SNDX

Syndax has crossed from clinical-stage to a genuine commercial story, and the numbers show it: FY2025 revenue jumped 627.8% to $172M off two FDA-approved, first-in-class medicines — Revuforj (revumenib), which won a second, larger-market approval in October 2025 for NPM1m R/R AML on top of its KMT2A indication, and Niktimvo (axatilimab) for chronic GVHD, commercialized with Incyte. Losses are narrowing on the margin (operating income improved +19.6% YoY, net income +10.5%), and capex is negligible ($187K), so this is a pure commercial-ramp and R&D-spend story, not a capital-intensive one. The office closures in Waltham and New York noted in the 10-K read as cost discipline, not distress.

The problem is the balance sheet and the burn. Operating cash flow was -$323M in FY2025, and against that the company reported $394.1M of cash plus short-term investments (the XBRL cash line alone is $135M) — barely over one year of runway — while carrying $350M of debt classified as current. That combination is a financing cliff: management itself flags that high interest rates 'could make it more difficult to obtain traditional financing on acceptable terms, if at all.' With stockholders' equity collapsing 77.6% to $64.6M, liabilities at 7.2x equity, and a $1.51B accumulated deficit, the most likely bridge is dilution or refinancing on unfavorable terms — a direct risk to the per-share value.