Karyopharm Therapeutics Reports $76.4M Net Loss and $145.2M Revenue for 2024

Karyopharm Therapeutics Inc. reported a net loss of $76.4 million for the year ended December 31, 2024, compared to a net loss of $143.1 million in 2023. Total revenue for 2024 reached $145.2 million, comprised of $112.8 million in net product revenue from XPOVIO and $32.4 million in license revenue. The company's accumulated deficit stood at $1.6 billion as of December 31, 2024. The company noted substantial doubt about its ability to continue as a going concern within one year, citing its current business plan, capital resources, and debt obligations.

A significant change from the previous fiscal year was a decrease in license and other revenue, falling to $32.4 million in 2024 from $34.0 million in 2023. This decrease was primarily attributed to lower milestone revenue from other license agreements, partially offset by increased milestone and royalty revenue from Menarini. Net product revenue from XPOVIO remained relatively consistent year-over-year, but was negatively impacted by higher gross-to-net adjustments due to increased 340B discounts and Medicare rebates. The company undertook Refinancing Transactions in May 2024, borrowing $100 million and exchanging $148 million of existing convertible notes for new notes and warrants, aiming to reduce debt and increase working capital.

Karyopharm's operational developments included the initiation of the Phase 3 SENTRY trial for selinexor in myelofibrosis, expected to complete enrollment in the first half of 2025 and report top-line data in the second half. The company also initiated the Phase 2 SENTRY-2 trial evaluating selinexor monotherapy in myelofibrosis. In endometrial cancer, the EC-042 trial was modified following discussions with the FDA, resulting in a revised design and an expected top-line data readout in mid-2026. The company also presented updated data from the SIENDO trial's exploratory subgroup analysis of selinexor in TP53 wild-type endometrial cancer. Further clinical development of the eltanexor program remains on hold.

The company's commercial efforts focused on expanding XPOVIO's use in approved indications and educating healthcare providers and patients. XPOVIO is currently approved in multiple myeloma and DLBCL in the U.S. and is commercially available in over 45 countries outside the U.S. through partnerships. Karyopharm employs approximately 60 field-based employees in the U.S. to support commercialization efforts. The company also highlighted its KaryForward® patient support program.

Karyopharm's outlook includes continued focus on maximizing XPOVIO's commercial value, advancing its prioritized clinical pipeline, and maintaining a well-capitalized business. The company emphasized the uncertainties surrounding additional funding and the potential impact of various risk factors, including competition, regulatory approvals, and market conditions, on its future performance. The company's financial condition and the substantial doubt regarding its ability to continue as a going concern were highlighted as key considerations for investors.