Karyopharm Therapeutics Inc. (NASDAQ: KPTI) Q2 2025 Earnings | 08/11/2025

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Summary of Karyopharm Therapeutics Q2 2025 Earnings Call – August 11, 2025

Key Highlights:

Financial & Liquidity Update:
- Cash Position: $52M at Q2-end; expects liquidity to fund operations until January 2026 (excluding $24.5M debt maturity due October 2025).
- Revenue: $37.9M ($29.7M from U.S. Xpovio sales, +6% YoY); full-year 2025 guidance narrowed to $110–120M (U.S. Xpovio).
- Cost Cuts: 20% workforce reduction (saving ~$13M annually from 2026).
Pipeline Progress:
- Myelofibrosis (MF) – Phase 3 SENTRY Trial:
  - Enrollment completed this week; top-line data expected March 2026.
  - Blinded safety data (61 patients) suggests lower Grade 3+ anemia (26% vs. 37% historical ruxolitinib) and discontinuation rates (5–7% vs. 6–11%).
  - Potential $1B+ peak U.S. revenue if approved as first oral combo therapy with ruxolitinib.
- Endometrial Cancer – Phase 3 SIENDO Trial:
  - Enrollment steady; data expected mid-2026 in TP53 wild-type patients (~50% of advanced cases).
- Multiple Myeloma – Phase 3 STOMP Trial:
  - Data anticipated H1 2026 for all-oral triplet (selinexor + pomalidomide/dexamethasone).
Commercial & Strategic Focus:
- Xpovio Positioning: Used post-CD38 therapy and pre/post CAR-T in myeloma; 60% of sales from community oncologists.
- Global Expansion: Approved in 50 countries; royalty revenue up 28% YoY to $1.6M.
- Debt Refinancing: Engaged Centerview Partners to explore options ahead of October 2025 maturity.

Clinical & Regulatory Insights:

Myelofibrosis Opportunity:
- SENTRY trial optimized with co-primary endpoints: spleen volume reduction (SVR35) and symptom improvement (absolute TSS, excluding fatigue).
- Disease modification potential: Early data show bone marrow fibrosis reduction and erythroid progenitor increases, possibly explaining lower anemia rates.
Safety Improvements: Mandatory dual antiemetics in SENTRY reduced nausea/vomiting vs. Phase 1 (64% vs. 80% all-grade nausea).

Analyst Q&A Highlights:

Myelofibrosis Readout Risks: Confidence in SVR35/TSS endpoints, but symptom improvement remains a historical challenge in MF trials.
Endometrial Cancer Enrollment: Steady progress in TP53 wild-type maintenance setting; no enrollment numbers disclosed.
Liquidity Solutions: Exploring financing/strategic alternatives; no further details shared.

Upcoming Catalysts:

Mar 2026: SENTRY (MF) top-line data.
Mid-2026: SIENDO (endometrial cancer) data.
H1 2026: STOMP (myeloma) data.

Conclusion: Despite near-term liquidity challenges, Karyopharm is poised for transformative data readouts in 2026, particularly in myelofibrosis, where SENTRY could redefine frontline care. Cost controls and commercial execution aim to bridge the gap to potential approvals.

Key Risks: Debt refinancing, competitive myeloma landscape, and FDA alignment on MF/endometrial cancer endpoints.

About this video

Karyopharm Therapeutics reported its second-quarter 2025 financial results, revealing a challenging period marked by declining revenues and extended losses. Total revenue for Q2 2025 came in at $37.9 million, down 11.4% year-over-year from $42.8 million in Q2 2024, with U.S. XPOVIO net product revenue at $29.7 million compared to $28.0 million one year prior. License and other revenue made up $8.2 million of the quarterly total. The company posted a net loss of $37.3 million, or $4.32 per share, a stark reversal from the prior-year net income of $23.8 million ($2.26 per share), and reflecting a 291% negative swing in per-share results. This marks the eleventh consecutive year of quarterly losses for Karyopharm. Adjusted EBITDA and other profitability metrics also deteriorated sharply. Operating highlights included ongoing progress in late-stage clinical trials, most notably the SENTRY trial for myelofibrosis, where patient enrollment was completed. CEO Richard Paulson emphasized expectations for two pivotal Phase III data readouts over the next twelve months, potentially reshaping treatment options in the myelofibrosis space. Management also addressed liquidity concerns, projecting existing resources will extend into January 2026 (excluding debt maturities), while actively pursuing strategic financing alternatives to lengthen the cash runway. For full-year 2025, Karyopharm guided for total revenue between $140 million and $155 million, with U.S. XPOVIO product sales expected at $110–$120 million. R&D and SG&A expenses are forecasted in the $240–$250 million range. The company continues to focus on maximizing commercial performance for XPOVIO while advancing its pipeline programs targeting multiple myeloma, endometrial cancer, myelofibrosis, and DLBCL. Risks highlighted include persistent operating losses, challenging competitive and reimbursement environments, the need to execute near-term financing for liquidity, and the inherent uncertainty of late-stage clinical trial outcomes. Market response to Q2 results was negative, with shares declining 24.6% month-to-date and underperforming broad indices. About Inside Ticker: Inside Ticker delivers timely, in-depth financial news and earnings analysis to empower investors with actionable insights on global companies across sectors. For comprehensive video analysis and real-time updates, visit https://www.insideticker.com/. #KaryopharmTherapeutics #KPTI #Q22025 #Earnings #FinancialResults #Revenue #NetLoss #EPS #XPOVIO #Selinexor #ClinicalTrials #Myelofibrosis #MultipleMyeloma #Oncology #Pharmaceuticals #Biotech #CashRunway #PhaseIII #InvestorUpdates #NASDAQ #DrugDevelopment #R&D #InsideTicker

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