Karyopharm Therapeutics (KPTI) Q4 2025 earnings summary

Executive summary

• Positioned for transformative late-stage clinical milestones in 2026, with Phase 3 readouts in myelofibrosis (March) and endometrial cancer (mid-year), aiming to expand the oncology franchise and commercial opportunities.

• XPOVIO (selinexor) maintains a durable commercial base in multiple myeloma, is approved in over 50 countries, and is supported by a profitable U.S. commercial organization with growing global demand.

• The company is preparing for a potential commercial launch in myelofibrosis, targeting a peak annual revenue opportunity of up to $1 billion.

Financial highlights

• 2025 total revenue was $146.1M, up slightly from $145.2M in 2024; Q4 2025 revenue was $34.1M, up from $30.5M in Q4 2024.

• U.S. XPOVIO net product revenue reached $114.9M in 2025, with $32.1M in Q4 2025 (+9.6% YoY).

• License and other revenue for 2025 was $31.2M, including $15M R&D reimbursement from Menarini (final year for this item).

• R&D expenses for 2025 were $125.6M, down from $143.2M, and SG&A expenses were $105.2M, down from $115.4M, reflecting cost reduction initiatives.

• Net loss for 2025 was $196.0M ($17.93/share), up from $76.4M ($9.41/share) in 2024, driven by non-cash items including a $62.4M loss on extinguishment of debt.

• Year-end cash and investments totaled $64.1M, down from $109.1M at end of 2024.

Outlook and guidance

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

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

• Existing liquidity and expected revenues to fund operations into Q2 2026.