podlesak Dennis | Option exercise | 19K | $7.20 |
| 2025-08-14 | Podlesak Dennis | Sell | 19K | $14.19 |
| 2025-07-31 | Goldan Keith A. | Other | 1.2K | $8.43 |
| 2025-07-16 | Goldan Keith A. | Sell | 1.3K | $9.29 |
| 2025-07-16 | Metzger Michael A | Sell | 7.5K | $9.29 |
| 2025-05-19 | Huber Martin H. Jr. | Buy | 5.0K | $8.99 |
| 2025-05-19 | Goldan Keith A. | Buy | 3.0K | — |
| 2025-05-19 | Katkin Keith | Buy | 10K | $9.11 |
| 2025-05-16 | Botwood Nicholas A.J. | Buy | 12K | $8.99 |
| 2025-03-14 | Metzger Michael A | Option exercise | 6.1K | $7.20 |
| 2025-03-04 | Metzger Michael A | Option exercise | 7.8K | $7.20 |
| 2025-03-04 | Metzger Michael A | Sell | 7.8K | $15.05 |
| 2025-02-10 | Gallagher Neil | Sell | 4.6K | $15.50 |
| 2025-02-10 | Goldan Keith A. | Sell | 3.8K | $15.50 |
| 2025-02-10 | Metzger Michael A | Sell | 13K | $15.50 |
| 2025-02-05 | Gallagher Neil | Grant | 18K | — |
| 2025-02-05 | Gallagher Neil | Grant | 23K | — |
| 2025-02-05 | Goldan Keith A. | Grant | 18K | — |
| 2025-02-05 | Goldan Keith A. | Grant | 23K | — |
| 2025-02-05 | Metzger Michael A | Grant | 60K | — |
| 2025-02-05 | Metzger Michael A | Grant | 89K | — |
| 2025-02-05 | Podlesak Dennis | Grant | 50K | — |
| 2025-02-05 | Rizo Aleksandra | Grant | 25K | — |
| 2025-02-05 | Meury William | Grant | 25K | — |
| 2025-02-05 | Katkin Keith | Grant | 25K | — |
| 2025-02-05 | Jarrett Jennifer | Grant | 25K | — |
| 2025-02-05 | Huber Martin H. Jr. | Grant | 25K | — |
| 2025-02-05 | Legault Pierre | Grant | 25K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-10 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-06-10 | Material agreementDebt obligation3.02Exhibits | filing ↗ |
| 2026-06-04 | Material agreementDebt obligation3.02OtherExhibits | filing ↗ |
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2026-01-12 | ResultsReg FD | filing ↗ |
| 2025-12-19 | 5.03 | filing ↗ |
| 2025-11-03 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-10 | 0001193125-26-266027 ↗ |
| 8-K | 2026-06-10 | 2026-06-10 | 0001193125-26-265852 ↗ |
| 8-K | 2026-06-04 | 2026-06-03 | 0001193125-26-256458 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001193125-26-197154 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001193125-26-197124 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-076522 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-076536 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-010486 ↗ |
| 8-K | 2025-12-19 | 2025-12-18 | 0001193125-25-326961 ↗ |
| 8-K | 2025-11-03 | 2025-11-03 | 0001193125-25-262509 ↗ |
| 10-Q | 2025-11-03 | 2025-09-30 | 0001193125-25-262521 ↗ |
| 8-K | 2025-10-24 | 2025-10-24 | 0001193125-25-250052 ↗ |