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Here’s the Reason Why Syndax Pharmaceuticals, Inc. Stock Lost 11% in the After Market

Syndax Pharmaceuticals, Inc. (SNDX) is a biopharmaceutical company developing innovative pipeline therapies for cancer patients. One of the candidate products of the company is SNDX-5613 which is phase 1/2 trial used for the treatment of acute myeloid leukemia more specifically NPM1c AML. Another lead product is SNDX-6352 or axatilimab used for the treatment of chronic graft versus host disease.

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The price of SNDX stock ended the regular trading session of December 15, 2021 at $18.97 with a gain of 6.69%. At last check in the after market session, the stock declined significantly by 11.70%.

Events and Happenings

On December 15, 2021, SNDX reported about its plan to offer and sell shares of its common stock in an underwritten public offering. Syndax may, instead of common stock, offer and sell pre-funded warrants to certain investors to purchase shares of its common stock in the underwritten public offering.

On December 13, 2021, SNDX reported positive results from the Phase 1 trial of the AUGMENT-101 of SNDX-5613 in patients with mutant nucleophosmin (mNPM1) or mixed lineage leukemia rearranged (MLLr) relapsed/refractory (R/R) acute leukemia. The findings were presented at the 63rd American Society of Hematology (ASH) Annual Meeting on Monday, December 13, 2021.

On December 11, 2021, SNDX reported positive results from Phase 1/2 trial of axatilimab in recurrent or refractory chronic graft-versus-host disease (cGVHD) patients. The findings were presented at the 63rd ASH Annual Meeting on Saturday, December 11, 2021.

On December 9, 2021, SNDX announced that the Hart-Scott-Rodino (HSR) antitrust waiting period had expired and that the parties locked the exclusive worldwide partnership and license collaboration between SNDX and Incyte for the development and commercialization of axatilimab. In this regard, Incyte paid SNDX the $117 million preliminary license fee, and Syndax finalized Incyte’s $35 million equity investment in the company.

Key Financials

On November 15, 2021, SNDX announced financial results for its third quarter ended September 30, 2021. Some of the key highlights are as follows

Net loss per Share

For the third quarter of 2021, net loss of $20.6 million or $0.40 per basic and diluted share was reported in comparison to $20.4 million or $0.46 per basic and diluted share for the prior year period.

Assets

The total assets reported by SNDX during Q3 2020 were $179 million versus the total assets of $239 million for Q3 2021.

Conclusion

The current decline in the stock of SNDX can be attributed to public offering of its common stock. The company is mostly showing positive results in the oncology related trials, the investors are optimistic about the company’s stock to rise.

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