Karyopharm Therapeutics Inc.

What they do

Karyopharm develops and commercializes cancer therapies based on inhibition of XPO1, a nuclear export protein that exports tumor suppressor proteins such as p53, p73, p21, p27, APC, FOXO, pRB and survivin. Its approved product, XPOVIO (selinexor), is sold in the U.S. for multiple myeloma indications, and the company licenses rights to international partners. The lead pipeline programs are in myelofibrosis and endometrial cancer, with an additional late-stage program in multiple myeloma.

Revenue drivers

• U.S. XPOVIO net product revenue — The company's only source of product revenue; $30.8M in Q2 2026 and $59.9M for the first six months of 2026, with the community setting representing approximately 60% of net product revenue.
• License and other revenue — $2.7M in Q2 2026 versus $8.2M in Q2 2025, and $8.6M for the first half of 2026 versus $17.2M a year earlier; the decline reflects lower license revenue.
• Royalty revenue from ex-U.S. partners — Reported within license and other revenue; royalties from Menarini, Antengene and other international partners rose to $2.5M in Q2 2026 from $1.6M in Q2 2025, with selinexor approved in more than 50 ex-U.S. countries and territories.
• Potential future selinexor plus ruxolitinib sales in myelofibrosis — Not yet an approved indication or revenue source; the company plans an August 2026 sNDA submission and states the product, if approved, would be the first approved combination therapy for myelofibrosis.

Recent performance

Q2 2026 total revenue was $33.4M, down 12% from $37.9M in Q2 2025, while net loss widened to $67.0M from $37.3M. Net product revenue rose 4% year over year to $30.8M, which management attributed to relatively consistent demand in an increasingly competitive multiple myeloma marketplace. The larger loss was driven by other expense, net of $44.5M versus $12.8M a year earlier, while operating loss improved to $22.5M from $24.4M on lower R&D and SG&A spending. For the first six months of 2026, total revenue was $68.5M versus $67.9M, with net product revenue up 18% to $59.9M and net loss of $89.4M versus $60.7M. Cash and equivalents were $55.0M at June 30, 2026, against total liabilities of $441.5M and shareholder equity of negative $330.2M.

Strategy

Management's stated priorities are to grow U.S. XPOVIO sales in approved multiple myeloma indications, advance the lead clinical programs in myelofibrosis and endometrial cancer plus the late-stage multiple myeloma program, and preserve capital. The nearest-term catalyst is the planned August 2026 sNDA submission for selinexor plus ruxolitinib in myelofibrosis under the Accelerated Approval pathway, for which Karyopharm intends to request Priority Review. The company is also pursuing international commercialization through partners including Menarini and Antengene. Cost discipline is visible in the numbers: R&D fell 12% and SG&A fell 9% in Q2 2026 versus Q2 2025.

Risks

• Going concern — The 10-K MD&A explicitly discusses conditions that raise substantial doubt about the company's ability to continue as a going concern, with negative $330.2M shareholder equity and $55.0M of cash against $441.5M of liabilities at June 30, 2026.
• Single-product revenue concentration — All product revenue comes from U.S. sales of XPOVIO, and Q2 2026 product revenue was essentially flat year over year, with management citing an increasingly competitive multiple myeloma marketplace.
• Regulatory and pipeline risk — The myelofibrosis sNDA has not been filed or approved; the program relies on spleen volume reduction of 35% or more being accepted as a reasonably likely surrogate endpoint under the Accelerated Approval pathway.
• Volatile license and other revenue — License and other revenue fell 68% in Q2 2026 to $2.7M and 50% for the first half to $8.6M, so total revenue can decline even when product revenue grows.

Outlook

Management reaffirmed full-year 2026 total revenue guidance of $130M to $150M, including U.S. XPOVIO net product revenue of $115M to $130M. The company says it remains on track to submit the myelofibrosis sNDA in August 2026 under the Accelerated Approval pathway and intends to request Priority Review. No approval, launch timing or revenue contribution from a myelofibrosis indication is stated in the provided materials.