Syndax Pharmaceuticals, a clinical-stage biopharmaceutical company, has recently released its 10-K report. The company's lead product candidates are revumenib, a small molecule inhibitor for the treatment of acute leukemias and solid tumors, and SNDX-6352 or axatilimab, a monoclonal antibody for the treatment of chronic graft versus host disease and idiopathic pulmonary fibrosis. Syndax Pharmaceuticals also has an agreement with Eddingpharm International Company Limited for licensing, development, and commercialization of Entinostat.
In the report, Syndax Pharmaceuticals reported a net loss of $318.8 million for the year ended December 31, 2024, compared to $209.4 million in 2023. As of December 31, 2024, the company had an accumulated deficit of $1.2 billion and cash, cash equivalents, and short-term and long-term investments of $692.4 million.
For the year ended December 31, 2024, the company generated net product revenue of $7.7 million from sales of Revuforj. Additionally, Syndax Pharmaceuticals recognized $3.5 million of milestone revenue in the second quarter of 2024 and $12.5 million of milestone revenue in the third quarter of 2024.
The company incurred significant research and development expenses, primarily focused on its clinical development programs. Research and development expenses included costs for clinical trials, employee-related expenses, manufacturing process-development, and consulting fees. Selling, general and administrative expenses primarily consisted of employee-related expenses and sales and marketing expenses to support the launch and commercialization of its products.
Interest expense primarily related to the purchase and sale agreement with Royalty Pharma Development Funding, LLC, and operational and capital leases. Interest income consisted of income earned on the company's cash, cash equivalents, and short and long-term investment balances.
Syndax Pharmaceuticals believes that the impact of recently issued accounting standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. The company also highlighted the critical accounting policies and estimates it employs in the preparation of its financial statements. The market has reacted to these announcements by moving the company's shares 0.2% to a price of $15.66. If you want to know more, read the company's complete 10-K report here.
