Syndax Pharmaceuticals, Inc. (SNDX), a clinical-stage biopharmaceutical company developing an innovative pipeline of cancer therapies, priced its underwritten public offering of 6.82 million shares. The public offering price of each share of common stock is defined as $22.00.

Aggregate gross proceeds are expected to be ~$150M. Underwriters a 30-day option to purchase up to an additional 1.02M shares. The offering is expected to close on December 9, 2022.

Syndax Pharmaceuticals (SNDX) on Tuesday announced that it plans to offer and sell $150 million of shares of its common stock in an underwritten public offering. Shares -7.1% after the bell.

Syndax said it also expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of common stock sold in the public offering. All the shares in the proposed offering are to be sold by Syndax. Goldman Sachs, J.P. Morgan and Cowen are acting as joint book-running managers for the offering.

As of September 30, 2022, Syndax had cash, cash equivalents and short-term investments of $337.8 million and 61.3 million common shares and pre-funded warrants outstanding. Q3 2022 research and development expenses increased to $26.9 million from $25.6 million for the same period of 2021. General and administrative expenses for the third quarter 2022 increased to $8.2 million from $6.8 million for the prior year period. For the three months ended September 30, 2022, Syndax reported a net loss attributable to common stockholders of $35.4 million, or $0.58 per share, compared to a net loss attributable to common stockholders of $20.6 million, or $0.40 per share, for the prior year period.