Karyopharm Therapeutics Inc. Q3 FY2025 earnings call

Clinical Progress - Completed enrollment in Phase III SENTRY trial in frontline myelofibrosis, with top-line results expected in March 2026. - The combination of selinexor plus ruxolitinib in SENTRY has the potential to redefine the standard of care for myelofibrosis patients. ### Financial Restructuring - In October, secured approximately $100 million of financial flexibility and additional capital through refinancing and capital restructuring, extending cash runway into Q2 2026. ### Core Priorities - Advancing late-stage clinical programs like SENTRY and EC-042. - Driving continued growth across the XPOVIO franchise. - Maintaining financial discipline while executing the strategy.

In the third quarter, Karyopharm delivered total revenue of $44 million, an increase of 13% year-over-year. U.S. net product revenue grew 8.5% to $32 million. License and other revenue was $12 million in the third quarter, up nearly 30% from the third quarter of 2024, primarily driven by higher milestone revenue from Menarini. The profitable multi myeloma commercial organization provides a solid foundation, with U.S. XPOVIO net product revenue contributing significantly to the overall revenue.

Full Year 2025 - Total revenue expected to be in the range of $140 million to $155 million. - U.S. XPOVIO net product revenue projected to be $110 million to $120 million. - Lowered R&D and SG&A expenses range to $235 million to $245 million. - Cash runway extended to Q2 2026 due to the recent financing.

Actual results may differ materially from forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of the most recent Form 10-Q or 10-K on file with the SEC and other filings. There are no specific operational failures discussed in detail in the transcript beyond the general forward-looking statement disclaimer.

Q: Peter Lawson inquired about the timing and staging of MF data, sales force size, and ex-U.S. strategy.

A: Reshma mentioned the top-line MF data is expected in March 2026 and would provide granular details closer to that milestone. Sohanya stated there is strong overlap in the sales force with current capabilities, and ex-U.S. will work with partners for launches and royalty/milestone revenues.

Q: Ted Tenthoff asked about milestones from financing and ex-U.S. distributors.

A: Richard responded there are no specific triggers related to MF data for financing warrants. Regarding ex-U.S. distributors, well-established partners exist globally except Japan, which may be partnered in the future.

Q: Colleen Kusy asked about baseline TSS and platelet count impact.

A: Reshma said the baseline TSS without fatigue of approximately 22.5% is encouraging and consistent with contemporary trials, and platelet count variability is not a key factor impacting outcomes as there's no mechanistic reason it would be.

Q: Maurice Raycroft asked about ASH abstracts and safety review.

A: Reshma stated the ASH abstract will have baseline characteristics of 320 patients, and the blinded safety review of 61 patients showed stable rates, suggesting early events and stable outcomes over time.

Q: Brian Abrahams asked about market research learnings from multi myeloma.

A: Richard and Sohanya mentioned learnings include using selinexor at a lower dose and importance of dual antiemetics, and the market research shows high intent to use the combination therapy upfront for treatment-naive patients.

Q: Jonathan Chang asked about commercial launch learnings from multi myeloma.

A: Richard and Reshma noted learnings from multi myeloma, like lower dose use and antiemetic strategies, which are built into the myelofibrosis trial design, and the myelofibrosis space is primed for transformation similar to myeloma over a decade ago with high prescriber intent.