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About

Syndax Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, develops therapies for the treatment of cancer.

Key Ratios Snapshot

📈 Growth Pattern

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⭐ Superinvestors Holding SNDX

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	1.99M	$46.4M	0.06%	Mar 2026
Jim Simons Renaissance Technologies LLC	498.2K	$11.6M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

📊 MIXED Syndax reports combined Revuforj and Niktimvo sales over $100M in Q1 2026

Revenue & Profitability

Total revenue for Q1 2026 was $64.9 million, up 224% year-over-year. Revuforj net revenue was $48.9 million (up 144% YoY). Niktimvo collaboration revenue was $15.9 million, representing 29% of Incyte's reported product revenue. Operating expenses (R&D plus SG&A) are guided to approximately $400 million for 2026, plus $50 million in non-cash stock compensation. Cash, equivalents, and marketable securities totaled $352.1 million as of March 31, 2026.

Outlook

Management sees robust demand for both medicines, with Revuforj benefiting from expanding use in NPM1 and a growing number of KMT2A patients proceeding to transplant and returning for maintenance therapy. Niktimvo is expected to grow as usage shifts to third-line patients. The IPF market represents a high unmet need with limited effective therapies, and positive phase II data could open a multibillion-dollar opportunity. No major macro headwinds were cited beyond typical seasonality and competition.

Growth Drivers

Key growth levers for Revuforj include continued penetration in NPM1 (about 4,500 new patients annually), increasing KMT2A transplant rates (now about 50%), and a growing post-transplant maintenance pool (45% of transplanted patients restarting to date). For Niktimvo, growth is driven by expanding third-line use (32% market share in 3L+) and expected data from the phase II IPF trial and the axatilimab+ruxolitinib combo trial in chronic GVHD, both with topline results in Q4 2026.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Syndax's collaboration revenue from Niktimvo is in the 25%-30% range of product sales in the near term, expected to increase over time as sales grow while expenses remain largely fixed. Overall expense guidance for 2026 is stable at ~$400 million R&D plus SG&A, with $50 million stock comp. The company is approaching profitability as revenue grows.

Key Risks

Risks flagged include competition from another menin inhibitor (step edits affecting less than 1% of covered lives, now resolved), the temporary headwind from KMT2A patients pausing therapy for transplant (50% transplant rate), and natural attrition in the Niktimvo patient cohort. Analysts also noted potential delays in the post-transplant maintenance ramp and uncertainty around the pace of NPM1 adoption due to co-mutations (e.g., FLT3).

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-04

Q2 2026 saw 92% year-over-year revenue growth, driven by strong Revuforj and Niktimvo sales, expanding market share in acute leukemia and chronic GVHD. Pipeline progress and robust cash reserves position the company for continued growth and upcoming pivotal data readouts.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 revenue surged 224% year-over-year to $64.9 million, driven by strong Revuforj and Niktimvo sales. Revuforj saw robust adoption in both NPM1 and KMT2A, while Niktimvo maintained solid growth and persistency. Multiple pivotal trial readouts and label expansion opportunities are expected in 2026.

Q4 2025 Q4 2025 2026-02-26

2025 revenue reached $172.4M, driven by strong launches of Revuforj and Niktimvo, both exceeding benchmarks. Revuforj expanded into NPM1 AML, while Niktimvo captured 20% of the third-line-plus GVHD market. Robust pipeline and financial position support continued growth.

Q3 2025 Q3 2025 2025-11-03

Q3 revenue grew 21% sequentially, driven by strong launches of Revuforj and Niktimvo. Revuforj's FDA approval in NPM1 mutated AML tripled the addressable market, and both products are on blockbuster trajectories with robust demand and expanding prescriber bases.

Q2 2025 Q2 2025 2025-08-04

Strong Q2 results with Revuforj and Niktimvo net sales exceeding expectations, rapid adoption, and expanding market penetration. Profitability is expected on relapsed/refractory indications alone, with stable operating expenses and robust cash reserves supporting future growth.

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