Syndax Pharmaceuticals Reports Second Quarter 2021 Financial Results and Provides Clinical and Business Update
Syndax Pharmaceuticals (SNDX) reported Q2 2021 financial results, highlighting significant progress in their cancer therapy pipeline. As of June 30, 2021, the company had $253.1 million in cash and equivalents. Research and development expenses rose to $16.9 million, up from $10.9 million year-over-year. Syndax reported a net loss of $22.9 million, or $0.44 per share, compared to a loss of $17.1 million, or $0.42 per share, in Q2 2020. Looking ahead, the company expects R&D expenses to reach $25-$30 million in Q3.
- FDA granted Fast Track Designation to SNDX-5613 for treating acute leukemias.
- Enrollment is ongoing in pivotal Phase 2 AGAVE-201 trial with topline data expected in 2023.
- SNDX-5613 is set to begin trials in combination with venetoclax in newly diagnosed AML patients.
- Q2 2021 net loss increased to $22.9 million from $17.1 million year-over-year.
- Research and development expenses jumped to $16.9 million from $10.9 million in Q2 2020.
- Total operating expenses expected to rise to $30-$35 million in Q3 2021.
WALTHAM, Mass., Aug. 9, 2021 /PRNewswire/ -- Syndax Pharmaceuticals, Inc. ("Syndax," the "Company" or "we") (Nasdaq: SNDX), a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today reported its financial results for the second quarter ended June 30, 2021. In addition, the Company provided a clinical and business update.
"The second quarter of 2021 was marked by significant progress advancing our pipeline of innovative therapeutics, and we are pleased to share that we have selected a go-forward dose for the pivotal Phase 2 portion of AUGMENT-101 based on favorable findings from the intermediate dose cohort," said Briggs W. Morrison, M.D., Chief Executive Officer of Syndax. "Enrollment in the trial continues, with recently enrolled patients expected to count towards the Phase 2 expansion portion, subject to endorsement of the Phase 2 dose by the U.S. Food and Drug Administration (FDA). We are also excited to announce an important step in our plans to expand development of SNDX-5613 into earlier lines of therapy with the initiation of the first frontline combination trial of a menin inhibitor in the Leukemia & Lymphoma Society's Beat® AML Master Clinical Trial."
"Beyond SNDX-5613, enrollment remains on track in the ongoing global pivotal AGAVE-201 trial of axatilimab in patients with chronic graft versus host disease (cGVHD), and we continue to expect topline data from the trial in 2023. In addition, as previously announced, we anticipate sharing updated results from the recently completed Phase 1/2 trial of axatilimab in cGVHD later this year and remain committed to unlocking the full potential of axatilimab in the growing number of cGVHD patients lacking effective interventions."
Recent Progress and Anticipated Milestones
SNDX-5613
- In May 2021, the Company reported updated data from the ongoing Phase 1 dose escalation portion of the Phase 1/2 AUGMENT-101 trial of SNDX-5613, a highly selective oral menin inhibitor, in patients with mixed lineage leukemia rearranged (MLLr) and nucleophosmin (NPM1c) mutant relapsed/refractory (R/R) acute leukemias. The updated May data showed that a total of 7/31 patients (
23% ) have achieved CR/CRh.
Based on positive findings from the intermediate dose cohort, in which no dose limiting toxicities were observed, the Company has selected 276 mg of SNDX-5613 every 12 hours in patients who are not receiving a concomitant strong CYP3A4 inhibitor (Arm A) and 163 mg every 12 hours for patients who are receiving a concomitant strong CYP3A4 inhibitor (Arm B), for Phase 2. Enrollment in the trial remains ongoing, with recently enrolled patients expected to count towards the Phase 2 expansion portion, subject to endorsement of the Phase 2 dose by the U.S. FDA.
- The Company today announced it will initiate a frontline trial of SNDX-5613 in combination with venetoclax and azacytidine in newly diagnosed acute myeloid leukemia (AML) patients unable to tolerate induction chemotherapy. The trial will be conducted as part of the Leukemia & Lymphoma Society's Beat® AML Master Clinical Trial, a collaborative clinical trial that aims to change the paradigm of AML treatment through a precision medicine approach. SNDX-5613 is the first menin inhibitor to be included in the Beat AML Master Clinical Trial.
- The Company also announced today that it plans to initiate a new trial to assess the safety, tolerability, and preliminary anti-leukemic efficacy of SNDX-5613 in combination with chemotherapy in patients with R/R MLLr or NPM1 acute leukemias. The Phase 1b trial, which will be referred to as AUGMENT-102, is expected to enroll up to 27 patients.
- In June 2021, the Company announced that the U.S. FDA granted Fast Track Designation (FTD) to SNDX-5613 for the treatment of adult and pediatric patients with R/R acute leukemias harboring an MLLr or NPM1 mutation. FTD is designed to facilitate the development and expedite the review of drugs to treat serious conditions and fulfill an unmet medical need, enabling drugs to reach patients earlier.
Axatilimab
- In May 2021, Syndax announced that enrollment is complete in the Phase 2 expansion portion of the Phase 1/2 trial of axatilimab, its anti-CSF-1R monoclonal antibody, in patients with cGVHD. The Company continues to anticipate reporting updated results at a medical meeting in the fourth quarter of 2021 for 40 patients, including the 17 patients in the Phase 1 portion and 23 patients from the Phase 2 expansion portion, which evaluated 1 mg/kg of axatilimab every two weeks. At the American Society of Hematology Annual Meeting in December 2020, preliminary data from the Phase 1 portion of the trial were reported during an oral presentation highlighting the tolerability and high response rate of axatilimab in cGVHD patients refractory to multiple therapeutic agents.
Enrollment is ongoing in the Company's global pivotal Phase 2 AGAVE-201 trial of axatilimab in patients with cGVHD, with topline data expected in 2023. The trial will evaluate the safety and efficacy of three doses and schedules of axatilimab. The primary endpoint will assess objective response rate based on the 2014 NIH consensus criteria for cGVHD, with key secondary endpoints including duration of response and improvement in modified Lee Symptom Scale score.
- Earlier this year, the Company announced that the U.S. FDA granted Orphan Drug Designation to axatilimab for the treatment of patients with cGVHD and idiopathic pulmonary fibrosis.
Second Quarter 2021 Financial Results
As of June 30, 2021, Syndax had cash, cash equivalents and short-term investments of
Second quarter 2021 research and development expenses increased to
General and administrative expenses for the second quarter 2021 decreased to
For the three months ended June 30, 2021, Syndax reported a net loss attributable to common stockholders of
Financial Update and Guidance
For the third quarter of 2021, research and development expenses are expected to be
Conference Call and Webcast
In connection with the earnings release, Syndax's management team will host a conference call and live audio webcast at 4:30 p.m. ET today, Monday, August 9, 2021.
The live audio webcast and accompanying slides may be accessed through the Events & Presentations page in the Investors section of the Company's website at www.syndax.com. Alternatively, the conference call may be accessed through the following:
Conference ID: 2871946
Domestic Dial-in Number: (855) 251-6663
International Dial-in Number: (281) 542-4259
Live webcast: https://edge.media-server.com/mmc/p/n7kmwwkz
For those unable to participate in the conference call or webcast, a replay will be available on the Investors section of the Company's website, www.syndax.com.
About Syndax Pharmaceuticals, Inc.
Syndax Pharmaceuticals is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. The Company's pipeline includes SNDX-5613, a highly selective inhibitor of the Menin–MLL binding interaction, axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor, and entinostat, a class I HDAC inhibitor. For more information, please visit www.syndax.com or follow the Company on Twitter and LinkedIn.
Syndax's Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend," "believe" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Syndax's expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the design, progress, timing, clinical development and scope of clinical trials, plans for initiating future clinical trials, reporting of clinical data for Syndax's product candidates, the association of data with treatment outcomes, the potential use of our product candidates to treat various cancer indications and fibrotic diseases, Syndax's expected third quarter and full year research and development expenses, and expected total operating expenses. Many factors may cause differences between current expectations and actual results including unexpected safety or efficacy data observed during preclinical or clinical trials, clinical trial site activation or enrollment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, the COVID-19 pandemic may disrupt our business and that of the third parties on which we depend, including delaying or otherwise disrupting our clinical trials and preclinical studies, manufacturing and supply chain, or impairing employee productivity, failure of Syndax's collaborators to support or advance collaborations or product candidates and unexpected litigation or other disputes. Other factors that may cause Syndax's actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Syndax's filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" sections contained therein. Except as required by law, Syndax assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
Syndax Contacts
Investor Contact
Melissa Forst
Argot Partners
melissa@argotpartners.com
Tel 212.600.1902
Media Contact
Ted Held
ted.held@gcihealth.com
Tel 212.798.9842
SNDX-G
SYNDAX PHARMACEUTICALS, INC. | |||||
(unaudited) | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
June 30, | December 31, | ||||
(In thousands) | 2021 | 2020 | |||
Cash, cash equivalents and short-term investments | $ 253,132 | $ 293,065 | |||
Total assets | $ 263,059 | $ 300,613 | |||
Total liabilities | $ 48,496 | $ 48,425 | |||
Total stockholders' equity (deficit) | $ 214,563 | $ 252,188 | |||
Common stock outstanding | 48,616,628 | 47,881,223 | |||
Common stock and common stock equivalents* | 59,455,423 | 57,836,910 | |||
*Common stock and common stock equivalents: | |||||
Common stock | 48,616,628 | 47,881,223 | |||
Common stock warrants (pre-funded) | 3,307,952 | 3,557,952 | |||
Common stock and pre-funded stock warrants | 51,924,580 | 51,439,175 | |||
Options to purchase common stock | 7,406,760 | 6,379,235 | |||
Restricted Stock Units | 124,083 | 18,500 | |||
Total common stock and common stock equivalents | 59,455,423 | 57,836,910 | |||
SYNDAX PHARMACEUTICALS, INC. | |||||||||
(unaudited) | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
(In thousands, except share and per share data) | 2021 | 2020 | 2021 | 2020 | |||||
License fee revenue | $ 379 | $ 379 | $ 758 | $ 758 | |||||
Operating expenses: | |||||||||
Research and development | 16,871 | 10,943 | 38,742 | 20,505 | |||||
General and administrative | 5,842 | 6,046 | 11,513 | 11,963 | |||||
Total operating expenses | 22,713 | 16,989 | 50,255 | 32,468 | |||||
Loss from operations | (22,334) | (16,610) | (49,497) | (31,710) | |||||
Other (expense) income, net | (576) | (452) | (1,136) | (588) | |||||
Net loss | $ (22,910) | $ (17,062) | $ (50,633) | $ (32,298) | |||||
Net loss attributable to common stockholders | $ (22,910) | $ (17,062) | $ (50,633) | $ (36,204) | |||||
Net loss per share attributable to common | |||||||||
stockholders--basic and diluted | $ (0.44) | $ (0.42) | $ (0.98) | $ (0.97) | |||||
Weighted-average number of common stock | |||||||||
used to compute net loss per share attributable | |||||||||
to common stockholders--basic and diluted | 51,603,286 | 40,609,205 | 51,551,844 | 37,468,922 | |||||
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SOURCE Syndax Pharmaceuticals, Inc.
