Syndax Pharmaceuticals, Inc. (SNDX) Earnings

Management highlights

### Commercial Performance - Revuforge delivered its sixth consecutive quarter of double-digit net revenue growth, with total prescriptions up 15% quarter-over-quarter to ~1,500. Revuforge holds ~two-thirds share of the NPM1 menin inhibitor market and over 85% combined share of the relapsed/refractory KMT2A and NPM1 menin inhibitor market. - Revuforge has 98% formulary coverage of all U.S. covered lives for both indications, leading the class, with preferential coverage for 17% of covered lives versus less than 2% for competing products. Nearly 90% of highest-volume U.S. Tier 1/Tier 2 treatment centers have ordered Revuforge, up from 70% before NPM1 approval. - Nictimbo has captured ~one-third of the third-line+ chronic GVHD market, with 60-70% of patients remaining on therapy for at least 12 months, on track to match the launch trajectory of Resiroc, which reached $500 million in annual U.S. sales within four years of launch in the same indication. ### Pipeline & R&D Progress - Two new clinical-stage pipeline assets were announced: SNDX 4321, a mutant-selective CNS-penetrant allosteric EGFR inhibitor for non-small cell lung cancer, and SNGX 62122, a next-generation menin inhibitor for myelofibrosis. - Multiple positive data sets for Revuforge were presented at ASCO and EHA 2026, including post-transplant maintenance data showing a 90% two-year overall survival rate for eligible patients, and published Phase 1/2 SAVE trial data showing an 88% overall response rate and 80% MRD negativity rate for the combination of Revuforge, venatoclax and decitabine. - Pivotal frontline Revuforge trials have active global site activation and ongoing patient enrollment, with Syndex on track to be the first company to deliver pivotal frontline menin inhibitor data. - Two top-line Phase 2 Nictimbo readouts are on track for Q4 2026: the MaxPyre trial in idiopathic pulmonary fibrosis (IPF), and the trial of Nictimbo plus ruxolitinib in frontline chronic GVHD. - An IND submission for SNDX 4321 is expected by the end of 2026, with initial monotherapy activity data expected in early 2028. An IND submission for SNGX 62122 and initiation of its Phase 1 trial is planned for 2027, with a proof-of-principle Revuforge trial in myelofibrosis expected to initiate in Q4 2026 and deliver initial data in H2 2027. ### Financial Position - Syndex ended Q2 2026 with $575 million in cash, cash equivalents and investments, including $244 million in net proceeds from a June 2026 convertible note issuance. The company is fully funded to execute all planned commercial and R&D priorities.

Guidance

- Full-year 2026 combined R&D and SG&A expense guidance is maintained at approximately $400 million, excluding an estimated $50 million in non-cash stock compensation expense. - Management expects Revuforge to reach peak annual net revenue of over $2 billion in the U.S. alone, after expansion into frontline AML indications. - Management expects that up to 70-80% of post-transplant Revuforge patients will ultimately stay on maintenance therapy for 1-2 years, up from the current 50% of post-transplant patients who have resumed therapy as of Q2 2026. - Nictimbo has potential to unlock multi-billion dollar new commercial opportunities if Phase 2 data in IPF and frontline chronic GVHD is positive. - Management expects total menin inhibitor penetration of relapsed/refractory NPM1 to grow to 30% or higher within one year, from the current total penetration of 15% across all manufacturers.

Segment performance

Total company revenue for Q2 2026 was $72.8 million, up 92% year-over-year. 1. **Revuforge (Revumenib)**: Net revenue of $54.7 million, up 91% year-over-year and 12% quarter-over-quarter. It accounts for 75.1% of total Q2 2026 revenue. As of Q2 2026, over 1,600 patients have been treated commercially, with 250 new patients added in the quarter. NPM1 indications account for at least 40% of new patients and over 30% of Revuforge's net revenue. 2. **Nictimbo (Axotilamab)**: Net revenue reported by partner Insight was $60 million, up 67% year-over-year and 9% quarter-over-quarter. Syndex recognized $18.1 million in collaboration revenue from Nictimbo, which accounts for 24.9% of Syndex's total Q2 2026 revenue. Nictimbo added over 300 new patients in the quarter, with 5,750 infusions administered, and is currently annualizing at $240 million.

Risks & headwinds

- Q2 2026 saw a sequential drop in new Revuforge patient starts, which management attributes to normal quarterly variability in rare disease patient volumes, competing treatment options for NPM1 patients, patient enrollment in competing clinical trials, and physicians still establishing treatment sequencing for menin inhibitors. While management calls the drop a temporary anomaly, consistent new start variability could impact near-term revenue growth. - Clinical trial results may not match positive early and real-world data, and positive Phase 2 results do not guarantee positive Phase 3 results or regulatory approval. - Pricing and coverage competition from other menin inhibitors could erode Revuforge's market share over time.

Analyst Q&A

• Q: What drove the Q2 2026 step-down in new Revuforge patient starts, and what trend should we expect for new starts going forward? /

  A: Management states the Q2 drop in new starts is normal quarterly variability common to rare disease oncology markets, and is an anomaly. Contributing factors include ongoing clinical trials that siphon some eligible patients, physicians still working out treatment sequencing for menin inhibitors relative to other drug classes for NPM1 patients, and normal fluctuations in new patient presentation. Management expects new starts to return to historical growth levels in coming quarters. New starts are just one driver of growth, with lengthening average treatment duration continuing to drive revenue growth even with temporary start fluctuations.

• Q: What is Revuforge's current market penetration in KMT2A and NPM1, and what peak penetration do you expect? /

  A: Management states KMT2A penetration is currently ~50% and continues to build, with peak penetration expected to reach ~80% or higher given Revuforge's dominant position as the only effective approved therapy for this subtype. For NPM1, Syndex already holds ~two-thirds of current menin inhibitor market share, and total industry penetration of eligible patients is only ~15% after three quarters of launch. Management expects penetration to grow meaningfully, reaching over 30% within a year and ultimately hitting a high peak penetration, slightly lower than KMT2A but still dominant given Revuforge's best-in-class profile.

• Q: What endpoint will the Nictimbo Phase 2 frontline chronic GVHD trial read out, and how do you see near-term Nictimbo growth ahead of potential label expansion? /

  A: Management disagrees that Nictimbo sequential growth has flattened, noting it is growing on track to match Resiroc's successful launch trajectory, with continued meaningful near-term growth in the third and fourth line chronic GVHD market. The Phase 2 frontline trial uses overall response rate at six months as its primary endpoint, not the event-free survival endpoint used in the planned Phase 3 trial. The randomized trial will compare steroids, ruxolitinib, and the combination of Nictimbo plus ruxolitinib, looking for a meaningful improvement in response over steroids alone. If positive, the data could support a move into frontline use with a steroid-sparing regimen.

• Q: What is the primary endpoint for the Revuforge proof-of-principle trial in myelofibrosis, and what endpoints will be evaluated? /

  A: The trial, run by the NPM Research Consortium, has two cohorts. Cohort 1 will primarily assess safety and dose-limiting toxicities in ~6 patients. Cohort 2 will evaluate Revuforge in combination with ruxolitinib for patients with a suboptimal response to ruxolitinib alone, using standard European LeukemiaNet response criteria to evaluate spleen response, anemia response, and symptom benefit. The data from this trial will inform development of the next-generation menin inhibitor SNGX 62122 for myelofibrosis.