Syndax Pharmaceuticals Inc (NASDAQ:SNDX), a commercial-stage biopharmaceutical company, reported its fourth quarter and full-year 2025 financial results after the market close on February 26, 2026. The earnings release highlighted accelerating revenue from its two key commercial products but also revealed a net loss that was wider than analysts had anticipated. The subsequent after-hours trading saw the stock decline by approximately 1.5%, reflecting a mixed investor reception to the report.
Earnings and Revenue Versus Estimates
The company's top-line performance for the quarter demonstrated significant commercial momentum, surpassing analyst expectations. However, the bottom-line result fell short of consensus estimates.
- Revenue: Syndax reported total revenue of $68.7 million for Q4 2025, exceeding the analyst consensus estimate of approximately $65.2 million. This represents a substantial increase from the $7.7 million reported in the same quarter of the prior year.
- Earnings Per Share (EPS): The company reported a net loss per share of $0.78. This was wider than the estimated loss of $0.60 per share that analysts had projected.
The revenue beat was driven by strong growth from both of the company's flagship products. Revuforj® (revumenib) generated $44.2 million in net product revenue, a 38% sequential increase from the third quarter. Collaboration revenue from Niktimvo™ (axatilimab-csfr), which Syndax co-commercializes with Incyte, contributed an additional $19.4 million. The larger-than-expected loss per share reflects the significant investments the company is making to support its commercial launches and advance its expansive clinical development pipeline.
Market Reaction and Price Action
The immediate market reaction, as seen in after-hours trading, was negative, with shares declining around 1.5%. This suggests that investors are weighing the impressive revenue growth against the ongoing and substantial costs required to fuel that growth. The wider quarterly loss, coupled with management's guidance for continued high operating expenses in 2026, appears to have tempered enthusiasm from the revenue beat. Over the past month, the stock has been relatively flat, indicating a period of consolidation as the market awaited these financial results and updates on the company's clinical progress.
Business Highlights and Forward Outlook
Beyond the financial figures, the earnings press release provided several key business updates that underscore Syndax's transition into a company with multiple growth drivers.
- Commercial Acceleration: Both Revuforj and Niktimvo showed strong quarter-over-quarter prescription and revenue growth following recent FDA approvals. Management cited "strong momentum" and "multiple growth drivers" for both products.
- Clinical Pipeline Expansion: Syndax is aggressively pursuing label expansions. It has initiated REVEAL-ND, a Phase 3 trial for revumenib in newly diagnosed NPM1m AML, and completed enrollment in a Phase 2 trial of axatilimab in idiopathic pulmonary fibrosis (IPF), with topline data expected in the fourth quarter of 2026.
- Financial Guidance: For the full year 2026, the company expects combined R&D and SG&A expenses to be approximately $400 million, excluding stock-based compensation. Management expressed confidence that its current cash reserves of $394.1 million, combined with anticipated product and collaboration revenue, will be sufficient to reach profitability without the need for additional financing.
The company did not provide specific revenue guidance for 2026 in the release. Current analyst consensus estimates project full-year 2026 sales to be approximately $368 million, which would represent a significant doubling from the $172.4 million reported for FY2025. The first quarter 2026 sales consensus stands at approximately $68.8 million.
For a detailed breakdown of historical earnings, future estimates, and analyst projections, you can review more information here.
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