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Dec 31, 2019
Syndax Q4 2019 Earnings Report
Reported financial results for the fourth quarter ended December 31, 2019.
Key Takeaways
Syndax Pharmaceuticals reported its fourth quarter 2019 financial results. The company had $59.8 million in cash, cash equivalents and short-term investments as of December 31, 2019. Meaningful data readouts are expected for each of the pipeline candidates in 2020.
Final OS analysis for Phase 3 E2112 trial in HR+, HER2- metastatic breast cancer expected in 2Q20; potential NDA filing later this year.
Phase 1 data presentation from AUGMENT-101 trial of SNDX-5613 in acute leukemias expected 4Q20; potential for interim results throughout 2020.
SNDX-6352 granted generic name axatilamab; presentation of additional cGVHD results expected 4Q20.
1Q 2020 financings of $55 million extend cash runway into 2021, through all key milestones.
Syndax
Syndax
Forward Guidance
The company provided operating expense guidance for the first and second quarters of 2020. Financial guidance for the second half of 2020 will be issued after we get the result of the E2112 study.
Positive Outlook
- Research and development expenses are expected to be $12 to $14 million for each of the first and second quarters of 2020.
- Total operating expenses are expected to be $17 to $19 million for each of the first and second quarters of 2020.
- The company expects to end the second quarter of 2020 with more than $80 million of cash.
- The company has financial flexibility to take advantage of key development milestones well into 2021.
- R&D expenses will increase, primarily due to increased development activities for SNDX-5613, our menin inhibitor, and for axatilamab.
Challenges Ahead
- Operating expenses for the first two quarters of 2020 are expected to increase over the quarterly operating expenses reported for the second half of 2019.
- G&A expenses will increase, primarily due to increased entinostat pre-commercial activities.