Syndax Pharmaceuticals Reports $37.96 Million Revenue for Q2 2025, Net Loss of $71.85 Million

Syndax Pharmaceuticals, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated total revenues of $37.96 million for the quarter, a substantial increase from $3.5 million in the same period last year. This revenue growth was primarily driven by product sales of Revuforj, which amounted to $28.6 million, marking a notable entry into the market following its FDA approval in November 2024. Additionally, collaboration revenue from Niktimvo contributed $9.4 million, reflecting the company's ongoing partnership with Incyte.

In terms of expenses, Syndax's total operating expenses rose to $107.31 million for the second quarter, compared to $77.72 million in the prior year. This increase was largely attributed to higher research and development costs, which reached $62.23 million, up from $48.66 million a year earlier. The company also reported selling, general, and administrative expenses of $43.81 million, significantly higher than the $29.06 million recorded in the same quarter of 2024. Despite the revenue growth, Syndax reported a net loss of $71.85 million for the quarter, slightly higher than the $68.06 million loss in the previous year.

Syndax's balance sheet as of June 30, 2025, showed total assets of $596.15 million, a decrease from $724.82 million at the end of 2024. The decline in assets was primarily due to a reduction in cash and cash equivalents, which fell to $108.64 million from $154.08 million. The company's accumulated deficit also increased to $1.38 billion, reflecting ongoing investments in product development and commercialization efforts. The total liabilities stood at $438.73 million, slightly up from $436.69 million at the end of 2024.

Strategically, Syndax has made significant strides in its product pipeline. The company is actively pursuing additional indications for Revuforj and has submitted a supplemental New Drug Application (sNDA) for the treatment of relapsed/refractory acute myeloid leukemia (AML). The FDA has granted Priority Review for this application, with a target action date set for October 25, 2025. Furthermore, the company is expanding its clinical trials for both Revuforj and Niktimvo, with ongoing studies aimed at enhancing treatment options for various cancer types.

Looking ahead, Syndax remains focused on leveraging its current cash reserves and collaboration revenues to fund its operations and clinical trials. The company anticipates continued investment in research and development, with plans to expand its product offerings and market presence. Despite the challenges of operating in a competitive biopharmaceutical landscape, Syndax's recent revenue growth and strategic initiatives position it for potential future success in the oncology market.