Revenue growth is strong and accelerating, but the EPS miss and the failed IPF trial introduce caution. Watch for upcoming revumenib data at medical meetings in Q4 2026, particularly from frontline BEAT AML and SAVE trials, which could significantly expand the addressable market. The CFO transition is orderly with a named successor, reducing execution risk.
Price Chart
Executive Summary
Syndax reported Q3 2026 total revenue of $83.3M (82% YoY growth), beating the $81.8M consensus, driven by Revuforj net revenue of $60.7M (+90% YoY) and Niktimvo collaboration revenue of $22.6M. Net loss narrowed to $49.4M ($0.55 per share) vs $60.7M ($0.70) a year ago, but the EPS of -$0.55 missed the consensus estimate of -$0.48. The company also announced the retirement of CFO Keith Goldan and the appointment of Aaron Ondrey as his replacement, effective November 9, 2026. The MAXPIRe Phase 2 trial of axatilimab in IPF failed to meet its primary endpoint, but this does not affect ongoing chronic GVHD trials.
Key Financial Metrics
Key Facts
- Q3 2026 total revenue of $83.3M, up 82% YoY from $45.9M, beating consensus of $81.8M
- Revuforj net revenue of $60.7M, up 90% YoY and 11% QoQ
- Niktimvo net revenue of $67.4M (reported by Incyte), resulting in $22.6M collaboration revenue to Syndax, up 63% YoY
- GAAP net loss of $49.4M ($0.55 per share) vs $60.7M ($0.70) in Q3 2025; EPS missed consensus of -$0.48
- Cash and investments of $551.1M as of September 30, 2026, up from $394.1M at year-end 2025
- MAXPIRe Phase 2 trial of axatilimab in IPF did not meet its primary endpoint; no further development in IPF planned
- CFO Keith Goldan retiring effective November 9, 2026; Aaron Ondrey appointed as new CFO
- Full-year 2026 R&D plus SG&A expense guidance maintained at approximately $400M, excluding $50M in stock compensation
- Revuforj received Best Product for Rare/Orphan Diseases award from Galien Foundation and named one of TIME's Best Inventions of 2026
- New revumenib data expected in Q4 2026 from multiple frontline and post-transplant trials
Financial Impact
Revenue beat consensus by $1.5M (1.8%); EPS missed by $0.07 (14.6%); net loss improved $11.3M YoY
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Revuforj (revumenib) product revenue | $60.7M | +89.8% |
| Niktimvo collaboration revenue | $22.6M | +62.7% |
Risk Factors
- EPS missed consensus by 14.6%, indicating higher-than-expected operating expenses (R&D up 20% YoY)
- MAXPIRe Phase 2 trial failure in IPF removes a potential pipeline expansion opportunity for Niktimvo
- Stockholders' deficit of $17.2M at September 30, 2026, vs equity of $64.6M at year-end 2025, driven by convertible note accounting
- Reliance on Incyte for Niktimvo commercialization and revenue sharing; collaboration revenue is 50% of net commercial profit
- Competition in menin inhibitor class; multiple companies developing rival agents
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-443613 |
| Document: sndx-ex10_1.htm | 0001193125-26-443613 |
| Document: sndx-20261102.htm | 0001193125-26-443613 |
| Document: sndx-ex99_2.htm | 0001193125-26-443613 |
| Document: 0001193125-26-443613-index-headers.html | 0001193125-26-443613 |
| Document: 0001193125-26-443613-index.html | 0001193125-26-443613 |
| Document: 0001193125-26-443613.txt | 0001193125-26-443613 |
| 8-K Data (Synthetic) | 0001193125-26-443613 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 2, 2026 3d ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
Nov 2, 2026 3d ago | Press Release | No price | awaiting T+60 | awaiting T+60 | No price |
Nov 2, 2026 3d ago | Press Release | $14.29 | awaiting T+60 | awaiting T+60 | $9.37 (−34.43%) |
Oct 29, 2026 7d ago | 144 | $13.65 | awaiting T+60 | awaiting T+60 | $9.37 (−31.36%) |
Jul 14, 2026 16w ago | 8-K | $24.13 $17.03 | ▼ −29.42% | ▼ −32.80% | $9.37 (−61.17%) |
Jul 1, 2026 18w ago | Press Release | $21.82 $18.20 | ▼ −16.59% | ▼ −20.16% | $9.37 (−57.06%) |
Jun 11, 2026 21w ago | Press Release | $17.91 $20.56 | ▲ +14.80% | ▲ +10.40% | $9.37 (−47.68%) |
Jun 10, 2026 21w ago | 8-K | $17.91 $20.56 | ▲ +14.80% | ▲ +10.40% | $9.37 (−47.68%) |
Jun 4, 2026 22w ago | Press Release | $17.34 $19.29 | ▲ +11.25% | ▲ +7.25% | $9.37 (−45.96%) |
Jun 4, 2026 22w ago | DEFA14A | $18.02 $19.54 | ▲ +8.44% | ▲ +6.55% | $9.37 (−48.00%) |
US Market Status
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