Karyopharm Q2 2024 Financial Results and Company Progress Highlights

Karyopharm Therapeutics Inc., a company specializing in innovative cancer treatments, reported noteworthy achievements and financial results for the second quarter of 2024. Total revenue for the period reached $42.8 million, compared to $37.6 million in the same quarter of the previous year. The U.S. net product revenue for its leading drug, XPOVIO® (selinexor), amounted to $28.0 million.

Key developments included ongoing growth in both new patient starts and refills for XPOVIO in the competitive multiple myeloma market. The drug demonstrated more than 10% growth in community settings, which accounts for about 60% of the drug's total revenue, while maintaining consistent demand in academic settings. Internationally, XPOVIO received favorable reimbursement decisions in the United Kingdom and South Korea, along with regulatory approvals for additional indications in China and various international markets.

At the ASCO Annual Meeting in June 2024, Karyopharm presented updated clinical results from the Phase 3 SIENDO study of selinexor as a maintenance treatment for advanced/recurrent endometrial cancer. The study showed promising median progression-free survival (PFS) rates, especially in certain subgroups. For example, patients with TP53 wild-type advanced/recurrent endometrial cancer treated with selinexor had a median PFS of 28.4 months compared to 5.2 months for the placebo group.

In the field of myelofibrosis, pre-clinical data presented at the European Hematology Association meeting highlighted selinexor's potential to target multiple oncogenic pathways. The pivotal Phase 3 SENTRY trial of selinexor combined with ruxolitinib in JAK-naive myelofibrosis is progressing well, with top-line data expected in the second half of 2025.

For multiple myeloma, updated clinical data for the SPd regimen (selinexor, pomalidomide, and dexamethasone) from the STOMP and MM-028 trials indicated a median PFS of 18.4 months with a manageable safety profile. However, the Phase 3 XPORT-MM-031 trial is enrolling patients at a slower rate than anticipated due to increasing competition. Karyopharm plans to amend the trial design to expedite the study, aiming for a data readout in the first half of 2025.

KPT-9274, another of Karyopharm's compounds, received two Rare Pediatric Disease Designations from the FDA for the treatment of rhabdomyosarcoma and Ewing sarcoma. These approvals highlight KPT-9274’s promise in addressing rare pediatric cancers with significant unmet needs.

In financial matters, Karyopharm completed significant refinancing transactions in May 2024, extending most of its debt maturities to 2028 and 2029, and amending its royalty agreement with HealthCare Royalty. This move strengthens the company’s balance sheet and aligns with its growth strategy.

Based on current operations, Karyopharm raised its full-year 2024 revenue guidance to between $145.0 million and $160.0 million and expects U.S. XPOVIO net product revenue to be between $105.0 million and $120.0 million. The company also adjusted its R&D and SG&A expense guidance to a range of $250.0 million to $265.0 million, a reduction from prior estimates.

Overall, Karyopharm reported a net income of $23.8 million for the second quarter of 2024, compared to a net loss of $32.6 million in the same quarter of the previous year. The company’s cash, cash equivalents, restricted cash, and investments totaled $152.5 million as of June 30, 2024, down from $192.4 million at the end of 2023.

These financial results and strategic advancements indicate Karyopharm's robust position as it continues to develop and commercialize its innovative cancer therapies.