Revenue growth remains volatile and tethered to non-recurring milestones, contributing to a deeply negative operating margin of -52.7% in 2026Q1 as R&D expenses continue to dominate the cost structure.
| 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 |
|---|
| Sales/Revenue | 217.17M | 172.35M | 23.68M | 0 | 0 | 139.71M | 1.52M | 1.52M | 1.52M | 2.11M | 1.22M | 627K | 0 | 0 | 0 | 0 |
| Revenue Growth % | 396.72% | 627.84% | - | - | -100% | 9109.56% | 0% | 0% | -28.04% | 72.79% | 94.58% | - | - | - | - | - |
| Cost of Goods Sold | 4.44M | 6.97M | 826K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51K |
| COGS % of Revenue | - | 4.04% | 3.49% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 212.73M | 165.38M | 22.85M | 0 | 0 | 139.71M | 1.52M | 1.52M | 1.52M | 2.11M | 1.22M | 627K | 0 | 0 | 0 | -51K |
| Gross Margin % | 97.96% | 95.96% | 96.51% | - | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | - | - | - |
| Gross Profit Growth % | - | 623.65% | - | - | -100% | 9109.56% | 0% | 0% | -28.04% | 72.79% | 94.58% | - | - | - | 100% | - |
| Operating Expenses | 436.26M | 438.47M | 362.53M | 229.95M | 151.76M | 113.49M | 72.94M | 59.06M | 77.39M | 64.06M | 44.99M | 21.14M | 21.33M | 8.57M | 8.73M | 9.57M |
| OpEx % of Revenue | - | 254.4% | 1530.94% | - | - | 81.23% | 4808.17% | 3892.95% | 5101.71% | 3038.99% | 3687.38% | 3371.61% | - | - | - | - |
| Selling, General & Admin | 176.24M | 179.68M | 120.88M | 66.92M | 33.26M | 25.24M | 22.5M | 16.06M | 17.29M | 15.86M | 13.32M | 11.59M | 11.16M | 5.36M | 3.49M | 3.48M |
| SG&A % of Revenue | - | 104.25% | 510.47% | - | - | 18.07% | 1483.52% | 1058.8% | 1139.55% | 752.42% | 1091.89% | 1848.64% | - | - | - | - |
| Research & Development | 255.99M | 258.78M | 241.65M | 163.03M | 118.5M | 88.25M | 50.44M | 42.99M | 60.11M | 48.2M | 31.66M | 9.55M | 10.18M | 3.21M | 5.24M | 6.09M |
| R&D % of Revenue | - | 150.15% | 1020.47% | - | - | 63.17% | 3324.65% | 2834.15% | 3962.16% | 2286.57% | 2595.49% | 1522.97% | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -37K | 4K | 0 | -1K | 0 |
| Operating Income | -223.53M | -273.08M | -339.67M | -229.95M | -151.76M | 26.22M | -71.42M | -57.54M | -75.88M | -61.95M | -43.77M | -20.51M | -21.33M | -8.57M | -8.73M | -9.62M |
| Operating Margin % | -102.93% | -158.45% | -1434.43% | - | - | 18.77% | -4708.17% | -3792.95% | -5001.71% | -2938.99% | -3587.38% | -3271.61% | - | - | - | - |
| Operating Income Growth % | - | 19.6% | -47.71% | -51.53% | -678.78% | 136.71% | -24.13% | 24.17% | -22.47% | -41.56% | -113.36% | 3.84% | -148.89% | 1.87% | 9.24% | - |
| EBITDA | -218.16M | -273.08M | -339.66M | -229.94M | -151.72M | 26.26M | -70.91M | -57.09M | -75.8M | -61.88M | -43.68M | -20.49M | -21.32M | -8.56M | -8.7M | -9.57M |
| EBITDA Margin % | -100.45% | -158.44% | -1434.39% | - | - | 18.8% | -4674.23% | -3763.22% | -4996.57% | -2935.39% | -3580.08% | -3268.26% | - | - | - | - |
| EBITDA Growth % | 33.44% | 19.6% | -47.72% | -51.55% | -677.71% | 137.04% | -24.21% | 24.68% | -22.5% | -41.67% | -113.14% | 3.87% | -149.09% | 1.63% | 9.11% | - |
| D&A (Non-Cash Add-back) | 6K | 6K | 8K | 12K | 33K | 43K | 515K | 451K | 78K | 76K | 89K | 21K | 15K | 13K | 34K | 51K |
| EBIT | -131.73M | -251.64M | -313.83M | -209.15M | -146.2M | 26.82M | -70.8M | -56.05M | -73.96M | -61.95M | -43.77M | -20.51M | -21.33M | -8.57M | -5.29M | -11.1M |
| Net Interest Income | -48.03M | -11.05M | 21.16M | 20.95M | 2.73M | -1.5M | -1.52M | 1.57M | 1.94M | 1.42M | 956K | -1.41M | 0 | 0 | 0 | -1.99M |
| Interest Income | 24.38M | 22.73M | 26.09M | 21.16M | 5.87M | 403K | 841K | 1.57M | 0 | 0 | 0 | 161K | 0 | 0 | 0 | 0 |
| Interest Expense | 57M | 33.78M | 4.93M | 208K | 3.14M | 1.9M | 2.36M | 0 | 1.94M | 1.42M | 956K | 1.57M | 0 | 0 | 0 | 1.99M |
| Other Income/Expense | -19.72M | -12.34M | 20.91M | 20.59M | 2.42M | -1.29M | -1.74M | 1.49M | 1.92M | 1.15M | -706K | -3.61M | 1.5M | -5.6M | -1.23M | -3.47M |
| Pretax 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 |
| Pretax Margin % | -112.01% | -165.6% | -1346.11% | - | - | 17.84% | -4822.54% | -3694.59% | -4875.48% | -2884.35% | -3645.25% | -3846.73% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -76K | -89K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.12% | 0.2% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -243.25M | -285.42M | -318.76M | -209.36M | -149.34M | 24.93M | -73.07M | -55.95M | -73.96M | -60.8M | -44.47M | -24.12M | -19.83M | -14.17M | -9.96M | -13.09M |
| Net Margin % | -112.01% | -165.6% | -1346.11% | - | - | 17.84% | -4816.68% | -3688.53% | -4875.48% | -2884.35% | -3645.25% | -3846.73% | - | - | - | - |
| Net Income Growth % | 26.56% | 10.46% | -52.25% | -40.19% | -699.13% | 134.11% | -30.59% | 24.35% | -21.64% | -36.72% | -84.39% | -21.64% | -39.92% | -42.21% | 23.87% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | - | -3.29 | -3.73 | -2.98 | -2.46 | 0.48 | -1.77 | -1.84 | -2.92 | -2.90 | -3.04 | -4.31 | -2.07 | -1.77 | -0.14 | 0.00 |
| EPS Growth % | 40.31% | 11.8% | -25.17% | -21.14% | -612.5% | 127.12% | 3.8% | 36.99% | -0.69% | 4.61% | 29.47% | -108.21% | -16.95% | -1164.29% | - | - |
| EPS (Basic) | - | -3.29 | -3.73 | -2.98 | -2.46 | 0.48 | -1.77 | -1.84 | -2.92 | -2.90 | -3.04 | -4.31 | -2.07 | -1.77 | -0.14 | 0.00 |
| Diluted Shares Outstanding | 0 | 86.63M | 85.62M | 70.37M | 60.76M | 52.06M | 41.31M | 30.49M | 25.37M | 21M | 14.62M | 5.59M | 9.6M | 8.01M | 70.28M | 619.96B |
| Basic Shares Outstanding | 0 | 86.63M | 85.62M | 70.37M | 60.76M | 52.06M | 41.31M | 30.49M | 25.37M | 21M | 14.62M | 5.59M | 9.6M | 8.01M | 70.28M | 619.96B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary Regulatory Approval Risk
As reported in financial statements, SNDX experienced a 627% year-over-year revenue surge, yet this growth remains tethered to non-recurring milestone payments rather than sustainable product sales, complicating the assessment of long-term top-line durability as the company transitions toward its first potential commercial launch for revumenib.
The revenue trajectory is currently a function of partnership-related events rather than organic market penetration. Investors should monitor the transition from milestone-based accounting to product-based revenue, as the current figures provide little insight into the eventual commercial demand for the company's lead assets.
Based on reported figures, SNDX maintains a high-cost structure dominated by R&D expenses, which reached $78.6M in 2025Q4, reflecting the capital-intensive nature of managing multiple late-stage clinical trials while simultaneously scaling administrative and commercial infrastructure ahead of potential regulatory approval for its primary oncology pipeline.
The persistent elevation of R&D spending suggests a management team prioritizing clinical velocity over near-term expense discipline. This cost structure appears necessary for the current stage of development, but it necessitates ongoing external financing until commercial revenue can offset these substantial operating requirements.
According to recent SEC filings, SNDX's operating margin of -158% underscores the significant disconnect between current milestone-based revenue and the heavy fixed-cost burden of clinical-stage biotechnology operations, indicating that the firm has yet to achieve the scale required to leverage its existing research and administrative infrastructure.
The lack of operating leverage is typical for a pre-commercial firm, but the magnitude of the losses warrants close scrutiny of the company's cash runway. Future improvements in operating margins will depend entirely on the successful commercialization of revumenib and the subsequent transition to a product-revenue model.
As indicated by the financial data, stock-based compensation remains a consistent and meaningful non-cash expense, with quarterly figures frequently exceeding $10M, which effectively masks the true cash-based operating deficit and dilutes the quality of earnings for shareholders during this critical pre-commercial development phase.
While standard for the industry, the reliance on equity-based incentives suggests that management is managing cash burn by shifting compensation to stock. Analysts should adjust for these non-cash charges to better understand the underlying cash requirements of the business as it approaches its PDUFA dates.
While the company's clinical progress is evident, the market may be underestimating the significant execution risks associated with transitioning from a research-focused entity to a commercial organization, particularly given the competitive landscape and the potential for restrictive labeling that could limit the addressable market for revumenib.
Short-term investors should be wary of the 'valley of death' that often follows clinical success, where commercial scaling costs can rapidly outpace initial revenue. The current valuation appears to bake in a high probability of success, leaving little room for error regarding market access or physician adoption.
Quick answers to the most common questions about buying SNDX stock.
For fiscal year 2025, Syndax Pharmaceuticals, Inc. (SNDX) reported total revenue of $172.4M.
Syndax Pharmaceuticals, Inc. (SNDX) reported a net loss of $285.4M for the fiscal year ending 2025.
Syndax Pharmaceuticals, Inc. (SNDX) reported an operating income of $-273.1M, resulting in an operating profit margin of -158.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Syndax Pharmaceuticals, Inc. (SNDX) generated $165.4M in gross profit for the year, representing a gross profit margin of 96.0%. This demonstrates the company's core pricing power and production efficiency.