Second Quarter 2026
Filed Aug 13, 2026Karyopharm reported $33.4 million of second-quarter total revenue, reaffirmed 2026 revenue guidance, and remains on track for an August sNDA submission for selinexor plus ruxolitinib in myelofibrosis, while disclosing liquidity and September debt-payment risk.
XPOVIO net product revenue increased from the prior-year quarter and operating expenses declined, but total revenue fell, net loss widened to $67.0 million, and the Company said existing liquidity funds current operating plans only into September 2026. A $15.8 million principal payment due September 10, 2026 could cause a minimum-liquidity-covenant default absent additional financing or a lender waiver.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $33.4 million | – | – |
| Net product revenueGAAP | $30.8 million | – | – |
| License and other revenueGAAP | $2.6 million | – | – |
| Cost of salesGAAP | $1.1 million | – | – |
| Research and development expensesGAAP | $29.0 million | – | – |
| Selling, general and administrative expensesGAAP | $25.9 million | – | – |
| Total operating expensesGAAP | $55,958 (in thousands) | – | – |
| Loss from operationsGAAP | $22.5 million | – | – |
| Interest incomeGAAP | $0.7 million | – | – |
| Interest expenseGAAP | $13.1 million | – | – |
| Other expense, netGAAP | $32.1 million | – | – |
| Total other expense, netGAAP | $44,497 (in thousands) | – | – |
| Loss before income taxesGAAP | $67,023 (in thousands) | – | – |
| Income tax provisionGAAP | — | – | – |
| Net lossGAAP | $67.0 million | – | – |
| Basic and diluted net loss per shareGAAP | $2.32 per basic and diluted share | – | – |
| Weighted-average number of common shares outstanding used to compute basic and diluted net loss per shareGAAP | 28,938 (in thousands) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| U.S. XPOVIO net product revenueDemand for XPOVIO was relatively consistent compared to the second quarter of 2025 amid a highly competitive commercial landscape. The community setting represented approximately 60% of net product revenue. | $30.8 million | – | – |
| License and other revenueThe decrease was primarily attributable to a $6.5 million reduction in development-related reimbursement revenue from Menarini following expiration of Menarini's annual $15.0 million research and development obligation on December 31, 2025. | $2.6 million | – | – |
Full year 2026 outlook
- Revenue$130 million to $150 million
- Operating expensesR&D and selling, general and administrative (SG&A) expenses to be in the range of $230 million to $245 million, excluding certain one-time costs that the Company may incur associated with its endometrial cancer program and evaluating financing opportunities and/or strategic transactions.
- NoteU.S. XPOVIO net product revenue to be in the range of $115 million to $130 million.
- NoteThe Company expects its existing liquidity, including cash, cash equivalents and investments, together with anticipated cash flow from net product revenue and license and other revenue, to fund its current operating plans into September 2026.
What drove it
- U.S. XPOVIO demand was relatively consistent amid an increasingly competitive multiple myeloma marketplace.
- Royalty revenue increased to $2.5 million in the second quarter of 2026 compared to $1.6 million in the second quarter of 2025 as global patient access expanded through Menarini, Antengene and other international partners.
- R&D expenses declined through prioritization, focus and efficient spending while late-stage Phase 3 trials had completed full enrollment.
- SG&A expenses declined through proactive cost containment and alignment of pre-launch investment with clinical and regulatory milestones.
- The Company remains on track to submit an August sNDA under the Accelerated Approval pathway for selinexor in combination with ruxolitinib for myelofibrosis and intends to request Priority Review.
Concerns
- Total revenue was $33.4 million compared to $37.9 million for the second quarter of 2025, reflecting lower license and other revenue.
- The Phase 3 XPORT-EC-042 trial did not meet its primary endpoint of progression-free survival.
- Other expense, net was $32.1 million, primarily non-operational and non-cash expense related to fair value of embedded derivatives and liability-classified common stock warrants.
- Interest expense was $13.1 million and increased due to higher outstanding debt and higher interest rates following financing transactions executed in October 2025.
- The Company is actively evaluating financing opportunities and strategic alternatives, and stated that making the September 10, 2026 principal payment without additional financing or a lender waiver would cause cash, cash equivalents and investments to fall below the $10.0 million minimum liquidity covenant, constituting an event of default under the term loan.
What to watch
- FDA acceptance of the planned August sNDA submission for selinexor in myelofibrosis, including potential Priority Review designation.
- Potential inclusion of selinexor plus ruxolitinib in relevant compendia in the second half of 2026.
- Topline data from the Phase 2 SENTRY-2 60 mg cohort expected in the second half of 2026.
- Topline data from the event-driven Phase 3 XPORT-MM-031 trial expected in the second half of 2026.
- Financing opportunities, strategic alternatives, the September 10, 2026 principal payment, and compliance with the $10.0 million minimum liquidity covenant.
Balance sheet and cash flow
- Cash, cash equivalents, restricted cash and investments as of June 30, 2026, totaled $65.4 million.
- Cash, cash equivalents and investments were $65,105 (in thousands) as of June 30, 2026, compared to $63,744 (in thousands) as of December 31, 2025.
- Restricted cash was $318 (in thousands) as of June 30, 2026, compared to $351 (in thousands) as of December 31, 2025.
- Convertible senior notes due 2028 were $25,937 (in thousands) as of June 30, 2026.
- Convertible senior notes due 2029 were $98,650 (in thousands) as of June 30, 2026.
- Senior secured term loan was $125,354 (in thousands) as of June 30, 2026.
- Deferred royalty obligation was $72,338 (in thousands) as of June 30, 2026.
- Total liabilities were $441,485 (in thousands) as of June 30, 2026.
- Total stockholders’ deficit was $330,168 (in thousands) as of June 30, 2026.
- On September 10, 2026, a $15.8 million principal payment is due under the Company's senior secured term loan facility.
Analysis
The quarter showed stable core U.S. XPOVIO demand but weaker total revenue. Net product revenue was $30.8 million compared to $29.7 million for the second quarter of 2025, while total revenue was $33.4 million compared to $37.9 million. License and other revenue was $2.6 million compared to $8.2 million, with the Company attributing the decline primarily to reduced Menarini development-related reimbursement revenue following expiration of Menarini's annual $15.0 million research and development obligation. Royalty revenue increased to $2.5 million from $1.6 million as selinexor access expanded internationally.
Expense discipline improved the operating result. R&D expenses were $29.0 million compared to $32.8 million, and SG&A expenses were $25.9 million compared to $28.5 million. Cost of sales was $1.1 million in both periods. Loss from operations narrowed to $22.5 million from $24.4 million, which the Company attributed to cost-reduction initiatives and focused investment in late-stage programs. The filing does not provide prior-quarter operating metrics, so sequential changes cannot be assessed from this document.
Below operating income, financing and fair-value items drove a substantially larger net loss. Interest expense increased to $13.1 million from $11.2 million, and other expense, net increased to $32.1 million from $2.2 million. The Company described the other expense as primarily non-operational and non-cash, related to remeasurement of embedded derivatives and liability-classified common stock warrants. Net loss was $67.0 million, or $2.32 per basic and diluted share, compared to $37.3 million, or $4.32 per basic and diluted share.
Management reaffirmed full-year 2026 total revenue guidance of $130 million to $150 million and U.S. XPOVIO net product revenue guidance of $115 million to $130 million. It also guided R&D and SG&A expenses to $230 million to $245 million, excluding specified potential one-time costs. The principal strategic operating catalyst is the planned August sNDA submission for selinexor plus ruxolitinib in myelofibrosis under the Accelerated Approval pathway, for which the Company intends to request Priority Review. The endometrial program is no longer a future-investment priority after XPORT-EC-042 did not meet its primary progression-free-survival endpoint.
Liquidity is the central financial issue. Cash, cash equivalents, restricted cash and investments totaled $65.4 million as of June 30, 2026, and the Company expects existing liquidity and anticipated revenue-related cash flow to fund current operating plans into September 2026. The Company is evaluating financing opportunities and strategic alternatives. It disclosed that the $15.8 million senior secured term loan principal payment due September 10, 2026, if paid without additional financing or a lender waiver, would cause liquidity to fall below the $10.0 million minimum liquidity covenant and constitute an event of default.
Management, verbatim
Our planned submission under the Accelerated Approval pathway represents the beginning of an important new chapter for Karyopharm and an important milestone for the myelofibrosis community.
Richard Paulson, President and Chief Executive Officer of Karyopharm
Together with the continued scientific engagement we are seeing across the myelofibrosis community, we believe the strength and consistency of the SENTRY data reinforce the potential of selinexor to fundamentally change the treatment of patients with myelofibrosis.
Richard Paulson, President and Chief Executive Officer of Karyopharm
Not in the filing
stated, not guessed- GAAP gross margin and gross profit were not reported.
- Non-GAAP financial metrics, including non-GAAP operating income, non-GAAP net income, and non-GAAP EPS, were not reported.
- Prior-quarter comparisons and sequential percentage changes for reported quarterly financial metrics were not reported.
- Year-over-year percentage changes for the reported financial line items were not reported.
- Operating cash flow and free cash flow were not reported.
- Capital returns, including share repurchases and dividends, were not reported.
- Gross-margin guidance and tax-rate guidance were not reported.
- A previous quarterly outlook was not provided, so actual results cannot be compared with prior guidance.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.