Syndax Pharmaceuticals Inc (SNDX) Reports Q3 2023 Financial Results
Syndax Pharmaceuticals Inc (NASDAQ:SNDX) reported Q3 2023 financial results with a net loss of $51.1 million, or $0.73 per share.
Research and development expenses increased to $39.1 million from $26.9 million for the comparable prior year period.
General and administrative expenses increased to $17.3 million from $8.2 million for the comparable prior year period.
The company had cash, cash equivalents, short and long-term investments of $379.3 million as of September 30, 2023.
On November 2, 2023, Syndax Pharmaceuticals Inc (NASDAQ:SNDX), a clinical-stage biopharmaceutical company developing innovative cancer therapies, reported its financial results for the quarter ended September 30, 2023. The company reported a net loss attributable to common stockholders of $51.1 million, or $0.73 per share, compared to a net loss attributable to common stockholders of $35.4 million, or $0.58 per share, for the comparable prior year period.
Financial Performance
The company's research and development expenses for Q3 2023 increased to $39.1 million from $26.9 million for the comparable prior year period. The increase was primarily due to increased employee-related expenses, professional fees, and increased clinical and manufacturing expenses. General and administrative expenses also increased to $17.3 million from $8.2 million for the comparable prior year period, mainly due to employee-related expenses and professional fees.
Balance Sheet and Cash Flow
As of September 30, 2023, Syndax had cash, cash equivalents, short and long-term investments of $379.3 million and 69.9 million common shares and prefunded warrants outstanding. The company expects research and development expenses to be $160 to $165 million and total operating expenses to be $225 to $230 million for the full year of 2023.
Clinical and Business Update
Syndax has made significant progress against key milestones and corporate priorities. The company has initiated a New Drug Application (NDA) for revumenib for the treatment of R/R KMT2Ar acute leukemia under the FDAs Real-time Oncology Review (RTOR) program. The company expects to complete the NDA submission by year-end 2023. In addition, the company announced positive data from the Phase 1 portion of the AUGMENT-101 trial of revumenib in a total of 14 patients with relapsed or refractory (R/R) mutant nucleophosmin (mNPM1) acute myeloid leukemia (AML).
Outlook
Looking ahead, Syndax is well-positioned to potentially launch two first- and best-in-class blockbuster therapies in 2024. The company expects to complete enrollment of the cohort in late 1Q24 or early 2Q24 and report topline data in 4Q24. Syndax and its partner, Incyte, expect to submit a Biologics License Application (BLA) filing by year-end 2023.
Explore the complete 8-K earnings release (here) from Syndax Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
