KPTI - Karyopharm surges as blood cancer drug drives sales in Q3 net loss narrows
- Karyopharm Therapeutics ( NASDAQ: KPTI ) stock rose ~9% premarket Friday after Q3 results beat estimates and the company maintained its FY22 outlook.
- Net loss narrowed to -$36.32M, compared to -$51.81M in Q3 2021.
- Total revenue declined -4% Y/Y to $36.14M.
- However, product revenue from blood cancer drug Xpovio (selinexor) grew +19.8% Y/Y to $32M.
- Karyopharm maintained its full year 2022 outlook for Xpovio net product revenue and expects it to be between $120M and $130M. Meanwhile, total revenue is anticipated between $155M and $165M ( consensus $156.80M).
- Q3 License and other revenue declined -62.2% Y/Y to $4.14M. The company said the decrease was mainly due to the recognition of $9.8M in milestone-related revenue from Antengene Therapeutics Q3 2021, compared to $2.4M in royalty revenue and $1.4M in reimbursement revenue from Menarini in Q3 2022.
- R&D expenses declined to $31.36M, compared to $45.8M in Q3 2021.
- Cash, cash equivalents, restricted cash and investments as of Sept. 30 were $150.1M, compared to $235.6M as of Dec. 31.
- KPTI +9.03% to $4.95 premarket Nov. 4
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Karyopharm surges as blood cancer drug drives sales in Q3, net loss narrows