SNDX · Syndax Pharmaceuticals, Inc.

Syndax Pharmaceuticals delivered strong Q1 2026 financial results, with total revenue surging to $64.9 million, a 224% year-over-year increase, primarily fueled by robust commercial uptake of its two approved products. Revuforj net revenue reached $48.9 million, reflecting 144% growth from Q1 2025 and 11% sequential improvement from Q4 2025, driven by expanding prescriptions (up 160% YoY) in R/R NPM1m AML and high transplant rates among KMT2Ar patients, with nearly 50% proceeding to HSCT and many resuming therapy post-transplant. Niktimvo generated $55.1 million in net revenue, shared with partner Incyte, resulting in $15.9 million collaboration revenue for Syndax under their 50/50 profit split. Operating expenses declined, with R&D at $58.8 million (down from $61.6 million YoY due to lower Niktimvo milestones, offset by Revuforj trial costs) and SG&A at $37.6 million (down from $41.0 million due to normalized launch expenses). This led to a narrowed net loss of $42.7 million ($0.48 per share) versus $84.8 million ($0.98 per share) last year. With $352.1 million in cash and a stable $400 million 2026 expense outlook (excluding $50 million stock comp), management stated the company is on track to profitability, supported by growing product revenues, excellent payer coverage (97% of lives), and robust prescriber bases. Key pipeline catalysts include new Revuforj data in 2Q26 (real-world, frontline, post-HSCT) and 4Q26 topline Phase 2 results for axatilimab in IPF and frontline chronic GVHD, positioning Syndax for multi-billion-dollar opportunities in AML and beyond.