Syndax Pharmaceuticals at 6th Annual Oncology Innovation: Strategic Insights

On Wednesday, 28 May 2025, Syndax Pharmaceuticals (NASDAQ:SNDX) presented at the 6th Annual Oncology Innovation Summit. The discussion, led by CEO Michael Metzger and Head of R&D Nick Botwood, highlighted the company’s promising FDA-approved drugs, RevuForge and Nictimvo, both showing potential in significant markets. While the company showcased strong initial sales and market penetration, it also acknowledged the competitive landscape and the need for further clinical trials to expand drug indications.

Key Takeaways

• RevuForge and Nictimvo are Syndax’s FDA-approved drugs targeting multi-billion dollar markets.
• RevuForge’s first quarter revenue reached $20 million, with significant managed care coverage.
• Nictimvo generated $13.6 million in revenue in its initial months, with strong account ordering.
• The company is planning new clinical trials to expand drug indications and improve patient outcomes.
• Syndax aims to enhance its market position with potential guideline inclusions and expanded therapies.

Financial Results

Syndax reported robust financial performance from its two key drugs:

• RevuForge Launch:

- First full quarter revenue of $20 million, with 44% of high-priority accounts ordering.

- 72% managed care coverage established, with 90% revenue from KMT2A patients.

• Nictimvo Launch:

- $13.6 million in net revenue for the first two months.

- 95% of top accounts and 70% of bone marrow transplant centers ordering.

Operational Updates

Syndax is actively expanding the indications and applications of its drugs:

• RevuForge:

- Expected sNDA approval for MPM1-mutated AML this year.

- Ongoing EVOLVE two frontline trial with venetoclax.

- Planning phase 1 and 3 studies for fit patients receiving intensive chemotherapy.

• Nictimvo:

- Presented four posters at EHA, highlighting rapid symptom improvement.

- Transitioning EAP patients to commercial drug, with full transition expected in the second quarter.

Future Outlook

The company’s strategic plans include:

• RevuForge:

- Aiming for 50% new patient penetration in KMT2A by year-end.

- Anticipating significant revenue growth from MPM1 with guideline inclusion.

- Exploring MRD negativity as a registration endpoint for accelerated approval.

• Nictimvo:

- Expected to continue its upward trajectory and potentially match Resirock’s performance.

- Emphasizing its novel approach in addressing inflammation and fibrosis in chronic GVHD.

Q&A Highlights

Key insights from the Q&A session included:

• RevuForge:

- CR rate decline attributed to different patient populations.

- Confidence in data predicting good outcomes in the HOVON study.

- Optimism about NCCN guideline updates based on Blood publication.

• Competitive Landscape:

- RevuForge is well-received by physicians, offering a unique mechanism of action.

In conclusion, Syndax Pharmaceuticals is poised for growth with its innovative therapies and strategic initiatives. For more details, readers are encouraged to refer to the full transcript.

Full transcript - 6th Annual Oncology Innovation Summit:

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: Good morning, and welcome on once again to TD Cowen’s sixth Annual Oncology Innovation Summit Insights for ASCO and EHA. I’m Phil Nadeau, one of Cowen’s biotech analysts, and my it’s my pleasure to moderate a fireside chat with Syndax Pharmaceuticals. We have with us today CEO, Michael Metzger, and the head of r and d, Nick Botwood. These are exciting times for Syndax with abstracts at EHA as well as a launch going on, so I’m sure you’re all aware for RevuForge and AML. With that, Michael, I thought I’d kick it to you for an introduction.

Can you give us a brief state of the company overview, biggest strengths, biggest challenges, and what do you think SetNex needs to achieve to drive up performance over the next year or two?

Michael Metzger, CEO, Syndax Pharmaceuticals: Yeah. First of all, thanks, Phil. Thanks for having us. Great to be with you. Exciting times for the company, and, really good to get into it and and talk a little bit about it.

So, yeah, let me just kick it off with, you know, look. I think we’re in an enviable position with two, FDA approved first in class medicines best in class medicines that address really significant markets, multibillion dollar markets. I think RevuForge, as you know, is a, Menin inhibitor, has what I would call significant first mover advantage in this field. We are blazing the blazing the path here. It’s a highly differentiated product profile, really compelling pivotal data across what I would say is the broadest population of patients covering AML, ALL, adults, and pediatrics.

So that’s very significant. And for Nictimvo, that drug is for GVHD, offers a chronic GVHD offers a really a new mechanism. It’s differentiated from other options that are available for GVHD patients. So also offers a very significant opportunity. And both launches, are are in the early stages, but both launches are are off to very good starts.

We, we can talk a little bit about that, but there is plenty of room for upside for sure, and we are building every day. And so what’s really important for us, we have a, you know, a robust clinical development program and pipeline designed to unlock the the future of these molecules and the multibillion dollar potential for both. I think we’re well positioned for success, both in the near term and the long term, and, it’s evidenced by our submission, of our sNDA for MPM one, which is would be our second indication. We hope, to get that, and expect to get that approved this year and expand the indication from there based on what and so Nick will talk some that’s on the data, how we expand into the frontline. And, we did recently publish the MPM one data that’s, you know, the subject of the submission, in the journal blood, so it’s peer reviewed.

And, we think it it stands up as best in class, for that indication as well. We do expect, to get into the guidelines for MPM one potentially ahead of approval this year, which will be very important to the overall launch. And, as I said, data is, emerging both at e a this, this coming, meeting as well, for future at the end of the year for phase the phase one data for seven plus three in the first line setting. So lots lots of data coming that really fills out the profile and really it’ll help to substantiate our position in the market. And, really, to drive performance over the next twelve to months twelve to twenty four months, which I think is your question, Phil, really just need to deliver on these, these two product launches, which we continue to do, and it’s going quite well, and really aggressively advance what we’re doing, to continue to develop both of these programs into the earlier line settings and expand the opportunities.

So, look, a $5,000,000,000 plus market opportunity for RevuForge, three billion dollar plus market opportunity for Nicktympo and CGVHD. We have two products generating revenue, so we are in a very good place to, to expand from here. So good stuff.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: That’s a great overview. With that, we’ll dive into each of those topics in a bit more detail. First on RevuForge updated results from the AML trial were disclosed in EHA abstracts. Can you provide some highlights of the data?

Michael Metzger, CEO, Syndax Pharmaceuticals: Sure. Nick, do you wanna take that?

Nick Botwood, Head of R&D, Syndax Pharmaceuticals: Yeah. And thank you, Phil. Thank you for having us. Very happy to talk about our data. So, yeah, going into EHA, we’re gonna have a strong presence at EHA firstly.

I mean, we’re actually gonna be showcasing 10 abstracts of which beat AML is is one of them. There’s gonna be an oral presentation, and, it’s, you know, we’re we’re proud of this collaboration with beat AML. We think the data are quite significant. You know, when I think about the data Mhmm. As a medical oncologist, there are probably three things that, you know, I would draw your attention to as you think about it.

Number one is that, obviously, this was a phase one b study. So, really, in a phase b one phase one b study, you wanna confirm a dose to take into phase three. We were able to do that. We looked at two different doses. We didn’t identify a maximum tolerated dose, and we took our currently approved dose of of one sixty mgs of of Reviforge in in combination with Venaza in into the phase three.

So the dose was well confirmed. The second thing you look for is tolerability. You know, can you combine these drugs safely with the standard of care, which is Venaza? And we were very well able to establish, that there was good tolerability. Very few patients had to discontinue therapy for any toxicities.

So this is a tolerable and and and and well tolerated regimen to take into combination. And then the third thing I think you look at in a relatively small single arm study like this is evidence of activity. And when you look at a small single arm, phase two study like this, the the the endpoints I think you really wanna focus on are complete response and then how deep and durable is that response rate. And and we saw really compelling evidence when you combine Rev with Venaza with a sixty seven percent, complete response rate. Now what does that mean?

The historical control for that from Veneta’s registrational study is of the order of 37% CR. So it’s it’s an order of magnitude different, when you combine REV with Veneta, and we’re very encouraged by that. We know CR is an important endpoint in this setting and correlates very well with OS, and so we think that’s encouraging. The other endpoint you wanna look at in terms of kind of, again, the depth and the durability of that response is the number of patients you can get into minimal residual disease negativity. This is a very important prognostic factor for how patients are going to do subsequently.

We actually found in the thirty seven evaluable patients for MRD, so almost the whole population, forty three patients were entered, in those who are evaluable, all thirty seven were moved into MRD negativity. Negativity. So it was a % response on MRD negativity, even using a very sensitive flow cytometric approach. So this is extremely encouraging. And again, I would reference here the registrational study for Venaza alone, where the MRD negativity rate is is just above forty percent.

So it’s a step change. In terms of survival, it’s very early to be reporting on survival at this point. The medium follow is about seven months. So I think in a single arm study, you can’t read too much into survival. We will be presenting a Kaplan Meier of survival.

You’ll see at the congress, that it’s it’s it’s immature. So I in in the context of a single arm study, I think really the focus should be on on complete responses and MRD negativity.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: Great. A couple of questions that we’ve been getting from investors, on the on the abstract. The first is investors have noted that CRAs declined somewhat from the data presented at ASH twenty twenty four. Any thoughts as to what’s behind the decrease?

Nick Botwood, Head of R&D, Syndax Pharmaceuticals: Yeah. You know, this actually just speaks to the population you look at. If you do an apples to apples comparison, there are there are two populations in these types of studies. One is the intent to treat population. This is essentially all the patients that were recruited into the study.

And and this is, I would suggest, the more rigorous measure. It’s the it’s the measure we normally report on. We report on responses in all the patients that go into the study. The other population you can look at, which is a little different, is is the evaluable population. So, you know, patients that were evaluable for response.

If you actually look at the evaluable population, which has a slightly different denominator, and you look at overall response rate, actually, the results ASH 2024 and what we’re gonna present presented EHA are almost identically consistent, and the overall response rate is actually a % in those patients that are valuable for response. So really very consistent outcomes across the two populations.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: Right. And you referenced the CR data in particular as being much greater than what you’d expect from VENESA. The skeptics note that the CR CR rate rate in median overall survival would be AML at least thus far similar to what VENESA produced in the VALLE study. Is that fair? What what’s Yeah.

I I is more more valid?

Nick Botwood, Head of R&D, Syndax Pharmaceuticals: I feel very confident in these data, you know, predicting for a good outcome in the HOVON study, because CR is really the endpoint of that is established as a as a meaningful meaningful endpoint, and and is shown to correlate with OS, and it’s CR that we’ve really shown a big magnitude of difference. Again, in a small sample size study, you have to focus on the endpoints that are most meaningful. And I think if you focus on complete responses and MR negativity, these are the best predictors for survival. So as we update those data over time, I think you’ll see changes in survival, and it gives a degree of confidence that the the the, HOVON study would read out positively for its endpoints.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: Moving on to the pivotal data in NPM one, as Michael referenced, the results will be presented at EHA. How is the data that we’re gonna get EHA differ from the results presented at ASH last year and or those published in in blood?

Nick Botwood, Head of R&D, Syndax Pharmaceuticals: Yeah. We’ll update the data, and we’ll continue to show, I think, a compelling profile. You know, the safety will continue to be well tolerated. In terms of the efficacy, we’ll have a slightly updated population. It’d be the first time we presented these data at a scientific, symposium.

When we enrolled the study, we defined the primary population to be sixty four patients. Because of the enthusiasm to enroll into the study, we actually enrolled the population in the phase two portion of seventy seven patients. We’ll be presenting all the patients, which I think is appropriate that were enrolled into the phase two study, and we’ll actually be showing a CR CRH rate of twenty six percent, which is again, you know, as Mike was saying, best in class profile. I would also draw attention to response rate. Response rate is really important for physicians and patients.

If you look at response rate, this is one of the predictors that may actually help patients get on and and and subsequently get a stem cell transplant, and we’ll be reporting an an overall response rate of just under half the patients. So forty eight percent in this updated dataset will have a response. So, again, I think a quite compelling profile, and we’ll be presenting that as opposed to with some additional data points as well, at the congress.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: Michael referenced the NCCN guidelines in his his opening remarks. Can you give us a bit more of an update on those guidelines? Has the data from the blood publication been submitted, and any sense when Ruby Forge could be incorporated into

Nick Botwood, Head of R&D, Syndax Pharmaceuticals: the Absolutely. And, you know, firstly, we were delighted to have the, data published in blood in a in a leading peer reviewed journal. We submitted that to the guidelines, of course, on the day of of, publication. The timing was actually very good because we know the NCCN have a committee meeting on, I think, May 19, so it was timely for them to receive that submission from us for consideration. We are optimistic given the profile of the data that that this will lead to a favorable outcome and and and are hopeful we’d see an update to the guidelines, you know, most likely in this quarter.

So we’ll let that process, you know, play out, but, yeah, I think we remain optimistic, given what we presented.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: Maybe one last question on revifor JEHA. At there will be a post presentation reporting outcome in patients with the nup, ninety eight r, mutation. What’s the significance of this data?

Nick Botwood, Head of R&D, Syndax Pharmaceuticals: Yeah. This is interesting, and this is, think, you know, speaks to the science in our our leading in the science. Newt ninety eight is an interesting, mutation type. It’s relatively rare mutation type, but patients have a poor prognosis. We’ll be presenting a small series from our dataset.

This is actually n of five patients. But interestingly, in these five patients who otherwise have very little treatment options, sixty percent, so three out of the five actually had a a morphological remission and and and that’s quite significant. And indeed, one of those patients then subsequently went on to get a transplant and then is now be as is becoming common practice, went back on to Revuforge after transplant. And as of data cutoff, have had 10 cycles of therapy, which is quite encouraging. And I think this speaks to the potential breadth of REVIVOGE in terms of its, applicability in in acute leukemias.

And we have a collaboration with, doctor Isa at MD Anderson actually looking at all of the subsets of AML that are thought to be driven through Hox upregulation, which, of course, includes the new nine ninety eight r genetic alteration and indeed other genetic alterations that could be driven through that that HOX upregulation. And I think the reason that this is important and relevant is that this could have applicability for up to fifty percent of, the population with acute myeloid leukemia. So obviously at the moment our focus is on our approved indication KMT2A, MPM1, but what I think is important is there are other genetic alterations that share the same pathway that could have broad applicability for for Revuforge.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: We expect a number of updates from other MEN inhibitors at both ASCO and EHA. Some of those updates will feature crizepamenib, sematonones, enzamenib, and J and J’s blexamenib. What’s your impression of the data from these agents, that will be presented at the meeting and how the competitive environment is evolving for Revuforge?

Nick Botwood, Head of R&D, Syndax Pharmaceuticals: Well, you know, first, yes, I mean, we’re the only approved menin inhibitor currently, and and and we know that the physicians like the profile. They they like what they see. They’re getting familiarity with using it. So that that that’s an important point to make. I mean, the second point I would make is we probably have the or we have the broadest, you know, approvals because if you think about our data that spans our current approval for KMT two a in AML and ALL, this of course also includes a pediatric population.

And then obviously, we’re anticipating our sNDA for the MPM one population later this year. You know, when I look across all of the other, agents that inhibit menin, I don’t see anything that’s at all differentiating. Physicians are very familiar with our profile. There’s nothing really that we see that would warrant any change because we have a best in class profile. And I think it’s important when you look at, you know, the the the efficacy parameters that matter to physicians and patients, whether you look at the response rate, whether you look at the duration of response, whether you look at the, MRD negativity, or whether you look at the proportion of patients that actually subsequently can then go on to get a transplant across all of those parameters, revivores posts numerically the highest numbers.

So I think we remain really quite confident in in the profile as in terms of being best in class, and, you know, and and the physicians are very much liking what they see.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: Great. One last quarter clinical question before turning to the launches. You’ve initiated the EVOLVE two frontline trial with VENESA. What are your plans, for the initiation of other trials beyond EVOLVE two in the first line in maintenance settings? And when could those trials be up and running?

Nick Botwood, Head of R&D, Syndax Pharmaceuticals: Yeah. And thank you, Phil. We’re excited about the transition and and the evolution of RevuForge into the frontline aesthetic and in combination with with current of stands as a care. Obviously, Holvon is leading the way there. We have first patient, first visit.

It is enrolling, and we think that’s a really important unmet need, we’re excited about the synergies we’ve seen with with with venetoclax. So that that study is going, and and that will address what we call kind of the unfit or elderly population. In terms of the fit population, the way we’re thinking about this is is KMT2A patients or younger FITTER patients, that will receive intensive chemotherapy, the so called seven plus three regimen, we’re thinking about this for both KMT2A and MPM1 patients. We have, two phase one studies actually ongoing establishing a tolerable dose, that we plan to take into phase three. And we will run two randomized control studies that we’re we’re actively, looking to set up and would hope to have enrolling towards the back end of this year.

We will provide more details on the design of those studies later in the year, but it remains a high priority for for for me and the team. And we’re we’re we’re kind of moving swiftly to get those studies up and running and and more on that to come.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: One of your potential competitors is using CR and MRD negative CR as potential registration endpoints for accelerated approval. Is that is that possible in your clinical trial program as well?

Nick Botwood, Head of R&D, Syndax Pharmaceuticals: Yes. Very much so. Of course, we’ve already built in complete response rate in in with the whole one trial. You know, that that’s important. That’s a dual primary endpoint, which essentially means that CR and OS are independently powered, and we think that complete response rate could serve an accelerated approval in that unfit population.

Similarly, as we’re thinking about, the fit population, we are considering in particular MRD negativity. This is a different population, but we think MRD negativity, particularly when you measure it in bone marrow, could serve as an important surrogate predicting for event free survival and survival subsequently. And that’s something we’re actively looking to build into the studies to serve as a potential for accelerated approval, and and we will provide more details on that towards the latter part of this year when we when we get those studies posted.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: That’s great. Turning to the launches, I guess, first on RevuForge. What’s the most recent on on the most recent update on the launch? Can you, in particular, disclose the launch metrics that you talked about on the earnings call and, what metrics will you be providing during future calls?

Michael Metzger, CEO, Syndax Pharmaceuticals: Yeah. Thanks, Phil. Look, think, as I said earlier, it’s we’re off to a very strong start with RevuForge. First full quarter, ’20 million in revenue, which is a, you know, is is largest, I think, quarter we’ve ever seen for a drug in AML first quarter. So that’s, you know, comparing to other drugs doing quite well and and surpassing even our own expectations in some ways.

I think it really performance bolsters our confidence in the number of patients that are out there with KMT2A translocations and certainly highlights the significant opportunity we have with the drug. I think we we highlighted on the call both the expanding breadth and depth of prescribing. So 44% of our high priority or what we call tier one or two accounts ordering, by the end of you know, as of the March. That number has continued to grow throughout the second quarter for sure. And we’ve made, you know, really great great progress with the priority accounts, more room for growth, additional depth and breadth building, but we’ll continue to track that.

Those are important metrics. And then, beyond the tier one and tier two and, you know, mostly academic centers, and we’re moving, you know, more thoroughly into community practices, we do have a very sizable commercial facing team where we can cover, you know, all 2,000 accounts, tier one through tier four. So we we’re making, progress, you know, moving into the community as well. And in terms of formal coverage, or or coverage policies, they’re in place for as of the end of the quarter. We said 72% of the managed care lives, including commercial Medicare and Medicaid, but that has continued to build, and is nearing completion.

So we feel quite good about about, getting coverage so early and so universally. And as Nick pointed out, the feedback from clinicians on the product profile, ease of use, ease of access, all really, really strong. You know, overall, it’s it’s about, you know, patients, penetration, and persistence. Right? And we can talk about persistence too, but I think those are the things that we will track and continue to give people, some understanding on as we roll through the launch.

But, really, it’s for these clinicians and and patients, it’s about a best in class experience. And to us, that will help us drive the long term competitive immunity that we we hope to have over many years as we build this franchise.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: In that initial $20,000,000 sales figure, what portion of that revenue came from KMT2A patients versus NPM1 patients? And and how do you expect that to evolve, once NPM1 reimbursement is is secured?

Michael Metzger, CEO, Syndax Pharmaceuticals: Yeah. I think, well, there really hasn’t been any, any barrier to getting the drug paid for, whether it’s on label or not. And I think what we what we seem to feel and and believe about the launch is it’s about nine probably 90% KMT two a on label, probably 10% is being written off label. And we do expect that that, you know, with the inclusion and guidelines for MPM one, that that number of MPM one patients will continue to build. And, of course, when we get the drug approved and have the full support of the commercial team, on promotion, that drug, the MPM one portion will will build as well.

So I think there’s a lot more to do in KMT two a. We we expect, by the end of the year, we could be as as much as fifty percent penetrated new patients, by that point, which would be fantastic and a great result in a in a in a year one, and MPM one will follow. So there’s a lot more to do, but we feel we feel that the, NPM one will certainly provide another leg up as we go throughout the year here and and build towards approval.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: Dipping into that point in a bit more, detail, what do you think is the most important catalyst to getting NPM one patients out there? But do you think it’s the inclusion in the NCCN treatment guidelines, or is it is it the approval, or both of those kinda kinda equal where you’d expect a step up in NPM one patients with both?

Michael Metzger, CEO, Syndax Pharmaceuticals: Yeah. I do expect a step up in with both. But I do think that getting on guidelines, you know, having the first drug approved and also ultimately approved, but being guidelines ahead of approval, physicians practice the guidelines. Right? We know that.

And and it does provide some formulary aid as well. So I think there’s there’s, you know, great opportunity here as the only MEND inhibitor approved to have a second indication and guidelines ahead of its formal approval. I think that could provide quite an ample opportunity. And then, of course, yes, I do believe that we’ll be adding significantly once we get the drug fully approved.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: Great. Must, couple minutes. We’ll turn to Nick Kimbo. First, there are four posters at and Nick Kimbo. Most seem to be on call presentations, but are there any notable new data presentations from the posters that that you’d like to highlight?

Nick Botwood, Head of R&D, Syndax Pharmaceuticals: Yeah. Phil, there’s cup you know, excited to have those four posters. There are a couple of things I would, draw attention to. One is that one one dataset will, demonstrate that actually you see very good activity with Nictimvo across lines of therapy. So in our AGARVEY two zero one study, we treated patients, you know, across different lines of therapy.

And actually, when you treat patients a little earlier in therapy, you know, if anything, the response rate is a little favorable. And I think this speaks to the potential for Nictimvo to be used in earlier lines of therapy, that’s obviously something we’re exploring now in in randomized control studies. So I think that’s important. That’s the first thing. The second is that, you know, we saw very rapid, improvement in in symptoms, and this is across organ classes because you have to remember that chronic chronic graft versus host disease is a is a multi systems disorder.

And we saw improvement in symptoms across all the different organ systems quite rapidly, many within, six cycles of starting therapy. So that’s about eighty four days. So it speaks to the activity, of CSF1R, in this disease that you get rapid onset of symptom alleviation across the symptoms. So those are probably the two take homes from the data we’ll be presenting.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: Nimtimbo also had an impressive sales number in in q one. Could you, review the sales metrics and your expectations for the uptake of Nimtimbo?

Michael Metzger, CEO, Syndax Pharmaceuticals: Yes. Certainly. I think, it’s off to a very strong start, and and Insights, our partner, they recorded 13,600,000.0 in NimTimbo net revenue for the first two months of the launch. So this started in February. So that’s a, you know, pretty pretty significant start to any launch.

And certainly, this market opportunity, we think, has a lot of potential for us to, to tap into. So at least some of the things that we we talked about, 95% of top accounts have ordered. I think that has only increased, and we’re talking about 200 accounts in The US, roughly, and and, you know, 70% of all the bone marrow transplant centers had ordered, by by the time of the call. And so I think all of those metrics have really increased. Coverage formulary coverage is high.

We’re continuing to build that. Product’s being reimbursed. It’s being delivered to patients. The physicians are reporting that they they really like the product. They like the profile.

It offers something unique in the mechanism of action, both dealing with, inflammation and fibrosis. And so that has been, really well received. And so, look, I think the trajectory here is only up. We talked about the EAP patients, coming over and starting to build. Only fifty percent had been moved over to commercial drug as of the time of the quarter.

We expect that the second half of that 50% will go on, you know, paid drug by, by the, by the second quarter or throughout the second quarter. So we we do expect this to be a very significant launch with, you know, an analog, out there for Resirock at, you know, annualizing it over $500,000,000, in its third year, we think we can do as well or better. And so this is a very significant opportunity in chronic GVHD, which, we think we bring something very unique to.

Phil Nadeau, Moderator, Biotech Analyst, TD Cowen: Great. With that, I think we’re out of time. Thanks so much for a a great overview, and we look forward to seeing you in Chicago this weekend.

Michael Metzger, CEO, Syndax Pharmaceuticals: Fantastic. Thank you, Phil. Good to see you.

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