SNDXSyndax Pharmaceuticals Inc

Pharmaceutical Preparations

Revenue: $172M; 628% YoY
Operating margin: -158.4%; 89% YoY
EBITDA: −$267M; 19% YoY
Market cap: $1.2B
Employees: 281,000; $613 revenue each
Net debt / EBITDA: —
AI in 10-K: 0.9; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
28% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$613 · 11th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$140M	$0	$0	$24M	$172M	628%
Operating income	$26M	−$152M	−$230M	−$340M	−$273M	20%
Net income	$25M	−$149M	−$209M	−$319M	−$285M	10%
Operating cash flow	$29M	−$134M	−$161M	−$275M	−$323M	17%
Capex	$129K	$0	$0	$0	$187K
Stock-based comp	$13M	$16M	$31M	$43M	$48M	10%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 4, 2022	Access Industries Holdings LLC	SC 13D/A	4.7%	Passive
May 3, 2021	Access Industries Holdings LLC	SC 13D	5.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 10
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	94	125
FY2024	—	—	59	93
FY2023	—	—	97	94
FY2022	—	—	114	90
FY2021	—	—	98	100