MeritValue

Syndax Pharmaceuticals Inc

SNDXdata completeness 100%12 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Syndax Pharmaceuticals Inc earns about -123% on equity, but has diluted owners by 62% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$139.7M1$02$03$23.7M3$172.4M3
Net income$24.9M4−$149.3M5−$209.4M6−$318.8M6−$285.4M6
Operating cash flow$29.1M7−$133.7M8−$160.6M9−$274.9M9−$323M9
Capital expenditure$129,00010$010$011$011$187,00011
Free cash flow (derived)$29M7−$133.7M8−$160.6M9−$274.9M9−$323.2M9
Total debt——$012$681.6M13$693.9M13
Cash & equivalents$222M14$74.4M15$295.4M16$154.1M16$134.9M16
Diluted shares53.6M60.8M70.4M85.6M86.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$7.46
your share of equity
Profit it earned you last year
−$32.95
Free cash flow it threw off
−$37.31
Debt you’d be carrying
$80.1

10 shares is a claim on $7.46 of net worth that earned you −$32.95 and generated −$37.31 of cash last year, against $80.1 of debt.

iii. Is this a good business?
Moat signal · return on equity
-123% avg · 5y
FY21 6%FY22 -32%FY23 -38%FY24 -111%FY25 -442%

It earned an average -123% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+62% shares · 5y

Share count is up 62% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-021253 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-030394 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-076536 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-021253 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-030394 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-076536 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-021253 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-030394 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-076536 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-021253 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001193125-26-076536 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-030394 (LongTermDebtCurrent)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-076536 (LongTermDebtCurrent)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-24-021253 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0000950170-25-030394 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001193125-26-076536 (CashAndCashEquivalentsAtCarryingValue)