Syndax Pharmaceuticals Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +4.66%.
Did SNDX Beat Earnings? Q1 2026 Results
Syndax Pharmaceuticals delivered a mixed but broadly encouraging first quarter for fiscal 2026, posting a narrower-than-expected loss while revenue, though shy of forecasts, reflected explosive year-over-year growth across both of its commercial products. The company reported a net loss of $0.48 per share, beating the consensus estimate of $0.59 by 18.75%, even as revenue of $64.86 million fell about 7.11% short of the $69.83 million analysts had anticipated. The top-line figure nonetheless represented a 223.6% increase from the year-ago period, fueled primarily by Revuforj net revenue of $48.92 million and Niktimvo collaboration revenue of $15.94 million, with total prescriptions for Revuforj up roughly 160% year-over-year as adoption in NPM1-mutated AML continued to broaden. The net loss narrowed sharply to $42.67 million from $84.85 million a year earlier, reflecting the revenue ramp and lower operating expenses. Looking ahead, management expects its roughly $400 million combined R&D and SG&A expense base to hold steady and anticipates that revenue growth, including anticipated clinical catalysts in late 2026, will carry the company to profitability.
- Increasing uptake of Revuforj in R/R NPM1-mutated AML with over 40% of Q1 new patients being NPM1m
- Total Revuforj prescriptions increased ~160% year-over-year and ~13% sequentially
- Nearly 50% of KMT2A patients proceeding to HSCT, up from prior 33% estimate, with ~45% resuming therapy post-transplant
- 97% of all covered lives have formulary coverage for both Revuforj indications
- Niktimvo captured ~32% share of 3L+ chronic GVHD market within first year of launch
- ~60-70% of patients who started Niktimvo in Q1 2025 remained on treatment in Q1 2026
- ~300 new patient starts for Niktimvo in Q1 2026 with ~5,000 infusions administered
- R&D and SG&A expenses decreased year-over-year due to lower launch costs and milestone expenses
“We delivered over $100 million in combined Revuforj and Niktimvo net sales in the first quarter, highlighting strong demand for our medicines and advancing the company towards profitability. Revuforj net revenue totaled $49 million, underscoring our leadership in menin inhibition and strong adoption in both R/R NPM1m AML and KMT2Ar acute leukemia. Notably, recent analysis indicates that Revuforj is enabling nearly half of KMT2A patients to receive a stem cell transplant, providing the best chance for durable remission and positioning the franchise for long-term growth as an increasing number of patients return to therapy post-transplant.”
Syndax Pharmaceuticals CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, Syndax expects total R&D plus SG&A expenses of approximately $400 million, excluding $50 million in estimated non-cash stock compensation expense. The company expects its operating expense base to remain stable over the next couple of years. Syndax expects that cash, cash equivalents and short-term investments, combined with anticipated product revenue, collaboration revenue, and interest income, will enable the company to reach profitability. Multiple clinical catalysts are anticipated in 2026, including new revumenib real-world, frontline, and post-HSCT maintenance data in Q2 2026, and topline Phase 2 data for axatilimab in IPF and newly diagnosed chronic GVHD in Q4 2026. The RAVEN trial is expected to initiate in H2 2026. The company also plans to initiate a program to generate proof-of-principle clinical data with revumenib in myelofibrosis.
SNDX YoY Financials
SNDX Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.