Syndax Pharmaceuticals (SNDX) Q4 2025 earnings summary

Executive summary

• Achieved $172.4 million in total 2025 revenue, driven by strong launches of Revuforj and Niktimvo, both surpassing launch benchmarks and expanding into new indications.

• Revuforj net revenue reached $124.8 million in 2025, with $44.2 million in Q4 (up 38% sequentially); Niktimvo net revenue was $151.6 million in 2025, with $56.0 million in Q4 (up 22%).

• Completed enrollment in Phase 2 IPF trial for axatilimab; topline data expected in Q4 2026.

• Multiple pivotal and clinical trials ongoing for both Revuforj and Niktimvo, targeting expansion into new indications and patient populations.

• Maintained a robust balance sheet with $394.1 million in cash and equivalents at year-end 2025.

Financial highlights

• 2025 total revenue: $172.4 million; Q4 revenue: $68.7 million.

• Revuforj Q4 net revenue: $44.2 million (38% growth); Niktimvo Q4 net revenue: $56.0 million (22% growth).

• Collaboration revenue from Niktimvo was $42.4 million in 2025.

• FY2025 net loss attributable to common stockholders: $285.4 million, improved from $318.8 million in FY2024.

• Cash, cash equivalents, and short-term investments at year-end: $394.1 million.

Outlook and guidance

• Expects FY2026 R&D plus SG&A expenses to be ~$400 million, excluding ~$50 million in non-cash stock compensation.

• Anticipates topline Phase 2 axatilimab data in IPF in Q4 2026 and continued pivotal trial enrollment for Revuforj.

• Expects to reach profitability with current cash and projected revenues.

• Focused on advancing pipeline, expanding indications, and achieving profitability.