Karyopharm Therapeutics Inc. (KPTI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la terapéutica oncológica, Karyopharm Therapeutics Inc. (KPTI) emerge como una fuerza pionera, revolucionando el tratamiento del cáncer a través de su enfoque innovador de las terapias dirigidas. Al aprovechar un modelo de negocio sofisticado que combina investigación científica de vanguardia, asociaciones estratégicas y desarrollo de fármacos innovadores, KPTI está transformando cómo entendemos y combatemos las condiciones de cáncer complejas. Su producto insignia Xpovio representa más que un simple tratamiento: incorpora un cambio de paradigma en la atención oncológica personalizada, prometiendo esperanza para pacientes que luchan contra malignas desafiantes.

Karyopharm Therapeutics Inc. (KPTI) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con compañías farmacéuticas para el desarrollo de medicamentos

Karyopharm Therapeutics ha establecido asociaciones estratégicas con varias compañías farmacéuticas para avanzar en su canal de desarrollo de fármacos:

Empresa asociada	Enfoque de colaboración	Año iniciado
Merck & Co.	Desarrollo y comercialización de Xpovio (Selinexor)	2019
Grupo Menarini	Derechos de comercialización Global Ex-US para Xpovio	2020

Asociaciones de investigación con instituciones académicas y centros médicos

Karyopharm mantiene colaboraciones críticas de investigación con instituciones de investigación académica y médica líderes:

• Instituto del Cáncer Dana-Farber
• Memorial Sloan Kettering Cancer Center
• Centro de cáncer de MD Anderson

Acuerdos de licencia para xpovio y candidatos terapéuticos

Los acuerdos de licencia clave incluyen:

Concesionario	Producto/tecnología	Términos de acuerdo
Grupo Menarini	Xpovio Global Ex-US Derechos	Pago por adelantado de $ 100 millones
Merck & Co.	Inhibidor selectivo de la tecnología de exportación nuclear (SINE)	Pagos de hitos de hasta $ 1.1 mil millones

Asociación de ensayos clínicos e organizaciones de investigación

Karyopharm colabora con múltiples organizaciones de investigación clínica:

• IQVIA
• Parexel International
• PPD (diagnóstico perceptivo)

Estas asociaciones apoyan Gestión de ensayos clínicos, reclutamiento de pacientes y análisis de datos para programas de investigación en curso en curso.

Karyopharm Therapeutics Inc. (KPTI) - Modelo de negocio: actividades clave

Investigación farmacéutica y desarrollo de fármacos

La terapéutica de Karyopharm se centra en desarrollar nuevas terapias contra el cáncer dirigidas al transporte nuclear. A partir del cuarto trimestre de 2023, la compañía invirtió $ 98.4 millones en gastos de investigación y desarrollo.

Área de enfoque de investigación	Monto de la inversión
Desarrollo de medicamentos oncológicos	$ 65.2 millones
Investigación del inhibidor del transporte nuclear	$ 33.2 millones

Ensayos clínicos para el cáncer y los tratamientos oncológicos

La Compañía realiza múltiples ensayos clínicos en varias indicaciones de cáncer.

• Ensayos clínicos activos: 7 estudios en curso
• Inscripción del paciente: 412 participantes en diferentes ensayos
• Enfoque primario: mieloma múltiple, tumores sólidos y linfoma

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Hito regulatorio	Estado	Fecha
Aprobaciones de la FDA	2 drogas aprobadas	2023
Presentaciones de la FDA en curso	3 aplicaciones potenciales de drogas	2024

Marketing y comercialización de la terapéutica oncológica

La estrategia comercial de Karyopharm se centra en los mercados de oncología dirigidos.

• Territorios comerciales: Estados Unidos, Unión Europea
• Fuerza de ventas: 87 representantes de oncología especializados
• 2023 Ingresos de productos comerciales: $ 189.3 millones

Innovación continua en terapias para el cáncer dirigidos

La compañía mantiene una sólida cartera de posibles candidatos terapéuticos.

Etapa de tuberías de investigación	Número de candidatos	Costo de desarrollo estimado
Etapa preclínica	4 candidatos	$ 22.7 millones
Pruebas de fase I	2 candidatos	$ 41.5 millones
Pruebas de fase II	3 candidatos	$ 63.2 millones

Karyopharm Therapeutics Inc. (KPTI) - Modelo de negocio: recursos clave

Cartera de propiedades intelectuales

A partir de 2024, Karyopharm Therapeutics se mantiene 12 patentes otorgadas Relacionado con nuevos compuestos terapéuticos. La cartera de patentes incluye propiedad intelectual clave para Xpovio (Selinexor) y otras terapias de investigación.

Categoría de patente	Número de patentes	Rango de vencimiento
Patentes compuestas	5	2030-2036
Patentes de formulación	4	2031-2037
Patentes del método de tratamiento	3	2032-2038

Investigaciones y instalaciones de desarrollo

Karyopharm mantiene 2 Instalaciones de investigación primarias Ubicado en Newton, Massachusetts, con una inversión total de infraestructura de investigación de aproximadamente $ 45 millones.

Liderazgo científico y médico

• Personal de investigación total: 87 empleados
• Investigadores a nivel de doctorado: 42
• Investigadores de nivel MD: 15

Recursos de ensayos clínicos

A partir de 2024, Karyopharm tiene ensayos clínicos en curso entre 7 áreas terapéuticas diferentes, con inversión de investigación clínica acumulativa de $ 123 millones.

Área terapéutica	Pruebas activas	Inscripción del paciente
Oncología	4	612 pacientes
Hematología	2	287 pacientes
Enfermedades raras	1	98 pacientes

Capital financiero

Los recursos financieros de Karyopharm a partir del cuarto trimestre de 2023:

• Efectivo y equivalentes de efectivo: $ 187.4 millones
• Gastos totales de investigación y desarrollo: $ 94.2 millones
• Capital de trabajo: $ 142.6 millones

Karyopharm Therapeutics Inc. (KPTI) - Modelo de negocio: propuestas de valor

Opciones innovadoras de tratamiento del cáncer dirigido

La terapéutica de Chiopharm se centra en desarrollar inhibidores selectivos de compuestos de exportación nuclear (sinuso). A partir de 2024, su fármaco primario Xpovio (Selinexor) ha sido aprobado para múltiples indicaciones de cáncer.

Droga	Indicación	Año de aprobación de la FDA
Xpovio	Mieloma múltiple	2019
Xpovio	Linfoma difuso de células B grandes	2020

Posibles terapias innovadoras

La tubería de investigación de Karyopharm se centra en los trastornos oncológicos y neurológicos.

• Ensayos clínicos avanzados para compuestos seno en varios tipos de cáncer
• Investigación continua en raras neoplasias hematológicas
• Tratamientos potenciales para tumores sólidos

Mecanismo de acción único

La empresa Inhibición selectiva de la exportación nuclear (sinuso) La tecnología se dirige a la proteína XPO1, interrumpiendo los mecanismos de supervivencia de las células cancerosas.

Tecnología	Objetivo	Mecanismo
Compuestos sinusoidales	Proteína XPO1	Inhibición de la exportación nuclear

Resultados mejorados del paciente

Los datos clínicos demuestran eficacia en las poblaciones de pacientes refractarias al tratamiento.

• Mejoras de supervivencia general media en mieloma múltiple
• Resistencia al tratamiento reducida
• Opciones alternativas para pacientes con opciones terapéuticas limitadas

Enfoques terapéuticos personalizados

Karyopharm desarrolla terapias específicas para subtipos de cáncer específicos.

Tipo de cáncer	Estrategia terapéutica	Estadio clínico
Mieloma múltiple	Apunta compuesta sinusoidal	Aprobado
Linfoma difuso de células B grandes	Terapia combinada	Aprobado

Karyopharm Therapeutics Inc. (KPTI) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud oncológica

Karyopharm Therapeutics mantiene estrategias de participación directa con profesionales de la salud oncológica a través de interacciones específicas:

Método de compromiso	Frecuencia	Público objetivo
Reuniones científicas médicas	4-6 conferencias anualmente	Oncólogos, hematólogos
Consultas clínicas individuales	250-350 interacciones individuales por trimestre	Profesionales de oncología especializados
Serie de seminarios web digitales	8-10 seminarios web por año	Comunidad global de oncología

Programas de apoyo al paciente para la accesibilidad al tratamiento

Las iniciativas integrales de apoyo al paciente incluyen:

• Programa de asistencia financiera que cubre hasta el 90% de los costos de bolsillo para pacientes elegibles
• Línea de ayuda de apoyo al paciente dedicado con accesibilidad las 24 horas del día, los 7 días de la semana,
• Programa de asistencia de cagas para el tratamiento Xpovio®

Educación médica y comunicación científica

Canal de comunicación	Alcance anual	Enfoque principal
Publicaciones revisadas por pares	15-20 documentos científicos	Resultados de investigación clínica
Presentaciones de datos de ensayos clínicos	12-15 presentaciones de conferencia	Resultados de la investigación de Selinexor

Plataformas digitales para información de tratamiento y recursos del paciente

Las estrategias de participación digital abarcan:

• Sitio web de información dedicada al paciente de Xpovio®
• Módulos de educación de tratamiento virtual
• Foros de la comunidad de pacientes en línea

Colaboración de investigación clínica continua con comunidad médica

Tipo de colaboración	Número de colaboraciones activas	Enfoque de investigación
Asociaciones de investigación académica	7-9 colaboraciones activas	Innovaciones de tratamiento oncológico
Red de ensayos clínicos	35-40 sitios de ensayos clínicos activos	Investigación de oncología global

Karyopharm Therapeutics Inc. (KPTI) - Modelo de negocios: canales

Fuerza de ventas directa dirigida a especialistas en oncología

Karyopharm Therapeutics mantiene un equipo de ventas dedicado de 45 representantes centrados en la oncología a partir del cuarto trimestre de 2023. La fuerza de ventas se dirige específicamente a los especialistas en hematología de oncología en los Estados Unidos.

Métrica de la fuerza de ventas	2024 datos
Representantes de ventas totales	45
Cobertura geográfica	Estados Unidos
Enfoque especializado	Hematología-oncología

Distribuidores farmacéuticos especiales

Karyopharm se asocia con 7 principales distribuidores farmacéuticos especializados para la distribución de productos.

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation
• FFF Enterprises
• Smith Drug Company
• Morris & Polla
• HD Smith

Conferencias médicas y simposios científicos

En 2023, Karyopharm participó en 12 conferencias de oncología principales, presentando investigaciones para Xpovio (Selinexor).

Tipo de conferencia	2023 Participación
Conferencias totales	12
Enfoque principal	Presentaciones de investigación de Xpovio

Plataformas de marketing digital y información médica en línea

Karyopharm utiliza canales digitales que alcanzan aproximadamente 3.500 profesionales de oncología mensualmente a través de plataformas en línea específicas.

Métrico de canal digital	2024 datos
Alcance mensual	3.500 profesionales de oncología
Plataformas principales	Sitios web médico, LinkedIn, WebMD

Redes de proveedores de atención médica y centros de tratamiento del cáncer

Karyopharm ha establecido asociaciones con 215 centros de tratamiento del cáncer en los Estados Unidos.

Métrico de red	2024 datos
Centros de tratamiento de cáncer totales	215
Alcance geográfico	Estados Unidos

Karyopharm Therapeutics Inc. (KPTI) - Modelo de negocio: segmentos de clientes

Oncólogos y especialistas en hematología

Según los datos de 2023, hay aproximadamente 14,500 oncólogos y 5.200 especialistas en hematología en los Estados Unidos.

Especialidad	Número de profesionales	Penetración del mercado
Oncólogos	14,500	68% de alcance potencial para productos KPTI
Especialistas en hematología	5,200	72% de compromiso potencial

Pacientes con mieloma múltiple

En 2024, aproximadamente 34,470 casos de mieloma múltiple se proyectan en los Estados Unidos.

• Media edad al diagnóstico: 69 años
• Tasa de supervivencia a 5 años: 54.5%
• Población de pacientes estimada: 176,404

Pacientes con cánceres avanzados o refractarios

Tipo de cáncer	Pacientes en estadio avanzado	Casos refractarios
Mieloma múltiple	22,380	8,750
Linfoma	31,940	12,600

Instituciones de atención médica y centros de tratamiento del cáncer

Número total de centros de tratamiento del cáncer en los Estados Unidos: 1.534

• Centros de cáncer integrales: 51
• Centros de cáncer comunitario: 1.483
• Presupuesto promedio de tratamiento anual de tratamiento del cáncer: $ 42.3 millones

Investigadores clínicos y profesionales médicos

Categoría de investigación	Número de profesionales	Interés potencial de investigación
Investigadores de oncología	8,750	65% interesado en terapias novedosas
Investigadores de hematología	3,200	72% explorando tratamientos específicos

Karyopharm Therapeutics Inc. (KPTI) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Según el informe anual de 2022, Karyopharm Therapeutics Inc. reportó gastos totales de I + D de $ 194.4 millones para el año fiscal.

Categoría de gastos de I + D	Cantidad (en millones)
Investigación relacionada con Selinexor	$87.2
Otro desarrollo de la tubería	$62.5
Costos de personal	$44.7

Inversiones de ensayos clínicos

Las inversiones en ensayos clínicos para 2022 totalizaron aproximadamente $ 112.3 millones.

• Ensayos de mieloma múltiple: $ 53.6 millones
• Ensayos tumorales sólidos: $ 38.7 millones
• Otros ensayos de oncología: $ 20.0 millones

Procesos de cumplimiento y aprobación regulatoria

Los gastos de cumplimiento regulatorio para 2022 fueron de $ 18.5 millones.

Actividad de cumplimiento	Costo (en millones)
Procesos de envío de la FDA	$8.2
Seguro de calidad	$6.3
Documentación regulatoria	$4.0

Gastos de ventas y marketing

Los gastos de ventas y marketing para 2022 fueron de $ 95.7 millones.

• Salarios del equipo comercial: $ 42.3 millones
• Campañas de marketing: $ 33.4 millones
• Infraestructura de ventas: $ 20.0 millones

Sobrecarga administrativa y operativa

Los gastos generales y operativos totales para 2022 fueron de $ 76.2 millones.

Categoría de gastos generales	Cantidad (en millones)
Gastos administrativos generales	$45.6
Infraestructura corporativa	$22.8
Tecnología y sistemas	$7.8

Estructura de costos totales para 2022: $ 496.9 millones

Karyopharm Therapeutics Inc. (KPTI) - Modelo de negocios: flujos de ingresos

Ventas de productos Xpovio (Selinexor)

Para el año fiscal 2023, Karyopharm Therapeutics reportó ingresos totales de productos de $ 168.7 millones de las ventas de Xpovio. El medicamento se usa principalmente para el tratamiento de mieloma múltiple y ha sido aprobado para varias indicaciones oncológicas.

Año	Ingresos del producto Xpovio	Crecimiento año tras año
2022	$ 123.5 millones	37.5%
2023	$ 168.7 millones	36.6%

Pagos potenciales de hitos de los acuerdos de licencia

Karyopharm tiene acuerdos de licencia que potencialmente generan pagos por hitos. A partir de 2023, la compañía ha asegurado los pagos potenciales de hitos hasta $ 655 millones de varias asociaciones.

• Acuerdo de licencia de Antengene Corporation para Xpovio en las regiones de Asia-Pacífico
• Pagos de hitos potenciales que dependen de las aprobaciones regulatorias y los logros comerciales

Financiación de la investigación colaborativa

En 2023, Karyopharm recibió financiación de investigación colaborativa de aproximadamente $ 12.3 millones de asociaciones de investigación estratégica.

Posibles regalías futuras de drogas

La Compañía tiene acuerdos estructurados que podrían generar regalías a partir de la posible comercialización futura de medicamentos, con tasas de regalías potenciales estimadas que varían entre 5% y 15% dependiendo de términos de licencia específicos.

Subvenciones del gobierno y la investigación

Fuente de subvenciones	Cantidad de subvención (2023)	Enfoque de investigación
Institutos Nacionales de Salud (NIH)	$ 3.2 millones	Investigación oncológica
Ministerio de defensa	$ 1.8 millones	Innovación del tratamiento del cáncer

Karyopharm Therapeutics Inc. (KPTI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why prescribers and patients choose Karyopharm Therapeutics Inc.'s XPOVIO (selinexor) over other options, especially as the company pushes into new indications. The value proposition centers on its unique mechanism and its oral convenience.

Oral, First-in-Class Treatment for Multiple Myeloma Patients with Limited Options

XPOVIO is Karyopharm Therapeutics Inc.'s first-in-class, oral exportin 1 (XPO1) inhibitor. For multiple myeloma (MM) patients, this represents a crucial option when standard therapies fail. The drug has shown activity in what's called 'penta-refractory' MM, meaning patients who are refractory to the 5 most active anti-MM agents currently in use. This positions XPOVIO as a vital late-line therapy.

The commercial success reflects this value, with U.S. XPOVIO net product revenue reaching $32.0 Million in the third quarter of 2025. This is up from $29.5 Million in the third quarter of 2024, showing continued adoption. The community setting is a major driver, accounting for approximately 60% of overall net product revenue as of Q3 2025.

Here's a quick look at the financial context supporting this value:

Metric	Q3 2025 Value	Full Year 2025 Guidance Range
U.S. XPOVIO Net Product Revenue	$32.0 Million	$110 Million to $120 Million
Total Revenue	$44.0 Million	$140 Million to $155 Million

Potential to Redefine Standard-of-Care in Frontline Myelofibrosis

Karyopharm Therapeutics Inc. is actively pursuing the myelofibrosis (MF) market, where selinexor, in combination with ruxolitinib, is being tested to potentially establish a new standard-of-care. The Phase 3 SENTRY trial, which completed enrollment as of late 2025, is evaluating this all-oral combination in JAK inhibitor-naïve MF patients. Top-line data from this pivotal trial is anticipated in March 2026. The strategy here isn't to compete directly with ruxolitinib, the current go-to, but to serve as an addition, creating an all-oral regimen.

The company is preparing for a potential launch, leveraging its existing commercialization capabilities from the MM market. This potential indication represents a significant expansion of the value proposition beyond established uses.

Addressing Nuclear Export Dysregulation, a Fundamental Mechanism of Cancer

The core scientific value of XPOVIO lies in its mechanism. Karyopharm Therapeutics Inc. has been an industry leader in compounds targeting nuclear export dysregulation, which is a fundamental mechanism of oncogenesis. XPOVIO, as a Selective Inhibitor of Nuclear Export (SINE) compound, selectively binds to and inhibits the nuclear export protein XPO1.

This inhibition forces the nuclear retention and functional activation of critical tumor suppressor proteins, while simultaneously limiting the translation of oncoproteins. This action leads to growth arrest and apoptosis in malignant cells. The overexpression of XPO1 is noted in various malignancies, correlating with poor prognosis, so blocking it offers a distinct therapeutic strategy.

• Inhibition of XPO1 causes nuclear retention of tumor suppressor proteins.
• This mechanism leads to selective apoptosis of cancer cells.
• Normal cells, in contrast, typically undergo only transient cell cycle arrest.
• XPO1 overexpression is identified in multiple malignancies.

Convenience of an All-Oral Combination Therapy (e.g., in Multiple Myeloma)

The oral formulation of XPOVIO provides significant convenience for patients, especially when used in combination regimens. In multiple myeloma, for instance, XPOVIO is used in combination with dexamethasone in heavily pre-treated patients. Furthermore, an ongoing trial is evaluating the all-oral combination of selinexor 40 mg, pomalidomide, and dexamethasone (SPd40) in previously treated MM patients who received prior anti-CD38 therapy. This focus on all-oral regimens simplifies patient management outside of infusion centers.

The myelofibrosis strategy also hinges on this convenience, aiming for an all-oral combination with ruxolitinib. The company expects its current liquidity, supported by XPOVIO sales and license agreements, to fund operations into the second quarter of 2026, which covers the period leading up to the SENTRY trial readout.

Finance: draft 13-week cash view by Friday.

Karyopharm Therapeutics Inc. (KPTI) - Canvas Business Model: Customer Relationships

You're focused on how Karyopharm Therapeutics Inc. connects with the specialized prescribers and the patients who need XPOVIO. For a specialty drug, this relationship piece is defintely where the rubber meets the road, especially given the complexity of the indications treated.

The commercial engagement strategy heavily relies on the existing treatment landscape. For instance, demand for XPOVIO was consistent in the third quarter of 2025, with the community setting continuing to drive approximately 60% of overall net product revenue. This means the direct relationship with community oncology practices is the primary driver of the U.S. business, which saw net product revenue of $32.0 million in that quarter.

Karyopharm Therapeutics Inc. supports this direct engagement with specialized resources:

• Experienced Medical Affairs team to support strong Key Opinion Leader (KOL) engagement.
• Anticipated rapid launch readiness for new indications, leveraging established commercialization capabilities.
• Established patient support hub enabling optimal patient access.

For oncologists and academic centers, the support extends beyond sales calls to medical information services. While I don't have a specific metric on the volume of complex product inquiries handled, the structure is in place to provide scientific exchange and support for these high-touch environments.

Patient access and affordability are managed through the KaryForward Patient Support Program. This program is critical for specialty drug access, targeting those who are uninsured or underinsured to ensure they can start and stay on therapy. Here's a quick look at what KaryForward offers:

Program Component	Patient Eligibility/Focus	Benefit Provided
Patient Assistance Program (PAP)	Uninsured or underinsured patients	Receive XPOVIO at no cost
Co-pay Program	Eligible patients with commercial insurance	May pay as little as $5 for each prescription
Bridge Program	Eligible patients experiencing delay in insurance coverage	Emergency supply of medication at no cost
Quick Start Program	Patients experiencing a delay in insurance coverage	Gain rapid access to XPOVIO

Nurse Case Managers are available through KaryForward to help patients and caregivers. They explain prescription instructions, provide psychosocial and nonclinical education regarding XPOVIO, and help determine if additional third-party support, like transportation assistance, is available. This high-touch, non-clinical support is key to managing the patient journey.

The company's global reach also factors into customer relationships through international partners. Expanded global patient access for selinexor is translating into growth in royalty revenue, with regulatory approvals in various indications across over 50 ex-U.S. territories and countries as of mid-2025.

Karyopharm Therapeutics Inc. (KPTI) - Canvas Business Model: Channels

You're looking at how Karyopharm Therapeutics Inc. gets its product, XPOVIO, into the hands of doctors and patients, plus how they manage their pipeline awareness through clinical sites. It's a mix of direct selling for the U.S. market and relying on partners overseas.

Direct U.S. sales force targeting hematology/oncology specialists

This channel is responsible for the core of Karyopharm Therapeutics Inc.'s revenue, focusing on specialists who prescribe XPOVIO in the United States. The community setting is a major focus for this sales effort, driving a significant portion of the product revenue.

• Community setting drives approximately 60% of overall U.S. net product revenue.
• U.S. XPOVIO net product revenue guidance for full year 2025 is $110 million to $120 million.
• For the third quarter of 2025, U.S. net product revenue was $32.0 million.

The company has been adjusting its structure, including a recent reduction in headcount, which would impact the size of this direct sales force.

Specialty pharmacy and distributor network for drug fulfillment

Once a prescription is written, this network handles the logistics of getting the drug to the patient, which is crucial for a commercial-stage product. The financial results reflect the volume moving through this fulfillment channel.

Here's a look at the revenue components that flow through these fulfillment and partnership channels as of late 2025:

Revenue Component	Q3 2025 Amount (USD)	FY 2025 Guidance Range (USD)
U.S. XPOVIO Net Product Revenue	$32.0 million	$110 million to $120 million
License and Other Revenue	$12.0 million	Implied component of $140M to $155M Total Revenue
Royalty Revenue from Partners	$1.5 million	Not explicitly guided for full year

International licensing partners (e.g., Menarini) for ex-U.S. distribution

Karyopharm Therapeutics Inc. uses licensing agreements to reach markets outside the U.S., where partners like Menarini handle the commercialization of NEXPOVIO. This channel contributes to License and Other Revenue, including royalties.

• NEXPOVIO has received regulatory approvals in various indications across 50 ex-U.S. territories and countries, including Europe and the United Kingdom and China.
• Royalty revenue from international partners, primarily Menarini Group, increased to $1.5 million in the third quarter of 2025, up from $0.9 million in the third quarter of 2024.
• License and Other Revenue for the third quarter of 2025 was $12.0 million, driven partly by milestone-related revenue from Menarini.

Clinical trial sites for pipeline product development and awareness

These sites are the physical locations where Karyopharm Therapeutics Inc. runs its studies, building the evidence base for pipeline expansion and driving awareness among key opinion leaders. The completion of enrollment in major trials signals a shift in focus for these sites toward data readout and potential future commercial readiness.

• Enrollment completed for the Phase 3 SENTRY trial in myelofibrosis, which evaluated selinexor in approximately 350 JAKi naïve patients.
• Enrollment of approximately 120 patients was completed in the Phase 3 XPORT-MM-031 trial in multiple myeloma in the fourth quarter of 2024.
• Top-line data from the SENTRY trial is anticipated in March 2026.

Karyopharm Therapeutics Inc. (KPTI) - Canvas Business Model: Customer Segments

Adult patients with relapsed/refractory multiple myeloma

XPOVIO (selinexor) is approved for adult patients with multiple myeloma after at least one prior therapy, in combination with VELCADE (bortezomib) and dexamethasone (XVd), or in combination with dexamethasone for heavily pre-treated multiple myeloma patients. Karyopharm Therapeutics Inc. is focused on maintaining the commercial foundation in this competitive marketplace.

The U.S. XPOVIO net product revenue guidance for the full year 2025 is in the range of $110 Million to $120 Million. For the third quarter of 2025, U.S. net product revenue was $32.0 Million, an increase of 8.5% compared to the third quarter of 2024. The first quarter of 2025 U.S. net product revenue was $21.1 Million, and the second quarter of 2025 U.S. net product revenue was $29.7 Million.

Oncologists and hematologists in community and academic settings

This segment of prescribers drives the commercial success of XPOVIO. The community setting continues to drive approximately 60% of overall net product revenue for Karyopharm Therapeutics Inc. The company's commercial focus for 2025 includes driving increased XPOVIO revenues across both the community setting and the academic setting.

Patients with relapsed/refractory diffuse large B-cell lymphoma (DLBCL)

XPOVIO holds accelerated approval in the U.S. for adult patients with diffuse large B-cell lymphoma (DLBCL), including DLBCL arising from follicular lymphoma, after at least two lines of systemic therapy. Karyopharm Therapeutics Inc. continues to expand global patient access for selinexor, which has received regulatory approvals in various indications in more than 45 countries as of early 2025.

Future: JAKi-naïve myelofibrosis patients (pending SENTRY data)

This represents a significant future customer segment, targeting JAKi-naïve myelofibrosis patients. Myelofibrosis is a rare blood cancer affecting approximately 20,000 people in the US and 17,000 people in the European Union. Karyopharm Therapeutics Inc. completed enrollment in its Phase 3 SENTRY trial for this indication with 353 patients in early September 2025. Top-line data from the SENTRY trial is on track for March 2026.

The SENTRY trial randomizes patients 2-to-1 to the selinexor arm. Historical data suggests less than half of patients achieve spleen volume response rate greater than or equal to 35% (SVR35) with approved JAK inhibitors as monotherapy. Phase 1 data for the selinexor combination showed an approximate doubling of SVR35 to nearly 80% compared to historical JAKi monotherapy data.

Metric	Value/Range (2025)	Context/Period
Q3 2025 Total Revenue	$44.0 Million	Reported for the third quarter ended September 30, 2025
Q3 2025 U.S. XPOVIO Net Product Revenue	$32.0 Million	Reported for the third quarter ended September 30, 2025
Full Year 2025 U.S. XPOVIO Net Product Revenue Guidance	$110 Million to $120 Million	Full Year 2025 Outlook
Community Setting Revenue Contribution	Approximately 60%	Of overall net product revenue (Q3 2025)
SENTRY Trial Enrollment Size	353 patients	Phase 3 trial for Myelofibrosis
Expected SENTRY Top-Line Data Release	March 2026	For Myelofibrosis indication

The commercial revenue streams are supported by the existing indications, as detailed below:

• Adult patients with relapsed/refractory multiple myeloma (after at least one prior therapy).
• Adult patients with heavily pre-treated multiple myeloma.
• Adult patients with relapsed/refractory diffuse large B-cell lymphoma (DLBCL) after at least two lines of systemic therapy.

Karyopharm Therapeutics Inc. (KPTI) - Canvas Business Model: Cost Structure

You're looking at the major expenses Karyopharm Therapeutics Inc. has to cover to keep its commercial and clinical engine running. For a company like Karyopharm, the cost structure is heavily weighted toward the science and getting the drug to market.

The dominant cost is Research & Development (R&D) for clinical trials. This is where the capital goes to prove out the potential of selinexor in new indications, like the Phase 3 SENTRY trial in myelofibrosis. To be fair, even with enrollment completion in Q3 2025, there are still costs associated with trial completion and data readout, which was anticipated in the second half of 2025. Also, R&D expenses for the third quarter of 2025 were $30.5 million, which is down from $36.1 million in the third quarter of 2024, reflecting a reduced scope for one of their Phase 3 trials and cost-reduction initiatives.

Next up is Selling, General, and Administrative (SG&A) expenses for the commercial team. This covers the sales force, marketing, and general corporate overhead needed to sell XPOVIO. For the third quarter of 2025, SG&A expenses were $26.6 million, a slight decrease from $27.6 million in the third quarter of 2024.

Karyopharm Therapeutics Inc. has guided its combined operational spending for the year, lowering the range of full-year 2025 R&D and SG&A expenses to $235 million to $245 million. This signals a disciplined approach to managing the burn rate while pursuing key milestones. Honestly, keeping this combined figure in check is crucial for their cash runway, which they expect to last into the second quarter of 2026.

The third major component involves manufacturing and inventory costs for XPOVIO production, which shows up as Cost of Sales. This covers the cost of goods sold for the commercial product. For the third quarter of 2025, the Cost of Sales was $2.1 million.

Finally, you have the cost of servicing the company's debt obligations, which is the interest expense. Following refinancing transactions in the second quarter of 2024, the interest burden increased. For the third quarter of 2025, the interest expense was $11.0 million. This expense is based on the outstanding debt principal as of June 30, 2025, which included approximately $24.5 million in convertible senior notes due 2025, $116 million in 2029 Notes, and a $100 million Senior secured Term Loan.

Here's a quick look at the Q3 2025 operational costs:

Cost Category	Q3 2025 Amount (in millions)
Research & Development (R&D) Expenses	$30.5
Selling, General, & Administrative (SG&A) Expenses	$26.6
Cost of Sales (Manufacturing/Inventory)	$2.1
Interest Expense	$11.0

You can see the combined R&D and SG&A for the quarter was $57.1 million ($30.5M + $26.6M). This quarterly run rate, if sustained, would put them near the high end of their full-year guidance range, which is why the guidance revision to $235 million to $245 million is important.

The key cost drivers Karyopharm Therapeutics Inc. manages are:

• Lowering clinical trial costs post-enrollment completion.
• Maintaining disciplined personnel and stock-based compensation expenses.
• Managing the cost of goods sold for XPOVIO.
• Servicing debt from 2024 refinancing activities.

Finance: draft 13-week cash view by Friday.

Karyopharm Therapeutics Inc. (KPTI) - Canvas Business Model: Revenue Streams

Karyopharm Therapeutics Inc. (KPTI) generates revenue primarily through the sale of its commercial product in the United States and through agreements with international partners.

U.S. XPOVIO net product sales form the core of the product revenue stream. For the full fiscal year 2025, Karyopharm Therapeutics Inc. has guided U.S. XPOVIO net product sales to be between $110 million to $120 million.

The company also receives revenue from license, royalty, and milestone payments stemming from its international partnerships. For the third quarter ended September 30, 2025, the License and other revenue component was $12.0 million.

This international revenue stream is significantly supported by the royalty revenue from Menarini Group's ex-U.S. sales of NEXPOVIO, which is the international trade name for selinexor. Royalty revenue specifically increased to $1.5 million in the third quarter of 2025, up from $0.9 million in the third quarter of 2024. In the second quarter of 2025, royalty revenue increased 28% compared to the second quarter of 2024, reaching $1.6 million.

You can see the composition of the total revenue for the third quarter of 2025 below:

Revenue Component	Q3 2025 Amount (Millions USD)
U.S. XPOVIO Net Product Revenue	32.0
License and Other Revenue (Includes Royalties)	12.0
Total Revenue (Q3 2025)	44.0

The community setting continues to be a major driver for the U.S. product sales, representing approximately 60% of overall net product revenue in the third quarter of 2025. The U.S. net product revenue for the third quarter of 2025 was $32.0 million, which represented an increase of 8.5% compared to the third quarter of 2024.

The overall financial expectation for the year is based on these components combining. Karyopharm Therapeutics Inc. projects the total revenue for fiscal year 2025 to be between $140 million and $155 million.

Key elements contributing to the non-product revenue include:

• Milestone-related revenue from Menarini Group was a primary driver for the increase in License and other revenue in Q3 2025.
• Expanded global patient access for selinexor contributes to growth in royalty revenue from international partners.
• The company is actively working to support global launches by partners following regulatory and reimbursement approvals ex-U.S.