0001193125-26-197154 | 10-Q | XBRL Viewer | Syndax Pharmaceuticals INC

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Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Product revenue allowances	$ 10,108	$ 9,810
Accrued clinical study and trial costs	14,698	18,977
Accrued selling, general, and administrative costs	4,857	6,316
Accrued compensation and related costs	6,820	24,352
Accrued professional fees	29,629	25,516
Accrued milestone costs	0	10,000
Accrued royalty payable	7,461	7,372
Other	1,270	721
Total accrued expenses and other current liabilities	$ 74,843	$ 103,064

Nature of Business	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. Nature of Business Syndax Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company advancing innovative cancer therapies. We currently have two commercially approved products and a robust slate of clinical development programs. We were incorporated in Delaware in 2005. We have operations in New York, NY, and we operate in one segment. References in these notes to unaudited consolidated financial statements to “Syndax,” “the Company,” “we,” “us” or “our” refer to Syndax Pharmaceuticals, Inc. and its wholly owned subsidiaries. We are subject to challenges and risks specific to our business and our ability to execute on our strategy, as well as risks and uncertainties common to companies in the pharmaceutical industry with development and commercial operations, including, without limitation, risks and uncertainties associated with: revenue generation from Revuforj and Niktimvo; obtaining regulatory approval of additional indications for our approved products; delays or problems in the supply of our products, loss of single source suppliers or failure to comply with manufacturing regulations; identifying, acquiring or in-licensing additional products or product candidates; pharmaceutical product development and the inherent uncertainty of clinical success; the challenges of protecting and enhancing our intellectual property rights; and complying with applicable regulatory requirements.

Nature of Business

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business

1. Nature of Business

Syndax Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company advancing innovative cancer therapies. We currently have two commercially approved products and a robust slate of clinical development programs. We were incorporated in Delaware in 2005. We have operations in New York, NY, and we operate in one segment. References in these notes to unaudited consolidated financial statements to “Syndax,” “the Company,” “we,” “us” or “our” refer to Syndax Pharmaceuticals, Inc. and its wholly owned subsidiaries.

We are subject to challenges and risks specific to our business and our ability to execute on our strategy, as well as risks and uncertainties common to companies in the pharmaceutical industry with development and commercial operations, including, without limitation, risks and uncertainties associated with: revenue generation from Revuforj and Niktimvo; obtaining regulatory approval of additional indications for our approved products; delays or problems in the supply of our products, loss of single source suppliers or failure to comply with manufacturing regulations; identifying, acquiring or in-licensing additional products or product candidates; pharmaceutical product development and the inherent uncertainty of clinical success; the challenges of protecting and enhancing our intellectual property rights; and complying with applicable regulatory requirements.

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Item 5. Other Information

Trading Arrangements

During the three months ended March 31, 2026, our directors and officers (as defined in Rule 16a-1 (f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408 for the purchase or sale of our securities as set forth in the table below.


			Type of Trading Arrangement
Name and Position	Action	Adoption/Termination Date	Rule 10b5-1*	Non- Rule 10b5-1**	Total Shares of Common Stock to be Sold		Total Shares of Common Stock to be Purchased		Expiration Date
Dennis Podlesak, Director	Adoption	12/15/2025	X			8,000			10/31/2026
Michael A. Metzger Chief Executive Officer, Director	Adoption	3/10/2026	X			182,375		-	12/15/2027
Nicholas Botwood, Head of R&D, Chief Medical Officer	Adoption	3/11/2026	X			65,515		-	10/30/2026

* Contract, instructions, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
** “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.

1 Mr. Podlesak’s plan solely includes equity grants with expiration dates prior to October 31, 2026. The Company omitted inclusion of his plan adoption in its 12/31/2025 filing.

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Michael A. Metzger [Member]

Trading Arrangements, by Individual

Name

Michael A. Metzger

Title

Chief Executive Officer, Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

3/10/2026

Expiration Date

12/15/2027

Aggregate Available

182,375

Nicholas Botwood [Member]

Trading Arrangements, by Individual

Name

Nicholas Botwood

Title

Head of R&D, Chief Medical Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

3/11/2026

Expiration Date

10/30/2026

Aggregate Available

65,515

Property and Equipment, net - Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 606	$ 606
Accumulated depreciation	(429)	(425)
Property, Plant and Equipment, Net, Total	177	181
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	271	271
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	167	167
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	134	134
Computer And Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 34	$ 34

Other Receivables, net

3 Months Ended

Mar. 31, 2026

Other Receivables, Net, Current [Abstract]

Other Receivables, net

6. Other Receivables, net

In April 2024, entinostat received marketing approval in China, and as a result, the Company recorded $3.5 million of milestone revenue in 2024. The Company had recorded a $3.7 million receivable related to milestones (plus accrued interest) under the license agreement with Eddingpharm in 2025, which remains outstanding as of March 31, 2026. As the receivable remains outstanding, and the Company has assessed the amount as non-recoverable, the Company recorded a full reserve against the asset as a selling, general and administrative expense in 2025.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of costs and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these unaudited consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the unaudited consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s unaudited consolidated financial statements.
Income taxes	Income taxes In accordance with Topic ASC 270, Interim Reporting, and Topic ASC 740, Income Taxes, the Company is required at the end of each interim period to determine the best estimate of its annual effective tax rate and then apply that rate in providing for income taxes on a current year-to-date (interim period) basis. For the three months ended March 31, 2026 and 2025, the Company recorded no tax expense or benefit due to the expected current year loss and its historical losses. As of March 31, 2026 and December 31, 2025, the Company concluded that a full valuation allowance would be necessary for all of its net deferred tax assets. The Company had no amounts recorded for uncertain tax positions, interest or penalties in the accompanying unaudited consolidated financial statements. On July 4, 2025, the One Big Beautiful Bill Act, or OBBBA, was enacted in the United States. The OBBBA includes significant changes to the Internal Revenue Code of 1986, or the Tax Code, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, or the TCJA, modifications to certain aspects of the international tax framework and the restoration of favorable tax treatment for certain business expense provisions. The OBBBA introduced several U.S. tax law changes, including the ability to immediately expense domestic research and experimental, or R&E, expenditures starting in 2025, and an election to accelerate any unamortized domestic R&E expenditures over a one or two year period beginning with the 2025 tax year. In accordance with ASC 740, Accounting for Income Taxes, the impacts of the OBBBA did not affect the Company’s U.S. deferred tax assets or liabilities, as the Company continues to maintain a full valuation allowance against those balances. Other comprehensive income Comprehensive loss consists of two components, net loss and other comprehensive loss, net of tax. The Company’s other comprehensive loss, net of tax, consists of unrealized gains (losses) on the Company’s investments.
Collaboration revenue, net	Collaboration revenue, net In September 2021, the Company entered into the Incyte License and Collaboration Agreement, or the Incyte License, with Incyte Corporation, or Incyte, covering the worldwide development and commercialization of axatilimab. In August 2024, the U.S. Food and Drug Administration, or FDA, approved Niktimvo for the treatment of chronic graft-versus host disease, or cGVHD, after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg (88.2 lbs). See Note 4 — Significant Collaborative Research and License Agreements — Incyte Collaboration for further details on the Incyte License and Collaboration Agreement. In accordance with Topic ASC 808, Collaboration Arrangements, Incyte has been identified as the principal in product sales, therefore, the Company will recognize its share of any profits or losses in the amount of net product sales less cost of goods sold and shared commercial costs, royalties and other expenses, in the period in which the underlying sales and costs are recognized. The Company’s share of net profits in connection with commercialization of products will be presented as “Collaboration revenue, net” and its share of net losses will be presented as “Collaboration loss” within operating expenses. The year to date “Collaboration revenue, net” or “Collaboration loss” will be presented as the net cumulative amount for all periods reported on in the financial statements. The Company will continue to recognize the costs associated with ongoing development services in the R&D operating expense line, including any cost-sharing components with Incyte.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other accounting standard setting bodies that we adopt as of the specified effective date. Unless otherwise discussed below, we do not believe that the adoption of recently issued standards have or may have a material impact on our unaudited consolidated financial statements or disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, or ASU 2024-03. Among other items, the requirements include expanded disclosures around employee compensation and selling expenses. ASU 2024-03 will be effective for the Company for the year ending December 31, 2027. The Company is still evaluating the impact of this new guidance on its unaudited consolidated financial statements but expects the adoption to result in disclosure changes only.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	March 31,			December 31,
	2026			2025
Equipment	$	271		$	271
Leasehold improvements		167			167
Furniture and fixtures		134			134
Office and computer equipment		34			34
Total property and equipment		606			606
Accumulated depreciation		(429	)		(425	)
Property and equipment, net	$	177		$	181

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Disclosures [Abstract]
Realized gains or losses recognized on the sale or maturity of available-for-sale securities	$ 0	$ 0

Nature of Business - Additional Information (Detail)	3 Months Ended
Nature of Business - Additional Information (Detail)	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
State of incorporation	DE

Net Loss per Share Attributable to Common Stockholders - Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share (Detail) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per common share	13,949,602	13,528,527
Employee Stock Purchase Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per common share	59,058	25,663
Non-Vested Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net loss per common share	3,434,449	2,593,981

Summary of Significant Accounting Policies (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Income Tax Expense Benefit	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Basis of Presentation (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Royalty Payable	$ 11,846	$ 8,049

Basis of Presentation

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

2. Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles, or U.S. GAAP. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASU, of the Financial Accounting Standards Board, or FASB.

In the opinion of management, the accompanying unaudited interim financial statements include all normal and recurring adjustments (which consist primarily of accruals and estimates that impact the financial statements) considered necessary to present fairly the Company’s financial position as of March 31, 2026 and its results of operations for the three months ended March 31, 2026 and 2025 and cash flows for the three months ended March 31, 2026 and 2025. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The unaudited interim financial statements presented herein do not contain the required disclosures under U.S. GAAP for annual financial statements. The accompanying unaudited interim financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2025 contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission, or SEC, on February 26, 2026.

In 2011, the Company established a wholly owned subsidiary in the United Kingdom, which the Company dissolved in June 2024. In 2014, the Company established a wholly owned U.S. subsidiary, which the Company dissolved in July 2025. In 2021, the Company established a wholly owned subsidiary in the Netherlands. To date, there have been no material activities for these entities. All intercompany balances and transactions have been eliminated in consolidation.

Royalty Interest Financing Liability (Tables)

3 Months Ended

Mar. 31, 2026

Purchase and Sale Agreement [Abstract]

Schedule of Term Loan Payables


	March 31,			December 31,
	2026			2025
Current portion of royalty interest financing liability	$	—		$	—
Royalty interest financing liability, less current portion		350,000			350,000
Debt issuance costs		(6,035	)		(6,091	)
Total royalty interest financing liability, net	$	343,965		$	343,909

Other Receivables, net (Additional Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Apr. 30, 2024
Other Receivables, Net, Current [Abstract]
Other Receivables, net	$ 267	$ 6,404	$ 3,500
Receivables with Eddingpharm	$ 3,700

Inventory - Schedule of Consisted Inventries (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory, Finished Goods and Work in Process, Gross [Abstract]
Raw materials	$ 30,695	$ 29,027
Work-in-process	2,869	2,112
Finished goods	1,384	1,615
Total Inventory	$ 34,948	$ 32,754

Inventory (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Consisted Inventory

Inventory, net consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Raw materials	$	30,695	$	29,027
Work-in-process		2,869		2,112
Finished goods		1,384		1,615
Total Inventory, net	$	34,948	$	32,754

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

16. Segment Reporting

The Company manages its business activities on a consolidated basis and operate as a single operating and reportable segment: Syndax Pharmaceuticals. The Company primarily derives revenue in the United States through milestone revenue and product sales on the approved products, Revuforj® (revumenib) and Niktimvo™ (axatilimab-csfr). The accounting policies of the segment are the same as those described in Note 3 – Summary of Significant Accounting Policies.

To assess performance, the Company’s Chief Operating Decision Maker, or CODM, Michael Metzger, uses consolidated net loss as the segment’s measure of segment profit or loss. The CODM uses net loss in the budget and forecasting process and considers budget-to actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources.

The following table provides the operating financial results of our biopharmaceutical cancer therapeutics segment:


	Three Months Ended March 31,
	2026			2025
March 31, 2026
Total Revenue	$	64,864		$	20,042
Less: Significant and other segment expenses
Cost of product sales		2,633			885
Collaboration loss		-			247
Research and development expenses
Revumenib-related costs		25,725			20,805
Axatilimab-related costs		9,633			19,711
Other R&D programs		162			921
Personnel cost and other expenses		19,298			16,531
General and administrative expenses
Commercial related expenses		7,721			10,825
Personnel cost and other expenses		16,701			19,082
Other SG&A expenses		5,140			4,412
Stock-based compensation		12,053			10,380
Royalty interest expense		11,846			8,049
Interest expense (income), net		(3,561	)		(7,181	)
Other expense, net		186			221
Segment net loss	$	(42,673	)	$	(84,846	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Net Loss per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator—basic and diluted:
Net Income (Loss)	$ (42,673)	$ (84,846)
Net loss attributable to common stockholders - basic	(42,673)	(84,846)
Net loss attributable to common stockholders - diluted	$ (42,673)	$ (84,846)
Net loss per share attributable to common stockholders—basic	$ (0.48)	$ (0.98)
Net loss per share attributable to common stockholders— diluted	$ (0.48)	$ (0.98)
Denominator—basic and diluted:
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders—basic	88,255,636	86,171,889
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders—diluted	88,255,636	86,171,889

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Royalty Interest Financing Liability (Additional Information) (Details) - Purchase and Sale Agreement [Member] - USD ($) $ in Millions		3 Months Ended
	Nov. 04, 2024	Mar. 31, 2026
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront fee	$ 350.0
Bank and legal fees	$ 6.3
Company effective annual interest rate		13.02%
Interest expense		$ 11.8
Payments on Purchase and Sale agreement		$ 7.7
US
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of net sales to royalty rate	13.80%
Revenue participation right	$ 822.5

Inventory

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventory

9. Inventory, net

Inventory, net consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Raw materials	$	30,695	$	29,027
Work-in-process		2,869		2,112
Finished goods		1,384		1,615
Total Inventory, net	$	34,948	$	32,754

Inventories are stated at the lower of cost or net realizable value, as determined on a first-in, first-out basis.

Prior to the FDA's approval of Revuforj in November 2024, all costs for the manufacturing of product to support clinical development and commercial launch, including pre-launch inventory, were expensed as research and development costs. The pre-launch inventory will continue to be used in commercial production until it is depleted.

Fair Value Measurements - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 221,160	$ 258,688
Unrealized Gains	119	452
Unrealized Losses	(108)	0
Fair Value	221,171	259,140
Commercial Paper [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	81,615	86,066
Unrealized Gains		15
Unrealized Losses	(100)	0
Fair Value	81,515	86,081
Corporate Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	21,448	28,227
Unrealized Gains		30
Unrealized Losses	(8)
Fair Value	21,440	28,257
U.S. Treasury [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	118,097	144,395
Unrealized Gains	119	407
Fair Value	$ 118,216	$ 144,802

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Stock-Based Compensation - Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense, total	$ 12,053	$ 10,380
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense, total	7,561	7,685
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense, total	4,281	2,575
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense, total	$ 211	$ 120

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(2)(i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting (Additional Information) (Details)	3 Months Ended
Segment Reporting (Additional Information) (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number Of Reportable Segments Disclosed By Definition Flag	1

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jan. 01, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contributions by the company	$ 2,500	$ 2,300
Inventory, Finished Goods, Gross	1,384		$ 1,615
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Inventory, Finished Goods, Gross	100	$ 100
2015 Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance				3,496,239
2015 and 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to stock option and RSUs	$ 113,500
Weighted average period to recognize compensation expense	2 years 8 months 19 days
2023 Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance	754,528

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

8. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Prepaid insurance		980		1,590
Interest receivable on investments		1,803		2,146
Prepaid subscriptions		2,088		2,221
Prepaid state and local taxes		—		13
Prepaid rent		54		55
Prepaid inventory		8,904		6,252
Other		2,271		1,219
Total prepaid expenses and other current assets	$	16,100	$	13,496

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 27, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Trading Symbol	SNDX
Entity Registrant Name	Syndax Pharmaceuticals, Inc.
Entity Central Index Key	0001395937
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity File Number	001-37708
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0162505
Entity Address, Address Line One	730 Third Avenue
Entity Address, Address Line Two	9th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	781
Local Phone Number	419-1400
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		88,610,027

Property and Equipment, net (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation	$ 4,000	$ 0

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

11. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Product revenue allowances	$	10,108	$	9,810
Accrued clinical study and trial costs		14,698		18,977
Accrued selling, general, and administrative costs		4,857		6,316
Accrued compensation and related costs		6,820		24,352
Accrued milestone costs		—		10,000
Accrued royalty payable		7,461		7,372
Accrued interest - royalty interest financing		29,629		25,516
Other		1,270		721
Total accrued expenses and other current liabilities	$	74,843	$	103,064

Royalty Interest Financing Liability - Schedule of Term Loan Payables (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Purchase and Sale Agreement [Abstract]
Current portion of royalty interest financing liability	$ 0	$ 0
Royalty interest financing liability, less current portion	350,000	350,000
Debt issuance costs	(6,035)	(6,091)
Total royalty interest financing liability, net	$ 343,965	$ 343,909

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

15. Commitments and Contingencies

License Agreements

The Company is obligated to pay royalties pursuant to the Vitae License Agreement and the UCB License Agreement as a percentage of net product sales for direct licensed products, such as Revuforj and Niktimvo. The obligation to pay royalties expires, on a country-by-country basis and licensed product-by-licensed product basis at the later of (i) the expiration of all of the licensed patent

rights in such country; (ii) the expiration of all regulatory exclusivity applicable to the product in such country; and (iii) 10 years from the date of the first commercial sale of the product in such country. These fees were recorded as cost of product sales.

From time to time, the Company may be subject to various claims and proceedings in the ordinary course of business. If the potential loss from any claim, asserted or unasserted, or proceeding is considered probable and the amount is reasonably estimable, the Company will accrue a liability for the estimated loss. There were no contingent liabilities recorded as of March 31, 2026

Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments	$ 221,171	$ 259,140
Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	130,643	115,358
Short-term investments	221,171	259,140
Total assets	351,814	374,498
Quoted Prices (Unadjusted) in Active Markets Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	130,643	115,358
Total assets	130,643	115,358
Significant Other Observable Inputs Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments	221,171	259,140
Total assets	$ 221,171	$ 259,140

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 980	$ 1,590
Interest receivable on investments	1,803	2,146
Prepaid subscriptions	2,088	2,221
Prepaid state and local taxes	0	13
Prepaid rent	54	55
Prepaid inventory	8,904	6,252
Other	2,271	1,219
Total prepaid expenses and other current assets	$ 16,100	$ 13,496

Royalty Interest Financing Liability

3 Months Ended

Mar. 31, 2026

Purchase and Sale Agreement [Abstract]

Royalty Interest Financing Liability

12. Royalty Interest Financing Liability

On November 4, 2024, the Company entered into a Purchase and Sale Agreement, or the Purchase and Sale Agreement, with Royalty Pharma Development Funding, LLC, or Royalty Pharma, pursuant to which Royalty Pharma purchased rights to certain revenue streams from net sales of products comprising or containing axatilimab (including Niktimvo™) by the Company, its affiliates and its licensees in the United States and its respective territories, districts, commonwealths and possessions (including Guam and Puerto Rico) in exchange for an upfront fee of $350 million.

Pursuant to the Purchase and Sale Agreement, Royalty Pharma purchased the right to receive a percentage of net sales equal to a royalty rate of 13.8% on quarterly net sales of Niktimvo in the United States and its respective territories; provided that the royalty rate is subject to certain adjustments based on future aggregate net sales of the product in the United States and its respective territories, or the Revenue Participation Right. Aggregate payments made to Royalty Pharma in respect of the Revenue Participation Right will be capped at $822.5 million, or the Royalty Cap.

The Purchase and Sale Agreement contains customary representations, warranties and indemnities of the Company and Royalty Pharma and customary covenants relating to the royalty payments, including the grant of a back-up security interest in the purchased royalties and certain assets related to the product and restrictions on the incurrence of additional indebtedness and on the existence of liens on the Company’s assets related to the product.

Upon a change of control, the Company will have the right, but not the obligation, to repurchase the Revenue Participation Right at a repurchase price set forth in the Purchase and Sale Agreement. In addition, the Purchase and Sale Agreement provides that if certain events of default occur, including certain bankruptcy events or certain termination events with respect to the Company’s license agreement with UCB Biopharma Srl, Royalty Pharma may require the Company to repurchase Royalty Pharma’s interests in the Revenue Participation Right at a repurchase price equal to the Royalty Cap.

The Company assessed the Purchase and Sale Agreement and identified it as a sale of future revenue in the form of a debt instrument to be accounted for as a liability under Topic ASC 470, Borrower’s Accounting for Debt Modifications. The Company has elected to use the prospective method in its calculation of its effective interest rate and will update this calculation quarterly when there are changes in the projected sales. Issuance costs pursuant to the Purchase and Sale Agreement consisted primarily of bank and legal fees and totaled $6.3 million. These issuance costs were recorded as a direct deduction to the carrying amount of the liability and will be amortized under the effective interest method over the estimated period the liability will be repaid. For the period ended March 31, 2026, the Company estimated an effective annual interest rate of approximately 13.02%. Over the course of the Purchase and Sale Agreement, the annual interest rate will be affected by the amount and timing of net Niktimvo revenue recognized and change in timing of forecasted net Niktimvo revenue. On a quarterly basis, the Company reassesses the expected timing of the net Niktimvo revenue, recalculates the amortization and effective interest rate, and adjusts the accounting prospectively, as needed. For the three months ended March 31, 2026, the Company recognized royalty interest expense of $11.8 million, related to the Purchase and Sale Agreement. The Company made $7.7 million of payments on the Purchase and Sale Agreement during the period ended March 31, 2026.


	March 31,			December 31,
	2026			2025
Current portion of royalty interest financing liability	$	—		$	—
Royalty interest financing liability, less current portion		350,000			350,000
Debt issuance costs		(6,035	)		(6,091	)
Total royalty interest financing liability, net	$	343,965		$	343,909

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Product revenue allowances	$	10,108	$	9,810
Accrued clinical study and trial costs		14,698		18,977
Accrued selling, general, and administrative costs		4,857		6,316
Accrued compensation and related costs		6,820		24,352
Accrued milestone costs		—		10,000
Accrued royalty payable		7,461		7,372
Accrued interest - royalty interest financing		29,629		25,516
Other		1,270		721
Total accrued expenses and other current liabilities	$	74,843	$	103,064

Significant Collaborative Research and License Agreements

3 Months Ended

Mar. 31, 2026

Research and Development [Abstract]

Significant Collaborative Research and License Agreements

4. Significant Collaborative Research and License Agreements

Incyte Collaboration

In September 2021, the Company entered into the Incyte License with Incyte, covering the worldwide development and commercialization of axatilimab. Also in September 2021, the Company entered into a share purchase agreement with Incyte, or the Incyte Share Purchase Agreement. These agreements are collectively referred to as the Incyte Agreements. Under the terms of the Incyte Agreements, Incyte received exclusive commercialization rights outside of the United States, subject to certain royalty payment obligations set forth below. In the United States, Incyte and the Company are co-commercializing and co-promoting axatilimab as Niktimvo™ (axatilimab-csfr). The Company and Incyte share equally the profits and losses from co-commercialization efforts in the United States.

The Company and Incyte have agreed to continue to co-develop axatilimab and to share development costs associated with global and additional U.S.-specific clinical trials, with Incyte responsible for 55% of such costs and the Company responsible for 45% of such costs. Each company will be responsible for funding any of its own independent development activities. Incyte is responsible for 100% of future development costs for trials that are specific to ex-U.S. countries. All development costs related to the collaboration will be subject to a joint development plan.

Under the terms of the Incyte Agreements, in December 2021, Incyte paid the Company a non-refundable cash payment of $117.0 million and the Company issued 1,421,523 shares of common stock with an aggregate purchase price of $35.0 million, or $24.62 per share. Additionally, under the terms of the Incyte Agreements, the Company is eligible to receive up to $220.0 million in future contingent development and regulatory milestones and up to $230.0 million in commercialization milestones as well as tiered royalties ranging in the mid-teens percentage on net sales of the licensed product comprising axatilimab in Europe and Japan and low double digit percentage in the rest of the world outside of the United States. The Company’s right to receive royalties in any particular country will expire upon the last to occur of (a) the expiration of licensed patent rights covering the licensed product in that particular country, (b) a specified period of time after the first post-marketing authorization sale of a licensed product in that country, and (c) the expiration of any regulatory exclusivity for that licensed product in that country.

In August 2024, the FDA approved Niktimvo for the treatment of cGVHD after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg (88.2 lbs). As a result of the approval of Niktimvo, the Company earned a revenue milestone of $12.5 million, which was received in the third quarter of 2024. Upon the achievement of $150.0 million in net sales of Niktimvo, the Company recognized a $5.0 million milestone receivable in the fourth quarter of 2025, which was received in the first quarter of 2026.

For the three months ended March 31, 2026, the Company has recognized collaboration revenue of $15.9 million. For the three months ended March 31, 2025, the Company recognized $0.2 million of collaboration loss. As of March 31, 2026, the Company has recorded approximately $24.7 million as a collaboration receivable due from Incyte related to the Company's portion of the profit share, commercialization and development costs under the Incyte Agreements and has recorded approximately $4.2 million as a collaboration payable due to Incyte for development and commercialization costs incurred by Incyte. The Company’s share of collaboration profit or loss is based on net sales of Niktimvo and the collaborative commercialization expenses.

Vitae Pharmaceuticals, Inc.

In October 2017, the Company entered into a license agreement, or the Vitae License Agreement, with Vitae Pharmaceuticals, Inc., or Vitae, a subsidiary of AbbVie, Inc., or AbbVie, under which the Company was granted an exclusive, sublicensable, worldwide license to a portfolio of preclinical, orally available, small molecule inhibitors of the Menin–KMT2A binding interaction, or the Menin Assets. Upon execution of the Vitae License Agreement, the Company agreed to pay Allergan (the predecessor in interest to AbbVie) up to $99.0 million in one-time development and regulatory milestone payments over the term of the Vitae License Agreement, subject to the achievement of certain milestone events. In the event that the Company or any of its affiliates or sublicensees commercializes the Menin Assets, the Company will also be obligated to pay Vitae low single to low double-digit percentage royalties on sales, subject to reduction in certain circumstances, as well as up to an aggregate of $70.0 million in potential one-time, sales-based milestone payments based on achievement of certain annual sales thresholds. The Company is solely responsible for the development and commercialization of the Menin Assets. Each party may terminate the Vitae License Agreement for the other party’s uncured material breach or insolvency, and the Company may terminate the Vitae License Agreement at any time upon advance written notice to Vitae. Vitae may terminate the Vitae License Agreement if the Company or any of its affiliates or sublicensees institutes a legal challenge to the validity, enforceability, or patentability of the licensed patent rights. Unless terminated earlier in accordance with its terms, the Vitae License Agreement will continue on a country-by-country and product-by-product basis until the later of: (i) the expiration of all of the licensed patent rights in such country; (ii) the expiration of all regulatory exclusivity applicable to the product in such country; and (iii) 10 years from the date of the first commercial sale of the product in such country.

As of the date of the Vitae License Agreement, the asset acquired had no alternative future use nor had it reached a stage of technological feasibility. As the processes or activities that were acquired along with the license do not constitute a “business,” the transaction has been accounted for as an asset acquisition. As a result, in 2017, the upfront payment of $5.0 million was recorded as research and development expense in the consolidated statements of operations. Since the inception of the Vitae License Agreement, the Company achieved certain development and regulatory milestones resulting in $38.0 million in expense, which includes an $18.0 million milestone expense in 2024 and a $12.0 million expense in 2025, related to the submission of a supplemental New Drug Application, or sNDA, for Revuforj and the first United States sale of Revuforj in its second indication.

UCB Biopharma Sprl

In 2016, the Company entered into a license agreement, or the UCB License Agreement, as amended from time to time, with UCB Biopharma Sprl, or UCB, under which UCB granted to the Company a worldwide, sublicensable, exclusive license to UCB6352, which the Company refers to as axatilimab, an anti-CSF-1R monoclonal antibody. Upon execution of the agreement, the Company agreed to pay UCB up to $119.5 million in one-time development and regulatory milestone payments over the term of the UCB License Agreement, subject to the achievement of certain milestone events. In the event that the Company or any of its affiliates or sublicensees commercializes axatilimab, the Company will also be obligated to pay UCB low double-digit percentage royalties on sales, subject to reduction in certain circumstances, as well as up to an aggregate of $250.0 million in potential one-time, sales-based milestone payments based on achievement of certain annual sales thresholds. Under certain circumstances, the Company may be required to share a percentage of non-royalty income from sublicensees, subject to certain deductions, with UCB. The Company is solely responsible for the development and commercialization of axatilimab, except that UCB was responsible for performing a limited set of transitional chemistry, manufacturing and control tasks related to axatilimab. Each party may terminate the UCB License Agreement for the other party’s uncured material breach or insolvency, and the Company may terminate the UCB License Agreement at any time upon advance written notice to UCB. UCB may terminate the UCB License Agreement if the Company or any of its affiliates or sublicensees institutes a legal challenge to the validity, enforceability, or patentability of the licensed patent rights. Unless terminated earlier in accordance with its terms, the UCB License Agreement will continue on a country-by-country and product-by-product basis until the later of: (i) the expiration of all of the licensed patent rights in such country; (ii) the expiration of all regulatory exclusivity applicable to the product in such country; and (iii) 10 years from the date of the first commercial sale of the product in such country.

As of the date of the UCB License Agreement, the asset acquired had no alternative future use nor had it reached a stage of technological feasibility. As the processes or activities that were acquired along with the license do not constitute a “business,” the transaction has been accounted for as an asset acquisition. As a result, in 2016, the upfront payment of $5.0 million was recorded as research and development expense in the consolidated statements of operations. In connection with its most recent amendment of the UCB License Agreement, in the second quarter of 2022 the Company paid UCB $5.8 million, which was recognized as a milestone expense. Since the effective date of the license agreement, the Company achieved certain development and regulatory milestones and has recorded $41.0 million as research and development expense, which includes a $15.0 million milestone paid during the third quarter of 2024 upon the approval of Niktimvo and a $10 million milestone recognized in the first quarter of 2025 for the first patient dosed in a Phase III study with the compound in a combination with another agent. The Company also recognized a $10.0 million commercial milestone expense in the fourth quarter of 2025 upon the achievement of $150.0 million in net sales of Niktimvo.

Stock-Based Compensation - Share Based Compensation Expense Related to Issuance of Stock Option Awards to Employees and Non Employees Related to Employee Stock Purchase Plan (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense, total	$ 12,053	$ 10,380
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense, total	4,027	3,668
Selling, General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense, total	$ 8,026	$ 6,712

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity - Additional Information (Detail) - Pre Funded Warrants [Member]	Mar. 31, 2026 shares
Class Of Stock [Line Items]
Warrants issued (in shares)	1,142,856
Number of pre funded warrants exercised for common stock	285,714

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies (Additional Information) (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 130,893	$ 134,930
Short-term investments	221,171	259,140
Accounts receivable, net	38,116	37,996
Inventory	34,948	32,754
Short-term deposits	9,175	19,616
Other receivable, net	267	6,404
Collaboration receivable, net	20,507	23,745
Prepaid expenses and other current assets	16,100	13,496
Total current assets	471,177	528,081
Property and equipment, net	177	181
Right-of-use asset, net	1,212	1,342
Restricted cash	102	102
Total assets	472,668	529,706
Current liabilities:
Accounts payable	10,843	16,580
Accrued expenses and other current liabilities	74,843	103,064
Current portion of right-of-use liability	487	470
Current portion of capital lease	1	2
Total current liabilities	86,174	120,116
Long-term liabilities:
Royalty interest financing liability, less current portion	343,965	343,909
Right-of-use liability, less current portion	907	1,051
Total long-term liabilities	344,872	344,960
Total liabilities	431,046	465,076
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000,000 shares authorized; 0 shares outstanding at September 30, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value, 200,000,000 shares authorized; 86,905,343 and 85,694,443 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	9	9
Additional paid-in capital	1,590,855	1,570,749
Accumulated other comprehensive gain	11	452
Accumulated deficit	(1,549,253)	(1,506,580)
Total stockholders’ equity	41,622	64,630
Total liabilities and stockholders’ equity	$ 472,668	$ 529,706

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Total revenues	$ 64,864	$ 20,042
Operating expenses:
Cost of Product Sales	2,633	885
Research and development	58,845	61,636
Selling, general and administrative	37,588	41,031
Collaboration loss	0	247
Total operating expenses	99,066	103,799
Loss from operations	(34,202)	(83,757)
Other income (expense), net:
Royalty interest expense	(11,846)	(8,049)
Other interest expense	0	(2)
Interest income	3,561	7,183
Other expense	(186)	(221)
Total other (expense) income, net	(8,471)	(1,089)
Net loss	(42,673)	(84,846)
Other Comprehensive loss:
Unrealized (loss) gain on marketable securities	(441)	364
Other Comprehensive loss	$ (43,114)	$ (84,482)
Basic loss per share attributable to common stockholders	$ (0.48)	$ (0.98)
Diluted loss per share attributable to common stockholders	$ (0.48)	$ (0.98)
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders —basic	88,255,636	86,171,889
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders—diluted	88,255,636	86,171,889
Product
Revenue:
Total revenues	$ 48,923	$ 20,042
Collaboration revenue
Revenue:
Total revenues	$ 15,941	$ 0

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. Fair Value Measurements

The carrying amounts of cash and cash equivalents, restricted cash, accounts payable, and accrued expenses approximated their estimated fair values due to the short-term nature of these financial instruments. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following:

Level 1— Quoted prices (unadjusted) in active markets that are accessible at the market date for identical unrestricted assets or liabilities.

Level 2— Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The table below presents information about the Company’s assets and liabilities that are regularly measured and carried at fair value and indicate the level within the fair value hierarchy of valuation techniques the Company utilized to determine such fair values (in thousands):


	Fair Value Measurements Using
			Quoted
			Prices		Significant
			(unadjusted)		Other		Significant
	Total		in Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2026
Assets:
Cash equivalents	$	130,643	$	130,643	$	—	$	—
Short-term investments		221,171		—		221,171		—
Total assets	$	351,814	$	130,643	$	221,171	$	—
December 31, 2025
Assets:
Cash equivalents	$	115,358	$	115,358	$	—	$	—
Short-term investments		259,140		—	$	259,140		—
Total assets	$	374,498	$	115,358	$	259,140	$	—

There have been no material impairments of our assets measured and carried at fair value during the periods ended March 31, 2026 and 2025. In addition, there have been no changes in valuation techniques during the periods ended March 31, 2026 and 2025. The fair value of Level 1 instruments classified as cash equivalents are valued using quoted market prices in active markets. The fair value of Level 2 instruments classified as short-term investments are determined based on quoted prices in active markets, which are either directly or indirectly observable as of the reporting date with fair value being determined using models or other valuation methodologies.

The Company’s short and long-term investments are classified as available-for-sale securities. As of March 31, 2026, the remaining contractual maturities of the available-for-sale securities were 1 to 10 months, and the balance in the Company’s accumulated other comprehensive gain was comprised solely of activity related to the Company’s available-for-sale securities. There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities, during the three months ended March 31, 2026 and 2025. As a result, the Company did not reclassify any amounts out of accumulated other comprehensive gain for the same periods.

The following table summarizes the available-for-sale securities:


	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
March 31, 2026
Commercial paper	$	81,615			$	(100	)	$	81,515
Corporate bonds		21,448				(8	)		21,440
US Treasury		118,097		119					118,216
	$	221,160	$	119	$	(108	)	$	221,171
December 31, 2025
Commercial paper	$	86,066	$	15	$	—		$	86,081
Corporate bonds		28,227		30		—			28,257
US Treasury		144,395		407		—			144,802
	$	258,688	$	452	$	—		$	259,140

Net Loss per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss per Share Attributable to Common Stockholders

5. Net Loss per Share Attributable to Common Stockholders

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:


	Three Months Ended March 31,
	2026			2025
	(In thousands, except share and per share data)
Numerator—basic and diluted:
Net loss	$	(42,673	)	$	(84,846	)
Net loss attributable to common stockholders—basic and diluted	$	(42,673	)	$	(84,846	)
Net loss per share attributable to common stockholders—basic and diluted	$	(0.48	)	$	(0.98	)
Denominator—basic and diluted:
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders—basic and diluted		88,255,636			86,171,889

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares):


	March 31,
	2026		2025
Options to purchase common stock		13,949,602		13,528,527
Employee Stock Purchase Plan		59,058		25,663
Non-vested restricted stock units (RSUs)		3,434,449		2,593,981

For additional information related to the Company’s common stock see Note 13 — Stock Based Compensation.

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' Equity

14. Stockholders’ Equity

Pre-Funded Warrants

In December 2021, the Company sold pre-funded warrants to purchase 1,142,856 shares of common stock. As of March 31, 2026, 285,714 pre-funded warrants were issued and outstanding.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Significant Collaborative Research and License Agreements - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended					12 Months Ended
	Aug. 31, 2024	Dec. 31, 2021	Sep. 30, 2021	Oct. 31, 2017	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2022	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2024	Apr. 30, 2024
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development					$ 58,845		$ 61,636
Net sales					150,000
Other Receivables, net					267	$ 6,404							$ 3,500
Incyte Agreement [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone payment received	$ 12,500
Other Receivables, net					5,000
Common stock shares purchased		1,421,523
Purchase price per share		$ 24.62
Proceeds from issuance of common stock		$ 35,000
Collaboration receivable					24,700
Collaboration Loss							200
Collaboration revenue					15,900
Collaboration expense due to counterparty					4,200
Incyte Agreement [Member] \| Maximum [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Potential milestone payments to be made		220,000
Commercialization milestones and tiered royalties		230,000
Incyte Agreement [Member] \| Non-Refundable Cash Payments [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront milestone payable		$ 117,000
Allergan License Agreement [Member] \| Vitae Pharmaceuticals Inc [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development										$ 5,000
Potential milestone payments to be made				$ 99,000
Aggregate potential milestone payable				$ 70,000
Milestone Expenses Paid						12,000						$ 18,000
Development and regulaotry milestones Expenses					38,000
License expiration year				10 years
Ucb License Agreement [Member] \| U C B Biopharma [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development					41,000		$ 10,000	$ 15,000			$ 5,000
Potential milestone payments to be made											119,500
Aggregate potential milestone payable											$ 250,000
Milestone Expenses Paid					$ 150,000
License expiration year											10 years
Milestone payment payable						$ 10,000			$ 5,800
Global and U.S. [Member] \| Incyte Agreement [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Development costs associated with clinical trials			45.00%
Global and U.S. [Member] \| Incyte Agreement [Member] \| Incyte Corporation [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Development costs associated with clinical trials			55.00%
Ex-U.S. Countries [Member] \| Incyte Agreement [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Development costs associated with clinical trials			100.00%

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Operating Financial Results

The following table provides the operating financial results of our biopharmaceutical cancer therapeutics segment:


	Three Months Ended March 31,
	2026			2025
March 31, 2026
Total Revenue	$	64,864		$	20,042
Less: Significant and other segment expenses
Cost of product sales		2,633			885
Collaboration loss		-			247
Research and development expenses
Revumenib-related costs		25,725			20,805
Axatilimab-related costs		9,633			19,711
Other R&D programs		162			921
Personnel cost and other expenses		19,298			16,531
General and administrative expenses
Commercial related expenses		7,721			10,825
Personnel cost and other expenses		16,701			19,082
Other SG&A expenses		5,140			4,412
Stock-based compensation		12,053			10,380
Royalty interest expense		11,846			8,049
Interest expense (income), net		(3,561	)		(7,181	)
Other expense, net		186			221
Segment net loss	$	(42,673	)	$	(84,846	)

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

The Company’s significant accounting policies, which are disclosed in the audited consolidated financial statements for the year ended December 31, 2025, and the notes thereto are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on February 26, 2026. Since the date of filing, there have been no material changes to the Company’s significant accounting policies, except as noted below.

Use of Estimates

The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of costs and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis.

Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these unaudited consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and

are recognized in the unaudited consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s unaudited consolidated financial statements.

Income taxes

In accordance with Topic ASC 270, Interim Reporting, and Topic ASC 740, Income Taxes, the Company is required at the end of each interim period to determine the best estimate of its annual effective tax rate and then apply that rate in providing for income taxes on a current year-to-date (interim period) basis. For the three months ended March 31, 2026 and 2025, the Company recorded no tax expense or benefit due to the expected current year loss and its historical losses. As of March 31, 2026 and December 31, 2025, the Company concluded that a full valuation allowance would be necessary for all of its net deferred tax assets. The Company had no amounts recorded for uncertain tax positions, interest or penalties in the accompanying unaudited consolidated financial statements.

On July 4, 2025, the One Big Beautiful Bill Act, or OBBBA, was enacted in the United States. The OBBBA includes significant changes to the Internal Revenue Code of 1986, or the Tax Code, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, or the TCJA, modifications to certain aspects of the international tax framework and the restoration of favorable tax treatment for certain business expense provisions. The OBBBA introduced several U.S. tax law changes, including the ability to immediately expense domestic research and experimental, or R&E, expenditures starting in 2025, and an election to accelerate any unamortized domestic R&E expenditures over a one or two year period beginning with the 2025 tax year. In accordance with ASC 740, Accounting for Income Taxes, the impacts of the OBBBA did not affect the Company’s U.S. deferred tax assets or liabilities, as the Company continues to maintain a full valuation allowance against those balances.

Other comprehensive income

Comprehensive loss consists of two components, net loss and other comprehensive loss, net of tax. The Company’s other comprehensive loss, net of tax, consists of unrealized gains (losses) on the Company’s investments.

Collaboration revenue, net

In September 2021, the Company entered into the Incyte License and Collaboration Agreement, or the Incyte License, with Incyte Corporation, or Incyte, covering the worldwide development and commercialization of axatilimab. In August 2024, the U.S. Food and Drug Administration, or FDA, approved Niktimvo for the treatment of chronic graft-versus host disease, or cGVHD, after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg (88.2 lbs). See Note 4 — Significant Collaborative Research and License Agreements — Incyte Collaboration for further details on the Incyte License and Collaboration Agreement.

In accordance with Topic ASC 808, Collaboration Arrangements, Incyte has been identified as the principal in product sales, therefore, the Company will recognize its share of any profits or losses in the amount of net product sales less cost of goods sold and shared commercial costs, royalties and other expenses, in the period in which the underlying sales and costs are recognized. The Company’s share of net profits in connection with commercialization of products will be presented as “Collaboration revenue, net” and its share of net losses will be presented as “Collaboration loss” within operating expenses. The year to date “Collaboration revenue, net” or “Collaboration loss” will be presented as the net cumulative amount for all periods reported on in the financial statements. The Company will continue to recognize the costs associated with ongoing development services in the R&D operating expense line, including any cost-sharing components with Incyte.

Recently Issued and Adopted Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other accounting standard setting bodies that we adopt as of the specified effective date. Unless otherwise discussed below, we do not believe that the adoption of recently issued standards have or may have a material impact on our unaudited consolidated financial statements or disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, or ASU 2024-03. Among other items, the requirements include expanded disclosures around employee compensation and selling expenses. ASU 2024-03 will be effective for the Company for the year ending December 31, 2027. The Company is still evaluating the impact of this new guidance on its unaudited consolidated financial statements but expects the adoption to result in disclosure changes only.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (42,673)	$ (84,846)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive(Loss) / Income [Member]	Accumulated Deficit [Member]
Beginning balance, shares at Dec. 31, 2024		85,694,443
Beginning balance at Dec. 31, 2024	$ 288,124	$ 9	$ 1,509,110	$ 163	$ (1,221,158)
Stock purchase under ESPP, shares		104,115
Stock-based compensation expense	10,487		10,487
Unrealized loss on investments	364			364
Vesting of RSUs		205,527
Employee withholdings ESPP	545		545
Proceeds from exercise of stock options, shares		42,947
Proceeds from exercise of stock options	385		385
Net Income (Loss)	(84,846)				(84,846)
Ending balance, shares at Mar. 31, 2025		86,047,032
Ending balance at Mar. 31, 2025	215,059	$ 9	1,520,527	527	(1,306,004)
Beginning balance, shares at Dec. 31, 2025		87,405,979
Beginning balance at Dec. 31, 2025	64,630	$ 9	1,570,749	452	(1,506,580)
Stock purchase under ESPP, shares		120,458
Stock-based compensation expense	12,188		12,188
Unrealized loss on investments	(441)			(441)
Vesting of RSUs		506,135
Employee withholdings ESPP	458		458
Proceeds from exercise of stock options, shares		511,309
Proceeds from exercise of stock options	7,460		7,460
Net Income (Loss)	(42,673)				(42,673)
Ending balance, shares at Mar. 31, 2026		88,543,881
Ending balance at Mar. 31, 2026	$ 41,622	$ 9	$ 1,590,855	$ 11	$ (1,549,253)

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	88,543,881	87,405,979
Common stock, shares outstanding	88,543,881	87,405,979

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Prepaid insurance		980		1,590
Interest receivable on investments		1,803		2,146
Prepaid subscriptions		2,088		2,221
Prepaid state and local taxes		—		13
Prepaid rent		54		55
Prepaid inventory		8,904		6,252
Other		2,271		1,219
Total prepaid expenses and other current assets	$	16,100	$	13,496

Net Loss per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:


	Three Months Ended March 31,
	2026			2025
	(In thousands, except share and per share data)
Numerator—basic and diluted:
Net loss	$	(42,673	)	$	(84,846	)
Net loss attributable to common stockholders—basic and diluted	$	(42,673	)	$	(84,846	)
Net loss per share attributable to common stockholders—basic and diluted	$	(0.48	)	$	(0.98	)
Denominator—basic and diluted:
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders—basic and diluted		88,255,636			86,171,889

Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share


	March 31,
	2026		2025
Options to purchase common stock		13,949,602		13,528,527
Employee Stock Purchase Plan		59,058		25,663
Non-vested restricted stock units (RSUs)		3,434,449		2,593,981

Property and Equipment, net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, net

10. Property and Equipment, net

Property and equipment, net, consisted of the following (in thousands):


	March 31,			December 31,
	2026			2025
Equipment	$	271		$	271
Leasehold improvements		167			167
Furniture and fixtures		134			134
Office and computer equipment		34			34
Total property and equipment		606			606
Accumulated depreciation		(429	)		(425	)
Property and equipment, net	$	177		$	181

Depreciation expense was $4,000 for the three months ended March 31, 2026. There was no depreciation expense for the three months ended March 31, 2025.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value


	Fair Value Measurements Using
			Quoted
			Prices		Significant
			(unadjusted)		Other		Significant
	Total		in Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
March 31, 2026
Assets:
Cash equivalents	$	130,643	$	130,643	$	—	$	—
Short-term investments		221,171		—		221,171		—
Total assets	$	351,814	$	130,643	$	221,171	$	—
December 31, 2025
Assets:
Cash equivalents	$	115,358	$	115,358	$	—	$	—
Short-term investments		259,140		—	$	259,140		—
Total assets	$	374,498	$	115,358	$	259,140	$	—

Summary of Available-for-Sale Securities

The following table summarizes the available-for-sale securities:


	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
	(In thousands)
March 31, 2026
Commercial paper	$	81,615			$	(100	)	$	81,515
Corporate bonds		21,448				(8	)		21,440
US Treasury		118,097		119					118,216
	$	221,160	$	119	$	(108	)	$	221,171
December 31, 2025
Commercial paper	$	86,066	$	15	$	—		$	86,081
Corporate bonds		28,227		30		—			28,257
US Treasury		144,395		407		—			144,802
	$	258,688	$	452	$	—		$	259,140

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (42,673)	$ (84,846)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	4	0
Accretion of investments	(862)	(3,599)
Non-cash operating lease expense	130	221
Stock-based compensation	12,054	10,380
Amortization of debt issuance costs	56	112
Changes in operating assets and liabilities:
Accounts receivable, net	120	(8,120)
Inventory, net	(2,060)	(4,191)
Prepaid expenses and other assets	7,837	5,992
Collaboration receivable (payable), net	3,238	(7,044)
Other receivable	6,137	45
Accounts payable	(5,737)	(1,579)
Accrued expenses and other liabilities	(28,349)	(2,533)
Net cash used in operating activities	(50,345)	(95,162)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short and long-term investments	(39,387)	(10,538)
Proceeds from sales and maturities of short-term investments	77,777	104,680
Net cash provided by investing activities	38,390	94,142
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Employee Stock Purchase Plan	458	545
Proceeds from stock option exercises	7,460	385
Net cash provided by financing activities	7,918	930
NET DECREASE CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(4,037)	(90)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—beginning of period	135,032	154,300
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —end of period	$ 130,995	$ 154,210

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share Based Compensation Expense Related to Issuance of Stock Option Awards to Employees and Non Employees Related to Employee Stock Purchase Plan

The Company recognized stock-based compensation expense related to the issuance of stock option awards and restricted stock units to employees and non-employees and related to the Company’s 2015 Employee Stock Purchase Plan, or ESPP, in the consolidated statements of comprehensive loss as follows:


	Three Months Ended March 31,
	2026		2025

Research and development	$	4,027	$	3,668
Selling, general and administrative		8,026		6,712
Total	$	12,053	$	10,380

Summary in Compensation Expense by Type of Award

Compensation expense by type of award in the three months ended March 31, 2026 and 2025 was as follows:


	Three Months Ended March 31,
	2026		2025

Stock options	$	7,561	$	7,685
RSUs		4,281		2,575
ESPP		211		120
Total	$	12,053	$	10,380

Segment Reporting - Schdule of Operating Financial Result (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total Revenue	$ 64,864	$ 20,042
Less: Significant and other segment expenses
Cost of Product Sales	2,633	885
Research and development	58,845	61,636
Royalty interest expense	11,846	8,049
Segment net loss	(42,673)	(84,846)
Biopharmaceutical Cancer Therapeutics Member
Segment Reporting Information [Line Items]
Total Revenue	64,864	20,042
Less: Significant and other segment expenses
Cost of Product Sales	2,633	885
Collaboration Loss	0	247
Other R&D programs	162	921
Personnel cost and other expenses	19,298	16,531
Commercial related expenses	7,721	10,825
Personnel cost and other expenses	16,701	19,082
Other SG&A expenses	5,140	4,412
Stock-based compensation	12,053	10,380
Royalty interest expense	11,846	8,049
Interest expense (income), net	(3,561)	(7,181)
Other expense, net	186	221
Segment net loss	(42,673)	(84,846)
Biopharmaceutical Cancer Therapeutics Member \| Revumenib-Related Costs Member
Less: Significant and other segment expenses
Research and development	25,725	20,805
Biopharmaceutical Cancer Therapeutics Member \| Axatilimab-Related Costs Member
Less: Significant and other segment expenses
Research and development	$ 9,633	$ 19,711

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

13. Stock-Based Compensation

In January 2026, the number of shares of common stock available for issuance under the Company’s 2015 Omnibus Incentive Plan, or the 2015 Plan, was increased by 3,496,239 shares of common stock due to the automatic annual provision to increase shares of common stock available under the 2015 Plan. In March 2026, the 2015 Plan expired.

As of March 31, 2026, there were 754,528 shares of common stock available for issuance under the Inducement Plan.


	Three Months Ended March 31,
	2026		2025

Research and development	$	4,027	$	3,668
Selling, general and administrative		8,026		6,712
Total	$	12,053	$	10,380

Compensation expense by type of award in the three months ended March 31, 2026 and 2025 was as follows:


	Three Months Ended March 31,
	2026		2025

Stock options	$	7,561	$	7,685
RSUs		4,281		2,575
ESPP		211		120
Total	$	12,053	$	10,380

In addition, stock-based compensation expense of $0.1 million was capitalized to inventory as of March 31, 2026 and 2025, which represents the stock-based compensation expense incurred related to employees involved in the manufacturing process of finished goods and samples.

As of March 31, 2026, there were $113.5 million of unrecognized compensation costs related to employee and non-employee unvested stock options and RSUs granted under the Inducement Plan, 2015 Plan and the Company’s 2007 Stock Plan, which are expected to be recognized over a weighted-average remaining service period of 2.72 years.

Employee Benefit Plan

The Company maintains a defined contribution 401(k) retirement plan. For the three months ended March 31, 2026 and 2025, the Company made $2.5 million and $2.3 million of contributions to the plan, respectively. The Company’s contributions are made in cash.