Syndax Pharmaceuticals Reports $84.8 Million Net Loss in Q1 2025, Highlights Revenue from Revuforj

Syndax Pharmaceuticals, Inc. reported its financial results for the first quarter of 2025, revealing a net loss of $84.8 million, compared to a net loss of $72.4 million for the same period in 2024. The company generated $20.0 million in product revenue from its recently launched drug, Revuforj, marking a significant milestone as it was the first full quarter of sales since the product's approval in November 2024. This revenue was a notable increase from zero product revenue reported in the prior year. The company's total operating expenses rose to $103.8 million, up from $79.5 million in the previous year, primarily driven by increased research and development costs and higher selling, general, and administrative expenses.

In terms of operational metrics, Syndax reported that 44% of its high-priority accounts had placed orders for Revuforj by the end of March 2025, an increase from one-third at the end of February 2025. Additionally, formulary coverage for Revuforj expanded to cover approximately 72% of managed care lives, up from 53% the previous month. The company also noted that over 1,250 infusions of its other product, Niktimvo, had been administered since its launch in late January 2025, with more than 70% of all bone marrow transplant centers having ordered the product.

Syndax's research and development expenses increased to $61.6 million from $56.5 million year-over-year, reflecting ongoing clinical trials and the launch of its products. The increase in selling, general, and administrative expenses was particularly pronounced, rising to $41.0 million from $23.0 million, as the company ramped up its commercialization efforts for both Revuforj and Niktimvo. The company also recognized a collaboration loss of $0.2 million related to its partnership with Incyte for the commercialization of Niktimvo.

Looking ahead, Syndax remains focused on advancing its clinical programs and expanding its product offerings. The company has submitted a supplemental New Drug Application for Revuforj for the treatment of relapsed/refractory acute myeloid leukemia and is actively enrolling patients in multiple clinical trials for both Revuforj and Niktimvo. As of March 31, 2025, Syndax had cash, cash equivalents, and investments totaling $602.1 million, which it believes will be sufficient to fund its ongoing operations and planned initiatives. However, the company anticipates continued losses as it invests heavily in research and development and commercialization efforts.