Syndax Pharmaceuticals Inc (NASDAQ: SNDX) stock surged over 7.1% on 9th March, 2021(as of 9:44:57 UTC-5; Source: Google finance). SNDX in the fourth quarter of FY 20 has reported the adjusted loss per share of 44 cents, beating the analysts’ estimates for the adjusted loss per share of 49 cents. The company had reported the adjusted revenue of $380,000 in the fourth quarter of FY 20, beating the analysts’ estimates for revenue of $200,000.
The company reported a net loss attributable to common stockholders of $20.4 million in the fourth quarter compared to $14.0 million for the prior year period. As of December 31, 2020, Syndax had cash, cash equivalents and short-term investments of $293.1 million and 51.4 million shares and share equivalents issued and outstanding. This includes 3.6 million pre-funded warrants. The company’s fourth quarter 2020 research and development expenses increased to $15.5 million from $9.5 million, primarily due to increased clinical trial activities, increased CMC activities and professional fees. General and administrative expenses for the fourth quarter 2020 decreased to $4.7 million from $5.1 million. The fourth quarter decrease is primarily due to decreased pre-commercialization expenses.
In December 2020, Syndax had issued 6,250,000 shares of its common stock at $23.00 per share. As a result of the offering, Syndax received gross proceeds of approximately $143.8 million.
For the first quarter of 2021, research and development expenses are expected to be in the range of $25 to $30 million, and total operating expenses are expected to be in the range of $30 to $35 million. For the full year of 2021, research and development expenses are expected to be in the range of $90 to $100 million, and total operating expenses are expected to be in the range of $110 to $120 million.
On the other hand, in December 2020, Syndax reported updated data from its Phase 1 trial of axatilimab, its anti-CSF-1R monoclonal antibody, in patients with chronic graft versus host disease (cGVHD). The data reflected deep, durable responses and multiorgan clinical benefit in patients refractory to multiple therapeutic agents. Further, Syndax plans to share data from the Phase 1 AUGMENT-101 trial of SNDX-5613, its highly selective, oral menin inhibitor, in patients with mixed lineage leukemia rearranged (MLL-r) and nucleophosmin (NPM1) mutant acute leukemias late in the first quarter or early in the second quarter of 2021. The Company is on track to initiate the Phase 2 portion of the trial in the second quarter of 2021, which could potentially serve as the basis for a regulatory filing.