Karyopharm Therapeutics(KPTI) - 2025 Q3 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $44 million, an increase of 13.4% compared to $38.8 million in Q3 2024 [26] - U.S. net product revenue for XPOVIO grew 8.5% year over year to $32 million [26] - License and other revenue was $12 million in Q3 2025, up nearly 30% from Q3 2024 [27] - Gross to net provisions for XPOVIO were 27% in Q3 2025, consistent with Q2 2025 and down from 31% in Q3 2024 [26] - The net loss was $33.1 million, or $3.82 per share on a GAAP basis, with more than half of this loss driven by non-operational items [29] Business Line Data and Key Metrics Changes - XPOVIO net product revenue in Q3 2025 was $32 million, reflecting continued strength in the multi-biomodal market [20] - The company is focused on advancing late-stage clinical programs, particularly SENTRY and ECO42, which are expected to be transformative [6] Market Data and Key Metrics Changes - The company sees a significant opportunity in the myofibrosis market, with approximately 20,000 patients living with the condition in the U.S. [23] - There are about 4,000 newly diagnosed patients each year in the U.S. with intermediate to high-risk myofibrosis who could benefit from the combination therapy [23] Company Strategy and Development Direction - The company aims to redefine the standard of care for myofibrosis through the combination of selinexor and ruxolitinib [4] - The strategy includes maintaining financial discipline while driving growth across the XPOVIO franchise and advancing clinical programs [6] - The company is preparing for a potentially transformative commercial launch in myofibrosis, driven by high unmet needs and lack of innovation in the market [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming top-line data from the SENTRY trial, expected in March 2026, which could reshape treatment paradigms [4] - The company has secured approximately $100 million in financial flexibility, extending its cash runway into Q2 2026 [5] - Management emphasized the importance of executing with clarity and purpose to deliver innovative cancer therapies [7] Other Important Information - The company has completed enrollment in the phase three SENTRY trial, marking a pivotal moment for its myofibrosis program [4] - The company has a strong commercial foundation and existing capabilities that will support a rapid launch if the trial data is positive [25] Q&A Session Summary Question: Can you walk through what we should see for MF data in March 2026? - Management anticipates providing top-line details, including primary endpoints of SVR35 and absolute TSS, with potential secondary endpoints [34][35] Question: What is the size of the sales force for myofibrosis? - Minimal additions to the commercial structure are expected due to strong overlap with existing capabilities [36] Question: Are there any milestones associated with recent financial restructuring? - No specific triggers related to positive data were mentioned, but positive data could significantly enhance value [37] Question: Can you discuss the commercial potential launch in myofibrosis? - The company is leveraging learnings from multiple myeloma to optimize trial design and patient outcomes [48][49]