10-Q · April 30, 2026
Syndax Pharmaceuticals reported a strong Q1 2026 with total revenues of $64.9 million, marking substantial growth of 224% compared to the previous year. The company also improved its EPS loss to $0.48, surpassing…
Earnings analysis · 10-Q
SNDX earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Syndax delivered $72.8 million of second-quarter revenue, up 92% year over year but below the $79.9 million consensus estimate supplied with the earnings row. Commercial momentum remained solid across Revuforj and…
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Syndax delivered $72.8 million of second-quarter revenue, up 92% year over year but below the $79.9 million consensus estimate supplied with the earnings row. Commercial momentum remained solid across Revuforj and Niktimvo, and the operating loss narrowed to $40.0 million from $69.4 million, although the company remains meaningfully unprofitable and cash-flow negative. Liquidity increased to $575.1 million following a $250.0 million convertible-note issuance, while the new debt adds interest, conversion, and potential dilution risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Revenue grew 92% year over year
Second-quarter revenue was $72.8 million, up $34.8 million, or 92%, from $38.0 million in the prior-year quarter. Revenue was led by $54.7 million of Revuforj product revenue and $18.1 million of Niktimvo collaboration revenue.
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Revuforj uptake remained strong
Revuforj net revenue reached $54.7 million, increasing 91% year over year and 12% sequentially. Total prescriptions were approximately 1,500, up approximately 121% year over year and 15% sequentially, aided by longer average treatment duration.
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Niktimvo commercial sales expanded
Niktimvo net revenue was $60.3 million, up 67% year over year and 9% sequentially; Syndax recorded $18.1 million as its 50% share of product contribution in collaboration revenue.
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Loss profile improved sharply year over year
Gross margin was 95.6%, as $3.2 million of cost of goods sold was modest relative to $72.8 million of revenue. Operating margin improved to negative 55.0% from negative 182.7% a year earlier, with operating loss narrowing $29.4 million to $40.0 million.
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Operating cash burn fell materially
Six-month operating cash use narrowed to $80.6 million from $183.0 million a year earlier, a $102.3 million improvement, principally reflecting a $64.7 million lower operating net loss and favorable working-capital movements.
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Convertible financing bolstered liquidity
Liquidity was strengthened by issuance of $250.0 million of 2.25% convertible senior notes due 2031. Cash, cash equivalents, and short- and long-term investments were $575.1 million at June 30, 2026.
What to watch
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New $250 million convertible debt burden
The company added risk factors related to the $250.0 million principal amount of 2.25% convertible notes due 2031. The notes require $5.7 million in annual cash interest payments and may constrain future financing flexibility.
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Convertible-note conversion and liquidity risk
The 2031 notes can require cash settlement on conversion or a repurchase upon a fundamental change at 100% of principal plus accrued interest. A triggered conversion could also cause reclassification of the liability and materially reduce working capital.
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Losses and funding needs remain substantial
Despite a $22.5 million year-over-year improvement, the company recorded a $49.4 million quarterly net loss and had an accumulated deficit of $1.6 billion at June 30, 2026. Management anticipates significant losses for at least the next couple years.
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Royalty financing increases non-operating drag
Royalty interest expense increased $4.3 million year over year to $12.1 million in the quarter. Royalty Pharma is entitled to 13.8% of quarterly U.S. Niktimvo net sales, with aggregate payments capped at $822.5 million.
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Pipeline timelines carry clinical-readout risk
Clinical and regulatory execution remains a key uncertainty: axatilimab Phase 2 cGVHD and IPF topline data are anticipated in the fourth quarter of 2026, while the pivotal Phase 3 cGVHD study is anticipated to report in early 2028.
Management's outlook
The filing maintains approximately $400 million of full-year 2026 R&D plus SG&A expense, excluding an estimated $50 million of non-cash stock-based compensation. No quantitative revenue or EPS outlook was provided in the 10-Q.
Earlier filings 4
10-K · February 26, 2026
Syndax is transitioning to a commercial-stage oncology company with two FDA-approved products (Revuforj and Niktimvo) and a rapid revenue ramp in 2025 driven by product launches and co-commercialization. Q4 2025 revenue…
10-Q · August 4, 2025
Syndax reported a strong commercial inflection in Q2 2025 with total revenue of $37.958 million (product revenue $28.600M; collaboration revenue $9.358M), materially above prior-year Q2 revenue of $3.5M and consensus.…
10-Q · May 5, 2025
Syndax reported first-quarter product revenue of $20.042 million (Q1 2025) after no product revenue in Q1 2024, reflecting initial commercial sales. Despite the revenue, the company incurred a net loss of $84.846…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.