Syndax Pharmaceuticals, Inc.

Total revenue in Q2 2026 was $72.8 million, up 92% from the same period last year, including $54.7 million of Revuforj net revenue and $18.1 million of Niktimvo collaboration revenue. Revuforj net revenue was $55 million, up 91% year over year and 12% quarter over quarter; total prescriptions were approximately 1,500, up 15% quarter over quarter. Niktimvo net revenue was $60 million, up 67% year over year and 9% quarter over quarter. The company ended Q2 with $575 million in cash, equivalents and investments, including $244 million of net proceeds from $250 million of 2.25% convertible notes issued in June. Full-year 2026 R&D plus SG&A guidance remains approximately $400 million, excluding an estimated $50 million of noncash stock compensation expense. Management expects Niktimvo margin contribution to remain in the 25% to 30% range near term and increase over time.

Michael Metzger emphasized that Syndax delivered another solid quarter commercially and across the pipeline, with both lead products showing strong demand and increasing treatment duration. He said Revuforj is well positioned to extend leadership in menin inhibition, with multiple growth drivers including broader prescriber adoption, post-transplant use, and future frontline AML indications. He was also optimistic about Niktimvo’s expansion opportunities in IPF and frontline chronic GVHD, and said the company has two new pipeline assets and is fully funded to execute its plans.

Keith Goldan highlighted $72.8 million of total revenue in Q2, up 92% year over year, and broke out the quarter’s $54.7 million of Revuforj revenue and $18.1 million of Niktimvo collaboration revenue. He said Niktimvo collaboration revenue represented 30% of partner Incyte’s net sales in the quarter, and reiterated that this margin contribution should stay in the 25% to 30% range near term. He also reaffirmed 2026 R&D plus SG&A guidance of about $400 million excluding $50 million of noncash stock compensation, and noted the $575 million cash balance was boosted by $244 million of net proceeds from the June convertible note issuance at a 2.25% coupon.

Analysts focused on the Q2 decline in new Revuforj starts, the pace of post-transplant maintenance adoption, NPM1 penetration, and whether Niktimvo growth is flattening. Management said the new-start dip was a quarter-to-quarter anomaly driven by normal variability in a rare disease market, with no meaningful difference between KMT2A and NPM1, and said they expect starts to return to prior levels. On maintenance, they said uptake is building, that roughly 50% of transplanted KMT2A patients have resumed therapy, and that the eventual goal remains 70% to 80% returning post-transplant. For Niktimvo, management pushed back on the idea that growth is flat, saying it is still growing meaningfully in third and fourth line and has further upside from upcoming frontline and fibrosis-related data.