Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026
Syndax Pharmaceuticals Inc (SNDX)
A forensic read on Syndax Pharmaceuticals Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-7.5
Distress distance
Watch
Earnings quality
3
Forensic signals
-161.8%
ROE
627.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Syndax Pharmaceuticals Inc earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -7.5, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-30.2%
FY2025
Return on invested capital.Return on invested capital is -30.2% in the latest fiscal year, against -50.4% in FY2024. After-tax operating profit was ($268M) in FY2024 and ($216M) in FY2025, with operating income at -1434.4% of revenue in FY2024 and -158.4% in FY2025. The capital base behind it grew +34% across FY2024–FY2025, from $532M to $715M, and the return did not fall doing it, so the dollars added over that window earned at least the -50.4% the older base was already earning. $339M of the $715M base at FY2025 is short-term investments (47.4%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.
+11.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +23% over the last 2 years to FY2025 (+11.0%/yr). The count is growing — 70.4M shares in FY2023, 86.6M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~11.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~19%.
28% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 28% of revenue in FY2025 — about $0.55 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 11.0% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$172.4M
Revenue Growth YoY+627.8%
Net Margin-165.6%
Free Cash Flow-$323.2M
Return on Equity-161.8%
Debt / Equity5.42x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Syndax Pharmaceuticals Inc's actual 10-K/10-Q/8-K filings?