New Model Supports Revuforj Beats + Deep Dive Shows 1L Ph3 Data ~YE27 *SLIDES*

研报英文原文证据摘录

New Model Supports Revuforj Beats + Deep Dive Shows 1L Ph3 Data ~YE27 *SLIDES*

USA | Biotechnology

Syndax Pharmaceuticals Inc EquityJuneResearch11, 2026

ESTIMATE CHANGENew Model Supports Revuforj Beats + Deep Dive

RATING BUYShows 1L Ph3 Data ~YE27 *SLIDES*

PRICE $17.58^

We con’t to like SNDX based on our two-part deep dive. (1) Updated patient

build model that accounts for pts going to transplant and coming back for PRICE TARGET | % TO PT $37.00 | +110%

maintenance >> shows Revuforj should beat 2H26 through ‘27. We are +10%/ 52W HIGH-LOW $25.59 - $8.59

+13% to cons ‘26/‘27. (2) Ph3 trial timeline analysis shows SNDX should be FLOAT (%) | ADV MM (USD) 90.8% | 32.99

first in 1L, which is the much larger oppy. We think EVOLVE (unfit) by YE27 and MARKET CAP $1.6B

REVEAL (fit) by YE28. See slides + model. TICKER SNDX ^Prior trading day's closing price unless otherwise

noted.

Context: SNDX’s menin inhibitor Revuforj is approved in r/r AML for both KMT2Ar and NPM1m

genetic subsets. Investor focus is on growth in r/r where pts returning from transplant (SCT) is key.

FY (Dec) CHANGE TO JEFe JEF vs CONS

We think investors should start to pay more attn to data timing for two ongoing Ph3 trials in much

2026 2027 2026 2027

larger 1L oppy, as the first of these may not be too far away.

REV NA NA -1% +4%

Revuforj is the mkt leader in r/r AML as it was first-to-market and has a broader approval in both EPS +14% -10% -4% -82%

KMT2Ar + NPM1m >> however, a key debate is on revs impact of high % of pts going off tx for SCT

Competitor Komzifti (KURA) recently launched, but we think Revuforj is well positioned by EPS (0.48) (0.56) (0.53) (0.34) (1.94)• 2026 ($) Q1A Q2 Q3 Q4 FY

broader label and a competitive safety/efficacy profile PREV (0.60) (0.63) (0.60) (2.25)