Karyopharm Therapeutics (KPTI) Q2 2026 earnings summary

Executive summary

• Advanced selinexor plus ruxolitinib for myelofibrosis toward an August 2026 sNDA submission under FDA Accelerated Approval, supported by strong Phase 3 SENTRY data showing rapid, deep, and sustained spleen responses and promising overall survival signals.

• Commercial readiness is underway, leveraging hematology infrastructure for a potential U.S. launch as early as Q1 2027, targeting a multi-billion-dollar myelofibrosis market.

• Strategic focus is on hematology, prioritizing myelofibrosis and multiple myeloma, with reduced investment in endometrial cancer after disappointing Phase 3 results.

• XPOVIO (selinexor) U.S. net product revenue was $30.8 million in Q2 2026, up from $29.7 million year-over-year, with reaffirmed 2026 revenue guidance.

• Global expansion continues, with selinexor approved in over 50 countries and international royalty revenue rising.

Financial highlights

• Q2 2026 total revenue was $33.4 million, down from $37.9 million year-over-year, mainly due to lower license and other revenue.

• Net product revenue increased to $30.8 million from $29.7 million year-over-year.

• R&D expenses were $29 million and SG&A expenses $25.9 million, both down year-over-year.

• Net loss widened to $67 million ($2.32 per share) in Q2 2026 from $37.3 million ($4.32 per share) in Q2 2025, driven by higher non-operating expenses.

• Cash, cash equivalents, and investments totaled $65.4 million as of June 30, 2026.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $130–$150 million, with U.S. XPOVIO net product revenue expected at $115–$130 million.

• Combined R&D and SG&A expenses projected at $230–$245 million for 2026, excluding one-time costs.

• Existing liquidity expected to fund operations into September 2026; $15.8 million principal payment due September 2026 may trigger a liquidity covenant breach without additional financing.

• Actively evaluating financing opportunities and strategic alternatives to extend cash runway and support key programs.