Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-7.5
Altman Z-score
Watch
Earnings quality
4
Forensic signals
-256.7%
ROE
$1.9B
Market cap
Syndax Pharmaceuticals Inc earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -7.5, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
69dInventory days.Days inventory outstanding moved from 6 to 69 FY2024→FY2025 (against revenue (COGS not disclosed); inventory +8849% vs +628% in revenue). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-35%Return on invested capital.Return on invested capital is -35% and slipping from -30% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+14.2%/yrShare-count dilution.Diluted share count changed +43% over the last 3 years to FY2025 (+14.2%/yr). The count is GROWING — existing holders are being diluted. That's ~14.2% 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 FY2022 has been diluted ~43%.
28% of revStock-based comp load.Stock-based compensation ran 28% of revenue in FY2025 — about $0.55 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-165.6%
Debt / Equity5.42x
Free Cash Flow$-323.2M
Latest Revenue$172.4M
Return on Equity-441.6%
Revenue Growth YoY+627.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Syndax Pharmaceuticals Inc:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SNDX's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown