Karyopharm Therapeutics Sees $1B Peak Revenue Potential in Myelofibrosis by 2026

Karyopharm Therapeutics Inc. has outlined a $1B peak U.S. revenue opportunity in myelofibrosis. The company expects pivotal Phase III data by March 2026. In its Q2 2025 earnings call, management discussed operating in a period of financial constraints with a near-term debt maturity in October and being actively engaged with lenders and advisers to address the issue.

Karyopharm Therapeutics Inc. (KPTI) has outlined a significant revenue opportunity in myelofibrosis, aiming for a peak of $1 billion in the U.S. market. The company expects pivotal Phase III data by March 2026, which could pave the way for a rapid commercial launch of its drug, selinexor, in combination with ruxolitinib.

In its Q2 2025 earnings call, management discussed the company's operating environment, highlighting financial constraints due to a near-term debt maturity in October. Richard A. Paulson, President and CEO, stated that the company is actively engaged with its lenders and advisers to enhance liquidity and maximize value. Despite these challenges, Paulson emphasized the strong fundamentals of the business, particularly its profitable multi-myeloma commercial organization.

The company's Chief Medical Officer, Reshma Rangwala, discussed new blinded safety data from the SENTRY trial, noting that the percentage of patients with at least one treatment-emergent adverse event (TEAE) is approximately 97%, similar to ruxolitinib. The extrapolated rate of Grade 3/4 anemia is approximately 26%, significantly lower than the 37% historically reported for ruxolitinib. These data suggest that selinexor plus ruxolitinib could offer a differentiated profile in myelofibrosis.

Karyopharm's Chief Commercial Officer, Sohanya Cheng, reported that XPOVIO net product revenue was $29.7 million this quarter, up 6% from the second quarter of 2024. She expects net product revenue for full year 2025 to be in the range of $110 million to $120 million. Total revenue for the second quarter of 2025 was $37.9 million, down from $42.8 million in the second quarter of 2024, due to a $6 million nonrecurring license revenue in the prior year. R&D expenses declined to $32.8 million, and SG&A expenses to $28.5 million. The company ended Q2 2025 with $52 million in cash, cash equivalents, restricted cash, and investments.

Management expects net product revenue for full year 2025 to be between $110 million and $120 million, and total revenue between $140 million and $155 million. R&D and SG&A expenses are forecast in the range of $240 million to $250 million. The company expects its existing liquidity to fund operations into January 2026, excluding the remaining $24.5 million 2025 notes maturity and $25 million minimum liquidity covenant.

The company is actively exploring a full range of financing and strategic alternatives, having engaged Centerview Partners to assist in this effort. Despite these near-term financial challenges, management remains optimistic about the long-term trajectory of the company, emphasizing the strength of its clinical data and operational readiness.

References:
[1] https://seekingalpha.com/news/4482781-karyopharm-therapeutics-q2-2025-earnings-preview
[2] https://seekingalpha.com/news/4483297-karyopharm-outlines-1b-peak-u-s-revenue-opportunity-in-myelofibrosis-with-pivotal-phase-iii