• Tue. Apr 20th, 2021

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Market view in daily routine: Syndax Pharmaceuticals, Inc. (NASDAQ: SNDX)

On 27 March 2020, Syndax Pharmaceuticals, Inc. (NASDAQ: SNDX) stock observed trading -21.35% off 52-week high price. On the other end, the stock has been noted 100.21% away from low price over the last 52-weeks. The stock disclosed a move of 2.18% away from 50 day moving average and 12.55% away from 200 day moving average. Moving closer, we can see that shares have been trading -1.66% off 20-day moving average.

Syndax Pharmaceuticals, Inc. (SNDX) recently stated its financial results for the fourth quarter ended December 31, 2019. In addition, the Company provided a clinical and business update. As of December 31, 2019, Syndax had $59.8M in cash, cash equivalents and short-term investments.

Fourth Quarter 2019 Financial Results

As of December 31, 2019, Syndax had cash, cash equivalents and short-term investments of $59.8M and 31.6M shares issued and outstanding, which includes 27.1M shares of ordinary stock and pre-funded warrants to purchase 4.5M shares of ordinary stock.

Fourth quarter 2019 research and development expenses reduced to $9.5M from $15.8M, and for the full year reduced to $43.0M contrast to $60.1M for 2018. The fourth quarter and full year decreases were primarily Because of reduced clinical trial activities and professional fees.

General and administrative expenses for the fourth quarter 2019 increased to $5.1M from $3.9M, and, for the year ended December 31, 2019, reduced to $16.1M contrast to $17.3M for the previous year. The fourth quarter increase is primarily Because of increased pre-commercialization expenses. The decrease for the full year was primarily Because of reduced professional fees and legal spending.

For the three months ended December 31, 2019, Syndax stated a net loss attributable to ordinary stockholders of $14.0M or $0.44 per share contrast to $18.8M or $0.70 per share for the previous year period. For the year ended December 31, 2019, Syndax stated a net loss attributable to ordinary stockholders of $56.0M or $1.84 per share, contrast to $74.0M or $2.92 per share for the previous year.

Financial Update and Guidance

In February 2020, Syndax issued 3,036,719 shares of its ordinary stock and 1,338,287 pre-funded warrants to purchase ordinary stock at $8.00 per share, representing a premium of 20% to the share price at market close on Thursday, January 30, 2020. As a result of the offering, Syndax received net proceeds of about $35.0M. Following the offering, as of March 3, 2020, shares outstanding totaled 36.0M, including 30.2M shares of ordinary stock and pre-funded warrants to purchase 5.8M shares of ordinary stock.

In February 2020 the Company entered into an contract with Hercules Capital, Inc. (NYSE: HTGC) for a term loan of up to $30.0M, consisting of an initial tranche of $20.0M that was funded at the closing with the potential for a second tranche of $10.0M subject to satisfaction of certain terms and conditions. Including the $35M of proceeds from the equity offering and the $20M draw of the term loan, our year-end cash of $60M has been supplemented by this additional $55M.

Recently, the Company provided operating expense guidance for the first and second quarters of 2020.  Financial guidance for the second half of 2020 will be issued after we get the result of the E2112 study. We expect our operating expenses for the first two quarters of 2020 to increase over the quarterly operating expenses we stated for the second half of 2019. R&D expenses will increase, primarily Because of increased development activities for SNDX-5613, our menin inhibitor, and for axatilamab. G&A expenses will increase, primarily Because of increased entinostat pre-commercial activities. For each of the first and second quarters of 2020, research and development expenses are predictable to be $12 to $14M, and total operating expenses are predictable to be $17 to $19M. Given our cash operating expense guidance, we expect to end the second quarter of 2020 with over $80M of cash, which gives us the financial flexibility to take advantage of key development milestones well into 2021.

The USA based company Syndax Pharmaceuticals, Inc. moved with change of -3.31% to $9.65 with the total traded volume of 129642 shares in recent session versus to an average volume of 246.84K. The stock was observed in the 5 days activity at 13.26%. SNDX’s shares are at 6.63% for the quarter and driving a 80.71% return over the course of the past year and is now at 9.91% since this point in 2018.

 

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