Syndax Pharmaceuticals (SNDX) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 revenue of $72.8M–$73M, up 92% year-over-year, driven by strong Revuforj and Niktimvo sales, both annualizing above $200M each.

• Revuforj maintains leadership in menin inhibition for acute leukemias, with over 1,600 patients treated since launch and increasing average treatment duration.

• Niktimvo adoption is expanding in chronic GVHD, capturing about one-third of the third-line-plus market and strong repeat usage at U.S. BMT centers.

• Pipeline expanded with SNDX-4321 (EGFR inhibitor for NSCLC) and SNDX-62122 (next-gen menin inhibitor for myelofibrosis), with IND submissions planned by end of 2026 and 2027.

• Net loss narrowed to $49.4M in Q2 2026 from $71.8M in Q2 2025, reflecting higher revenues and controlled expenses.

Financial highlights

• Revuforj net revenue was $54.7M in Q2 2026, up 91% year-over-year and 12% sequentially; Niktimvo net revenue was $60M–$60.3M, up 67% year-over-year.

• Syndax's collaboration revenue from Niktimvo was $18.1M, up 93% year-over-year.

• Total Q2 2026 revenue was $72.8M; cash, cash equivalents, and investments totaled $575M–$575.1M as of June 30, 2026.

• Cost of product sales was $3.2M; SG&A expenses decreased to $41.5M, while R&D expenses increased to $68M due to frontline trials.

• Net loss per share improved to $(0.55) in Q2 2026 from $(0.83) in Q2 2025.

Outlook and guidance

• Expects continued revenue growth from Revuforj and Niktimvo, with full-year 2026 R&D plus SG&A expenses projected at ~$400M, excluding $50M–$550M in non-cash stock compensation.

• Topline data from Phase 2 axatilimab trials in IPF and frontline cGVHD expected in Q4 2026.

• IND submissions for SNDX-4321 and SNDX-62122 planned by end of 2026 and 2027, with Phase 1 trials to begin in 2027.

• Fully funded to execute commercial and R&D priorities through profitability.

• Revuforj peak annual net revenue in the U.S. projected to exceed $2B with anticipated frontline AML indication.