Syndax Pharmaceuticals, Inc. (NASDAQ:SNDX) Q4 2019 Earnings Conference Call - Final Transcript
Mar 03, 2020 • 04:30 pm ET
Richard P. Shea
And in Q1 2020, we added $35 million through an equity financing and we drew $20 million of debt on a term loan. So our pro forma cash headed into 2020 is $115 million. And given our cash operating expense guidance for the first half of 2020, we expect to end Q2 2020 -- the first half of 2020 with more than $80 million of cash, which gives us the financial flexibility to take advantage of key development milestones well into 2021.
I'll now turn the call back over to Briggs.
Briggs W. Morrison
Thanks very much, Rick. As I hope you've appreciated from my prepared remarks, 2020 is a busy year for Syndax with several very important and exciting data readouts close at hand. We believe that a positive OS result in E2112 would be transformative for Syndax and create significant shareholder value. We anticipate a final readout in the second quarter of this year.
We also believe that SNDX-5613, our Menin-MLL-r inhibitor, is well poised for near-term proof-of-concept data. We believe that safely achieving adequate target coverage in the Phase I trial could derisk this program with single-agent activity in patients with either MLL-r or NPM1 leukemia, providing clinical proof-of-concept and enabling early regulatory clarity and planning for next steps.
And finally, we are very excited about the early results we are seeing with axatilamab in chronic graft versus host disease and look forward to presenting updated data from this program at the end of this year. With our recent highly successful financing, we are comfortable that we have the financial resources to get us through these key upcoming milestones.
Finally, we are optimistic that we will continue to identify and bring in novel molecules to deepen our portfolio. We have a proven track record of delivering on this pillar of our strategy, and I believe this is a core strength of our company.
As always, I would like to thank the wonderfully talented team here at Syndax, our collaborators and, most importantly, the patients, trial sites and investigators involved with our clinical program. In addition, I'd like to thank our committed, long-term investors who are helping us build this great company and to welcome the new investors who joined in that effort with our recent financing.
With that, I'd like to open the call for questions.