Free cash flow remains consistently negative, with quarterly outflows reaching as high as $95.2M in 2025Q1, indicating that the company is burning through its $130.9M cash balance to fund ongoing clinical trials.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -278.16M | -322.98M | -274.9M | -160.6M | -133.68M | 29.13M | -71.26M | -50.61M | -68.53M | -47.37M | -35.16M | -2.43M | -14.39M | -7.29M | -9.28M | -10.02M |
| Operating CF Margin % | - | -187.4% | -1160.91% | - | - | 20.85% | -4697.43% | -3336.32% | -4517.53% | -2247.2% | -2881.72% | -387.24% | - | - | - | - |
| Operating CF Growth % | -9.71% | -17.49% | -71.17% | -20.14% | -558.88% | 140.88% | -40.8% | 26.15% | -44.67% | -34.74% | -1347.98% | 83.13% | -97.3% | 21.42% | 7.36% | - |
| Net Income | -243.25M | -285.42M | -318.76M | -209.36M | -149.34M | 24.93M | -73.16M | -56.05M | -73.96M | -60.8M | -44.47M | -24.12M | -19.83M | -14.17M | -9.96M | -13.09M |
| Depreciation & Amortization | -102K | 6K | 8K | 12K | 33K | 43K | 89K | 92K | 78K | 76K | 89K | 21K | 15K | 13K | 34K | 51K |
| Stock-Based Compensation | 49.18M | 47.5M | 43.03M | 30.95M | 16.02M | 13.32M | 9.06M | 6M | 6.2M | 5.45M | 4.71M | 3.88M | 2.26M | 1.42M | 139K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 255K | 0 | -780K | -558K | 223K | 1.58M | 2.47M | 2.57M | 1.69M | -3.44M | 0 |
| Other Non-Cash Items | -22.1M | -5.75M | -12.45M | -14.06M | -2.04M | 187K | 686K | 359K | 11K | 8K | 25K | 762K | 40K | 3.73M | 3.13M | 2.88M |
| Working Capital Changes | -61.89M | -79.32M | 13.27M | 31.86M | 1.66M | -9.6M | -7.93M | -241K | -302K | 7.67M | 2.92M | 14.56M | 551K | 31K | 823K | 141K |
| Change in Receivables | -28.88M | -36.83M | -11.24M | 0 | -3.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -29.96M | -32.09M | -366K | 0 | 3.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 796K | 4.95M | 1.67M | 5.61M | -1.32M | 2.16M | -2.67M | 4.74M | -792K | -194K | 923K | 1.04M | -726K | -286K | -35K | -326K |
| Cash from Investing | 234.28M | 290.04M | -219.78M | 117.61M | -186.19M | -40.87M | -142.53M | 12.78M | 51.4M | -17.03M | -18.38M | -61.67M | 1.89M | -4.03M | 494K | 2.19M |
| Capital Expenditures | -187K | -187K | 0 | 0 | -225K | -129K | 0 | 0 | -187K | -84K | -261K | -49K | -4K | -38K | -11K | -8K |
| CapEx % of Revenue | 0.09% | 0.11% | - | - | - | 0.09% | - | - | 12.33% | 3.98% | 21.39% | 7.81% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 225K | 40.74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 225K | -40.74K | 0 | 12.78K | 51.59K | 45K | -97K | -118K | -1K | 33K | 5K | -50K |
| Cash from Financing | 20.66M | 13.68M | 353.37M | 264.13M | 172.25M | 118.46M | 304.42M | 28.57M | 15.73M | 75.72M | 54.2M | 77.27M | 12.41M | 20.89M | 5.71M | 8.63M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -21M | 0 | 19.73M | 0 | 0 | 0 | 0 | -9M | 14M | -3.68M | 6.31M | 8.63M |
| Equity Issued (Net) | 12.75M | 13.68M | 9.71M | 258.09M | 181.39M | 86.34M | 278.06M | 28.21M | 15.5M | 75.35M | 52.15M | 87.32M | 0 | 0 | 0 | 3K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.6M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 7.92M | 0 | 343.65M | 6.04M | 11.86M | 32.13M | 6.63M | 360K | 232K | 374K | 4.65M | -1.06M | -1.59M | 24.57M | -597K | 0 |
| Net Change in Cash | -23.21M | -19.27M | -141.31M | 221.14M | -147.61M | 106.72M | 90.63M | -9.26M | -1.4M | 11.32M | 665K | 13.17M | -95K | 9.57M | -3.08M | 0 |
| Free Cash Flow | -278.35M | -323.17M | -274.9M | -160.6M | -133.9M | 29M | -71.26M | -50.61M | -68.72M | -47.45M | -35.42M | -2.48M | -14.4M | -7.33M | -9.29M | -10.03M |
| FCF Margin % | -128.17% | -187.5% | -1160.91% | - | - | 20.76% | -4697.43% | -3336.32% | -4529.86% | -2251.19% | -2903.11% | -395.06% | - | - | - | - |
| FCF Growth % | 2.85% | -17.56% | -71.17% | -19.94% | -561.69% | 140.7% | -40.8% | 26.35% | -44.81% | -33.99% | -1329.87% | 82.8% | -96.33% | 21.11% | 7.33% | - |
| FCF per Share | - | -3.73 | -3.21 | -2.28 | -2.20 | 0.56 | -1.73 | -1.66 | -2.71 | -2.26 | -2.42 | -0.44 | -1.50 | -0.92 | -0.13 | -0.00 |
| FCF Conversion (FCF/Net Income) | 1.14x | 1.13x | 0.86x | 0.77x | 0.90x | 1.17x | 0.98x | 0.90x | 0.93x | 0.78x | 0.79x | 0.10x | 0.73x | 0.51x | 0.93x | 0.77x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary Regulatory Approval Risk
As reported in financial statements, SNDX consistently exhibits an OCF/NI ratio exceeding 1.0, indicating that cash outflows are systematically outpacing net losses, a trend that suggests the company's reported earnings are currently failing to capture the full extent of its ongoing clinical-stage cash burn requirements.
The persistent gap between net income and operating cash flow suggests that non-cash adjustments are insufficient to offset the heavy cash requirements of clinical development. Investors should monitor this divergence as it implies that the company's cash burn is more aggressive than the headline net loss figures might otherwise suggest.
Based on recent SEC filings, SNDX's free cash flow remains deeply negative, with quarterly outflows reaching as high as $95.2M in 2025Q1, reflecting the substantial capital intensity required to sustain late-stage oncology trials without the benefit of recurring commercial product revenue streams to offset these costs.
The trajectory of free cash flow appears to be highly volatile, largely dictated by the timing of milestone-driven revenue rather than operational efficiency. This lack of a stable cash flow base suggests that the company remains entirely dependent on external financing to bridge the gap until potential commercialization.
According to quarterly data, working capital changes have fluctuated significantly, swinging from a $27.2M inflow in 2024Q4 to a $26.8M outflow in 2025Q2, which suggests that timing differences in milestone receipts and clinical trial vendor payments are creating substantial noise in the company's reported cash flow.
These swings in working capital appear to be a byproduct of the company's milestone-heavy revenue model rather than underlying operational improvements. Analysts should look through these fluctuations to focus on the core cash burn rate, which remains elevated and sensitive to the pace of clinical trial activity.
Based on reported figures, stock-based compensation has consistently exceeded $10M per quarter, effectively acting as a non-cash subsidy that masks the true magnitude of the company's operating cash deficit and dilutes the quality of earnings for shareholders during this critical pre-commercial phase of development.
While stock-based compensation is a standard tool for talent retention in biotechnology, its magnitude relative to the company's cash burn warrants further investigation. This non-cash expense effectively hides the true cost of operations, potentially leading to an underestimation of the capital required to reach a self-sustaining commercial state.
Quick answers to the most common questions about buying SNDX stock.
Syndax Pharmaceuticals, Inc. (SNDX) generated $-323.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Syndax Pharmaceuticals, Inc. (SNDX) reported negative free cash flow of $323.2M in 2025, indicating capital requirements exceeded cash from operations.
Syndax Pharmaceuticals, Inc. (SNDX) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.