10-Q · May 14, 2026
Karyopharm Therapeutics reported improved Q1 2026 results, with revenues of $35.1 million and a diluted EPS of -$1.24, exceeding expectations. The company reaffirmed a full-year revenue guidance of $130M to $150M amid…
Earnings analysis · 10-Q
KPTI earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Karyopharm generated $33.432 million of Q2 revenue, led by $30.8 million of U.S. XPOVIO product revenue, but revenue declined from both the prior quarter and prior-year period while diluted EPS was a $2.32 loss. The…
Read full summary
Karyopharm generated $33.432 million of Q2 revenue, led by $30.8 million of U.S. XPOVIO product revenue, but revenue declined from both the prior quarter and prior-year period while diluted EPS was a $2.32 loss. The company reported a $22.5 million operating loss and disclosed substantial doubt about its ability to continue as a going concern, with liquidity expected to last only into September 2026. The maintained $130 million-$150 million full-year revenue outlook is outweighed by the September 10, 2026 debt payment, covenant risk, and the failed endometrial-cancer trial.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-2.32
What stood out
-
Revenue declined sequentially and year over year
Q2 revenue was $33.432 million, down from $35 million in Q1 2026 and $38 million in Q2 2025, representing sequential and year-over-year declines of approximately 4% and 12%, respectively.
-
XPOVIO remains the core revenue driver
U.S. XPOVIO product revenue was $30.8 million and royalty revenue was $2.5 million, together representing approximately $33.3 million of the $33.432 million quarterly revenue base.
-
Full-year revenue outlook maintained
Management maintained full-year 2026 total revenue guidance of $130 million-$150 million and U.S. XPOVIO revenue guidance of $115 million-$130 million.
-
Lower operating expenses
Operating expenses declined, although the company still reported a $22.5 million loss from operations for the quarter ended June 30, 2026.
What to watch
-
Going-concern uncertainty
The company stated that its $65.1 million of cash, cash equivalents and investments is expected to fund current operating plans only into September 2026. Management concluded there is substantial doubt about the company’s ability to continue as a going concern within one year after issuance of the financial statements.
-
Near-term debt and covenant pressure
A $15.8 million principal payment is due on September 10, 2026. If paid without new financing or a lender waiver, liquidity is expected to fall below the $10.0 million minimum-liquidity covenant and trigger a term-loan default; approximately $10.1 million of additional interest payments are due on September 30, 2026.
-
Endometrial cancer trial failure
The July 2026 Phase 3 XPORT-EC-042 endometrial-cancer trial did not meet the pre-specified statistical-significance threshold for its primary progression-free-survival endpoint, and the company does not expect to pursue U.S. regulatory approval in that indication.
Management's outlook
Management maintained full-year 2026 total revenue guidance of $130 million-$150 million, U.S. XPOVIO net product revenue guidance of $115 million-$130 million, and R&D plus SG&A expense guidance of $230 million-$245 million, excluding certain one-time costs.
Earlier filings 4
10-K · February 13, 2026
Karyopharm’s 2025 10‑K highlights commercialization of XPOVIO and active late‑stage clinical programs but discloses a stressed balance sheet. The company reported $146.1 million of total revenue in 2025 (including…
10-Q · November 3, 2025
Karyopharm reported Q3 2025 revenue of $44.044 million, up from $38.783 million in Q3 2024, driven by higher product ($32.032M) and license/other revenue ($12.012M). Gross margin remained high at ~95.2% but operating…
10-Q · August 11, 2025
Karyopharm reported Q2 revenue of $37.929M, down from $42.786M a year ago, while product (XPOVIO) revenue rose to $29.681M (+$1.649M YoY). Gross margin remained very high at ~97.2% and operating loss improved to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.