Syndax Pharmaceuticals: Takeaways from Syndax’s R&D day

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Syndax Pharmaceuticals: Takeaways from Syndax’s R&D day

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Syndax Pharmaceuticals

Takeaways from Syndax’s R&D day

Maintain Rating: BUY | PO: 29.00 USD | Price: 24.13 USD

R&D day reinforces value beyond Revuforj 14 July 2026

This morning, we attended Syndax’s R&D day and came away incrementally encouraged Equity

by the company’s value potential beyond Revuforj (Revu), an area we believe has become

Jason Zemansky

increasingly important as the AML franchise enters a period with limited near-term value Research Analyst

creating catalysts. Here, management focused largely on the broader pipeline, BofAS jason.zemansky@bofa.com

highlighting axatilimab’s opportunity in IPF while introducing two new development

Jacqueline Plesset

programs: menin inhibitor SNDX-62122 in MF and allosteric EGFR inhibitor SNDX-4321 Research Analyst

in EGFR-mutant NSCLC. As the assets remain early/ high risk, today’s event is unlikely to BofAS jacqueline.plesset@bofa.com

meaningfully impact shares, but it reinforced our view investors may be

underappreciating the portfolio’s deeper optionality. Maintain Buy, $29 PO.

Confidence builds ahead of 4Q MAXPIRe IPF readout Stock Data

Syndax spent much of the event addressing its largest near-term catalyst, the 4Q phase Price 24.13 USD

2 MAXPIRe IPF readout, with management and KOLs expressing strong confidence. Price Objective 29.00 USD

Beyond reiterating the biologic rationale—with both pointing to encouraging cGvHD Date Established 1-May-2026

related data supporting axatilimab’s impact on inflammation and fibrosis—trial design Investment Opinion C-1-9

was similarly flagged as being supportive as KOLs noted prior IPF studies demonstrating 52-Week Range 9.03 USD - 25.59 USD

FVC separation within the 26-week timeframe.