Syndax Pharmaceuticals Inc
SNDX evidence brief
What we can confirm
- BioSniper Score:
- 4.3 / 10
- Market Cap:
- $1.77B
- Lead Asset:
- Axatilimab (Phase 2)
What it means
What to watch
Prepared research question
What matters most for SNDX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · SNDX
Syndax Pharmaceuticals Inc (SNDX) is a commercial-stage biopharmaceutical company with two FDA-approved cancer therapies, Revuforj (revumenib) and Niktimvo (axatilimab-csfr), and a pipeline of late- and early-stage programs, while continuing to incur net losses and an accumulated deficit.
Key risk: Chronic unprofitability
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 11 clinical trials · 1 catalyst · 1 FDA decision for Syndax Pharmaceuticals Inc.
Syndax Pharmaceuticals Inc (SNDX) is a commercial-stage biopharmaceutical company with two FDA-approved cancer therapies, Revuforj (revumenib) and Niktimvo (axatilimab-csfr), and a pipeline of late- and early-stage programs, while continuing to incur net losses and an accumulated deficit.
- Syndax has two FDA-approved medicines: Revuforj (revumenib), a menin inhibitor, and Niktimvo (axatilimab-csfr), a CSF-1 receptor blocker [sec · filed 2026-04-30].
- Total Revuforj prescriptions in Q4 2025 were approximately 1,150, a 35% increase over Q3 2025 [sec · filed 2026-04-30].
- As of June 30, 2026, Syndax reported cash & equivalents of $336.5M, total revenue of $72.8M, net income of -$49.4M, and shareholders' equity of $15.1M [sec].
- For the six months ended June 30, 2026, Syndax reported a net loss of $92.0 million and an accumulated deficit of $1.6 billion [sec_mda · as of 2026-08-04].
- Syndax is co-commercializing Niktimvo with Incyte, recording 50% of net commercial profit; its share of collaboration revenue was $18.1 million in Q2 2026 [sec_mda · as of 2026-08-04].
What works
- Two FDA-approved commercial products (Revuforj and Niktimvo) provide a revenue base and market presence [sec · filed 2026-04-30].
- Revuforj prescriptions grew 35% quarter-over-quarter in Q4 2025, indicating increasing adoption [sec · filed 2026-04-30].
- Syndax has a robust pipeline including pivotal Phase 3 trials (EVOLVE-2, REVEAL-ND) and a Phase 2 trial of axatilimab in newly diagnosed cGVHD with topline data expected in Q4 2026 [sec · filed 2026-04-30][sec_mda · as of 2026-08-04].
- Cash position of $336.5M as of June 30, 2026 provides a multi-year runway for ongoing operations and development [sec].
What to weigh
- Syndax has incurred significant operating losses since inception, with a net loss of $92.0 million for the first half of 2026 and an accumulated deficit of $1.6 billion as of June 30, 2026 [sec_mda · as of 2026-08-04].
- Except for 2021, the company has not been profitable and has reported losses in every period since 2005 [sec_mda · as of 2026-08-04].
- Shareholders' equity is relatively low at $15.1M as of June 30, 2026, indicating a thin equity cushion against liabilities [sec].
- The company relies on collaboration revenue from Niktimvo (50% profit share with Incyte), which may limit upside and control [sec_mda · as of 2026-08-04].
From the filings
Quoted directly from source documents.
Syndax has two FDA-approved products
“We currently have two commercially approved medicines, Revuforj ® (revumenib) and Niktimvo™ (axatilimab-csfr)”
SEC MD&A · April 30, 2026
Revuforj prescription growth in Q4 2025
“Total Revuforj prescriptions in the fourth quarter of 2025 were approximately 1,150, an approximate 35% increase over the third quarter of 2025.”
SEC filings · April 30, 2026
Net loss and accumulated deficit as of June 30, 2026
“For the six months ended June 30, 2026 and 2025, we reported a net loss of $92.0 million and $156.7 million, respectively. As of June 30, 2026, we had an accumulated deficit of $1.6 billion.”
SEC MD&A · August 4, 2026
Catalyst timeline
- 2042-12-18 · Patent_Expiry · REVUMENIB CITRATE — Patent_Expiry: NDA218944 — Patent expiry for revumenib citrate; no near-term impact on exclusivity.
Risks & what to watch (4)›
Key risks
- Chronic unprofitability — Except for 2021, Syndax has not been profitable since inception in 2005, with a $1.6B accumulated deficit [sec_mda · as of 2026-08-04].
- Thin equity cushion — Shareholders' equity of $15.1M as of June 30, 2026 is low relative to liabilities and accumulated deficit [sec].
- Dependence on collaboration — Niktimvo revenue is shared 50/50 with Incyte, limiting Syndax's control and profit capture [sec_mda · as of 2026-08-04].
- Pipeline execution risk — Pivotal Phase 3 trials (EVOLVE-2, REVEAL-ND) are ongoing; failure or delay could impair growth prospects [sec · filed 2026-04-30].
What to watch
- Topline data from the Phase 2 trial of axatilimab in combination with ruxolitinib in newly diagnosed cGVHD, expected in Q4 2026 [sec_mda · as of 2026-08-04].
- Enrollment and interim progress in the pivotal Phase 3 EVOLVE-2 trial for revumenib in NPM1m and KMT2Ar AML [sec · filed 2026-04-30].
- Revenue growth trajectory of Revuforj prescriptions, which increased 35% in Q4 2025 [sec · filed 2026-04-30].
- Cash runway: $336.5M as of June 30, 2026, with ongoing net losses of ~$92M per half-year [sec][sec_mda · as of 2026-08-04].
Sources: Catalysts · News · SEC filings · SEC MD&A · Generated October 7, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Cash runway data unavailable
D/E 45.60 · 0% dilution
Lead: Phase 3
2 candidates
1 upcoming, next in ~5909d
0 buys · 5 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Short Interest
as of Apr 19, 2026- % of float
- 26.4%
- Days to cover
- 13.5
- Shares short
- 20,695,810
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
SNDX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Syndax Pharmaceuticals Inc?
Syndax Pharmaceuticals Inc (SNDX) is a commercial-stage biopharmaceutical company with two FDA-approved cancer therapies, Revuforj (revumenib) and Niktimvo (axatilimab-csfr), and a pipeline of late- and early-stage programs, while continuing to incur net losses and an accumulated deficit.
What is Syndax Pharmaceuticals Inc's lead drug candidate?
Syndax Pharmaceuticals Inc's most advanced tracked candidate is Axatilimab (Phase 2) for Chronic Graft-versus-host-disease; Idiopathic Pulmonary Fibrosis.
What is Syndax Pharmaceuticals Inc's next catalyst?
Syndax Pharmaceuticals Inc's next tracked catalyst is a Patent_Expiry event — "Patent_Expiry: NDA218944" — expected December 18, 2042.
Who is the CEO of Syndax Pharmaceuticals Inc?
Mr. Michael A. Metzger M.B.A. is the chief executive officer of Syndax Pharmaceuticals Inc (SNDX).
Where is Syndax Pharmaceuticals Inc headquartered?
Syndax Pharmaceuticals Inc (SNDX) is headquartered in New York, NY, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.