Karyopharm Therapeutics Q2 2026 Earnings Report

Karyopharm Therapeutics EPS Results

• Actual EPS: -$2.32
• Consensus EPS: -$1.37
• Beat/Miss: Missed by -$0.95
• One Year Ago EPS: N/A

Karyopharm Therapeutics Revenue Results

• Actual Revenue: $33.43 million
• Expected Revenue: $32.19 million
• Beat/Miss: Beat by +$1.24 million
• YoY Revenue Growth: N/A

Karyopharm Therapeutics Announcement Details

• Quarter: Q2 2026
• Date: 8/13/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, August 13, 2026
• Conference Call Time: 8:00AM ET

Karyopharm Therapeutics (NASDAQ:KPTI) (NASDAQ: KPTI) is a clinical-stage biopharmaceutical company focused on discovering and developing novel first-in-class drugs that target the nuclear export protein XPO1. The company’s lead product, selinexor (marketed as XPOVIO), is an oral selective inhibitor of nuclear export (SINE) compound approved for treatment of multiple myeloma and diffuse large B-cell lymphoma. In addition to selinexor, Karyopharm’s pipeline includes second-generation SINE compounds and combination studies in solid tumors and hematologic malignancies.

Founded in 2008 and headquartered in Newton, Massachusetts, Karyopharm has built a research platform around modulation of nuclear export pathways. The company conducts clinical trials both domestically and internationally, working with regulatory agencies in the United States and Europe. Through strategic collaborations, Karyopharm seeks to expand the therapeutic reach of its SINE technology into other areas of oncology and potentially neurodegenerative diseases.

Karyopharm is led by Michael Kauffman, M.D., President and Chief Executive Officer, who co-founded the company and has guided its transition from preclinical research to commercial-stage operations. Under his leadership, Karyopharm has forged partnerships with global pharmaceutical firms to advance pipeline candidates and ensure broader patient access. The company maintains a scientific advisory board composed of experts in cancer biology, translational medicine and drug development.

Karyopharm Therapeutics Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Myelofibrosis sNDA remains on track for August 2026 under the FDA’s Accelerated Approval pathway, supported by rapid, deep, and sustained spleen-volume responses in the SENTRY trial and constructive FDA discussions.
• Positive Sentiment: If approved, selinexor plus ruxolitinib could become the first approved combination therapy for myelofibrosis, with a potential launch as early as the first quarter of 2027 and estimated U.S. peak annual revenue of approximately $1 billion.
• Negative Sentiment: Liquidity remains a significant risk: Karyopharm had $65.4 million in cash and investments at quarter-end, expects funding only into September 2026, and faces a $16.8 million term-loan payment on September 10 that could trigger a covenant breach without new financing, a waiver, or a strategic transaction.
• Neutral Sentiment: The company is reducing investment in endometrial cancer after the XPORT-EC-042 Phase III trial failed to reach statistical significance, while focusing resources on myelofibrosis and multiple myeloma; XPOVIO U.S. revenue nevertheless rose to $30.8 million from $29.7 million year over year.

Presentation

[Operator]

Good morning. My name is Annis, and I will be your conference operator today. At this time, we would like to welcome everyone to Karyopharm Therapeutics' second quarter 2026 financial results conference call. There will be a question-and-answer session to follow. Please be advised that this call is being recorded at the company's request. I would now like to turn the conference over to Brendan Strong, Senior Vice President of Investor Relations.

[Brendan Strong, SVP of Investor Relations at Karyopharm Therapeutics]

Good morning, and thank you all for joining us on today's conference call to discuss Karyopharm's second quarter 2026 financial results and recent company progress. We issued a press release this morning detailing our financial results for the second quarter of 2026. This release, along with the slide presentation that we will reference during our call today, are available on our website. For today's call, as shown on slide two, I am joined by Richard, Reshma, Sohanya, and Lori, who will review our second quarter financial results, provide an update on the significant progress we have made advancing our myelofibrosis program, discuss the clinical and regulatory momentum supporting our planned sNDA submission, and review our financial position and capital allocation priorities.

[Brendan Strong, SVP of Investor Relations at Karyopharm Therapeutics]

Before we begin our formal comments, I will remind you that various remarks we will make today constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, as outlined on slide three. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the risk factors section of our most recent Form 10-Q or 10-K on file with the SEC and in other filings we may make with the SEC in the future.

[Brendan Strong, SVP of Investor Relations at Karyopharm Therapeutics]

Any forward-looking statements represent our views as of today only. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our views change. Therefore, you should not rely on these forward-looking statements as representing our views as of any later date. I will now turn the call over to Richard. Please turn to slide five.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Thank you, Brendan, and good morning, everyone, and thank you for joining us today. The second quarter marked the beginning of an important new chapter for Karyopharm as we advanced selinexor from a compelling and differentiating phase III dataset toward our planned Supplemental New Drug Application under the FDA's Accelerated Approval pathway for patients with myelofibrosis. Over the past several months, we've remained focused, moved with urgency, and executed against an ambitious plan. From generating and presenting the SENTRY data to publishing the results in the Journal of Clinical Oncology to working collaboratively with the FDA to establish a regulatory pathway as we prepare our planned submission. The SENTRY study demonstrated statistically significant, rapid, deep, and sustained spleen responses together with preliminary overall survival findings and evidence of potential disease modification.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

These findings have now been presented at leading international scientific meetings, published in a peer-reviewed journal, and continue to generate strong interest globally among the hematology community. Taken together, we believe these data reinforce the potential for selinexor to fundamentally change the treatment of patients with myelofibrosis. That same focus, urgency, and commitment to execution continues to guide every step as we advance into the next phase of our myelofibrosis program. Turning to slide six. As we announced in July, we remain on track to submit our sNDA in August as we complete the final elements of our submission in collaboration with the FDA. Our interactions with the agency continue to be constructive, and we remain focused on delivering a high-quality submission. Our confidence in this opportunity continues to be grounded in both the consistency of the SENTRY data and our constructive regulatory engagement.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

If approved, selinexor in combination with ruxolitinib would be the first approved combination therapy for patients with myelofibrosis, introducing a novel therapeutic mechanism for the treatment of this disease. Turning to slide seven. While our focus today is on the important progress we've made in myelofibrosis, I'd also like to briefly address the top-line results from our phase III XPORT-EC-042 study and the actions we've taken following those results. While we were disappointed that the study had not achieved statistical significance for its primary endpoint in the MITT population, I want to thank the patients, investigators, and study teams whose commitment made this important trial possible. Although we observed a numerical improvement in median progression-free survival favoring selinexor, the study did not meet the statistical threshold required to support our development plans in endometrial cancer.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Following these results, we made the deliberate decision to sharpen our focus on hematology with our opportunities in myelofibrosis and multiple myeloma, where we believe selinexor has the greatest potential to improve patients' lives and create long-term shareholder value. While we continue to follow patients in the near term, we are meaningfully reducing planned investment in endometrial cancer. Moving forward, our priorities are clear. Advancing our myelofibrosis program through the regulatory process, continuing to grow our multiple myeloma business, and leveraging the commercial, medical, and market access capabilities we have built over many years to support a rapid and efficient launch in myelofibrosis, if approved. As we execute against these priorities, we are equally focused on disciplined capital allocation.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

As we'll discuss, we are actively evaluating a range of financing opportunities and strategic alternatives with the objective of maximizing long-term shareholder value while preserving strategic flexibility as we advance our myelofibrosis program through these important milestones. We are approaching this with the same focus, urgency, and discipline that have characterized our execution over the past several months. Looking ahead, we believe the company is entering one of the most important periods in its history. Turning to slide eight, over the coming quarters, we expect several important milestones, beginning with the potential inclusion in the treatment guidelines in compendia, our planned sNDA submission in myelofibrosis this month, followed by potential FDA filing acceptance of the sNDA and its potential to be accepted for Priority Review, and ultimately, a potential approval and launch as early as the first quarter of 2027.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Additionally, we remain on track to report top-line data from the 60 mg cohort of the phase II SENTRY-2 study in the second half of this year, which we expect will further establish the role of selinexor in myelofibrosis. We are entering this next phase with a clear strategy, a focused organization, and an established hematology platform that positions us well for what lies ahead. With that, I'll turn the call over to Reshma, who will discuss the clinical and regulatory foundation supporting our planned submission for the first-ever combination and why we believe selinexor as a novel therapeutic mechanism has the potential to fundamentally change the treatment of patients with myelofibrosis. Reshma?

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

Thank you, Richard. As Richard discussed, we believe selinexor has the potential to fundamentally change the treatment of patients with myelofibrosis. I'd like to spend the next few minutes discussing why we believe the scientific evidence supporting that opportunity has continued to strengthen, why it supports our planned sNDA submission, and how we continue to build the clinical foundation for selinexor in myelofibrosis. Turning to slide 10, the biological rationale for combining XPO1 and JAK inhibition is compelling.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

JAK/STAT activation is a key driver of malignant clone proliferation, splenomegaly, and disease-related symptoms, while XPO1 activity is important for malignant cell survival. By targeting these complementary pathways simultaneously, we believe selinexor has the potential to complement JAK inhibition and improve outcomes beyond symptom control alone. Turning to slide 11, myelofibrosis remains a disease with a high unmet need, given clinical activity with the currently approved therapies is modest.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

As a result, spleen volume reduction of at least 35% is observed in less than 1/3 of patients. Overall survival improvements are limited, and meaningful modification of the underlying disease is not observed. Turning to slide 12, a distinctive profile has been observed from the SENTRY trial, given the compelling SVR35 results that are rapid, deep, and sustained. A promising OS signal, a first-of-a-kind prediction between SVR35 and OS, and a safe and manageable adverse event profile. These data appear to support SVR35 as a reasonably likely surrogate endpoint, enabling an sNDA under the Accelerated Approval pathway. Turning to slide 13, at week 24, a nearly double spleen response rate was observed with the combination of selinexor plus ruxolitinib versus ruxolitinib alone. What is particularly important is the quality and kinetics of that response.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

As shown on slide 14, the responses were rapid, emerging as early as week 12, and deep, with greater average spleen volume reductions relative to baseline observed with the combination. Both response rates and depth of response were sustained through week 36. Importantly, as seen on slide 15, the benefit was consistent across pre-specified patient subgroups, reinforcing the robustness of the treatment effect in the vast majority of frontline myelofibrosis patients. Especially important is the subgroup analysis by ruxolitinib dosing, as seen on slide 16. Even with average suboptimal doses of ruxolitinib less than 15 mg per day, SVR35 rates with the combination were as high as 50% compared to zero observed with ruxolitinib alone, indicating that with the combination, SVR35 is driven by selinexor and supported by modest doses of ruxolitinib.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

From a clinical practice standpoint, these data suggest that ruxolitinib dose reductions may not compromise efficacy when combined with selinexor. As shown on slide 17, at the time of the top-line analysis, the overall survival hazard ratio was 0.43, and patients continue to be followed as these data mature. On slide 18, a post-hoc landmark analysis demonstrated that irrespective of treatment, SVR35 at week 24 predicted overall survival. This observation is further reinforced by the longer-term follow-up from the phase I trial on slide 19, in which the same relationship between SVR35 and overall survival is observed. On slide 20, the importance of the SVR35/OS relationship becomes even clearer when viewed in the context of the broader myelofibrosis literature.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

Over the past several years, a substantial body of retrospective evidence from phase III JAK inhibitor trials has demonstrated that greater SVR35 rate differences observed across the two arms correlate with improved overall survival. SENTRY now provides an important opportunity to build on that body of evidence as the first phase III trial that prospectively demonstrates the same relationship and establishes SVR35 as a potential surrogate endpoint for overall survival.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

This underscores the importance of treating patients with the combination early in the disease course, increasing the likelihood an SVR35 reduction is observed, thus potentially maximizing overall survival. On slide 21, we also observed higher rates of variant allele frequency reduction with selinexor plus ruxolitinib as early as week 24. These molecular findings are important because VAF reduction was associated with a greater likelihood of achieving SVR35, providing additional biological evidence that is consistent with the clinical findings.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

Taken together on slide 22, the rapid, deep, and sustained spleen responses, the promising overall survival findings, the relationship between SVR35 and survival, and the molecular data all point in the same direction. We believe this unique and compelling profile strengthens the scientific rationale for SVR35 as a meaningful predictor of long-term survival. It is the combination of this growing body of evidence, the strength of the SENTRY data, and the significant unmet need in myelofibrosis that form the basis of our scientific discussions with the FDA regarding the role of SVR35 in supporting our planned sNDA submission. We believe the FDA's written feedback indicating that SVR35 appears to qualify as a reasonably likely surrogate endpoint to predict overall survival represents an important scientific and regulatory milestone.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

Importantly, this builds upon years of scientific evidence supporting the relationship between SVR35 and long-term outcomes, together with the prospective randomized evidence generated through SENTRY. Our planned submission will be based on the week 24 SVR35 results. We intend to use additional long-term overall survival data from the ongoing SENTRY trial to verify clinical benefit, a requirement under the Accelerated Approval pathway to later convert to traditional approval. While our immediate priority is our planned submission, we continue to explore the broader role of selinexor in myelofibrosis. On slide 23, the ongoing SENTRY-2 study provides an opportunity to further characterize the activity of selinexor as a monotherapy and explore the potential flexibility of XPO1 inhibition in combination with additional JAK inhibitors.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

This study will help us better understand the intrinsic contribution of selinexor and continue to define the broader role of XPO1 inhibition across the treatment of patients with myelofibrosis. As Richard noted, we expect top-line data from the 60 mg cohort of SENTRY-2 during the second half of this year. Taken together, we believe the strength and consistency of the evidence generated through SENTRY, together with our continued clinical development efforts, provide a strong scientific foundation for our planned sNDA submission and reinforce our belief that selinexor has the potential to fundamentally change the treatment of patients with myelofibrosis. With that, I'll turn the call over to Sohanya.

[Sohanya Cheng, Chief Commercial Officer and Head of Business Development at Karyopharm Therapeutics]

Thank you, Reshma. Turning to slide 25, my focus today is on why we believe Karyopharm is well-positioned to commercialize this opportunity. Importantly, we're not preparing to build a commercial organization from the ground up. We're leveraging an established hematology platform that we have built over many years through the commercialization of XPOVIO. On the scientific side, we have clinical development experience, active medical and scientific affairs teams, investigative relationships, and growing visibility across the myelofibrosis community. On the commercial side, we have established coverage in both community and academic hematology, key account capabilities, and market access expertise. And through KaryForward, we have an existing patient support platform designed to help patients and caregivers navigate access, reimbursement, and treatment initiation.

[Sohanya Cheng, Chief Commercial Officer and Head of Business Development at Karyopharm Therapeutics]

Importantly, these capabilities already work together to date multiple myeloma and can now be leveraged to support the potential expansion of selinexor into myelofibrosis, which is a significant strategic advantage to enable a rapid and efficient launch. Turning to slide 26, Q2 was a breakout quarter with top-tier recognition across leading global oncology platforms. As Richard discussed, the SENTRY data have now been presented at ASCO and EHA, published in the Journal of Clinical Oncology, and continue to be highlighted at scientific meetings throughout the hematology community. Importantly, while commercial promotion begins only following regulatory approval, scientific engagement is already well underway. Our medical and scientific affairs organization is already deeply engaged within the myelofibrosis community.

[Sohanya Cheng, Chief Commercial Officer and Head of Business Development at Karyopharm Therapeutics]

Following ASCO and EHA, our medical and scientific affairs teams have continued scientific exchange with investigators and treating physicians, participated in regional educational programs and scientific symposia, and continued building upon the relationships established throughout the SENTRY clinical development program. We see significant engagement and thoughtful discussion surrounding the SENTRY results, particularly the rapid, deep, and sustained spleen responses, the promising overall survival findings, and the potential for disease modification. Furthermore, the structure of the myelofibrosis market is also well-aligned with our existing footprint, as shown on slide 27. Approximately 70% of patients are treated in the community setting and 30% in academic centers. Across both settings, the majority of patients are concentrated within a manageable group of treatment centers. This concentration allows us to focus our resources on the physicians caring for the majority of patients and to deploy our existing organization efficiently.

[Sohanya Cheng, Chief Commercial Officer and Head of Business Development at Karyopharm Therapeutics]

Our physician segmentation work has also given us a detailed understanding of the high-volume, innovation-oriented physicians most likely to adopt a new combination approach early. These physicians place significant importance on achieving rapid, deep, and sustained spleen responses and are actively considering how treatment may influence longer-term outcomes. There is also opportunity for prevalent patients treated with a JAK inhibitor to benefit from the combination therapy. We hear physician interest in the ability of selinexor to maintain spleen responses even when ruxolitinib doses are reduced, which is clinically relevant given how frequently dose adjustments occur in practice. Finally, as we turn to slide 28 and looking at the commercial opportunity in myelofibrosis, we believe selinexor plus ruxolitinib has the potential to generate up to approximately $1 billion in peak annual revenue in the U.S. alone.

[Sohanya Cheng, Chief Commercial Officer and Head of Business Development at Karyopharm Therapeutics]

Approximately 20,000 patients are currently living with myelofibrosis in the U.S., with roughly 4,000 newly treated frontline patients each year, with no approved combination therapy in frontline myelofibrosis. Let's now review our multiple myeloma performance, which continues to provide the commercial and operational foundation for the broader hematology platform I have described. As shown on slide 30, we delivered another quarter of strong commercial execution with XPOVIO U.S. net product revenue of $30.8 million. Underlying demand remained relatively consistent with the second quarter of last year, despite an increasingly competitive treatment landscape. This performance reflects the resilience of our multiple myeloma franchise and, importantly, the strength of the relationships our commercial organization has built with hematologists and oncologists across both community and academic practices. Turning to slide 31, we continue to believe XPOVIO is well-positioned for sustained performance.

[Sohanya Cheng, Chief Commercial Officer and Head of Business Development at Karyopharm Therapeutics]

Our focus remains on the community setting, which represents approximately 60% of our U.S. business, where physicians continue to value XPOVIO as a differentiated and convenient oral therapy. In addition, XPOVIO continues to occupy a unique position in the evolving treatment landscape surrounding T-cell engaging therapies, providing physicians with flexibility both before a CAR-T therapy and following progression on a T-cell engaging therapy. Our commercialization capabilities position us to continue to build on the foundation of multiple myeloma and, importantly, drive a transformative launch in the multibillion-dollar myelofibrosis marketplace. With that, I'll turn the call over to Lori to review our financial results and discuss how our disciplined capital allocation strategy supports the opportunities ahead.

[Lori Macomber, CFO and Treasurer at Karyopharm Therapeutics]

Thank you, Sohanya, and good morning, everyone. Turning to slide 33, I will focus on our second quarter financial performance, our financial outlook, and the actions we're taking to support the important milestones Richard outlined. Starting with revenue, total revenue for the second quarter was $33.4 million, compared to $37.9 million in the prior year period. The decrease reflects the conclusion of Menarini's reimbursement of development-related expenses at the end of 2025, which reduced revenue by approximately $6.5 million compared with the prior year quarter.

[Lori Macomber, CFO and Treasurer at Karyopharm Therapeutics]

U.S. XPOVIO net product revenue was $30.8 million, compared to $29.7 million in the prior year period. Underlying demand remained consistent, and our gross-to-net rate of 26.6% was comparable to the second quarter of 2025. Turning to expenses. We remain focused on disciplined execution. R&D expenses were $29 million, and SG&A expenses were $25.9 million, down 12% and 9%, respectively, year-over-year.

[Lori Macomber, CFO and Treasurer at Karyopharm Therapeutics]

This reflects our continued prioritization, disciplined investment, and focus on advancing our highest value late-stage programs, with our phase III trials having completed enrollment. We also continue to maintain disciplined alignment of pre-launch investments with clinical and regulatory milestones. Net loss was $67 million for the quarter, compared to $37.3 million in the prior year period. As a reminder, net loss includes non-cash mark-to-market adjustments related to our financing structure. From an underlying operating perspective, performance improved with approximately an 8% reduction in loss from operations, reflecting stable net product revenue and continued expense discipline. Turning to the balance sheet. We ended the quarter with $65.4 million in cash equivalents, restricted cash, and investments.

[Lori Macomber, CFO and Treasurer at Karyopharm Therapeutics]

Based on our current operating plan, we expect our existing liquidity, including cash equivalents, and investments, together with anticipated cash flow from net product revenue and license and other revenue, to fund our current operating plans into September 2026. As Richard discussed, we are actively evaluating a range of financing opportunities and strategic alternatives with the objective of extending our cash runway, preserving strategic flexibility, and maximizing long-term shareholder value as we advance our myelofibrosis program. On September 10th, 2026, a $16.8 million principal payment is due under our senior secured term loan facility. If that payment is made without additional financing or a waiver from our lenders, we expect our cash equivalents, and investments will fall below our $10 million minimum liquidity covenant, which would constitute an event of default under the term loan.

[Lori Macomber, CFO and Treasurer at Karyopharm Therapeutics]

Importantly, our immediate priority is to address this and strengthen our financial position and provide the flexibility needed to continue executing our myelofibrosis strategy. Every capital allocation decision we make is intended to support the important clinical, regulatory, and commercial milestones ahead, while maintaining disciplined execution across our multiple myeloma business and maximizing long-term value for patients and shareholders. Turning to guidance, we are reaffirming our full-year 2026 outlook. We continue to expect total revenue in the range of $130 million-$150 million, with license and other revenue consisting entirely of royalties over the next two quarters and U.S. XPOVIO net product revenue of $115 million-$130 million. We continue to expect combined R&D and SG&A expenses of $230 million-$245 million in 2026, excluding certain one-time costs that we may incur associated with our endometrial cancer program and evaluating financing opportunities and/or strategic transactions.

[Lori Macomber, CFO and Treasurer at Karyopharm Therapeutics]

As a result of our decision to prioritize myelofibrosis and multiple myeloma, we are actively reducing investment across the endometrial cancer program, and we expect our cost structure to decline over time. A greater financial benefit will be realized in 2027 as we continue patient follow-up for the near term and evaluate the evolving data sets, together with responsibly completing the remaining clinical and operational activities associated with the XPORT-EC-042 trial.

[Lori Macomber, CFO and Treasurer at Karyopharm Therapeutics]

In the near term, third quarter expenses may be modestly higher than the second quarter. This reflects a unique transition period for the company as we simultaneously advance our myelofibrosis program, implement the organizational changes associated with our decision to prioritize myelofibrosis and multiple myeloma following the XPORT-EC-042 top-line results, and the cost we may incur to evaluate financing opportunities and strategic alternatives. With that, I will turn the call back over to Richard.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Thank you. Before we open the call for questions, I would like to leave you with one final thought. Karyopharm is entering one of the most important periods in our history. We have a compelling opportunity in myelofibrosis, a regulatory path forward, an experienced hematology organization prepared to support a potential launch if approved, and a team that has consistently demonstrated the ability to execute with focus, urgency, and discipline. We also recognize the importance and urgency of this moment, and that is why we are acting with discipline, not only in advancing our myelofibrosis program, but also in how we allocate capital and evaluate the financing opportunities and strategic alternatives discussed today. Every decision we make is guided by a single objective: maximizing long-term value for patients and shareholders.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

I would like to thank our employees for their extraordinary dedication, our investigators and collaborators for their partnership, and most importantly, the patients and families who have placed their trust in Karyopharm by participating in our clinical trials. We appreciate your continued support and look forward to updating you on our progress over the coming quarters. And with that, operator, we would now be pleased to take your questions.

[Operator]

Thank you. Ladies and gentlemen, we now begin the question-and-answer session. If you would like to ask a question, please press star followed by number one on your telephone keypad. We ask analysts to limit themselves to one question and a follow-up. If your question has been answered and you would like to withdraw from the queue, please press star followed by the number two. And if you are using a speakerphone, please lift your hand before pressing any keys. One moment please while we compile the roster. Your first question comes from Ted Tenthoff with Piper Sandler. Please go ahead.

[Ted Tenthoff, Analyst at Piper Sandler]

Great. Thank you very much. I just had some questions with respect to what still had to be done for the sNDA, considering obviously, selinexor is already approved in multiple myeloma. How much of the filing's already done, and is there anything else that you need to compile on the clinical side? Any sites that need to be revisited, or does all that already seem to be taken care of with the current approval? Thanks a ton.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Yeah, thank you, Ted. I'll turn to Reshma to go into that in more detail.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

Yeah. Thank you, Ted and Richard. Ted, the team has actively been working on the sNDA. By and large, the vast majority has already been put together. It's ready to go.

[Ted Tenthoff, Analyst at Piper Sandler]

Yeah.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

One of the key pieces that we are just aligning and finalizing with the FDA is just around the confirmatory data piece, right? I think as we all appreciate, under Accelerated Approval, we are provided an approval, a label, but we do need to provide clinical benefit at some point in the future. Right now, our discussions really have been focused on using the mature overall survival observed from SENTRY. We're finalizing the statistical analysis plans, again, aligning on those last details, which is something that is required before we submit the sNDA. So great productive conversations with the FDA, and we still are very much on track to submit the sNDA in August.

[Ted Tenthoff, Analyst at Piper Sandler]

That's really helpful. Just to make sure I understand. You'll use the OS data from the ongoing SENTRY as the confirmatory data set?

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

That is correct. We designed SENTRY intentionally from the very beginning to follow all the way for overall survival. The study continues with patients, sites, blinded. They continue on treatment. They continue to provide scans as well as OS data. Yes, we are going to leverage that maturing OS to confirm the benefit, which is going to occur likely years from now, but that is going to serve as the confirmatory data set, we believe, upon alignment with the FDA.

[Ted Tenthoff, Analyst at Piper Sandler]

That's really helpful. Thanks, Reshma. Good luck.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

Thank you.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Thanks, Ted.

[Operator]

Thank you. Your next question comes from Yanni Souroutzidis with Cantor. Please go ahead.

[Yanni Souroutzidis, Analyst at Cantor]

Hey, folks. Appreciate the updates here. I guess just a quick question on what is the right way to think about the feasibility here of future operations. Is Accelerated Approval absolutely needed, or do you believe that inclusion in the National Comprehensive Cancer Network compendia could provide sufficient revenues to address the debt and operating needs? Then I have a quick follow-up.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Yeah. Thanks, Yanni. I think as we've talked to, there's really a few of those milestones happening very much in the near term. And obviously, given that we're already an approved agent, NCCN is very important and I think is something which, as we know, physicians utilize a lot, and I think we've talked to that previously where with NCCN in similar situations, if NCCN is all that you achieve, usually products will achieve about 50% of what their peak may be. But obviously, our goal is to enable as broad access as possible. One component is NCCN. The other component, as we've talked to, is really continuing to advance down the regulatory pathway.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

I think both of those are occurring very positively over the near term, and I think both will be very positive for us in terms of being able to fund operations and obviously being able to enable patients to get access to selinexor and ruxolitinib myelofibrosis.

[Yanni Souroutzidis, Analyst at Cantor]

Yeah, appreciate it. And then just, I guess relatedly too, appreciate the transparency on kind of the upcoming payment required and the debt covenants there. I guess, is there a sense of what would be kind of the stopgap in your mind, to kind of position the company well financially from a liquidity perspective to make it through these near-term milestones and ideally, I would imagine make it through at least the first half or end of 2027?

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Yeah. I think, as we've seen before, our lenders have consistently been very supportive with us, and I don't have any reason to believe that they won't continue to do so. I think as we announced, we are working on a range of financing opportunities and strategic alternatives. We're in direct dialogue with our lenders with respect to these options. And I think obviously our goal is to work with lenders and potential equity investors and find a way to enhance our liquidity, extend the runway as we have these really important milestones in front of us in the second half of 2026. So I think we'll be able to continue to execute on that and find the right balance as we move forward.

[Yanni Souroutzidis, Analyst at Cantor]

Understood. All right. Thank you so much.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Thanks, Yanni.

[Operator]

Thank you. Your next question comes from Brian Abrahams with RBC Capital Markets. Please go ahead.

[Brian Abrahams, Analyst at RBC Capital Markets]

Good morning. Thanks so much for taking my question, and congrats on the continued progress. You mentioned in milestones the potential for inclusion of selinexor in the compendia in the back half of this year. That seems pretty rapid if the NCCN meeting is happening just this week. I am just curious if you are hearing anything emerging from the meeting that gives you confidence, and maybe if you could remind us of the process there. Then maybe just secondly, I am just curious if in your dialogue you are hearing any insights from the FDA on whether priority and how open they might be to Priority Review. Thanks.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Sure. Thanks, Brian. I will address the first part, and I will turn to Reshma for the second part. Obviously, NCCN is an independent committee and an independent body, so they will go through their process and evaluate. Importantly, we put the right components in place in terms of our ASCO presentation, our EHA presentation, our Journal of Clinical Oncology manuscripts. I think all the right components are there, and we hear a high level of interest from opinion leaders to be able to get access to selinexor plus ruxolitinib. So I think we are on track, as we said, to see that in the second half this year. For the second part, I will turn to Reshma to talk to the FDA.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

Yeah. Thanks, Brian. So as I mentioned, really great, productive conversations with the FDA. In terms of Priority Review, not necessarily. This is a request that we need to make with the FDA at the time that the application is submitted. They have approximately 60 days to review that request, and then they will provide that update shortly thereafter. So no specific insight, but we do believe that we have a strong package, potentially a differentiating profile, a need for a combination therapy. So hopefully they will review it and expedite the PDUFA date that will enable an approval sometime early next year.

[Brian Abrahams, Analyst at RBC Capital Markets]

Super helpful. Thanks so much.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Thanks, Brian.

[Operator]

Thank you. Your next question comes from Maury Raycroft with Jefferies. Please go ahead.

[Maury Raycroft, Analyst at Jefferies]

Hi, thanks for taking my questions. Maybe I'll just ask one on the term loan negotiations. Lori, you mentioned potential for a waiver. What do those discussions look like, and what could updated obligations look like if there's a waiver, and what is the likelihood of that? Then I've got a follow-up question.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Sure. Maybe Maury, I'll address that one. Just at a high level, we're not going to obviously go into the details of the conversations and negotiations, but I think as we mentioned, the lenders have been consistently supportive with us, and again, I think we don't have any reason to believe that they won't continue to do so. Good, productive conversations and working on the right solution as we move forward. Obviously that's something that we're very focused on and are working to achieve rapidly.

[Maury Raycroft, Analyst at Jefferies]

Understood. That's helpful. Then for NCCN compendia listing, I guess, what's your plan to get patients from your clinical studies on the paid drug? Do you have a sense of proportion of patients from your studies that would make that switch early on with only the NCCN compendia listing?

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Well, I think on our study, as we mentioned, we look to see our study continue, right? So our study continues. Patients are blinded, clinicians are blinded. We have a blinded study team inside Karyopharm. So we would look to see our study continue, and I think as Reshma mentioned, we're looking to see that to be the confirmatory data from an Accelerated Approval perspective. So our focus would be to make sure we're really working with the sites, investigators, patients, etc, to continue patients on our phase III program.

[Maury Raycroft, Analyst at Jefferies]

Understood. Okay. Thanks for taking my questions.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Thanks, Maury.

[Operator]

Thank you. Your next question comes from Michael King with Rodman & Renshaw. Please go ahead.

[Michael King, Analyst at Rodman & Renshaw]

Thanks. Good morning, guys. Thanks for taking the question. Just a little further granularity on, excuse me, on the filing and the interaction with the FDA. I am just wondering, given recent interaction with the BNC meetings and the updated analysis that you presented at ESMO, I just wonder if any part of the dataset that you are going to submit could be considered to be a major amendment. Obviously, this would be very impactful for the approval timeline, so I am just wondering how you are thinking about submitting the data to the agency.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Yeah, let me turn to Reshma for that part.

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

Yeah. Thanks, Michael. Great question. The sNDA under the Accelerated Approval is really going to be based upon the week 24 data. The week 24 that we really believe is compelling and differentiating, of course, is going to be that SVR35 data. Only at week 24, that is the time point at which the primary analysis was conducted. But the kinetics really suggests something very differentiating. Of course, that SVR35 at week 12, 24, 36 shows that sustained SVR. Of course, the overall survival data, the post-hoc analysis with the relationship between SVR OS, the disease modification data, and the safety. That's the profile. Again, very compelling at week 24, and again, will form the basis for the sNDA.

[Michael King, Analyst at Rodman & Renshaw]

Okay. No 48-week data to be submitted then, is that correct?

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

That's correct. We're going to really focus on the week 24 data. Now there are some patients that have been followed for week 48. We'll provide that data as well, but the primary focus is really going to be on the week 24.

[Michael King, Analyst at Rodman & Renshaw]

Okay. Can you say whether you'll include the pre-specified OS confirmatory analysis in that submission?

[Reshma Rangwala, Chief Medical Officer and Head of Research at Karyopharm Therapeutics]

Yeah, absolutely. That is part of the differentiating package and that OS data that we observed and of course presented at ASCO, EHA, and was included in the Journal of Clinical Oncology really was the basis for that post-hoc analysis that allowed us to show that relationship between SVR OS. So it is a very important data point. Of course, we will continue to follow patients on overall survival, and as mentioned earlier, we will use those data to ultimately confirm the benefit in the future.

[Michael King, Analyst at Rodman & Renshaw]

Great. Thanks for taking the questions.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Thanks, Michael.

[Operator]

Thank you, Michael. There are no additional questions in the queue. I will turn it back to Richard for some closing remarks.

[Richard Paulson, President and CEO at Karyopharm Therapeutics]

Thank you, operator, and thank you everyone for joining us today and your continued interest in Karyopharm. As we've highlighted, we very much look forward to providing you additional updates on our regulatory and financing developments very much in the near future. So once again, thanks for joining us.

[Operator]

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and as such, please disconnect your lines. Have a great day.

Participants

Executives

• Brendan Strong, SVP of Investor Relations
• Richard Paulson, President and CEO
• Reshma Rangwala, Chief Medical Officer and Head of Research
• Sohanya Cheng, Chief Commercial Officer and Head of Business Development
• Lori Macomber, CFO and Treasurer

Analysts

• Ted Tenthoff, Analyst at Piper Sandler
• Yanni Souroutzidis, Analyst at Cantor
• Brian Abrahams, Analyst at RBC Capital Markets
• Maury Raycroft, Analyst at Jefferies
• Michael King, Analyst at Rodman & Renshaw