Syndax reports Q1 EPS (85c), consensus (98c)

As of March 31, 2024, Syndax had cash, cash equivalents, and short and long-term investments of $522.0M and 85.3 million common shares and prefunded warrants outstanding. Q1 R&D expenses increased to $56.5M from $34.1M for the comparable prior year period. Believes that it has sufficient cash runway to fund its research, clinical development and commercial operations through 2026. “With the potential near-term approvals of revumenib and axatilimab in Q3 as well as pivotal data from the mNPM1 cohort of the AUGMENT-101 trial in the fourth quarter, the Company is on track to have a historic year punctuated by major value-creating milestones,” said CEO Michael Metzger. “Syndax is unparalleled as a SMID cap oncology company with the potential launch of two first- and best-in-class agents into multi-billion-dollar markets with the opportunity for expansion beyond their initial indications. We remain keenly focused on laying the foundation and building an experienced team of experts to ensure our successful transition into a commercial organization.”