third quarter of 2026
Filed Nov 2, 2026Syndax reported total revenue of $83.3 million in 3Q26, up 82% year over year, led by Revuforj net revenue of $60.7 million and Niktimvo collaboration revenue of $22.6 million.
Revenue growth was strong across both commercial medicines, operating losses narrowed year over year, and the company reiterated its full-year expense outlook. The offset is continued substantial clinical-development spending, negative stockholders' equity, and the decision not to advance axatilimab in idiopathic pulmonary fibrosis after the MAXPIRe trial missed its primary endpoint.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30GAAP | $83.30M | – | 82% |
| Product revenue, net, three months ended September 30GAAP | $60.74M | – | – |
| Collaboration revenue, net, three months ended September 30GAAP | $22.55M | – | – |
| Cost of product sales, three months ended September 30GAAP | $14.00M | – | – |
| Research and development expense, three months ended September 30GAAP | $67.48M | – | – |
| Selling, general and administrative expense, three months ended September 30GAAP | $43.72M | – | – |
| Total operating expenses, three months ended September 30GAAP | $125.2M | – | – |
| Loss from operations, three months ended September 30GAAP | −$41.90M | – | – |
| Royalty interest expense, three months ended September 30GAAP | −$11.81M | – | – |
| Convertible note interest expense, three months ended September 30GAAP | −$1.16M | – | – |
| Other interest expense, three months ended September 30GAAP | −$2K | – | – |
| Interest income, three months ended September 30GAAP | $5.59M | – | – |
| Other expense, three months ended September 30GAAP | −$153K | – | – |
| Total other expense income, net, three months ended September 30GAAP | −$7.54M | – | – |
| Net loss, three months ended September 30GAAP | −$49.43M | – | – |
| Unrealized loss on marketable securities, three months ended September 30GAAP | −$1.53M | – | – |
| Other comprehensive loss, three months ended September 30GAAP | −$50.96M | – | – |
| Basic and diluted loss per share attributable to common stockholders, three months ended September 30GAAP | $ (0.55 ) | – | – |
| Weighted-average common shares used in calculating basic and diluted loss per share attributable to common stockholders, three months ended September 30GAAP | 89,789,842 | – | – |
| Total revenues, nine months ended September 30GAAP | $220.9M | – | – |
| Product revenue, net, nine months ended September 30GAAP | $164.4M | – | – |
| Collaboration revenue, net, nine months ended September 30GAAP | $56.58M | – | – |
| Cost of product sales, nine months ended September 30GAAP | $19.84M | – | – |
| Research and development expense, nine months ended September 30GAAP | $194.4M | – | – |
| Selling, general and administrative expense, nine months ended September 30GAAP | $122.8M | – | – |
| Total operating expenses, nine months ended September 30GAAP | $337.0M | – | – |
| Loss from operations, nine months ended September 30GAAP | −$116.1M | – | – |
| Net loss, nine months ended September 30GAAP | −$141.5M | – | – |
| Basic and diluted loss per share attributable to common stockholders, nine months ended September 30GAAP | $ (1.59 ) | – | – |
| Weighted-average common shares used in calculating basic and diluted loss per share attributable to common stockholders, nine months ended September 30GAAP | 89,017,885 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Revuforj (revumenib) net revenueNew patients and total prescriptions increased by approximately 20% and 13%, respectively, compared to the second quarter of 2026, reflecting uptake in both Revuforj indications and post-transplant therapy resumption. | $60.7M | 11% | 90% |
| Niktimvo (axatilimab-csfr) net revenueSyndax and Incyte co-commercialize Niktimvo, and Syndax records 50% of Niktimvo net commercial profit as collaboration revenue. | $67.4M | 12% | 47% |
| Niktimvo collaboration revenue, netSyndax's share of Niktimvo product contribution is reported as collaboration revenue. | $22.6M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
full year of 2026 outlook
- Operating expensesapproximately $400 million, excluding the impact of $50 million in estimated non-cash stock compensation expense
- NoteSyndax expects that its cash, cash equivalents and short- and long-term investments, combined with its anticipated product revenue, collaboration revenue and interest income, will enable the Company to reach profitability.
What drove it
- Revuforj net revenue growth reflected uptake in both approved indications and increased treatment resumption following hematopoietic stem cell transplant.
- Claims data indicate that approximately 50% of R/R KMT2Ar patients proceed to HSCT after receiving Revuforj, of which about 60% have resumed therapy post-transplant.
- Claims data indicate that approximately 40% of R/R NPM1m patients proceed to HSCT after receiving Revuforj, of which about 50% have resumed therapy post-transplant.
- Research and development expense increased primarily due to frontline trials evaluating revumenib in combination with standard-of-care agents in AML.
- Selling, general and administrative expense decreased primarily because launch costs incurred in 2025 for Revuforj and Niktimvo were not incurred in the same period in 2026.
Concerns
- The MAXPIRe Phase 2 trial of axatilimab in idiopathic pulmonary fibrosis did not meet its primary endpoint, and Syndax does not plan further axatilimab development in IPF.
- Total liabilities of $ 709,851 (in thousands) exceeded total assets of $ 692,671 (in thousands) as of September 30, 2026, and total stockholders' equity was a deficit of $ (17,180 ) (in thousands).
- Cost of product sales was $ 13,996 (in thousands) for the three months ended September 30, 2026, compared with $ 2,100 (in thousands) in the comparable prior-year period.
- Royalty interest expense was $ (11,812 ) (in thousands) for the three months ended September 30, 2026, compared with $ (8,283 ) (in thousands) in the comparable prior-year period.
What to watch
- New and updated revumenib data expected in the fourth quarter of 2026, including frontline, post-transplant maintenance, real-world evidence and INTERCEPT data.
- Publication of safety and efficacy data from R/R NUP98r acute leukemia patients treated with revumenib in the fourth quarter of 2026.
- Expected fourth-quarter 2026 initiation of the RAVEN Phase 2 trial and expected first-quarter 2027 initiation of the MenTain Phase 2 trial.
- Expected first-quarter 2027 topline data from the Phase 2 trial of axatilimab in combination with ruxolitinib.
- Expected submission of an IND application for SNDX-4321 by the end of 2026 and Phase 1 initiation in EGFRm NSCLC in 2027.
- Expected fourth-quarter 2026 initiation of a Phase 1/2 proof-of-principle trial of revumenib in myelofibrosis, with initial clinical data expected in the second half of 2027.
Balance sheet and cash flow
- Cash, cash equivalents, short and long-term investments were $551.1 million as of September 30, 2026.
- Cash, cash equivalents, short and long-term investments were $ 551,079 (in thousands) as of September 30, 2026, compared with $ 394,070 (in thousands) as of December 31, 2025.
- Total assets were $ 692,671 (in thousands) as of September 30, 2026, compared with $ 529,706 (in thousands) as of December 31, 2025.
- Total liabilities were $ 709,851 (in thousands) as of September 30, 2026, compared with $ 465,076 (in thousands) as of December 31, 2025.
- Total stockholders' (deficit) equity was $ (17,180 ) (in thousands) as of September 30, 2026, compared with $ 64,630 (in thousands) as of December 31, 2025.
- Common stock outstanding was 89,989,347 as of September 30, 2026, compared with 87,405,979 as of December 31, 2025.
- Common stock and common stock equivalents were 116,512,240 as of September 30, 2026, compared with 103,437,561 as of December 31, 2025.
Analysis
Syndax delivered strong commercial growth in the third quarter of 2026. Total revenues were $83.3 million, an 82% year-over-year increase. Revuforj generated $60.7 million in net revenue, up 90% year over year and 11% sequentially, while Niktimvo generated $67.4 million in net revenue, up 47% year over year and 12% sequentially. Syndax recognized $22.6 million of Niktimvo collaboration revenue under its co-commercialization arrangement with Incyte.
Revuforj demand was supported by approximately 20% growth in new patients and approximately 13% growth in total prescriptions versus the second quarter of 2026. Management highlighted increased use following transplant, with claims data indicating post-transplant treatment resumption among both R/R KMT2Ar and R/R NPM1m patients. This dynamic is central to the company's discussion of longer average therapy duration. Niktimvo also remained a material commercial contributor, although its economics to Syndax are recognized through its share of net commercial profit rather than the full product revenue reported by Incyte.
The loss profile improved from the prior-year quarter. Net loss was $49.4 million, or $0.55 per share, compared with $60.7 million, or $0.70 per share, in the comparable 2025 period. Loss from operations narrowed to $41.9 million from $57.4 million. Research and development expense increased to $67.5 million from $56.3 million, driven by frontline revumenib trials, while selling, general and administrative expense declined to $43.7 million from $44.9 million as prior-year launch costs did not recur. Cost of product sales and royalty interest expense increased year over year.
Liquidity was $551.1 million in cash, cash equivalents, and short- and long-term investments as of September 30, 2026. The company reiterated expected full-year research and development plus selling, general and administrative expenses of approximately $400 million, excluding $50 million in estimated non-cash stock compensation expense, and stated that its liquidity together with anticipated product revenue, collaboration revenue and interest income will enable it to reach profitability. The balance sheet also showed total liabilities of $709.9 million and total stockholders' deficit equity of $17.2 million.
The near-term clinical calendar includes new revumenib data in the fourth quarter of 2026, the expected RAVEN trial initiation in the fourth quarter of 2026, and expected axatilimab Phase 2 topline data in the first quarter of 2027. The important setback was MAXPIRe in IPF, which did not meet its primary endpoint and ended further axatilimab development in that indication. Syndax stated that the MAXPIRe result does not affect ongoing axatilimab trials in chronic GVHD.
Management, verbatim
We delivered another quarter of strong commercial results, generating $83 million in total revenue to Syndax. Revuforj net revenue grew to $61 million, driven by a 20% increase in new patients and an increasing number of patients on therapy in the post-transplant setting.
Michael A. Metzger, Chief Executive Officer
We look forward to sharing new Revuforj combination data in the fourth quarter that reinforce our confidence that our ongoing pivotal frontline trials could transform the treatment paradigm for newly diagnosed AML.
Michael A. Metzger, Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin
- GAAP operating income
- Non-GAAP revenue, earnings, operating income, net income and EPS
- Operating cash flow
- Free cash flow
- Capital expenditures
- Debt balance
- Share repurchases
- Dividends
- Revenue guidance
- Gross margin guidance
- Tax-rate guidance
- Previous-release outlook for comparison with actual results
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.