Syndax Pharmaceuticals has recently released its annual report, providing a comprehensive overview of its business and financial performance. The company, incorporated in 2005 and headquartered in Waltham, Massachusetts, is a clinical-stage biopharmaceutical firm focused on developing innovative cancer therapies. Its lead product candidates include SNDX-5613, targeting the treatment of KMT2A rearranged and nucleophosmin 1 mutant acute myeloid leukemia, and SNDX-6352 or axatilimab for chronic graft versus host disease.
In the report, Syndax Pharmaceuticals reported a net loss of $209.4 million for the year ended December 31, 2023, compared to a net loss of $149.3 million for the previous year. The company also highlighted a net profit of $24.9 million for the year ended December 31, 2021. As of December 31, 2023, Syndax Pharmaceuticals had an accumulated deficit of $902.4 million and cash, cash equivalents, and short-term and long-term investments of $600.5 million.
The report also emphasized significant risks and uncertainties, including the potential impact of the current inflationary environment on the company's business and operating results. Rising interest rates, economic uncertainty, and volatility in the capital markets were identified as potential challenges that could negatively affect operations. Additionally, Syndax Pharmaceuticals highlighted specific risks associated with its business, such as obtaining regulatory approval for late-stage product candidates, acquiring additional products or candidates, and the inherent uncertainty of clinical success.
Regarding financial performance, Syndax Pharmaceuticals disclosed that it has not generated any product revenues to date. The company's revenues for the year ended December 31, 2021, were derived solely from its license, development, and commercialization agreements with Kyowa Kirin Co., Ltd., and Incyte Corporation. Notably, in September 2021, Syndax Pharmaceuticals entered into a collaboration and license agreement with Incyte for the worldwide development and commercialization of axatilimab, resulting in an upfront cash payment of $117 million and the issuance of 1,421,523 shares of common stock.
The 10-K report also provided insights into Syndax Pharmaceuticals' research and development expenses, which primarily focus on the clinical development programs for its product candidates. The company's selling, general, and administrative expenses are expected to increase as it continues to expand its headcount to support research and development and anticipated commercialization activities.
