Revenue reached $83.3M in 2026Q3, yet the operating margin widened to -50.3% and the net margin to -59.3%, indicating operating expenses are not scaling down relative to the revenue base.
Syndax Pharmaceuticals, Inc. (SNDX) annual income statement — 15-year revenue, gross profit & net income history
| 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 | 289.43M | 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 % | 159.46% | 627.84% | - | - | -100% | 9109.56% | 0% | 0% | -28.04% | 72.79% | 94.58% | - | - | - | - | - |
| Cost of Goods Sold | 18.27M | 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 | 271.17M | 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 % | 93.69% | 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 | 449.81M | 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 | 172.77M | 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 | 273M | 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 | -178.64M | -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 % | -61.72% | -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 | -178.62M | -273.08M | -339.66M | -229.94M | -151.72M | 26.26M | -71.33M | -57.45M | -75.8M | -61.88M | -43.68M | -20.49M | -21.32M | -8.56M | -8.7M | -9.57M |
| EBITDA Margin % | -61.71% | -158.44% | -1434.39% | - | - | 18.8% | -4702.31% | -3786.88% | -4996.57% | -2935.39% | -3580.08% | -3268.26% | - | - | - | - |
| EBITDA Growth % | 40.41% | 19.6% | -47.72% | -51.55% | -677.71% | 136.82% | -24.17% | 24.21% | -22.5% | -41.67% | -113.14% | 3.87% | -149.09% | 1.63% | 9.11% | - |
| D&A (Non-Cash Add-back) | 18K | 6K | 8K | 12K | 33K | 43K | 89K | 92K | 78K | 76K | 89K | 21K | 15K | 13K | 34K | 51K |
| EBIT | -119.28M | -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 | -67.69M | -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 | 22.5M | 22.73M | 26.09M | 21.16M | 5.87M | 403K | 841K | 1.57M | 0 | 0 | 0 | 161K | 0 | 0 | 0 | 0 |
| Interest Expense | 90.2M | 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 | -30.84M | -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 | -209.48M | -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 % | -72.38% | -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 | -209.48M | -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 % | -72.38% | -165.6% | -1346.11% | - | - | 17.84% | -4816.68% | -3688.53% | -4875.48% | -2884.35% | -3645.25% | -3846.73% | - | - | - | - |
| Net Income Growth % | 32.77% | 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) | -209.48M | -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) | -2.33 | -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 % | 34.53% | 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 | 89.79M | 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 | 89.79M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Sustained operating losses persist
Metrics are mathematically derived from official filings.
Milestone-Driven Revenue Surge Lacks Durability
Based on reported figures, SNDX's quarterly revenue climbed from $3.5M in 2024Q2 to $83.3M in 2026Q3, yet the sequential pattern of lumpy jumps suggests milestone recognition rather than recurring commercial demand.
The 2026Q3 revenue of $83.3M, up 81.6% year over year, reflects a step-function rather than a smooth ramp, which is characteristic of collaboration and licensing milestones. This pattern suggests the top line is a proxy for pipeline progress rather than validated product demand. Investors should treat the growth rate as directionally informative but not representative of a repeatable run-rate until commercial sales are established.
Gross Margin Reflects Milestone Accounting
As reported in financial statements, SNDX's gross margin has ranged between 83% and 100% across the last ten quarters, a level that appears driven by negligible cost of goods sold rather than structural pricing power.
The near-zero COGS in most periods indicates that the company is not yet bearing manufacturing or distribution costs for a commercial product. Gross margin therefore carries little information about pricing power relative to peers such as Kura Oncology. Margin durability will only become testable once revumenib carries physical product costs.
Operating Losses Widen Despite Revenue Gains
Based on the reported figures, SNDX's operating margin deteriorated to -50.3% in 2026Q3 even as quarterly revenue reached $83.3M, indicating that operating expenses are not scaling down relative to the revenue base.
R&D of $67.5M and SG&A of $43.7M in the latest quarter together exceed gross profit of $69.3M, producing an operating loss of $41.9M. The SG&A line has risen from $29.1M in 2024Q2 to $43.7M, suggesting commercial-readiness spending is layered onto an already heavy R&D base. Operating leverage appears negative at present and warrants monitoring as launch costs accumulate.
Net Losses Carry Substantial Stock Compensation
According to recent SEC filings, SNDX reported a quarterly net loss of $49.4M in 2026Q3 alongside stock-based compensation of $15.3M, meaning roughly 31% of the loss is non-cash in nature.
Stock-based compensation has risen from $9.9M to $15.3M across the period, which may indicate growing dilution pressure as headcount expands. The EPS of -$0.55 in the latest quarter appears to be structurally negative rather than distorted by one-time items. Net income quality is therefore best judged through operating cash burn rather than reported earnings.
Late 2025 Marks Cost Base Reset
Based on reported figures, SNDX's quarterly operating loss narrowed from -$96.4M in 2024Q4 to -$34.2M in 2026Q1 as revenue scaled from $7.7M to $64.9M over the same window.
The inflection reflects revenue growth outpacing a relatively flat R&D base near $60M to $70M per quarter. The narrowing loss is largely a revenue-side story rather than cost discipline, since operating expenses did not contract meaningfully. Whether this improvement persists depends on whether milestone revenue continues to arrive while commercial costs ramp.
Milestone Revenue Masks Persistent Burn
Investors may view the 2026 revenue acceleration as a favorable signal, but the continued operating losses of roughly $34M to $42M per quarter suggest the company remains dependent on external capital.
The bear case centers on the possibility that headline revenue growth reflects non-recurring payments that cannot offset a fixed cost base near $130M per quarter. Commercial launch execution remains unproven, and a delayed approval or restrictive labeling could leave the cost structure unsupported. Investors should monitor cash runway and financing terms closely, as the reported figures do not establish self-sufficiency.