Syndax Pharmaceuticals, Inc. has reported its financial results for the fiscal year ending December 31, 2024, revealing a net loss of $318.8 million, an increase from the $209.4 million loss reported in 2023. The company's total revenue for the year was $23.7 million, which includes $7.7 million in product revenue from its recently launched drug, Revuforj, and $16 million in milestone revenue from collaborations with Incyte and Eddingpharm. This marks a significant shift for Syndax, which had no product revenue in the previous fiscal year, highlighting the impact of its recent product approvals.
The increase in operating expenses was notable, rising to $363.4 million from $230 million in 2023. This increase was primarily driven by a $78.6 million rise in research and development costs, attributed to ongoing clinical trials and pre-commercial activities for Revuforj and Niktimvo, as well as a $54 million increase in selling, general, and administrative expenses, reflecting the costs associated with the commercialization of its products. The company has also reported a significant increase in personnel costs, which rose by $30.3 million as it expanded its workforce to support these initiatives.
Syndax's product portfolio includes two FDA-approved therapies: Revuforj, a menin inhibitor approved for treating relapsed or refractory acute leukemia, and Niktimvo, a CSF-1R blocking antibody approved for chronic graft-versus-host disease. The company plans to submit a supplemental New Drug Application for Revuforj in the second quarter of 2025, aiming to expand its indications based on positive clinical trial data. Additionally, Syndax is exploring the use of Revuforj in treating solid tumors, including metastatic colorectal cancer.
As of December 31, 2024, Syndax reported cash, cash equivalents, and investments totaling $692.4 million, which the company believes will fund its operations for at least the next 12 months. However, the company anticipates continued significant losses as it invests heavily in research and development and commercialization efforts. The ongoing economic environment, characterized by high interest rates and inflation, poses additional challenges, potentially impacting the company's ability to secure future financing on favorable terms.
Looking ahead, Syndax remains focused on executing its strategic plans to commercialize its products and expand its pipeline. The company is committed to leveraging its collaborations and expertise to drive growth, although it acknowledges the inherent risks and uncertainties associated with drug development and market acceptance.
About Syndax Pharmaceuticals Inc
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.