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    SNDX
    Earnings call· Jun 2026(Q2 FY26)

    Syndax Pharmaceuticals Q2 FY26 earnings call SNDX

    Aug 4, 2026 Source

    Executive summary

    Syndax Q2 FY26 — Strong Commercial Growth and Pipeline Advancement

    Syndax delivered a quarter of robust commercial performance for its key products, Revuforj and Niktimvo, with both demonstrating strong revenue growth and increasing treatment durations. The company also advanced its pipeline with two new assets and anticipates several key data readouts in the near future. Despite a temporary fluctuation in Revuforj new patient starts, management remains confident in its growth trajectory and financial position to fund ongoing commercial and R&D priorities.

    Highlights

    5

    • Combined net revenue for Revuforj and Niktimvo reached $115 million in Q2 FY26.

    • Revuforj net revenue grew 91% year-over-year to $55 million, and 12% quarter-over-quarter.

    • Niktimvo net revenue grew 67% year-over-year to $60 million, and 9% quarter-over-quarter.

    • Revuforj average treatment duration is increasing, with post-transplant patients exceeding 9 months and non-transplant patients over 7 months.

    • The company ended Q2 FY26 with $575 million in cash, equivalents, and investments, stating it is fully funded through profitability.

    Concerns

    1

    • Revuforj experienced fluctuation in new patient starts in Q2 FY26, attributed to typical variability in rare disease markets, physician choice among available drugs, and the impact of clinical trials.

    Guidance & targets

    7
    CategoryTargetConfidence
    R&D plus SG&A expenses
    approximately $400 million
    medium materiality
    High
    Niktimvo margin contribution
    25% to 30% range
    medium materiality
    High
    SNDX-4321 IND submission
    by the end of 2026
    medium materiality
    High
    SNDX-62122 IND submission and Phase I trial initiation
    in 2027
    medium materiality
    High
    Revumenib proof-of-principle trial in myelofibrosis initiation
    in the fourth quarter
    medium materiality
    High
    Axatilimab MAXPIRe IPF trial top line data
    in the fourth quarter
    high materiality
    High
    Axatilimab frontline chronic GVHD trial top line data
    in the fourth quarter
    high materiality
    High

    Segment performance

    2
    SegmentRevenueYoYQoQMargin
    Revuforj (Menin Inhibitor)
    Revuforj demonstrated strong double-digit growth, driven by robust demand in both NPM1 and KMT2A indications, and an increasing average treatment duration. The company maintains leadership in menin inhibition with expanding prescriber base and high formulary coverage.
    Total prescriptions: ~1,500 (up 15% QoQ)Commercial patients treated since launch: >1,600New patients added in Q2: 250NPM1 new patients: at least 40% of new patients in Q2NPM1 net revenue contribution: >30% of $55MKMT2A patients proceeding to transplant: ~50%Post-transplant patients resuming therapy: ~50% (up from 45% last quarter)Post-transplant average treatment duration: >9 monthsNon-transplant average treatment duration: >7 monthsUse in 2nd/3rd line: 75%Use in combination: ~40%Accounts ordered: >580 (up 11% QoQ)Tier 1/2 accounts ordered: Nearly 90% (up from 70% prior to NPM1 approval)Formulary coverage: 98% (all covered lives)Preferential coverage: 17% of covered lives
    		$55 million91%12%—
    Niktimvo (Chronic GVHD)
    Niktimvo showed robust demand and consistent growth, reflecting strong adoption in the fourth line and increasing uptake in the third line cGVHD market. Solid persistency and a broad prescriber base contribute to its strong performance.
    New patients added in Q2: >300Infusions administered in Q2: ~5,7503rd line+ cGVHD market capture: ~1/3Persistency (staying on therapy for at least 12 months): 60% to 70%Bone marrow transplant centers prescribed: Nearly every BMT center
    		$60 million67%9%—

    Operational metrics

    4
    Niktimvo collaboration revenue
    $18.1 million
    Q2 FY26

    Collaboration revenue recorded by Syndax, equating to 30% of Niktimvo net revenue reported by partner Incyte.

    Cash, equivalents and investments
    $575 million
    Q2 FY26 end

    Balance at the end of the second quarter, including net proceeds from convertible notes issuance.

    Convertible notes issuance
    $250 million
    June 2026

    Issuance of 2.25% convertible notes, providing the lowest cost of capital accessed by Syndax.

    Niktimvo annualizing sales
    $240 million
    Annualized

    Niktimvo's current annualized sales, tracking with the launch of Rezurock.

    Industry KPIs

    7
    MetricValueDetails
    Launch access metrics98%%
    Product franchise net sales$55 millionUSD
    Peak long term sales guidance>$2 billionUSD
    Therapeutic drug market share85%+%
    Prescription volume new starts~1,500prescriptions
    Collaboration milestone royalty revenue$18.1 millionUSD
    Cumulative patients uptake since launch>1,600patients

    Deals & partnerships

    1
    MPN Research Consortium (John Mascarenhas and collaborators)Collaboration for revumenib proof-of-principle trial in myelofibrosis

    Partnership for a proof-of-principle trial of revumenib in myelofibrosis. The study, posted on clinicaltrials.gov, includes a safety assessment (Cohort 1, ~6 patients) and a combination with Jakafi (Cohort 2), evaluating standard ELN response criteria.

    Risks & headwinds

    1
    Fluctuation in new patient starts for RevuforjQ2 FY26

    New patient starts in Q2 FY26 saw fluctuation relative to prior quarters.

    Mitigation: Optimized customer footprint and targeting, expanded ability to leverage lab data, increased promotional efforts and educational activities. Management believes it's a temporary effect and expects to return to historical levels.

    What to watch in Q3 FY26

    5

    Revuforj new patient starts

    Next quarter
    CurrentFluctuation in Q2 FY26
    TargetReturn to prior quarter levels

    Why it matters

    Indicates market momentum and commercial execution for Revuforj, especially after Q2's fluctuation.

    We look at this quarter as an anomaly. We feel confident about finding patients and getting back to levels that we've seen historically.

    Q&A highlights

    6

    What was the physician feedback on Revuforj post-transplant maintenance data at ASCO/EHA, and how soon could it impact the proportion of patients on maintenance therapy?

    The data was very well received, showing a 90% 2-year overall survival rate. Research is ongoing to optimize dosing, and a randomized study (MenTain) has been initiated. Real-world uptake of maintenance is increasing, with more data to be presented later in the year.

    “I think the data was very well received. I think it's a remarkable outcome when you look at the proportion of patients alive at 2 years, 90%.”

    asked by Unknown Analyst · answered by Nicholas Botwood

    2 min read5 chapters

    Detailed Narrative

    01

    Revuforj Commercial Momentum and Market Leadership

    Revuforj demonstrated its sixth consecutive quarter of double-digit revenue and prescription growth, with net revenue reaching $55 million, up 91% YoY and 12% QoQ. The company maintains a dominant share in the menin inhibitor market, having treated over 1,600 commercial patients since launch. Key drivers include a best-in-class profile, increasing average treatment duration (over 9 months post-transplant, over 7 months for non-transplant patients), an expanding prescriber base, and high formulary coverage (98% of covered lives).

    02

    Niktimvo Sustained Growth and Expansion Opportunities

    Niktimvo net revenue grew to $60 million, up 67% YoY and 9% QoQ, annualizing at $240 million. The product shows robust demand with over 300 new patients added and approximately 5,750 infusions administered in Q2. Niktimvo has captured about one-third of the third-line plus chronic GVHD market within 1.5 years of launch, with solid persistency (60-70% of patients staying on therapy for at least 12 months). Upcoming Phase II data in IPF and frontline chronic GVHD are expected to unlock additional multibillion-dollar opportunities.

    03

    Advancing a Differentiated Pipeline

    Syndax unveiled two new pipeline assets: SNDX-4321, a novel mutant-selective, CNS-penetrant, allosteric EGFR inhibitor for NSCLC, with an IND submission expected by end of 2026; and SNDX-62122, a next-generation menin inhibitor for myelofibrosis, with an IND and Phase I initiation planned for 2027. These assets leverage the company's R&D capabilities and aim for first- and best-in-class potential in areas of high unmet medical need.

    04

    Key Clinical Data Readouts and Strategic Publications

    The company presented significant revumenib data at ASCO and EHA, including post-transplant maintenance data showing a 90% 2-year overall survival rate. Data from the all-oral combination in the SAVE trial was published, demonstrating an 88% overall response rate. Syndax also expects to publish data in relapsed/refractory NUP98 rearranged acute leukemia in Q4 FY26, which could expand the patient population for revumenib. Updates from frontline AML trials are also anticipated in Q4 FY26.

    05

    Financial Strength and Funding for Growth

    Syndax reported total revenue of $72.8 million for Q2 FY26, up 92% YoY, including $54.7 million from Revuforj and $18.1 million in Niktimvo collaboration revenue. The company ended the quarter with $575 million in cash, equivalents, and investments, including $244 million net proceeds from a $250 million convertible notes issuance in June. This strong financial position fully funds commercial and R&D priorities, positioning the company for long-term value creation and profitability.

    AI-generated summary of the company’s earnings call. Not investment advice.