KPTI · Karyopharm Therapeutics Inc.

Karyopharm’s Q1 2026 results reflect continued commercial execution for XPOVIO amid intensifying competition, with U.S. net product revenue rising 38% year-over-year to $29.2 million—driven primarily by significantly lower gross-to-net adjustments (21.8% vs. 45.0% in Q1 2025), attributable to an atypical product return adjustment in the prior-year period and reduced discounts/returns in 2026. Though management explicitly notes lower demand due to new competitive entrants, the community setting still accounted for ~60% of U.S. revenue, suggesting stable prescriber adoption. License and other revenue declined to $5.9 million (from $9.0 million), reflecting a shift from reimbursed development expenses in 2025 to milestone-driven income ($3.5M) and royalties ($1.9M) in 2026—underscoring progress in international partnerships. Operating loss improved 20% to $26.8 million, aided by disciplined cost management across R&D and SG&A. Critically, the Company reaffirmed its full-year 2026 revenue guidance range ($130–$150M), signaling confidence in sustained U.S. growth and expanding ex-U.S. royalty streams. Near-term clinical catalysts—including mid-2026 topline data from the Phase 3 XPORT-EC-042 endometrial cancer trial and the June 2 ASCO late-breaking presentation of SENTRY myelofibrosis data—represent high-value inflection points that could materially expand selinexor’s label, reimbursement pathways, and long-term revenue potential. With $91.2 million in cash as of March 31, 2026, Karyopharm expects runway into late Q3 2026, positioning it to deliver on these pivotal readouts without immediate capital needs.