Karyopharm Therapeutics Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting a mixed performance in revenue and ongoing challenges in profitability. The company’s total revenue for Q3 2024 was $38.8 million, an increase from $36.0 million in Q3 2023. For the nine months ended September 30, 2024, total revenue reached $114.7 million, slightly up from $112.3 million in the same period last year. This growth was primarily driven by a significant increase in license and other revenue, which rose to $9.3 million in Q3 2024 from $5.8 million in Q3 2023, and $31.1 million for the nine months, compared to $25.3 million in the prior year.
However, product revenue showed a decline, with net product revenue for Q3 2024 at $29.5 million, down from $30.2 million in Q3 2023, and $83.6 million for the nine months, compared to $87.0 million in the previous year. The decrease in product revenue was attributed to higher gross-to-net discounts due to increased Medicare rebates and competition in the market.
Operating expenses for Q3 2024 totaled $65.1 million, a decrease from $67.3 million in Q3 2023. The company reported a loss from operations of $26.3 million for Q3 2024, an improvement from a loss of $31.3 million in the same quarter of the previous year. The net loss for Q3 2024 was $32.1 million, compared to $34.5 million in Q3 2023, reflecting a continued effort to manage costs amid ongoing research and development activities.
Karyopharm's accumulated deficit increased to $1.5 billion as of September 30, 2024, and the total stockholders’ deficit was $(159.6 million). The company’s cash, cash equivalents, and investments stood at $133.5 million, providing a buffer for ongoing operations. However, there remains substantial doubt regarding the company's ability to continue as a going concern, with expectations of significant operating losses continuing.
Strategically, Karyopharm has focused on its lead product, XPOVIO® (selinexor), which is approved for multiple indications in the U.S. and has received regulatory approval in 45 countries outside the U.S. The company is also pursuing additional funding through equity offerings, debt financings, and collaborations to support its operations and clinical development programs. Notably, Karyopharm entered into a $100 million senior secured term loan facility in May 2024 and exchanged existing convertible senior notes for new notes, aiming to streamline its debt obligations.
The company is currently facing challenges in commercialization due to increased competition and the impact of external market conditions, including the recent closure of multiple myeloma foundations, which has led to a higher reliance on patient assistance programs. Karyopharm's future profitability will depend on the successful commercialization of XPOVIO and the outcomes of ongoing clinical trials for additional indications.
About Karyopharm Therapeutics Inc.
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