Valuation remains elevated at 10.3x forward EV/sales, reflecting high market confidence in revenue durability but embedding execution risk as SNDX targets profitability.
Thesis: Preliminary 2025 results indicate continued momentum
Syndax Pharmaceuticals (SNDX) recently announced some preliminary FY25 financial results, and I have to say, they do show some decent commercial and operational progress. The main highlights are the
I hold a Master’s degree in Cell Biology and began my career working for several years as a lab technician in a drug discovery clinic, where I gained extensive hands-on experience in cell culture, assay development, and therapeutic research. That scientific foundation gave me an appreciation for the rigor and challenges behind drug development, which I now bring into my work as an investor and analyst. For the past five years, I have been active in the investing space, with the last four years dedicated to working as a biotech equity analyst alongside my lab work. My focus is on identifying promising biotechnology companies that are innovating in unique and differentiated ways, whether through novel mechanisms of action, first-in-class therapies, or platform technologies with the potential to reshape treatment paradigms. By combining my lab-based scientific expertise with financial and market analysis, I aim to deliver research that is both technically sound and investment-driven. On Seeking Alpha, I plan to write primarily about the biotech sector, covering companies at different stages of development, from early clinical pipelines to commercial-stage biotechs. My approach emphasizes evaluating the science behind drug candidates, the competitive landscape, clinical trial design, and the potential market opportunity, all while balancing financial fundamentals and valuation. My goal in publishing here is to share some insights that help investors better understand both the opportunities and of course the many risks in biotech. This is a sector where breakthrough science can translate into outsized returns, but also where careful scrutiny is essential. I look forward to contributing thoughtful analysis and engaging with readers who share an interest in this dynamic and rapidly evolving space.
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Revuforj saw a 38% QoQ revenue increase to $44M in 4Q25, driven by FDA approval and rising prescriptions, positioning SNDX for continued sequential growth.
Komzifti’s recent FDA approval for the same NPM1-mutated AML population introduces competition, especially given its once-daily dosing and lack of cardiac warning compared to Revuforj.
Trading at 10.3x forward EV/sales, well above sector medians, SNDX’s valuation prices in strong future revenue growth, amplifying execution risk if launches underperform.
