Monitor for use of proceeds toward pipeline catalysts (revumenib, entinostat) and any subsequent equity issuances that could accelerate dilution. The convertible structure provides a low-cost financing source (2.25% coupon) but creates overhang given the conversion premium. Watch for any fundamental change events that could trigger note repurchase rights.
Price Chart
Executive Summary
Syndax Pharmaceuticals issued $250 million aggregate principal amount of 2.25% Convertible Senior Notes due 2031 in a private placement, generating net proceeds of approximately $243 million. The company plans to use the funds for general corporate purposes including R&D, commercialization, and business development. The notes are convertible into common stock at an initial rate of 40.3894 shares per $1,000 principal, with a maximum potential dilution of up to 13,631,400 shares.
Key Financial Metrics
Key Facts
- Issued $250 million aggregate principal amount of 2.25% Convertible Senior Notes due 2031
- Net proceeds of approximately $243 million after fees and expenses
- Initial conversion rate of 40.3894 shares per $1,000 principal amount of Notes
- Maximum of 13,631,400 shares of common stock may be issued upon conversion
- Notes mature on June 15, 2031
- Interest payable semi-annually at 2.25% per year
- Notes are not redeemable by the company prior to June 20, 2029
- Proceeds to be used for general corporate purposes including R&D, commercialization, and business development
Financial Impact
$250 million convertible note issuance with $243 million net proceeds; potential dilution of up to 13.6 million shares (approximately 8-10% of current shares outstanding based on $1.6B market cap)
Risk Factors
- Potential dilution of up to 13.6 million shares upon conversion
- Interest expense of ~$5.6 million annually on the notes
- Conversion may be accelerated if stock price trades above 130% of conversion price for 20 of 30 consecutive trading days
- Fundamental change events could trigger mandatory repurchase at 100% of principal plus accrued interest
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-266027 |
| Document: d105044dex42.htm | 0001193125-26-266027 |
| Document: d105044d8k.htm | 0001193125-26-266027 |
| Document: 0001193125-26-266027-index-headers.html | 0001193125-26-266027 |
| Document: 0001193125-26-266027-index.html | 0001193125-26-266027 |
| Document: 0001193125-26-266027.txt | 0001193125-26-266027 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 14, 2026 11w ago | 8-K | $24.13 $20.29 | ▼ −15.91% | ▼ −18.41% | $17.60 (−27.06%) |
Jul 1, 2026 13w ago | Press Release | $21.82 $19.48 | ▼ −10.72% | ▼ −10.31% | $17.60 (−19.34%) |
Jun 11, 2026 16w ago | Press Release | $17.91 $24.84 | ▲ +38.69% | ▲ +36.80% | $17.60 (−1.73%) |
Jun 10, 2026 16w ago | 8-K | $17.91 $24.84 | ▲ +38.69% | ▲ +36.80% | $17.60 (−1.73%) |
Jun 4, 2026 17w ago | Press Release | $17.34 $22.08 | ▲ +27.34% | ▲ +25.47% | $17.60 (+1.50%) |
Jun 4, 2026 17w ago | DEFA14A | $18.02 $21.82 | ▲ +21.09% | ▲ +22.46% | $17.60 (−2.33%) |
Jun 4, 2026 17w ago | 8-K | $18.02 $21.82 | ▲ +21.09% | ▲ +22.46% | $17.60 (−2.33%) |
Apr 30, 2026 22w ago | DEFA14A | $19.11 $18.85 | ▼ −1.36% | ▼ −6.64% | $17.60 (−7.90%) |
Apr 24, 2026 23w ago | Press Release | $21.39 $19.77 | ▼ −7.57% | ▼ −11.60% | $17.60 (−17.72%) |
US Market Status
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