Syndax Pharmaceuticals (SNDX) Q4 2025 earnings summary

Executive summary

• Achieved total 2025 revenue of $172.4 million, 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, and strong growth in KMT2A and NPM1 indications.

• Niktimvo generated $151.6 million in 2025, with $56.0 million in Q4, and collaboration revenue of $42.4 million.

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

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

Financial highlights

• Fourth quarter 2025 revenue was $68.7 million, with Revuforj net revenue up 38% sequentially to $44.2 million and Niktimvo up 22% to $56.0 million.

• Collaboration revenue from Niktimvo was $42.4 million for 2025, with $19.4 million in Q4.

• Total operating expenses for 2025 were $445.4 million; net loss narrowed to $285.4 million from $318.8 million in 2024.

• Ended 2025 with $394.1 million in cash, cash equivalents, and short-term investments.

• R&D expenses for 2025 were $258.8 million; SG&A expenses were $179.7 million.

Outlook and guidance

• Expects continued robust sales growth for Revuforj and Niktimvo in 2026, with stable operating expense base.

• 2026 R&D and SG&A expense guidance set at $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 revumenib.

• Well-funded to reach profitability without additional capital.

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