2025-06-03-Jefferies-辛达克斯制药公司（SNDX）_ASCO25_Revuforj在复发_难治性mNPM1急性髓系白血病中似乎具有优越的客观缓解率和缓解持续时间_10页_535kb

Summary of Syndax Pharmaceuticals, Inc. (SNDX) Equity Research Report

• Equity Rating and Price Target: Jefferies recommends buying SNDX with a price target of $43, representing a 292% upside from the recent closing price of $10.98. This is based on a DCF model assuming a 10% WACC, zero terminal growth, and expected sales from revumenib in r/r mNPM1 AML and KMT2Ar acute leukemia, plus axatilimab in GVHD.

• ASCO25 Data Analysis: In r/r mNPM1 AML, Revuforj showed a 23% CR/CRh rate, similar to Revumenib, but with a median response duration of 3.7 months (vs. 4.7 months for Revu) and a lower ORR of 33% (vs. 47% for Revu). Non-responders had significantly shorter OS (3.5m vs. 16.4m), and a 13% grade ≥3 differentiation syndrome rate, with higher QTc cases for Revu. Despite similar efficacy, SNDX is favored for its commercial experience, NCCN inclusion, and no waiting period for sNDA approval compared to competitors.

• Competitive Landscape: In r/r KMT2Ar acute leukemia, Revuforj's ORR was lower (33%) compared to Kura's Revumenib (64%), but the study designs differed. Combinations with chemo showed high efficacy in 1L AML, particularly in NPM1-mutant patients. Revu and Revuforj face competition from other menin inhibitors like Bleximenib and DSP-5336.

• Company Description: Syndax is focused on menin inhibitors and CSF-1R blockers. As of June 2025, it has a market cap of $936.6 million. Key clinical data includes r/r mNPM1 and KMT2Ar trials, with recent ASCO and EHA presentations.

• Valuation and Risks: Valuation is DCF-based at $43 PT. Risks include regulatory delays, competition, slow market penetration in refractory indications, and challenges in commercializing early-stage assets like axatilimab or colorectal cancer programs. SNDX's near-term PDUFA date and NCCN inclusion reduce some commercial risks.

• Commercial and Regulatory Updates: Revuforj sales grew to $20M in Q1 2025. Data availability and commercial experience give Revuforj an edge over competitors who recently submitted NDAs. The NCCN inclusion supports market access. Pricing pressures and reimbursement challenges are noted, but limited currently.

• Other Companies Covered: The report analyzes Kura, Kyowa Kirin, and Sumitomo Pharma, providing separate valuations and recommendations. Overall, SNDX is highlighted for its leadership in menin inhibition in leukemia.