Business
Karyopharm Reports Second Quarter 2023 Financial Results and Highlights Recent Company Progress
– Achieved Second Quarter 2023 Total Revenue of $37.6 Million and U.S. XPOVIO® (selinexor) Net Product Revenue of $28.5 Million – – Maintains Full Year 2023
About this update from Karyopharm Therapeutics Inc.
[{"type":"text","content":"– Achieved Second Quarter 2023 Total Revenue of $37.6 Million and U.S. XPOVIO® (selinexor) Net Product Revenue of $28.5 Million –\n– Maintains Full Year 2023 Total Revenue Guidance of $145 Million to $160 Million, Including U.S. XPOVIO Net Product Revenue Guidance of $110 Million to $125 Million –\n– Announces ~20% Workforce Reduction Enhancing Financial Strength; Further Reduces Full Year 2023 Non-GAAP R&D and SG&A Expense Guidance to $240 Million to $255 Million; Cash Runway into Late 2025 –\n–Initiated Pivotal Phase 3 Study of XPO1 Inhibitor Selinexor and Ruxolitinib in JAK Inhibitor (JAKi) Naïve Myelofibrosis in June 2023 and Received Fast Track Designation from US FDA –\n– Announced Long-Term Exploratory Subgroup Analyses Presented at ASCO Plenary Providing Further Rationale for XPORT-EC-042, the Company's Ongoing Pivotal Phase 3 Study in Endometrial Cancer –\n– Conference Call Scheduled for Today at 8:00 a.m. ET –\nNEWTON, Mass., Aug. 2, 2023 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today reported financial results for the quarter ended June 30, 2023. In addition, Karyopharm highlighted select corporate milestones and progress on its key clinical development programs and announced further optimization of its organization and cost structure aimed at prioritizing focus on advancing its late-stage clinical pipeline and positioning the Company for sustained growth.\n\n \n \n \n \n \n \n\n \n\"We had a strong second quarter executing against our key priorities with our late-stage clinical pipeline and XPOVIO commercial performance. We achieved an important milestone this quarter with the initiation of our pivotal Phase 3 study evaluating selinexor in combination with ruxolitinib in JAKi-naïve patients with myelofibrosis. We are highly encouraged by the updated exploratory subgroup analyses from SIENDO presented at the ASCO Plenary in July, which further strengthen the rationale of and our growing confidence in our ongoing XPORT-EC-042 study in patients with TP53 wild-type advanced or recurrent endometrial cancer. Finally, in multiple myeloma, we are pleased to see continued growth in patients treated with XPOVIO, in both the community and academic settings despite increased competition.\"\n\"As we continue to focus on our near-term ...