Syndax Pharmaceuticals, Inc.
SNDX Healthcare Biotechnology
Syndax Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $172.4 million, up 627.8% from fiscal 2024. In the quarter to June 2026, revenue grew 91.8%, EPS grew 33.7%, free cash flow grew 65.5% and total debt rose 71.0%, each against the same quarter a year earlier.
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Syndax Pharmaceuticals, Inc. (SNDX) Altman Z-score
Syndax Pharmaceuticals, Inc.'s Altman Z-score for fiscal 2025 is −2.09, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −2.09 | (0.60) |
| FY2024 | −1.49 | (18.00) |
| FY2021 | 16.51 | 7.44 |
| FY2020 | 9.07 | 17.10 |
| FY2019 | −8.02 | (0.88) |
| FY2018 | −7.14 | (6.32) |
| FY2017 | −0.82 | 0.80 |
| FY2016 | −1.63 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.77 | — | 0.92 | |
| Retained earnings / total assets | (2.84) | — | −3.98 | |
| EBIT / total assets | (0.52) | — | −1.70 | |
| Market value of equity / total liabilities | 3.91 | — | 2.35 | |
| Sales / total assets | 0.33 | — | 0.33 | |
| Altman Z-score | Distress zone | −2.09 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −7.54 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| TSHA Taysha Gene Therapies, Inc. compare | 8.1× |
| SNDX Syndax Pharmaceuticals, Inc. | −2.1× |
| NKTR Nektar Therapeutics compare | −17.1× |
| LBRX LB Pharmaceuticals Inc compare | — |
| GHRS GH Research PLC compare | — |
| DMRA Galecto, Inc. compare | — |
| VOR Vor Biopharma Inc. compare | — |
| BCAX Bicara Therapeutics Inc. compare | — |
| DRTS Alpha Tau Medical Ltd. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets