Here are 1-2 brief analogies to describe Syndax Pharmaceuticals (SNDX):

• A biotech company focused on developing new targeted therapies for cancer and immune disorders, much like what Seagen (now part of Pfizer) was in the oncology space.
• A specialized biotech with a promising late-stage pipeline, aiming to establish market leadership in specific cancer and immunology niches, similar to how Vertex Pharmaceuticals became a leader in cystic fibrosis treatments.

• Axatilimab: A monoclonal antibody targeting the CSF-1R pathway, being developed for chronic graft-versus-host disease (cGVHD) and other fibrotic diseases.
• SNDX-5613 (Koelacab™): A highly selective Menin inhibitor, currently in clinical development for the treatment of acute leukemias with specific genetic mutations.

Syndax Pharmaceuticals (SNDX) sells primarily to other companies, specifically major pharmaceutical wholesale distributors. These distributors then supply hospitals, clinics, and other healthcare providers.

According to Syndax Pharmaceuticals' financial filings (e.g., their 2023 10-K), a significant portion of their gross product sales comes from a limited number of wholesale pharmaceutical distributors. In 2023, their three largest wholesale customers accounted for 98% of their gross product sales.

The major customers of Syndax Pharmaceuticals are:

• McKesson Corporation (Symbol: MCK)
• AmerisourceBergen Corporation (Symbol: ABC)
• Cardinal Health, Inc. (Symbol: CAH)

• AGC Biologics
• Ajinomoto Bio-Pharma Services

Michael A. Metzger, M.B.A. Chief Executive Officer

Michael A. Metzger has served as the Chief Executive Officer of Syndax Pharmaceuticals since February 2022. Prior to this role, he was the President and Chief Operating Officer of the company. Earlier in his career, Mr. Metzger was involved with Regado, a company that underwent a reverse merger.

Keith Alan Goldan, CPA Chief Financial Officer, Treasurer and Chief Accounting Officer

Keith Alan Goldan assumed the role of Chief Financial Officer, Treasurer, and Chief Accounting Officer at Syndax Pharmaceuticals in 2022.

Peter Ordentlich, Ph.D. Co-Founder and Chief Scientific Officer

Peter Ordentlich co-founded Syndax Pharmaceuticals in October 2005 and has served as its Chief Scientific Officer since September 2016. Before co-founding Syndax, he was a research scientist at X-Ceptor Therapeutics, Inc., a drug discovery company that was subsequently acquired by Exelixis, Inc.

Anjali Ganguli, Ph.D. Chief Strategy Officer

Anjali Ganguli was appointed Chief Strategy Officer at Syndax Pharmaceuticals in 2024.

Nicholas Botwood Chief Medical Officer; Head - Research and Development

Nicholas Botwood became the Chief Medical Officer and Head of Research and Development at Syndax Pharmaceuticals in 2025.

Syndax Pharmaceuticals faces an emerging threat from direct competition in the menin inhibitor market for the treatment of MLLr and NPM1-mutant acute leukemias.

Syndax's lead asset, revumenib, a menin inhibitor, is currently in pivotal Phase 2 trials with an NDA submission planned for mid-2024. However, Kura Oncology (symbol: KO) is developing ziftomenib (KO-539), another menin inhibitor, which is also in late-stage clinical development (Phase 2) for relapsed/refractory MLLr acute myeloid leukemia. Both drugs target the same molecular pathway and highly similar patient populations. Clinical trial data released by both companies indicate promising efficacy and safety profiles, setting the stage for direct competition upon potential market entry. The timing of regulatory approvals and the specific differentiating factors in their respective clinical data will significantly influence market share and commercial success for revumenib.

Syndax Pharmaceuticals' main products, Revuforj (revumenib) and Niktimvo (axatilimab), target significant addressable markets.

Revuforj (revumenib)

Revuforj is a menin inhibitor approved for the treatment of relapsed or refractory (R/R) KMT2A-rearranged acute leukemia and, more recently, for R/R mutant nucleophosmin 1 (mNPM1) acute myeloid leukemia (AML).

• For its initial approved indications in acute leukemia, the potential market is estimated to be $2 billion.
• If Revuforj expands into frontline treatment for AML and ALL patients with KMT2A and NPM1 mutations, the market opportunity could grow to $5 billion.
• These market size estimates are generally considered global potential.

Niktimvo (axatilimab)

Niktimvo is a CSF-1 receptor blocking antibody approved for the treatment of chronic graft-versus-host disease (cGVHD) after failure of at least two prior lines of systemic therapy.

• Syndax leadership projects Niktimvo has the potential for $2 billion in annual peak sales for its approved indication.
• Niktimvo is also being investigated for idiopathic pulmonary fibrosis (IPF).
• This market size estimate is generally considered global potential.

Overall, Syndax Pharmaceuticals estimates a combined market opportunity exceeding $10 billion for both Revuforj and Niktimvo.

Syndax Pharmaceuticals (SNDX) is poised for significant future revenue growth over the next 2-3 years, driven by several key factors:

1. Expansion of Revuforj (revumenib) into new acute leukemia indications: The recent FDA approval of Revuforj for relapsed/refractory (R/R) NPM1-mutated (mNPM1) acute myeloid leukemia (AML) in October 2025 significantly expands its addressable market beyond KMT2A-rearranged acute leukemia. Additionally, Syndax is actively investigating Revuforj in pivotal trials for frontline settings in both KMT2Ar and mNPM1 acute leukemias, including combinations with standard therapies like venetoclax and azacitidine, which represent a substantial market opportunity.
2. Continued strong commercial uptake and expansion of Niktimvo (axatilimab) in chronic Graft-versus-Host Disease (GVHD): Niktimvo has demonstrated robust patient uptake and strong commercial performance since its launch for third-line plus chronic GVHD. Future revenue growth is expected from continued market penetration in this indication and potential expansion into earlier lines of therapy for chronic GVHD, with new data on combinations with rituximab in newly diagnosed patients being explored.
3. Increased duration of therapy for Revuforj (revumenib): The average treatment duration for Revuforj is projected to increase from 4-6 months in 2025 to 6-12 months in 2026. This anticipated increase is largely due to more patients returning to maintenance therapy post-stem cell transplant, contributing to sustained revenue per patient.
4. Potential expansion of Niktimvo (axatilimab) into Idiopathic Pulmonary Fibrosis (IPF): Beyond its use in chronic GVHD, Syndax is evaluating Niktimvo in a Phase 2 clinical trial (MAXPIRe) for idiopathic pulmonary fibrosis (IPF), with data anticipated in the second half of 2026. This represents a new potential market expansion for the drug.

Share Issuance

• Syndax utilizes an at-the-market (ATM) program, specifically the 2021 ATM Program, for issuing shares, which can lead to stockholder dilution.
• As of September 30, 2025, Syndax had 87.2 million common shares and prefunded warrants outstanding.
• On November 1, 2025, Syndax granted inducement awards for up to 143,500 shares of common stock to four new employees under its 2023 Inducement Plan.

Inbound Investments

• In September 2021, Syndax entered into a License and Collaboration Agreement with Incyte for the worldwide development and commercialization of axatilimab (Niktimvo), which included a share purchase agreement with Incyte.
• Upon the FDA approval of Niktimvo in August 2024, Syndax earned a revenue milestone of $12.5 million, received in September 2024.
• A $350 million royalty financing agreement was secured with Royalty Pharma for Niktimvo, increasing Syndax's pro forma cash position to approximately $750 million as of September 30, 2024.

Capital Expenditures

• Syndax's investment in biopharmaceutical product development involves substantial upfront capital expenditures and significant research and development expenses.
• For the full year 2025, total research and development plus selling, general, and administrative expenses are projected to be between $380 million and $385 million, excluding approximately $45 million in non-cash stock compensation.
• The primary focus of these expenditures is on the commercial launches of Revuforj (launched November 2024) and Niktimvo (launched January 2025), and ongoing pipeline development.