Syndax posts $73m Q2 revenue as both approved drugs top $200m run rate
Syndax Pharmaceuticals posted total revenue of $72.8 million for the second quarter of 2026, a 92% increase on the same period a year earlier, driven by strong commercial performance from both of its approved medicines and a broadening pipeline of candidates in haematology, oncology, and fibrotic disease.
Revuforj (revumenib), the company's FDA-approved menin inhibitor for relapsed or refractory acute myeloid leukaemia with NPM1 or KMT2A alterations, generated $54.7 million in net product revenue during the quarter, up 91% year on year and 12% sequentially. Total prescriptions reached approximately 1,500, a 121% increase over the prior-year quarter, with management attributing growth to longer average treatment durations and an expanding pool of patients in the post-transplant maintenance setting.
Niktimvo (axatilimab-csfr), a CSF-1R-blocking monoclonal antibody approved for chronic graft-versus-host disease and co-commercialised with Incyte, recorded $60.3 million in net revenue during the quarter, up 67% year on year. Syndax captures 50% of net commercial profit under its collaboration structure, translating to $18.1 million in recognised collaboration revenue for the period.
Pipeline expansion and near-term catalysts
Beyond its commercial products, Syndax disclosed two new pipeline candidates in July 2026. SNDX-4321 is a mutant-selective, CNS-penetrant, allosteric EGFR inhibitor aimed at NSCLC patient populations with L858R mutations, CNS metastases, atypical activating mutations, or acquired resistance to existing therapies. Unlike current ATP-site-directed EGFR inhibitors, SNDX-4321 binds to an adjacent allosteric pocket that is selectively accessible in the presence of specific EGFR mutations. An IND submission is targeted for late 2026, with a Phase 1 trial planned for 2027.
The second new asset, SNDX-62122, is a next-generation menin inhibitor earmarked for myelofibrosis, an indication supported by preclinical data published in Cancer Cell showing menin as a dependency in proliferative megakaryocytes, key drivers of that disease. A proof-of-principle Phase 1/2 trial of revumenib itself in myelofibrosis is expected to begin in Q4 2026, with initial data anticipated in the second half of 2027.
Near-term data readouts include topline results from the Phase 2 MAXPIRe trial of axatilimab in idiopathic pulmonary fibrosis and from the Phase 2 frontline cGVHD combination trial with ruxolitinib, both expected in Q4 2026. The pivotal Phase 3 trial of axatilimab plus corticosteroids in frontline cGVHD is tracking towards a topline readout in early 2028.
Market context and financial position
The menin inhibitor space is moving quickly. Revumenib secured its FDA approval in late 2023 for R/R AML and has established a clear commercial lead, but it faces the prospect of competition from other menin inhibitors in development at a number of companies. Syndax's strategy of advancing revumenib across the entire AML treatment continuum, including frontline pivotal trials EVOLVE-2 and REVEAL-ND, is designed to entrench its position before rivals reach the market.
In EGFR-mutated NSCLC, SNDX-4321 would enter a heavily contested field that already includes third-generation agents such as osimertinib and a clutch of fourth-generation candidates in clinical development. The allosteric mechanism is an unconventional approach and differentiation from ATP-competitive inhibitors will need to be demonstrated clinically.
Financially, Syndax ended the quarter with $575.1 million in cash, equivalents, and investments. The company reported a net loss of $49.4 million for the first half of 2026, an improvement on the $71.8 million loss in the comparable period of 2025, and reiterated guidance for combined operating expenses of approximately $400 million for the full year, excluding an estimated $50 million in non-cash stock compensation. Management said it expects existing resources and product revenues to carry the company to profitability, though no specific timeline was given for that milestone.
Chief executive Michael Metzger said the company was "positioned to be first to frontline AML with Revuforj," citing strong global site initiation and enrolment in its pivotal trials.