Syndax Pharmaceuticals, Inc. (SNDX) Stock

Syndax Pharmaceuticals, Inc. (SNDX) is a Healthcare stock trading at $19.66 (as of 2026-08-21), with a market capitalization of $1.74B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Syndax Pharmaceuticals, Inc. develops biopharmaceutical therapies for cancer and related conditions, including SNDX-5613 for MLL-rearranged and NPM1c acute myeloid leukemia and SNDX-6352 (axatilimab) for chronic graft versus host disease. It also develops Entinostat and conducts clinical and research collaborations with organizations including the National Cancer Institute and the Eastern Cooperative Oncology Group.

Understand Syndax Pharmaceuticals, Inc.: how it makes money

Syndax Pharmaceuticals develops cancer therapies and, based on its reported drivers, earns revenue from its marketed products (including Revuforge and Nictimbo) and from collaboration, milestone, license, and royalty revenue tied to those products.

The companys near-term results appear to be powered by commercial uptake of its products (new patient starts and infusions), which feeds product and collaboration revenue, while operating profitability remains deeply negative (operating_margin_pct of -52.7).

Revenue by segment (latest quarter)
Nictimbo	$0.1B
Revuforge	$0.1B

Business quality (Weak): Well-defined product commercial KPIs for Revuforge and Nictimbo, but limited visibility into total operating drivers beyond negative operating margin and small product versus non-product revenue components.

Bull case

Revuforge and Nictimbo have tracked commercial momentum metrics (new patient starts, prescriptions, and infusions), which can translate into product revenue and collaboration-related revenue: Operational KPIs include Revuforge New Patient Starts (330.0) and Nictimbo New Patient Starts (300.0), plus cumulative patient treatment and infusion counts.
Formulary and access indicators are explicitly tracked, which can support continued adoption if they remain strong: Operational KPIs include Revuforge Formulary Coverage (97.0) and NPM1 Formulary Coverage (97.0).

Bear case

Operating profitability is currently very weak, suggesting heavy ongoing costs relative to revenue: operating_margin_pct is -52.7 for the period ending 2026-03-31.
The company is a clinical-stage biopharmaceutical company, so the pipeline and trial outcomes for key candidates can remain uncertain: SNDX-5613 is in phase 1/2 targeting Menin with MLL and NPM1c AML, and SNDX-6352, axatilimab, is described for chronic graft versus host disease.
Revenue visibility may depend on non-recurring streams (milestones, licenses, and royalties) in addition to product revenue: Segment revenue candidates include Milestone, License and Royalty Revenue (0.01 B) alongside product-related revenue items.

Valuation — source: SEC EDGAR (first-party)
Price	$19.66
Market Cap	$1.74B
Price / Book	115.38
Price / Sales	7.01

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$172.35M
Net Margin	-165.6%
Revenue Growth (YoY)	627.8%
EPS Growth (YoY)	-11.6%
FCF Growth (YoY)	17.6%

Financial Health — source: SEC EDGAR
Altman Z-Score	-2.20 (distress)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($192.82M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Michael A. Metzger
Employees	270
Country	US
IPO Date	2016-03-02

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.