Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 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
-3.6
Distress distance
Clean
Earnings quality
4
Forensic signals
-8.1
P / E (ttm)
-441.6%
ROE
$1.8B
Market cap
0.00%
Dividend yield
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 (red flags, auditor quality, say on pay, board independence). 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 a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -3.6, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
69d
FY2024→FY2025
Inventory 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. There's no FY2023 figure on file for inventory, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
-34.5%
FY2025
Return on invested capital.Return on invested capital is -34.5% in the latest fiscal year and slipping from -30% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+12.5%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +43% over the last 3 years to FY2025 (+12.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~12.5% 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 ~30%.
28% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 28% of revenue in FY2025 — about $0.55 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 12.9% a year and is falling.
Key fundamentals
Latest Revenue$172.4M
Revenue Growth YoY+627.8%
Net Margin-165.6%
Free Cash Flow-$323.2M
Return on Equity-441.6%
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?