Karyopharm Therapeutics (KPTI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose to $35.1M, up 17% year-over-year, driven by higher net product revenue and milestone payments, with U.S. XPOVIO net product revenue increasing to $29.2M despite increased competition.

• Achieved key clinical milestones: positive topline results from the Phase 3 SENTRY trial in myelofibrosis (meeting SVR35 endpoint and showing promising overall survival) and completed enrollment in the XPORT-EC-042 endometrial cancer trial, with topline data expected mid-2026.

• Commercial organization remains profitable in the U.S., focusing on community settings (~60% of sales) and leveraging infrastructure for future launches.

• Strengthened balance sheet with $50M in new financing, increasing liquidity to $91.2M as of March 31, 2026, supporting operations into late Q3 2026.

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

Financial highlights

• Total Q1 2026 revenue was $35.1M, up from $30.0M in Q1 2025; U.S. XPOVIO net product revenue grew to $29.2M from $21.1M year-over-year.

• Net loss for Q1 2026 was $22.4M, improved from $23.5M last year; loss from operations improved to $26.8M from $33.3M.

• License and other revenue was $5.9M, down from $9.0M in Q1 2025, mainly due to expiration of a reimbursement obligation.

• 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 revenue guidance of $130M–$150M, with U.S. XPOVIO net product revenue expected at $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 for ongoing development and regulatory activities.

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

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