We came across a bullish thesis on Syndax Pharmaceuticals, Inc. on BioEquity Watch’s Substack. In this article, we will summarize the bulls’ thesis on SNDX. Syndax Pharmaceuticals, Inc.’s share was trading at $20.67 as of January 15th.
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Syndax Pharmaceuticals has transitioned into a commercial-stage biotech anchored by two first-in-class approved therapies, Revuforj (revumenib) and Niktimvo (axatilimab), each addressing areas of high unmet medical need. Revuforj is an oral Menin inhibitor approved for relapsed or refractory acute leukemias with KMT2A rearrangements, where disruption of the Menin–KMT2A interaction shuts down oncogenic gene expression and drives leukemic cell differentiation and death.
Building on this approval, Syndax is pursuing expansion into NPM1-mutant AML via a supplemental NDA supported by AUGMENT-101 data, while also advancing frontline combination studies that could meaningfully broaden its addressable market. Niktimvo, an anti-CSF-1R monoclonal antibody approved for heavily pretreated chronic graft-versus-host disease, targets macrophage-driven inflammation and fibrosis, offering a differentiated mechanism versus existing therapies. Its pipeline expansion into IPF and combination regimens in cGVHD further extends its long-term potential.
Financially, Syndax is well capitalized, with approximately $518 million in cash and investments as of Q2 2025. Revuforj is showing strong early commercial traction, generating $28.6 million in quarterly net revenue with sequential growth, while collaboration revenue from Incyte supports Niktimvo’s launch. Although the company remains loss-making due to elevated R&D and commercial spending, management expects existing cash and rising revenues to fund operations through profitability.
Strategically, Syndax benefits from first-mover advantage in Menin inhibition, exposure to genetically defined leukemia populations with limited competition, and revenue diversification across oncology and immune-mediated diseases. With late-2025 regulatory catalysts, expanding clinical programs, and growing commercial adoption, Syndax presents a compelling long-term growth opportunity driven by execution across its two cornerstone assets.
Previously, we covered a bullish thesis on Sarepta Therapeutics, Inc. (SRPT) by Magnus Ofstad in January 2025, which highlighted the company’s leadership in Duchenne muscular dystrophy, accelerating revenues, and acquisition appeal. SRPT’s stock price has depreciated by approximately 81.94% since our coverage due to safety concerns and regulatory uncertainty around Elevidys. BioEquity Watch shares a similar view but emphasizes on commercial execution and first-in-class hematology assets at Syndax Pharmaceuticals.
