Karyopharm Therapeutics Inc. reported a net loss of $196.0 million for the year ended December 31, 2025, compared to a net loss of $76.4 million for the previous year. The company's total revenue increased slightly to $146.1 million in 2025 from $145.2 million in 2024. This revenue included $114.9 million in net product revenue from XPOVIO and $31.2 million in license revenue, which incorporated $15.0 million from Menarini for reimbursement of development-related expenses. As of December 31, 2025, Karyopharm held $63.7 million in cash, cash equivalents, and investments.
The company's operating expenses totaled $236.8 million in 2025, a decrease from $264.7 million in 2024. Research and development expenses decreased to $125.6 million, primarily due to lower personnel costs and reduced clinical trial spending in multiple myeloma. Selling, general, and administrative expenses also decreased to $105.2 million, mainly due to lower personnel-related costs. Other expenses, net, amounted to $105.3 million, reflecting a loss on debt extinguishment and decreased interest income, partially offset by a decrease in interest expense.
Operationally, Karyopharm completed enrollment in the Phase 3 SENTRY trial for myelofibrosis and anticipates top-line data in March 2026. Enrollment continues in the Phase 3 XPORT-EC-042 trial for endometrial cancer, with top-line data expected in mid-2026. The company also completed enrollment in the Phase 3 EMN29 trial for multiple myeloma, with top-line data anticipated in the second half of 2026. In October 2025, Karyopharm executed a series of financing transactions, including new term loan borrowings, convertible debt, deferrals of interest and royalty payments, and exchanges of convertible notes for common stock and warrants, aimed at providing financial flexibility and additional working capital.
Karyopharm's 10-K filing expresses substantial doubt about the company's ability to continue as a going concern within one year after the issuance of the financial statements, based on its current business plan, capital resources, debt service obligations, and the uncertainty of securing additional funding or strategic alternatives. The company plans to address this by seeking additional funding through equity offerings, debt financings, collaborations, strategic alliances, and licensing arrangements. Karyopharm is focused on maximizing the commercial value of XPOVIO in multiple myeloma, advancing its clinical pipeline in myelofibrosis and endometrial cancer, providing strong leadership, and preserving capital to execute its core objectives. As of February 5, 2026, the company had 228 full-time employees.
About Karyopharm Therapeutics Inc.
Karyopharm Therapeutics develops novel cancer therapies targeting nuclear export, primarily through its oral XPO1 inhibitors like XPOVIO (selinexor). The company focuses on hematological malignancies such as multiple myeloma, myelofibrosis, and diffuse large B-cell lymphoma, as well as solid tumors like endometrial cancer. Its business model combines drug discovery, clinical development, and global commercialization, leveraging strategic partnerships to address high unmet medical needs with first-in-class, mechanism-based treatments.
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