Karyopharm Therapeutics Reports Q1 2025 Financial Results with $30M Revenue Decline

Karyopharm Therapeutics Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $30.0 million, a decrease of 9% from $33.1 million in the same period last year. The decline was primarily attributed to a 19% drop in product revenue, which fell to $21.1 million from $26.0 million, largely due to increased product return reserves related to expired units of XPOVIO. However, license and other revenue increased by 26% to $9.0 million, driven by a $1.2 million reimbursement from Menarini for development-related expenses.

Operating expenses for the quarter decreased by 5% to $63.3 million, down from $66.9 million in the prior year. This reduction was attributed to lower costs in selling, general, and administrative expenses, which fell by 7% to $27.4 million, and a slight decrease in research and development expenses. The company reported a net loss of $23.5 million, a significant improvement compared to the net loss of $37.4 million reported in the same quarter of 2024. The basic and diluted net loss per share was $2.77, compared to $4.85 in the previous year.

Karyopharm's financial position as of March 31, 2025, showed total assets of $127.7 million, down from $164.4 million at the end of 2024. The company had cash and cash equivalents of $38.8 million, a decrease from $62.5 million at the end of the previous year. The accumulated deficit increased to $1.6 billion, reflecting ongoing investments in research and development and commercialization efforts. The company has expressed substantial doubt regarding its ability to continue as a going concern within the next year, primarily due to its significant operating losses and the need for additional funding.

Strategically, Karyopharm has focused on the commercialization of XPOVIO, which is currently approved for multiple indications in the U.S. and has received regulatory approval in over 45 countries outside the U.S. The company is also working on expanding its clinical programs for selinexor in various cancer indications, including myelofibrosis and endometrial cancer. Karyopharm's recent refinancing transactions, including a $100 million senior secured term loan and the exchange of $148 million of 2025 Notes for 2029 Notes, aim to extend its financial runway and support ongoing operations.

Looking ahead, Karyopharm anticipates that its cash, cash equivalents, and investments will fund operations into early fourth quarter of 2025. However, the company acknowledges the uncertainty surrounding its ability to raise additional capital and the potential need to curtail or eliminate certain research and development programs if funding is not secured. The management remains focused on navigating these challenges while continuing to advance its product candidates and commercialization efforts.