Syndax Q2 2025 presentation: Strong revenue growth despite widening losses

Introduction & Market Context

Syndax Pharmaceuticals (NASDAQ:SNDX) presented its second quarter 2025 financial results on August 4, 2025, highlighting strong revenue growth for its two flagship products while still reporting significant net losses. The oncology-focused biopharmaceutical company saw its stock rise 3.61% in after-market trading following the presentation, suggesting investor optimism about the company’s commercial momentum despite ongoing profitability challenges.

The company continues to position itself as having two first- and best-in-class medicines addressing major unmet needs in oncology, with a combined market opportunity exceeding $10 billion across various indications. This positioning comes as Syndax navigates a competitive landscape while working to establish its products in their respective markets.

As shown in the following slide, Syndax is emphasizing its growth potential across multiple indications:

Quarterly Performance Highlights

Syndax reported impressive revenue growth for both of its commercial products. Revuforj (revumenib), the company’s menin inhibitor for acute leukemia, generated $28.6 million in net revenue during Q2 2025, representing a 43% increase from the previous quarter. The company attributes this growth to robust patient identification, increasing use in early treatment lines, and growing adoption in post-transplant settings.

The following slide details the key growth drivers for Revuforj:

Even more impressive was the performance of Niktimvo (axatilimab-csfr), Syndax’s anti-CSF-1R antibody developed in collaboration with Incyte (NASDAQ:INCY). In its first full quarter on the market, Niktimvo generated $36.2 million in net revenue (as reported by Incyte), with Syndax receiving $9.4 million in collaboration revenue. This represents substantial growth compared to the $13.6 million in net revenue reported during the first two months of the Q1 2025 launch.

The following slide highlights Niktimvo’s exceptional early market performance:

Looking at the quarterly progression, Revuforj has shown consistent growth since its launch in late 2024:

Similarly, Niktimvo has demonstrated strong early uptake metrics:

Detailed Financial Analysis

For the second quarter of 2025, Syndax reported total revenues of $38.0 million, comprised of $28.6 million in Revuforj product revenue and $9.4 million in Niktimvo collaboration revenue. Despite this strong top-line performance, the company reported a net loss of $71.8 million for the quarter, driven by significant investments in research and development ($62.2 million) and selling, general, and administrative expenses ($43.8 million).

The company’s cash position stood at $518 million as of June 30, 2025, a decrease from the $602.1 million reported at the end of Q1 2025, indicating a quarterly cash burn of approximately $84 million. With 86.3 million shares outstanding, Syndax maintains a significant runway to continue its commercial and development activities.

The following slide provides a comprehensive overview of Syndax’s financial position:

Strategic Initiatives & Growth Outlook

Syndax is pursuing multiple avenues to expand its market presence and drive long-term growth. For Revuforj, the company is targeting a total addressable market exceeding $5 billion across various acute leukemia indications. Recent clinical data presentations at the European Hematology Association (EHA) meeting and publications in prestigious journals like Blood and the Journal of Clinical Oncology have reinforced the drug’s clinical profile.

The company’s market opportunity for Revuforj is illustrated in the following slide:

For Niktimvo, Syndax is initially focusing on chronic graft-versus-host disease (cGVHD), representing a $2 billion U.S. market opportunity. The company sees substantial potential for label and geographic expansion, with a total addressable market exceeding $5 billion when including additional indications like idiopathic pulmonary fibrosis.

The following slide outlines Niktimvo’s market opportunity:

Recent clinical data presentations have further solidified Revuforj’s profile, with promising results across multiple patient populations:

Forward-Looking Statements

Syndax remains optimistic about its future prospects, emphasizing its path toward profitability and building multi-billion-dollar franchises. The company highlighted that approximately one-third of KMT2A patients proceed to stem cell transplant following Revuforj treatment, and 80-90% of Niktimvo patients remain on therapy, suggesting strong durability of treatment.

However, investors should note that despite the impressive revenue growth, Syndax continues to report significant net losses as it invests in commercial infrastructure and clinical development. The company’s stock has declined from around $13.71 after Q1 results to approximately $10 currently, indicating market concerns about the path to profitability despite commercial traction.

Syndax’s positioning as a growth company with two potentially blockbuster products remains the core of its investment thesis, as reiterated in its presentation:

With $518 million in cash and growing product revenues, Syndax appears well-positioned to continue executing its commercial strategy while advancing its clinical pipeline. However, the company will need to demonstrate a clear path to profitability in coming quarters to fully validate its long-term growth narrative.

Full presentation:

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