Karyopharm Therapeutics(US:KPTI)2026-02-12 14:02Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $34.1 million, an increase of 11.8% compared to Q4 2024. For the full year, total revenue was $146.1 million, a slight increase from 2024 [50]. - U.S. XPOVIO net product revenue for Q4 2025 was $32.1 million, an increase of 9.6% compared to Q4 2024. For the full year, it was $114.9 million, an increase of 1.9% from 2024 [51]. - The company reported a net loss of $102.2 million, or $5.71 per share for Q4 2025, and a net loss of $196 million, or $17.93 per diluted share for the full year 2025 [59]. Business Line Data and Key Metrics Changes - Xpovio net product revenue grew to $32.1 million in Q4 2025 and $114.9 million for the full year 2025, with expectations to reach $115 million-$130 million in 2026 [35]. - License and other revenue was $2 million in Q4 and $31.2 million for the full year 2025, including $15 million of R&D reimbursement from Menarini, which will not continue in 2026 [52]. Market Data and Key Metrics Changes - Demand for Xpovio remained consistent year-over-year in 2025, with the community setting driving approximately 60% of total U.S. sales [36]. - The U.S. market for myelofibrosis includes approximately 20,000 patients, representing a multibillion-dollar marketplace, with about 6,000 newly diagnosed patients each year [43]. Company Strategy and Development Direction - The company aims to expand its oncology franchise, focusing on myelofibrosis and endometrial cancer as key growth areas [6][7]. - Karyopharm is preparing for pivotal data readouts from late-stage clinical programs, with the SENTRI trial for myelofibrosis data expected in March 2026 and the EXPORT EC042 trial for endometrial cancer data expected in mid-2026 [8][9]. Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of optimizing clinical programs and maintaining a disciplined approach to capital allocation [63]. - The company is focused on executing well, generating high-quality data, and allowing these results to define the next phase of the company [63]. Other Important Information - The company ended the year with $64.1 million in cash and equivalents, down from $109.1 million at the end of 2024 [60]. - Research and development expenses for Q4 2025 were $27.7 million, a decrease of 17% from Q4 2024, reflecting cost reduction initiatives [53]. Q&A Session Summary Question: Can you discuss the differences in exposure and activity between the 40 mg and 60 mg doses? - Management noted that the 60 mg dose showed a clear benefit-risk profile favoring efficacy and safety compared to the 40 mg dose [68]. Question: What are your thoughts on Novartis' recent plans in myelofibrosis? - Management highlighted the importance of targeting the right patient population and expressed confidence in establishing their product as the standard of care pending positive data [72][75]. Question: Can you elaborate on the strategy for eltanexor and other MPNs if myelofibrosis data is positive? - Management indicated that eltanexor, a second-generation XPO1 inhibitor, has potential in other MPNs and is looking to expand beyond myelofibrosis [78]. Question: What updates can you provide on the blinded safety data and discontinuation rates? - Management confirmed that no updates have been made beyond previously disclosed data, but they are optimistic about the upcoming data readout [84]. Question: What is the expected threshold for symptomatic improvement in the upcoming trials? - Management aims for statistical significance in both spleen volume reduction and symptomatic improvement, emphasizing the importance of both metrics in their analysis plan [103].