Karyopharm Therapeutics Inc. (KPTI) Earnings
Karyopharm Therapeutics Inc. is expected to report next earnings on November 2, 2026 (in NaN days), with a consensus EPS estimate of $-1.16. KPTI has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise -11.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $-1.37 | $-2.32 | -69.3% | $33M | +3.8% |
| May 14, 2026 | $-1.45 | $-1.24 | +14.5% | $35M | +11.7% |
| Feb 12, 2026 | $-2.26 | $-2.23 | +1.3% | $34M | +7.4% |
| Feb 19, 2025 | $-3.90 | $-3.60 | +7.7% | $31M | -19.3% |
| Feb 29, 2024 | $-4.35 | $-5.40 | -24.1% | $34M | -2.5% |
| Nov 2, 2023 | $-4.20 | $-4.50 | -7.1% | $36M | -1.3% |
| Aug 2, 2023 | $-5.10 | $-4.35 | +14.7% | $38M | +6.0% |
| May 4, 2023 | $-5.10 | $-4.50 | +11.8% | $39M | +5.9% |
| Feb 15, 2023 | $-5.10 | $-6.45 | -26.5% | $34M | -2.5% |
| Nov 3, 2022 | $-8.40 | $-6.75 | +19.6% | $36M | -4.2% |
| Aug 4, 2022 | $-9.45 | $-9.30 | +1.6% | $40M | +10.3% |
| May 5, 2022 | $-9.45 | $-7.95 | +15.9% | $48M | +38.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 13, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Myelofibrosis Program (Selenexor + ruxolitinib): - The Phase 3 Sentry trial met its primary endpoint, demonstrating statistically significant, rapid, deep, and sustained spleen responses (SVR35) versus ruxolitinib alone, with a promising overall survival (OS) signal and consistent benefit across all pre-specified patient subgroups. The FDA has agreed SVR35 qualifies as a reasonably likely surrogate endpoint for OS, supporting a planned supplemental new drug application (SNDA) under the accelerated approval pathway. - The company remains on track to submit the SNDA in August 2026, with constructive ongoing regulatory interactions with the FDA. If approved, the combination would be the first approved frontline combination therapy for myelofibrosis. - Top-line data from the 60mg cohort of the Phase 2 Sentry 2 trial (testing Selenexor monotherapy and combinations with additional JAK inhibitors) is expected in H2 2026. • Endometrial Cancer Program: - The Phase 3 EC042 trial failed to achieve statistical significance for its primary endpoint, despite a numerical improvement in median progression-free survival favoring Selenexor. - Management has decided to sharpen company focus on hematology (myelofibrosis and multiple myeloma), and is meaningfully reducing planned investment in the endometrial cancer program, while continuing near-term patient follow-up. • Commercial Preparation: - The company will leverage its existing established hematology commercial platform built for Expovio (multiple myeloma), including existing medical affairs, market access, and patient support capabilities, to enable a rapid, efficient launch of Selenexor for myelofibrosis if approved. Scientific engagement with the myelofibrosis clinical community is already underway, and the company's existing footprint aligns well with the concentration of myelofibrosis patients. - Management estimates peak annual U.S. revenue potential for Selenexor plus ruxolitinib in myelofibrosis of up to ~$1 billion. • Financial Execution: - Q2 2026 R&D expenses were $29 million (down 12% YoY), and SG&A expenses were $25.9 million (down 9% YoY), reflecting disciplined cost prioritization focused on high-value late-stage programs. Net loss for the quarter was $67 million, with an 8% reduction in operating loss YoY.
Guidance
• Full-year 2026 total revenue guidance is maintained at $130 million to $150 million, consisting of $115 million to $130 million in U.S. Expovio net product revenue plus all royalty-based license and other revenue. • Full-year 2026 combined R&D and SG&A expense guidance is maintained at $230 million to $245 billion, excluding one-time costs related to the endometrial cancer wind-down and evaluation of financing/strategic alternatives. • Cost structure is expected to decline over time following the reduction in endometrial cancer investment, with greater financial benefits realized in 2027. • Third quarter 2026 expenses are expected to be modestly higher than Q2 2026, reflecting transition costs from the strategic prioritization and financing/strategic evaluation activities.
Segment performance
Total company revenue for Q2 2026 was $33.4 million. The multiple myeloma segment (Expovio) generated U.S. net product revenue of $30.8 million, accounting for approximately 92% of total Q2 revenue. Underlying demand for Expovio remained consistent with Q2 2025 despite increased competition in the treatment landscape. There is no reported revenue for the pipeline-stage myelofibrosis or endometrial cancer programs, which are still in clinical development.
Risks & headwinds
• The company ended Q2 2026 with $65.4 million in total cash, cash equivalents, restricted cash, and investments. Based on the current operating plan, existing liquidity is only expected to fund operations into September 2026. • A $16.8 million principal payment on the company's senior secured term loan is due on September 10, 2026. If the payment is made without new financing or a lender waiver, the company's remaining cash will fall below the $10 million minimum liquidity covenant, constituting a default under the loan agreement. • Clinical and regulatory approval of Selenexor for myelofibrosis is not guaranteed, even with positive Phase 3 data and constructive interactions with the FDA. • The commercial success of Selenexor for myelofibrosis depends on regulatory approval, provider adoption, and reimbursement, which are uncertain.
Analyst Q&A
Q: What work remains to complete the SNDA submission for Selenexor, given the drug is already approved for multiple myeloma? How much of the filing is already complete? /
A: The vast majority of the SNDA is already prepared. The only remaining work is final alignment with the FDA on the confirmatory trial requirement under the accelerated approval pathway. The company plans to use the maturing overall survival data from the ongoing Sentry trial, which was designed from inception to collect long-term OS data, as the confirmatory dataset. The company remains on track to submit the SNDA in August 2026 as planned.
Q: Is accelerated approval required, or would NCCN compendial listing alone generate enough revenue to cover operating and debt needs? /
A: Both milestones are expected in the near term. NCCN inclusion is very important for physician adoption, and the company notes that products with only NCCN listing typically achieve around 50% of their peak revenue potential. The company's goal is full regulatory approval to enable broad patient access, but both NCCN inclusion and regulatory approval would be positive for funding operations and supporting patient access.
Q: What insight does the company have on potential FDA priority review for the SNDA, and what is the outlook for NCCN inclusion this year? /
A: NCCN is an independent body, but all required supporting materials (ASCO/EHA presentations, JCO publication) have been submitted, and there is strong interest from opinion leaders, so the company remains on track for NCCN inclusion in H2 2026. Priority review is a request that will be submitted with the SNDA, and the FDA will rule on the request within 60 days of filing. The company believes it has a strong application, given the unmet need and differentiated profile, and hopes for priority review to enable an early 2027 approval.
Q: What is the status of discussions with lenders regarding the upcoming September 2026 principal payment and minimum liquidity covenant? /
A: Management notes that lenders have historically been consistently supportive, and productive discussions are ongoing. The company is not sharing details of negotiations, but has no reason to expect lenders will not continue to be supportive, and is working rapidly to reach a solution that addresses the near-term liquidity issue.
Q: Will the SNDA include 48-week data, or be based only on the pre-specified week 24 primary endpoint data? Could any data additions be considered a major amendment that would delay approval? /
A: The SNDA will be based on the pre-specified week 24 SVR35 primary endpoint data, which forms the core of the submission. While limited 48-week data will be included as supplemental information, the primary focus is week 24. All pre-specified OS analysis will be included in the submission, and no changes are expected to qualify as a major amendment that would impact the timeline.