Karyopharm Therapeutics Inc. Q2 FY2025 earnings call

• The company is operating under financial constraints with a near-term debt maturity in October and is actively engaging with lenders to enhance liquidity. - Key clinical trial progress: Phase III SENTRY trial in myelofibrosis is closing new patient screening this week, with top line data anticipated in March 2026; Phase II SENTRY 2 trial enrollment challenges and plans to expand criteria; enrollment in endometrial cancer trial EC042 progressing steadily with top line data expected mid-2026; Phase III EMN29 SPd trial for multiple myeloma. - Commercial highlights: XPOVIO net product revenue growth, expansion of global patient access, and potential peak revenue of up to $1 billion annually in the U.S. for myelofibrosis. - Cost optimization: Roughly 20% workforce reduction announced in early July, expected to lower annual spend by ~$13 million in 2026.

In the second quarter of 2025, U.S. XPOVIO net product revenue was $29.7 million, up 6% from the second quarter of 2024. Royalty revenue increased 28% to $1.6 million in Q2 2025 compared to Q2 2024. Total revenue for Q2 2025 was $37.9 million, down from $42.8 million in Q2 2024, primarily due to nonrecurring license related revenue in the prior year. XPOVIO net product revenue contributes significantly to the company's financials, with the community setting driving approximately 60% of total U.S. sales.

• Total revenue for 2025 is expected to be in the range of $140 million to $155 million. - U.S. XPOVIO net product revenue is projected to be between $110 million and $120 million. - R&D and SG&A expenses are expected to be in the range of $240 million to $250 million. - Liquidity is sufficient to fund planned operations to the October 15 maturity of senior convertible notes, and is expected to fund operations into January 2026.

• Financial constraints with a near-term debt maturity in October, requiring active engagement with lenders to enhance liquidity. - Risks associated with clinical trial outcomes not meeting expectations, which could impact the company's ability to redefine standards of care and achieve revenue potential.

Q: Discuss scenarios to enhance liquidity and maximize value?

A: Exploring full range of financing and strategic alternatives with Centerview Partners, focusing on extending cash runway and maximizing value, with no further disclosure planned unless Board approves specific actions.

Q: Safety question about antiemetics use and FDA leadership change?

A: Antiemetics usage tightened in Phase III, improving nausea and vomiting. No additional FDA feedback received beyond prior alignment on endpoint changes, with confidence remaining in FDA position.