SNDX earnings analysis
What we found in SNDX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Gross margin
- 95.6%
- Operating margin
- -55.0%
- Segment
- Product revenue (Revuforj): $54.7 million
- Segment
- Collaboration revenue (Niktimvo profit share): $18.1 million
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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