On Monday, H.C. Wainwright analysts maintained a Buy rating on Karyopharm Therapeutics (NASDAQ:KPTI).
The firm emphasized the potential of Karyopharm's Xpovio (selinexor), a first-in-class oral selective inhibitor of nuclear export, following a conversation with the company's management on Sunday.
Karyopharm reported preliminary unaudited sales figures for Xpovio, with total revenue for the fiscal year 2024 (FY24) reaching approximately $145 million and U.S. net product sales hitting around $113 million.
These numbers were slightly below White's forecast of $150.0 million in total revenue and just above his $112.5 million estimate for net product sales. The consensus estimates were $152.9 million for total revenue and $113.9 million for net product sales.
The company provided guidance for FY24, projecting total revenue to be between $145 million to $155 million, and product revenue guidance in the range of $110 million to $115 million. Karyopharm noted that total demand remained consistent with 2023, but net product revenue in 2024 was affected by higher gross-to-net adjustments, primarily due to increased 340B discounts and Medicare rebates.
At the end of 2024, Karyopharm's cash and equivalents were approximately $109 million, which is expected to fund the company's operations into the first quarter of 2026. The company plans to offer financial guidance for 2025 during its upcoming earnings call. In light of the recent data, the firm's analysts have revised their 2025 net product sales estimate down to $119.3 million from $125.2 million.
Furthermore, Karyopharm has completed enrollment for a pivotal Phase 3 trial evaluating an all-oral triplet treatment consisting of Xpovio combined with Pomalyst (pomalidomide) and dexamethasone (SPd) in patients with previously treated multiple myeloma (MM).
The company is engaging with regulatory authorities regarding the trial's updated protocol and statistical plan and intends to provide an update on the trial's progress. White reiterated the Buy rating and $7 price target for Karyopharm Therapeutics.
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