Karyopharm (KPTI) Q2 2026: EPS Misses by 78%, Cash Runway Extends Only to September

Karyopharm Therapeutics (NASDAQ: KPTI) reported a second-quarter GAAP net loss of $67.0 million, or $2.32 per share, sharply missing the $1.30 consensus estimate by 78.5%. Total revenue for the quarter ended June 30, 2026, fell 11.9% year over year to $33.4 million from $37.9 million in Q2 2025, driven largely by the expiration of a reimbursement arrangement with international partner Menarini.

Q2 2026 Results

• Net product revenue: $30.8 million, up from $29.7 million in Q2 2025, reflecting relatively consistent U.S. demand for XPOVIO (selinexor) in the competitive multiple myeloma market, with the community setting accounting for approximately 60% of net product revenue.
• License and other revenue: $2.6 million, down from $8.2 million in Q2 2025; the decline reflects a $6.5 million reduction in development-related reimbursement revenue from Menarini following the expiration of its $15.0 million annual R&D obligation on December 31, 2025.
• Royalty revenue: $2.5 million, up from $1.6 million in Q2 2025, as selinexor is now approved in more than 50 countries and territories outside the U.S.
• Operating loss: $22.5 million, an improvement from $24.4 million in Q2 2025, as R&D expenses declined to $29.0 million from $32.8 million and SG&A fell to $25.9 million from $28.5 million.
• Cash position: $65.4 million in cash, cash equivalents, restricted cash, and investments as of June 30, 2026.

What Drove the Results

GAAP EPS of -$2.32 missed the -$1.30 consensus by 78.5%, while total revenue of $33.4 million fell short largely because of the Menarini reimbursement rolloff. The operating loss of $22.5 million improved modestly year over year as the company curtailed spending across both R&D and SG&A, with its Phase 3 trials having completed enrollment. However, GAAP net loss ballooned to $67.0 million from $37.3 million in Q2 2025, driven by $32.1 million of non-cash other expense tied to fair value remeasurement of embedded derivatives and liability-classified common stock warrants issued in prior financing transactions; interest expense also rose to $13.1 million from $11.2 million, reflecting higher debt and rates following October 2025 financing transactions.

The most pressing issue is liquidity. The company disclosed that its existing cash is expected to fund operations only into September 2026. A $15.8 million principal payment is due under its senior secured term loan on September 10, 2026; if made without additional financing or a lender waiver, cash would fall below the $10.0 million minimum liquidity covenant, constituting an event of default. Karyopharm stated it is actively evaluating financing opportunities and strategic alternatives with financial advisor Centerview Partners.

Why It Matters

Karyopharm reaffirmed its full-year 2026 total revenue guidance of $130 million to $150 million, including U.S. XPOVIO net product revenue of $115 million to $130 million, with combined R&D and SG&A expenses expected in the range of $230 million to $245 million. The company's near-term catalyst is its planned August supplemental New Drug Application submission for selinexor in combination with ruxolitinib in myelofibrosis under the FDA's Accelerated Approval pathway, supported by Phase 3 SENTRY trial data published in the Journal of Clinical Oncology. The FDA provided written feedback that spleen volume reduction of 35% or greater qualifies as a reasonably likely surrogate endpoint, and Karyopharm intends to request Priority Review. If approved, the company has described the combination as potentially the first approved combination therapy for myelofibrosis patients in a multi-billion-dollar U.S. market.

The endometrial cancer program was deprioritized after the Phase 3 XPORT-EC-042 trial failed to meet its primary endpoint of progression-free survival. The company is also awaiting topline data from the Phase 3 XPORT-MM-031 multiple myeloma trial, expected in the second half of 2026.

Wall Street View

Analyst sentiment ahead of the report remained constructive, with the most recent consensus (as of August 1, 2026) including nine Buy-equivalent ratings and three Hold ratings, and no Sell recommendations. No specific updated price targets from individual firms were available in the source data.

Investor Takeaway

The headline EPS miss is less consequential than the September cash cliff: without new financing or a lender waiver, Karyopharm faces a potential covenant breach within weeks of reporting these results, making the outcome of its strategic review with Centerview Partners arguably more important than the myelofibrosis sNDA timeline. The maintained full-year revenue guidance of $130 million to $150 million provides a commercial baseline, but the company's ability to fully capitalize on a potential myelofibrosis approval depends entirely on resolving the near-term liquidity constraint first.