Karyopharm reported third‑quarter 2025 revenue of $44.0 million, up 13.5% from $38.8 million in the same period last year. Net product revenue from XPOVIO rose 8.5% to $32.0 million, while license and other revenue increased 29% to $12.0 million, driven by milestone income from a partnership with Menarini and favorable gross‑to‑net dynamics.
Operating loss for the quarter was $15.2 million, a 42% improvement over the $26.3 million loss in Q3 2024. The improvement resulted from a $5.6 million reduction in R&D spend, which fell to $30.5 million from $36.1 million, largely due to lower clinical‑trial costs for selinexor in multiple myeloma and reduced personnel and stock‑based compensation. SG&A expenses were trimmed to $26.6 million from $27.6 million, reflecting the company’s cost‑reduction initiatives.
Net loss was $33.1 million, or $3.82 per share, slightly higher than the $32.1 million loss ($3.85 per share) in Q3 2024. The increase is attributable to a $1.0 million rise in interest expense, which remained at $11.0 million, while other income of $7.4 million offset some costs.
Cash, cash equivalents, restricted cash and investments stood at $46.2 million as of September 30, 2025, down from $109.1 million at the end of 2024. Pro‑forma cash of $78 million reflects $32 million of net proceeds from October financing, which included new borrowings, payment deferrals, a reduction of the minimum liquidity covenant, debt‑to‑equity conversions, and an $8.8 million private placement. The company disclosed substantial doubt about its ability to continue as a going concern, underscoring the urgency of the financing.
The company reaffirmed its full‑year 2025 revenue guidance of $140‑$155 million and U.S. XPOVIO net product revenue guidance of $110‑$120 million. Management emphasized that the October financing extends the cash runway into Q2 2026 and that the company remains focused on advancing its late‑stage clinical programs, including the SENTRY trial for myelofibrosis, with top‑line data expected in March 2026.
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