Syndax Pharmaceuticals, Inc.

What they do

Syndax develops and commercializes cancer therapies. Revuforj is a menin inhibitor approved for relapsed/refractory acute leukemia with a KMT2A translocation (November 2024) and for relapsed/refractory AML with a susceptible NPM1 mutation (October 2025). Niktimvo is a CSF-1R blocking antibody approved in August 2024 for chronic graft-versus-host disease after at least two prior lines of systemic therapy. The company leads U.S. commercialization of Revuforj and partners with Incyte on Niktimvo.

Revenue drivers

• Revuforj (revumenib) product sales — Revenue comes from U.S. sales of the menin inhibitor for KMT2A-translocated and NPM1-mutated relapsed/refractory acute leukemia. Net revenue was $54.7 million in Q2 2026, up 91% year over year and 12% sequentially.
• Niktimvo collaboration revenue — Syndax works with Incyte on the CSF-1R antibody for chronic GVHD. Niktimvo net revenue was $60.3 million in Q2 2026, up 67% year over year, translating into $18.1 million of Syndax collaboration revenue in the quarter.
• Total company revenue — Total revenue was $73 million in Q2 2026, a 92% year-over-year increase, combining Revuforj product sales and Niktimvo collaboration revenue.

Recent performance

Second quarter 2026 total revenue was $73 million, up 92% year over year. Revuforj net revenue was $54.7 million, up 91% year over year, with approximately 1,500 total prescriptions, up about 121% year over year. Niktimvo net revenue was $60.3 million, up 67% year over year, producing $18.1 million of Syndax collaboration revenue. For the six months ended June 30, 2026, the net loss was $92.0 million versus $156.7 million in the first half of 2025. Full-year 2025 revenue was $172.4 million against a net loss of $285.4 million.

Strategy

Management is focused on commercial execution for Revuforj and Niktimvo, including growth in NPM1 and KMT2A use and longer treatment duration. It is advancing frontline combination trials of revumenib with standard-of-care agents to support guideline listings and label expansion. The company is exploring commercialization of Revuforj outside the United States and continued development of Niktimvo in newly diagnosed cGVHD and idiopathic pulmonary fibrosis. In July 2026 it added two pipeline assets: SNDX-4321, a mutant-selective allosteric EGFR inhibitor for NSCLC, and SNDX-62122, a next-generation menin inhibitor for myelofibrosis.

Risks

• Limited commercial history — The company has incurred losses since inception and had an accumulated deficit of $1.6 billion as of June 30, 2026, making it dependent on continued product revenue growth.
• Reliance on two products — Revenue is concentrated in Revuforj and Niktimvo, so slower adoption or competitive pressure on either medicine would directly affect results.
• Thin shareholder equity — As of June 30, 2026, total liabilities of $688.6 million against total assets of $703.7 million left shareholder equity of just $15.1 million.
• Cash burn — Operating cash flow was negative $323.0 million in 2025, and ongoing research and development and commercialization costs may require additional capital.

Outlook

Management expects topline data in the fourth quarter of 2026 from Phase 2 trials of axatilimab in idiopathic pulmonary fibrosis and frontline chronic GVHD. It also points to additional practice-informing and potentially guideline-enabling revumenib data in acute leukemia in the second half of 2026. The company says it is positioned to be first to frontline AML with Revuforj, with pivotal trial enrollment progressing. It holds cash, cash equivalents and short- and long-term investments of $575.1 million as of June 30, 2026.