Karyopharm Therapeutics (KPTI) Q1 2026 earnings summary

Executive summary

• Achieved key milestones in Q1 2026, including topline results from the Phase 3 SENTRY trial in myelofibrosis and completed enrollment in the XPORT-EC-042 endometrial cancer trial, with topline data expected mid-2026.

• U.S. XPOVIO net product revenue grew to $29.2M in Q1 2026 from $21.1M in Q1 2025, despite increased competition.

• Strengthened balance sheet with $50M raised in Q1, increasing liquidity to $91.2M as of March 31, 2026.

• Substantial doubt exists regarding ability to continue as a going concern beyond late Q3 2026 without additional funding.

• Focused on advancing late-stage clinical programs, maintaining commercial foundation in multiple myeloma, and disciplined business management.

Financial highlights

• Q1 2026 total revenue was $35.1M, up 17% year-over-year, with net product revenue of $29.2M and license/other revenue of $5.9M.

• Net loss for Q1 2026 was $22.4M ($1.02 per basic share), improved from $23.5M in Q1 2025.

• R&D expenses were $33.8M and SG&A expenses were $26.7M, both stable year-over-year.

• Cash, cash equivalents, and restricted cash totaled $91.2M as of March 31, 2026.

• Net cash used in operating activities was $22.7M, a 42% improvement year-over-year.

Outlook and guidance

• Reaffirmed full-year 2026 total revenue guidance of $130M–$150M, with U.S. XPOVIO net product revenue of $115M–$130M.

• Combined R&D and SG&A expenses projected at $230M–$245M for 2026.

• Existing liquidity expected to fund operations into late Q3 2026; additional capital will be required thereafter.

• Topline data from key Phase 3 trials in endometrial cancer and multiple myeloma expected in mid to late 2026.

• Management plans to seek further funding through equity, debt, collaborations, or strategic alternatives.