Syndax Pharmaceuticals Q2 net loss widens

Overview

• Q2 net loss of $71.8 mln, or $0.83 per share, versus loss of $68.1 million, or $0.80 per share year ago

• Syndax Q2 Revuforj rev grows 43% compared with first quarter

• Niktimvo shows significant growth in first full quarter of U.S. launch

• Co holds $517.9 mln in cash, supporting path to profitability

Outlook

• Syndax expects stable expenses over the next few years

• Company anticipates reaching profitability with current cash reserves

• Syndax expects full-year 2025 operating expenses of $370 to $390 mln

• Company not providing revenue guidance at this time

Result Drivers

• REVUFORJ GROWTH - Revuforj net revenue rose 43% quarter-over-quarter, driven by deeper penetration into the KMT2A population and patient recontinuations post-transplant

• NIKTIMVO LAUNCH - Niktimvo achieved significant revenue growth in its first full quarter of U.S. launch, contributing to profitability

• STABLE EXPENSES - Syndax expects stable expenses over the next few years, aiding its path to profitability

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Syndax Pharmaceuticals Inc is $33.50, about 70.2% above its August 1 closing price of $9.98

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