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Core Insights - Syndax Pharmaceuticals reported preliminary, unaudited financial results for Q4 2025 and full year 2025, highlighting significant revenue growth for its products Revuforj and Niktimvo, driven by increased demand following FDA approvals [1][2][5] Financial Performance - Revuforj generated approximately $44 million in Q4 2025 and $125 million for the full year 2025, with a 38% increase in Q4 revenue compared to Q3 2025 [1][5] - Niktimvo reported approximately $56 million in Q4 2025 and $152 million for the full year 2025, with Syndax expecting to report its 50% share of net commercial profit in the full year results [1][4][6] - The company ended 2025 with approximately $394 million in cash, cash equivalents, and marketable securities, indicating a fully funded position through profitability [1][13] Business Developments - The company secured its third FDA approval in 2025 and successfully launched Revuforj and Niktimvo, positioning itself for continued growth [2] - Revuforj received the 'Best New Drug' award at the Scrip Awards 2025, recognizing its therapeutic advancements [5] - Syndax initiated the REVEAL-ND Phase 3 trial for revumenib in newly diagnosed patients with NPM1m AML, aiming for accelerated approval [5][12] Future Outlook - The company plans to present at the 44th Annual J.P. Morgan Healthcare Conference on January 12, 2026, to discuss its business updates and future strategies [1][10] - Key priorities for 2026 include driving revenue growth for Revuforj and Niktimvo, completing clinical trials, and advancing pipeline development [13][14]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: US Biopharmaceuticals - **Performance**: Biopharma ended 2025 positively with NBI up 32% and DRG up 21%, outperforming SPX at 17% [1] - **Outlook for 2026**: Optimism exists despite macro concerns like inflation and tariffs, with easing drug pricing worries, increased M&A activity, new product cycles, and modest expectations positioning the sector favorably [1] Core Insights and Arguments - **Valuation**: Biotech/Pharma P/E multiples are around 19x, which is lower compared to Financials at 18x and Utilities at 20x, indicating potential undervaluation [1] - **Catalysts**: Companies like Insmed (+152%), BridgeBio (+179%), and Travere (+119%) have shown strong performance driven by value-driving catalysts [1] Company-Specific Highlights Insmed - **Performance**: Insmed was a top performer in 2025, driven by Brinsupri's launch and TPIP's phase 2 results [2] - **2026 Outlook**: Continued upside is expected as Brinsupri's uptake alleviates skepticism over the $5B NCFB opportunity [2] BridgeBio - **Focus for 2026**: The debate will center around Attruby, with positive channel checks suggesting potential for accelerated sales [2] - **Key Data**: Anticipation for PROPEL3 readout in January, which could significantly impact the stock [10] Travere - **Performance**: Outperformance in 2025 attributed to commercial success in IgAN [3] - **Approval Outlook**: Filspari's potential approval for FSGS is a major debate, with FDA signals indicating a favorable outlook [9] Cytokinetics - **Market Entry**: Myqorzo's approval for oHCM is expected to face challenges in market execution against established competitors [15][40] - **Upcoming Data**: ACACIA readout in 2Q26 is crucial for assessing the drug's competitive position [19] Tyra - **Expansion**: Tyra is expanding dabogratinib's development into LG-UTUC, which could offer greater regulatory flexibility and market opportunity [43] - **Market Potential**: Management believes an oral option could be a game changer in a relatively underserved market [43] Acumen - **Pipeline Development**: Acumen's EBD program is expected to provide optionality, with initial non-clinical data anticipated early in 2026 [13] - **Key Event**: ALTITUDE-AD is a defining event for Acumen, with expectations for significant data to outperform competitors [33] Additional Important Insights - **M&A Activity**: The biopharma sector is seeing increased M&A activity as companies prepare for patent expirations [1] - **Regulatory Environment**: The FDA's involvement in various drug approvals and feedback mechanisms is crucial for shaping market expectations [9][10] - **Investor Sentiment**: There remains a cautious sentiment among investors, particularly regarding the approval of new drugs and their market uptake [9][19] This summary encapsulates the key points from the conference call, highlighting the overall industry outlook, company-specific developments, and critical upcoming events that could influence market dynamics in the biopharmaceutical sector.

Core Insights - Syndax Pharmaceuticals has partnered with the World Orphan Drug Alliance (WODA) to expand access to its first-in-class menin inhibitor, Revuforj, through a Managed Access Program in regions where the drug is not commercially available [1][2] Company Overview - Syndax Pharmaceuticals is a commercial-stage biopharmaceutical company focused on advancing innovative cancer therapies, including Revuforj and Niktimvo [24] - Revuforj is FDA approved for treating relapsed or refractory acute leukemia with specific genetic mutations in both adult and pediatric patients [5][7] Collaboration Details - The Managed Access Program will allow physicians to prescribe Revuforj to patients in regions such as Eurasia, Central and Southeast Europe, Israel, the Middle East, Turkey, Latin America, and Africa [1][2] - WODA will administer the program, ensuring compliance with local regulations and ethical frameworks [3] Treatment Indications - Revuforj is indicated for patients with relapsed or refractory acute leukemia characterized by KMT2A translocation or NPM1 mutation, conditions that have limited treatment options and poor prognosis [2][5] Clinical Development - Ongoing and planned clinical trials for Revuforj include studies in combination with standard therapies for newly diagnosed patients with specific types of acute myeloid leukemia [6]

Core Viewpoint - Syndax Pharmaceuticals is actively advancing innovative cancer therapies and will present at the upcoming J.P. Morgan Healthcare Conference, highlighting its commitment to cancer care and the potential of its pipeline [1][3]. Company Overview - Syndax Pharmaceuticals is a commercial-stage biopharmaceutical company focused on innovative cancer therapies [3]. - The company's pipeline includes Revuforj (revumenib), an FDA-approved menin inhibitor, and Niktimvo™ (axatilimab-csfr), an FDA-approved monoclonal antibody targeting the CSF-1 receptor [3]. - Syndax is conducting several clinical trials to explore the full potential of its pipeline [3]. Event Details - Michael A. Metzger, the CEO of Syndax Pharmaceuticals, will present at the 44th Annual J.P. Morgan Healthcare Conference on January 12, 2026, at 3:00 p.m. PT / 6:00 p.m. ET [1]. - A live webcast of the presentation will be available on the company's website, along with a replay for a limited time [2].

Group 1 - Brendan, a Pennsylvanian, completed a Ph.D. at Stanford University in organic synthesis in 2009 [1] - He worked for Merck from 2009 to 2013 and has experience in biotech startups such as Theravance and Aspira before joining Caltech [1] - Brendan is the first employee and co-founder of 1200 Pharma, which spun out of Caltech and secured major investments in the 8 figures [1] - He remains an avid investor focused on market trends, particularly in biotechnology stocks [1]

Core Insights - Syndax Pharmaceuticals' Revuforj® (revumenib) was awarded Best New Drug at the Scrip Awards 2025, highlighting its significance in pharmaceutical development [1][3] - Revuforj is a first-in-class menin inhibitor, recently approved by the FDA for treating relapsed or refractory acute leukemia with specific genetic mutations [2][4] Company Overview - Syndax Pharmaceuticals is a commercial-stage biopharmaceutical company focused on innovative cancer therapies, including Revuforj and Niktimvo™ [22] - The company is committed to advancing cancer care through its pipeline and ongoing clinical trials [22] Product Details - Revuforj is FDA approved for treating relapsed or refractory acute leukemia with KMT2A translocation and acute myeloid leukemia with NPM1 mutation in patients aged one year and older [2][4] - The drug has received Orphan Drug Designation and Fast Track designation from the FDA, indicating its potential in treating serious conditions [6] Clinical Trials and Future Prospects - Multiple clinical trials for Revuforj are ongoing or planned, including studies in combination with standard therapies for newly diagnosed patients [5] - The company aims to unlock the full potential of its pipeline through continued research and development efforts [22]

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Core Insights - The company is presenting at the ASH conference, highlighting advancements in clinical trials and patient care [1] Group 1: Clinical Trials and Research - Dr. DeFilipp from MGH will discuss the latest data on chronic GVHD, showcasing the company's commitment to advancing treatment options [2] - Dr. Sallman from Moffitt Cancer Center will present real-world evidence for a menin inhibitor, marking a significant development in the treatment paradigm for acute leukemia [2] - Dr. Jabbour will provide insights on post-transplant maintenance data and results from the frontline AML trial, further emphasizing the company's research efforts [2]

Syndax Pharmaceuticals Update Summary Company Overview - **Company**: Syndax Pharmaceuticals (NasdaqGS: SNDX) - **Focus**: Development and commercialization of innovative therapies for cancer, specifically targeting chronic graft-versus-host disease (GVHD) and acute leukemia Key Products - **Niktimvo**: - Indicated for chronic GVHD in the third line and beyond - Total addressable market of approximately $2 billion in the U.S. - Achieved $96 million in net sales since launch, with annualized sales projected at $200 million within the first eight months - First and only CSF1R blocking antibody approved for chronic GVHD - 80% of patients who started treatment have remained on it - **Revuforj**: - First menin inhibitor approved for multiple acute leukemia subtypes - Total addressable market exceeding $5 billion - Generated $88 million in net revenue as of Q3, with a 25% growth in total prescriptions and new patient starts over 2020 - 50% penetration of the 2,000 incidence market for KMT2A patients expected by year-end Clinical Developments - **Clinical Trials**: - Extensive development programs for both Niktimvo and Revuforj, with ongoing trials aimed at expanding indications and improving treatment paradigms - Trials underway for Niktimvo in combination with Jakafi and steroids to address chronic GVHD in frontline settings - Revuforj positioned for long-term growth with ongoing trials in newly diagnosed patients - **Data Presentations**: - 23 presentations at ASH, including three oral presentations for Revuforj and nine poster presentations - Highlighted the breadth of data supporting both products, showcasing efficacy and safety profiles Market Position and Strategy - **Market Opportunity**: - Syndax is targeting a combined total addressable market of $10 billion with its two key products - The company aims to build multi-billion-dollar franchises with both Niktimvo and Revuforj - **Commercial Strategy**: - Engaged extensively with healthcare professionals (HCPs) through over 100 meetings and educational opportunities - Positive feedback on product profiles and commercial presence at industry events Financial Outlook - **Revenue Growth**: - Both products are expected to contribute significantly to revenue, with a path to profitability anticipated in the coming years - Stable expense guidance provided, indicating a sustainable growth engine Additional Insights - **Patient Treatment Dynamics**: - High percentage of patients transitioning to post-transplant maintenance treatment, indicating strong physician interest in long-term management strategies - Emphasis on the importance of maintaining treatment duration and dose intensity for chronic GVHD patients - **Safety and Efficacy**: - Long-term safety data supports the use of axatilimab (Niktimvo) for extended periods, with no new safety concerns identified - Ongoing studies aim to explore the potential of moving effective agents into frontline therapy to improve patient outcomes - **Future Directions**: - Continued focus on expanding indications and improving treatment protocols for chronic GVHD and acute leukemia - Anticipation of further data releases and updates on clinical trials to inform treatment strategies and market positioning This summary encapsulates the key points from the Syndax Pharmaceuticals update, highlighting the company's strategic focus, product performance, clinical developments, and market outlook.