Syndax Pharmaceuticals, Inc. (Nasdaq: SNDX) a clinical-stage pharmaceutical company that focuses on an HDAC inhibitor for solid tumors and hematological tumors, reported its financial results for the first quarter completed on March 31, 2021. SNDX stock increased immensely adjacent to the news.
At last check-in after-market trading, shares of Syndax Pharmaceuticals Inc. (SNDX) were up 5.99% at $17.0. SNDX’s stock closed the last session at $16.04, increasing 2.56% or $0.4. Shares of the company fluctuated between $15.11 and $16.295 throughout the day. The shares of Syndax Pharmaceuticals Inc. have advanced 6.51% in the last five days; however, they have lost -24.59% over the last month.
First Quarter 2021 Financial Report
First-quarter 2021 R&D saw a rise of $21.9 million from $9.6 million. The substantial increment was mainly due to a rise in clinical trial activities and growing CMC activities.
General and administrative expenses for the first quarter of 2021 declined to $5.7 million versus $5.9 million. The plummet was mainly due to reduced pre-commercialization expenses for entinostat.
As of March 31, 2021, SNDX had cash, cash equivalents, and short-term investments consisting of $271.3 million and 51.6 million shares and share equivalents issued and outstanding, which is inclusive of 3.3 million pre-funded warrants
For the first quarter of 2021, SNDX depicted a net loss attributable to common stockholders of $27.7 million or $0.54 per share in comparison to $19.1 million or $0.56 per share for the same quarter of the previous year.
For the second quarter of 2021, R&D expenses are anticipated to be within the ballpark figure of $30 to $35 million, and total operating expenses are anticipated to be $35 to $40 million. For the complete year of 2021, R&D expenses are anticipated to be within a range of $90 to $100 million, and total operating expenses are anticipated to reach between $110 to $120 million.
In the beginning of the current year, SNDX had also announced that the U.S. Food and Drug Administration granted Orphan Drug Designation to axatilimabto provide treatment to patients with cGVHD and idiopathic pulmonary fibrosis.
A strong financial report combined with positive clinical data has skyrocketed SNDX stock price. Furthermore, grants from the FDA and the potential to significantly improve the treatment paradigm for those with unmet medical needs have increased investor expectations from the company.