Syndax Pharmaceuticals, Inc. (SNDX) Stock Price & How to Invest

Syndax Pharmaceuticals (Nasdaq: SNDX) sells two approved medicines and funds a pipeline behind them. Revuforj (revumenib) is an oral menin inhibitor, approved by the FDA on November 15, 2024 for relapsed or refractory acute leukemia carrying a KMT2A translocation in patients one year and older, then expanded on October 24, 2025 into relapsed or refractory AML with a susceptible NPM1 mutation. Syndax owns it outright in the US, licensed originally from Vitae Pharmaceuticals, now an AbbVie subsidiary, and books its sales as product revenue. Niktimvo (axatilimab-csfr) is a first-in-class antibody against the CSF-1 receptor, approved in August 2024 for chronic graft-versus-host disease after at least two prior lines of systemic therapy in patients weighing 40kg or more. It was in-licensed from UCB Biopharma in 2016 and then partnered with Incyte in September 2021 under a worldwide co-development and co-commercialization agreement. Incyte runs the commercial engine and records the sales; Syndax takes half the net commercial profit. In the second quarter of 2026 Revuforj generated $54.7M of net product revenue on roughly 1,500 prescriptions, while Niktimvo generated $60.3M of net sales at Incyte, of which $18.1M reached Syndax. The company employed about 298 people at last count.

The financial picture is a launch curve running into a fixed cost base. Total revenue went from $23.7M in 2024 to $172.4M in 2025 to ~$252M for the twelve months to June 30, 2026, and the second quarter alone was $72.8M, up 92% year over year. Operating expenses barely moved over that stretch: total opex was $211.8M for the first half of 2026 against $210.9M a year earlier, and management has guided full-year R&D plus SG&A to approximately $400M excluding roughly $50M of non-cash stock compensation, down from $438.5M in 2025. Operating loss narrowed accordingly, from $153.1M in the first half of 2025 to $74.2M in the first half of 2026. What the market is paying for sits mostly outside those numbers. Revuforj and Niktimvo are both approved only in later-line settings, and the pivotal trials that would move revumenib into newly diagnosed AML (EVOLVE-2 and REVEAL-ND) and axatilimab into frontline cGVHD and idiopathic pulmonary fibrosis are still reading out. At ~$19.65 a share the equity is capitalised around $1.75B, with $575.1M of cash against $688.6M of total liabilities.

Revuforj no longer has the menin inhibitor class to itself. Kura Oncology and Kyowa Kirin won FDA approval for ziftomenib (Komzifti) in November 2025 in relapsed or refractory NPM1-mutated AML, the same population Syndax entered three weeks earlier, and began selling on November 21, 2025. Komzifti is dosed once daily. Both labels carry boxed warnings, including differentiation syndrome and QTc prolongation, so the competition is likely to be fought on dosing convenience, payer access and combination data rather than on a clean safety separation. Kura's partner paid $330M upfront with up to $1.1B in milestones, which funds a serious commercial effort against a Syndax field force that is already carrying two products. The balance sheet is the second issue. Total stockholders' equity was $15.1M at June 30, 2026 against $688.6M of liabilities, and the accumulated deficit stands at $1.6B. The financing is unusual in shape: a $350M upfront from Royalty Pharma in November 2024 that sells 13.8% of US Niktimvo net sales with aggregate payments capped at $822.5M, accounted for as debt, plus $250M of 2.25% convertible senior notes due June 2031 issued in June 2026 at a conversion price near $24.76. Royalty interest expense alone was $12.1M in the second quarter and $24.0M for the half, and it grows as Niktimvo grows. If Niktimvo performs, Syndax pays back up to 2.35 times what it received. The converts add about 10.1M potential shares against 89.4M outstanding. Beyond that, revenue depends on two products in narrow later-line indications, both under UCB and AbbVie-related royalty obligations, with the frontline expansions still unproven. The first quarter of 2026 already showed how sensitive the line is to the January payer reset, falling to $64.9M from $68.7M in the fourth quarter of 2025 despite underlying demand growth.

11 analysts publish price targets on SNDX, averaging $37.55 against a $19.65 price as of August 2026, or +91.1%. The published targets run from $26.00 to $57.00, a wide spread, and the ratings split 12 buy, 0 hold, 0 sell. Over the last six months there have been 4 raises and 5 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full SNDX forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Syndax Pharmaceuticals, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Revuforj moving from KMT2A into the far larger NPM1 population. The original November 2024 approval covered KMT2A-rearranged acute leukemia, a genuinely rare subset. The most optimistic published target, $57.00, assumes this works close to its best case.

The case against. Revuforj no longer has the menin inhibitor class to itself. The most pessimistic target, $26.00, is roughly what SNDX is worth if this bites instead.

Read the full bull and bear case on SNDX, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Syndax Pharmaceuticals, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$252.3M for the twelve months to June 30, 2026, against $172.4M in fiscal 2025 and $23.7M in fiscal 2024. The quarterly path was $68.7M in 4Q25, $64.9M in 1Q26 (a sequential dip driven by the January payer and gross-to-net reset, not by demand) and $72.8M in 2Q26, the last of which was up 92% year over year.
• Product mix (the line that misleads screeners): Of 2Q26's $72.8M, $54.7M was Revuforj net product revenue and $18.1M was collaboration revenue representing Syndax's 50% share of Niktimvo net commercial profit. Incyte separately reported $60.3M of Niktimvo net sales in the quarter. Combined branded sales of the two medicines were therefore ~$115.0M in 2Q26 and over $275M across full-year 2025 ($124.8M Revuforj plus $151.6M Niktimvo), well above the reported revenue line.
• Earnings and EPS: Net loss of $49.4M, or $0.55 per share, in 2Q26 versus $71.8M and $0.83 a year earlier; $92.0M and $1.04 per share for the first half of 2026 versus $156.7M and $1.82. Full-year 2025 net loss was $285.4M and 2024 was $318.8M. Operating loss narrowed to $40.0M in 2Q26 from $69.4M. There is no P/E, and there has never been an annual profit.
• Operating expenses and guidance: 2Q26 R&D was $68.0M (from $62.2M), SG&A $41.5M (from $43.8M) and cost of product sales $3.2M, for $112.8M of total opex. First-half opex was $211.8M against $210.9M a year earlier, so spend is roughly flat while revenue grew 138%. Guidance for full-year 2026 is approximately $400M of R&D plus SG&A excluding ~$50M of estimated non-cash stock compensation, down from $438.5M actual in 2025.
• Cash flow and balance sheet: Cash, cash equivalents and short and long-term investments of $575.1M at June 30, 2026, up from $394.1M at December 31, 2025 after the $250M convertible issue. Operating cash burn fell to $80.6M in the first half of 2026 from $183.0M a year earlier. Total assets $703.7M, total liabilities $688.6M (including a $344.0M royalty interest financing liability and a $244.1M convertible note liability) and stockholders' equity of just $15.1M. Accumulated deficit ~$1.6B.
• Market pricing: ~$19.65 a share in August 2026 for a market capitalisation of ~$1.75B, against a 52-week range of $12.99 to $25.59. Roughly 89.2M common shares outstanding (89.4M including pre-funded warrants), rising to ~116.3M fully diluted once options, RSUs and the 10.1M convertible conversion shares are counted. Those figures work out to ~6.9x trailing sales and roughly 7x EV/sales adjusting for cash and the two debt-like instruments. No dividend, no P/E, beta ~0.37.

Seven times sales is not a demanding multiple for a biotech growing revenue at triple digits, and the reason it is not higher is visible in the structure rather than the growth rate. Half the franchise arrives as a profit share, the Royalty Pharma instrument skims 13.8% of US Niktimvo sales before anything reaches Syndax, and both drugs are approved only in later-line settings where the patient pool is finite. Twelve covering analysts carried a mean target near $37.55 in August 2026, which is a frontline-expansion number rather than a run-rate one.

Other names that sit close to SNDX: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get SNDX exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so SNDX sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where SNDX fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

As of August 2026, SNDX is a two-product commercial launch story priced at roughly seven times trailing revenue, where the reported top line understates the drugs by design and the capital structure, not the share count, carries most of the financing. The valuation is mostly a bet on moving revumenib from relapsed disease into frontline AML.

Whether SNDX is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is SNDX a buy or a sell?, and where the stock could go from here in the SNDX stock forecast.

For income investors, whether SNDX pays a dividend and how the payout looks is covered in does SNDX pay a dividend? And to weigh SNDX against a peer, read the full side-by-side comparisons: SNDX vs JNJ and SNDX vs ABBV.