Karyopharm Therapeutics(KPTI) - 2024 Q1 - Quarterly Results

Revenue Performance - Total revenue for Q1 2024 was $33.1 million, a decrease from $38.7 million in Q1 2023[8] - U.S. net product revenue for XPOVIO® (selinexor) was $26.0 million, compared to $28.3 million in Q1 2023[11] - The company reaffirms full year 2024 total revenue guidance of $140.0 million to $160.0 million, including U.S. XPOVIO net product revenue guidance of $100.0 million to $120.0 million[18] - Total revenue for Q1 2024 was $33.126 million, a decrease of 14.4% from $38.698 million in Q1 2023[36] - Product revenue, net for Q1 2024 was $26.006 million, down from $28.288 million in Q1 2023, reflecting a decline of 8.0%[36] Expenses - R&D expenses for Q1 2024 were $35.4 million, up from $32.3 million in Q1 2023, primarily due to higher clinical trial costs[14] - SG&A expenses for Q1 2024 decreased to $29.5 million from $35.9 million in Q1 2023, attributed to cost reduction initiatives[15] - Research and development expenses increased to $35.425 million in Q1 2024, compared to $32.339 million in Q1 2023, marking an increase of 9.5%[36] Net Loss - The company reported a net loss of $37.4 million, or $0.32 per share, compared to a net loss of $34.1 million, or $0.30 per share, in Q1 2023[16] - The net loss for Q1 2024 was $37.362 million, compared to a net loss of $34.126 million in Q1 2023, representing an increase in loss of 6.9%[36] Cash Position - Cash position as of March 31, 2024, was $149.3 million, down from $192.4 million as of December 31, 2023[17] - Cash, cash equivalents, and investments decreased to $148.578 million as of March 31, 2024, down from $191.443 million at the end of 2023[38] Liabilities - Total liabilities as of March 31, 2024, were $373.413 million, slightly down from $376.644 million at the end of 2023[38] Share Information - The company reported a weighted-average number of common shares outstanding of 115.454 million for Q1 2024, compared to 113.481 million for Q1 2023[36] Product Development and Strategy - Karyopharm's lead compound, XPOVIO® (selinexor), is approved in the U.S. and marketed in three oncology indications, with ongoing efforts for further regulatory approvals[31] - The company is focused on expanding its pipeline targeting high unmet need cancers, including multiple myeloma and diffuse large B-cell lymphoma[31] - Karyopharm's management provided guidance for 2024 total revenue and expenses, indicating a strategic focus on commercialization efforts and potential regulatory submissions[31] Royalty Agreement - The company amended its royalty agreement with HealthCare Royalty, reducing the royalty rate from 12.5% to 7.0%[7] Market Performance - Approximately 60% of XPOVIO net product revenue came from the community setting, with growth in new patient starts despite increased competition[5] Future Expectations - The company expects to present preliminary results from the Phase 2 SENTRY-2 trial by the end of 2024[6]