Karyopharm Q1 2024 Financial Results and Recent Progress

Karyopharm Therapeutics Inc., a commercial-stage pharmaceutical company specializing in novel cancer therapies, has announced key achievements for the first quarter of 2024. The company reported total revenues of $33.1 million, with U.S. net product revenue from XPOVIO® (selinexor) accounting for $26.0 million of that total. This performance represents a slight increase from the previous quarter, although it is a decrease from the first quarter of 2023.

Richard Paulson, Karyopharm's President and CEO, highlighted the company's progress and strategic refinancing moves, which extend the majority of its debt maturities into 2028 and 2029. This refinancing effort strengthens the company's financial position, allowing it to focus on its three ongoing Phase 3 clinical trials set for data readouts next year.

Karyopharm's lead product, XPOVIO, showed resilience in the market despite increasing competition. Approximately 60% of its net product revenue was derived from the community setting, with significant usage observed in earlier lines of therapy. In academic settings, demand for XPOVIO grew due to its application in T-cell therapies.

Significant international milestones for XPOVIO included its addition to Mainland China's National Reimbursement Drug List for relapsed or refractory multiple myeloma and NICE's recommendation in the UK for its expanded use in combination with bortezomib and dexamethasone.

In research and development, Karyopharm presented long-term follow-up data from the Phase 3 SIENDO study on selinexor maintenance treatment in TP53 wild-type advanced/recurrent endometrial cancer at the 2024 ASCO Annual Meeting and the European Gynaecological Oncology Congress. The company also initiated the Phase 2 SENTRY-2 trial for selinexor monotherapy in patients with JAK inhibitor-naïve myelofibrosis, targeting preliminary results by the end of 2024.

Karyopharm's financial results for the first quarter of 2024 revealed a net loss of $37.4 million, or $0.32 per share, compared to a net loss of $34.1 million in the same period last year. The company reported R&D expenses of $35.4 million, up from $32.3 million, and SG&A expenses of $29.5 million, down from $35.9 million due to cost-reduction measures.

The company's financial outlook for the full year 2024 remains optimistic, reaffirming total revenue guidance between $140.0 million and $160.0 million, with U.S. XPOVIO net product revenue expected to be between $100.0 million and $120.0 million. R&D and SG&A expenses are forecasted to be in the range of $260.0 million to $280.0 million.

Karyopharm's flagship product, XPOVIO, is a first-in-class, oral inhibitor of the nuclear export protein XPO1, used to treat multiple myeloma and diffuse large B-cell lymphoma (DLBCL). The company continues to expand its reach, with regulatory approvals in various countries, including Europe, the UK, China, South Korea, and Israel. Selinexor is also under investigation for other cancer indications, such as endometrial cancer and myelofibrosis.

Karyopharm underscores the potential of selinexor in treating multiple myeloma, endometrial cancer, myelofibrosis, and DLBCL, alongside ongoing efforts to refine its clinical development plans and potential regulatory submissions.

In conclusion, Karyopharm Therapeutics is strategically positioned for growth, driven by its innovative pipeline and strong financial management, setting the stage for significant advancements in cancer treatment.