KaryOpharm Therapeutics Inc. (KPTI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na paisagem dinâmica da terapêutica oncológica, a KaryOpharm Therapeutics Inc. (KPTI) surge como uma força pioneira, revolucionando o tratamento do câncer por meio de sua abordagem inovadora às terapias direcionadas. Ao alavancar um modelo de negócios sofisticado que combina pesquisas científicas de ponta, parcerias estratégicas e desenvolvimento de medicamentos inovadores, o KPTI está transformando como entendemos e combate as condições complexas do câncer. Seu principal produto XPovio representa mais do que apenas um tratamento - incorpora uma mudança de paradigma no atendimento oncológico personalizado, promissor esperança para pacientes que lutavam contra malignidades desafiadoras.

KaryOpharm Therapeutics Inc. (KPTI) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com empresas farmacêuticas para desenvolvimento de medicamentos

A KaryOpharm Therapeutics estabeleceu parcerias estratégicas com várias empresas farmacêuticas para avançar em seu pipeline de desenvolvimento de medicamentos:

Empresa parceira	Foco de colaboração	Ano iniciado
Merck & Co.	XPOVIO (Selinexor) Desenvolvimento e Comercialização	2019
Grupo Menarini	Direitos globais de comercialização ex-EUA para Xpovio	2020

Parcerias de pesquisa com instituições acadêmicas e centros médicos

KaryOpharm mantém colaborações críticas de pesquisa com as principais instituições de pesquisa acadêmica e médica:

• Instituto de Câncer Dana-Farber
• Memorial Sloan Kettering Cancer Center
• MD Anderson Cancer Center

Acordos de licenciamento para XPOVIO e candidatos terapêuticos

Os principais acordos de licenciamento incluem:

Licenciado	Produto/Tecnologia	Termos de acordo
Grupo Menarini	XPOVIO Global Ex-US Rights	Pagamento inicial de US $ 100 milhões
Merck & Co.	Inibidor seletivo da tecnologia de exportação nuclear (seno)	Pagamentos marcantes de até US $ 1,1 bilhão

Parcerias de Organização de Ensaios Clínicos e Pesquisa

KaryOpharm colabora com várias organizações de pesquisa clínica:

• Iqvia
• Parexel International
• PPD (diagnóstico perceptivo)

Essas parcerias suportam Gerenciamento de ensaios clínicos, recrutamento de pacientes e análise de dados para programas de pesquisa em andamento em andamento.

KaryOpharm Therapeutics Inc. (KPTI) - Modelo de negócios: Atividades -chave

Pesquisa farmacêutica e desenvolvimento de medicamentos

A terapêutica KaryOpharm se concentra no desenvolvimento de novas terapias contra o câncer direcionadas ao transporte nuclear. A partir do quarto trimestre de 2023, a empresa investiu US $ 98,4 milhões em despesas de pesquisa e desenvolvimento.

Área de foco de pesquisa	Valor do investimento
Desenvolvimento de medicamentos para oncologia	US $ 65,2 milhões
Pesquisa de inibidores do transporte nuclear	US $ 33,2 milhões

Ensaios clínicos para câncer e tratamentos oncológicos

A empresa realiza vários ensaios clínicos em várias indicações de câncer.

• Ensaios clínicos ativos: 7 estudos em andamento
• Inscrição do paciente: 412 participantes em diferentes ensaios
• Foco primário: mieloma múltiplo, tumores sólidos e linfoma

Processos de conformidade regulatória e aprovação de medicamentos

Marco regulatório	Status	Data
Aprovações da FDA	2 medicamentos aprovados	2023
Envios de FDA em andamento	3 aplicações de medicamentos em potencial	2024

Marketing e comercialização da terapêutica oncológica

A estratégia comercial da KaryOpharm se concentra nos mercados de oncologia direcionados.

• Territórios comerciais: Estados Unidos, União Europeia
• Força de vendas: 87 representantes especializados de oncologia
• 2023 Receita de produto comercial: US $ 189,3 milhões

Inovação contínua em terapias de câncer direcionadas

A empresa mantém um pipeline robusto de possíveis candidatos terapêuticos.

Estágio de pipeline de pesquisa	Número de candidatos	Custo estimado de desenvolvimento
Estágio pré -clínico	4 candidatos	US $ 22,7 milhões
Ensaios de Fase I.	2 candidatos	US $ 41,5 milhões
Ensaios de Fase II	3 candidatos	US $ 63,2 milhões

KaryOpharm Therapeutics Inc. (KPTI) - Modelo de negócios: Recursos -chave

Portfólio de propriedade intelectual

A partir de 2024, a KaryOpharm Therapeutics possui 12 patentes concedidas relacionado a novos compostos terapêuticos. O portfólio de patentes inclui a propriedade intelectual -chave para XPovio (Selinexor) e outras terapêuticas de investigação.

Categoria de patentes	Número de patentes	Faixa de validade
Patentes compostas	5	2030-2036
Patentes de formulação	4	2031-2037
Patentes do método de tratamento	3	2032-2038

Instalações de pesquisa e desenvolvimento

KaryOpharm mantém 2 instalações de pesquisa primárias Localizado em Newton, Massachusetts, com um investimento total em infraestrutura de pesquisa de aproximadamente US $ 45 milhões.

Liderança científica e médica

• Pessoal de pesquisa total: 87 funcionários
• Pesquisadores no nível de doutorado: 42
• Pesquisadores no nível do MD: 15

Recursos de ensaios clínicos

A partir de 2024, KaryOpharm possui ensaios clínicos em andamento 7 áreas terapêuticas diferentes, com investimento cumulativo de pesquisa clínica de US $ 123 milhões.

Área terapêutica	Ensaios ativos	Inscrição do paciente
Oncologia	4	612 pacientes
Hematologia	2	287 pacientes
Doenças raras	1	98 pacientes

Capital financeiro

Recursos financeiros da Karyopharm a partir do quarto trimestre 2023:

• Caixa e equivalentes em dinheiro: US $ 187,4 milhões
• Despesas totais de pesquisa e desenvolvimento: US $ 94,2 milhões
• Capital de giro: US $ 142,6 milhões

KaryOpharm Therapeutics Inc. (KPTI) - Modelo de negócios: proposições de valor

Opções inovadoras de tratamento de câncer direcionadas

A terapêutica do KaryOpharm se concentra no desenvolvimento de inibidores seletivos dos compostos de exportação nuclear (seno). A partir de 2024, seu principal medicamento XPovio (Selinexor) foi aprovado para múltiplas indicações de câncer.

Medicamento	Indicação	Ano de aprovação da FDA
Xpovio	Mieloma múltiplo	2019
Xpovio	Linfoma difuso de células B grandes	2020

Terapias potenciais inovadoras

O oleoduto de pesquisa de Karyopharm se concentra em distúrbios oncológicos e neurológicos.

• Ensaios clínicos avançados para compostos senoidais em vários tipos de câncer
• Pesquisa em andamento em neoplasias hematológicas raras
• Tratamentos em potencial para tumores sólidos

Mecanismo de ação único

A empresa Inibição seletiva da exportação nuclear (seno) A tecnologia tem como alvo a proteína XPO1, interrompendo os mecanismos de sobrevivência de células cancerígenas.

Tecnologia	Alvo	Mecanismo
Compostos senoidais	Proteína XPO1	Inibição da exportação nuclear

Resultados aprimorados do paciente

Os dados clínicos demonstram eficácia nas populações de pacientes refratárias ao tratamento.

• Melhorias gerais de sobrevivência mediana em mieloma múltiplo
• Resistência ao tratamento reduzido
• Opções alternativas para pacientes com escolhas terapêuticas limitadas

Abordagens terapêuticas personalizadas

O KaryOpharm desenvolve terapias direcionadas para subtipos específicos de câncer.

Tipo de câncer	Estratégia terapêutica	Estágio clínico
Mieloma múltiplo	Segmentação do composto seno	Aprovado
Linfoma difuso de células B grandes	Terapia combinada	Aprovado

KaryOpharm Therapeutics Inc. (KPTI) - Modelo de negócios: Relacionamentos ao cliente

Engajamento direto com profissionais de saúde oncológicos

A KaryOpharm Therapeutics mantém estratégias de engajamento direto com profissionais de saúde de oncologia por meio de interações direcionadas:

Método de engajamento	Freqüência	Público -alvo
Reuniões científicas médicas	4-6 Conferências anualmente	Oncologistas, hematologistas
Consultas clínicas individuais	250-350 interações individuais por trimestre	Profissionais de oncologia especializados
Série de webinar digital	8-10 seminários on-line por ano	Comunidade de Oncologia Global

Programas de apoio ao paciente para acessibilidade ao tratamento

As iniciativas abrangentes de apoio ao paciente incluem:

• Programa de Assistência Financeira, cobrindo até 90% dos custos diretos para pacientes elegíveis
• Helpline dedicada de apoio ao paciente com acessibilidade 24/7
• Programa de assistência de co-pagamento para tratamento XPoVio®

Educação médica e comunicação científica

Canal de comunicação	Alcance anual	Foco primário
Publicações revisadas por pares	15-20 Documentos científicos	Resultados da pesquisa clínica
Apresentações de dados de ensaios clínicos	12-15 Apresentações da conferência	Resultados da pesquisa da Selinexor

Plataformas digitais para informações de tratamento e recursos do paciente

Estratégias de engajamento digital abrangem:

• Site de informações sobre o paciente dedicado XPOVIO®
• Módulos de educação de tratamento virtual
• Fóruns de Comunidade de Pacientes Online

Colaboração de pesquisa clínica em andamento com a comunidade médica

Tipo de colaboração	Número de colaborações ativas	Foco na pesquisa
Parcerias de pesquisa acadêmica	7-9 Colaborações ativas	Inovações de tratamento de oncologia
Rede de ensaios clínicos	35-40 Sites de ensaios clínicos ativos	Pesquisa global de oncologia

KaryOpharm Therapeutics Inc. (KPTI) - Modelo de Negócios: Canais

Força de vendas direta direcionando especialistas em oncologia

A KaryOpharm Therapeutics mantém uma equipe de vendas dedicada de 45 representantes focados em oncologia a partir do quarto trimestre de 2023. A força de vendas tem como alvo especificamente os especialistas em hematologia-oncologia nos Estados Unidos.

Métrica da força de vendas	2024 dados
Total de representantes de vendas	45
Cobertura geográfica	Estados Unidos
Foco especializado	Hematologia-Oncologia

Distribuidores farmacêuticos especializados

A KaryOpharm faz parceria com 7 principais distribuidores farmacêuticos especializados para distribuição de produtos.

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation
• FFF Enterprises
• Smith Drug Company
• Morris & Dickson
• HD Smith

Conferências médicas e simpósios científicos

Em 2023, KaryOpharm participou de 12 principais conferências de oncologia, apresentando pesquisas para XPovio (Selinexor).

Tipo de conferência	2023 Participação
Total de conferências	12
Foco primário	Apresentações de pesquisa do XPovio

Plataformas de marketing digital e informações médicas on -line

A KaryOpharm utiliza canais digitais que atingem aproximadamente 3.500 profissionais de oncologia mensalmente através de plataformas on -line direcionadas.

Métrica de canal digital	2024 dados
Alcance mensal	3.500 profissionais de oncologia
Plataformas principais	Sites médicos, LinkedIn, WebMD

Redes de prestadores de serviços de saúde e centros de tratamento de câncer

KaryOpharm estabeleceu parcerias com 215 centros de tratamento de câncer nos Estados Unidos.

Métrica de rede	2024 dados
Centros totais de tratamento de câncer	215
Escopo geográfico	Estados Unidos

KaryOpharm Therapeutics Inc. (KPTI) - Modelo de negócios: segmentos de clientes

Especialistas em oncologistas e hematologia

De acordo com 2023 dados, existem aproximadamente 14.500 oncologistas e 5.200 especialistas em hematologia nos Estados Unidos.

Especialidade	Número de profissionais	Penetração de mercado
Oncologistas	14,500	68% de alcance potencial para produtos KPTI
Especialistas em hematologia	5,200	72% de envolvimento potencial

Múltiplos pacientes com mieloma

Em 2024, aproximadamente 34.470 novos casos de mieloma múltiplo são projetados nos Estados Unidos.

• Idade média no diagnóstico: 69 anos
• Taxa de sobrevivência de 5 anos: 54,5%
• População estimada de pacientes: 176.404

Pacientes com câncer avançado ou refratário

Tipo de câncer	Pacientes avançados em estágio	Casos refratários
Mieloma múltiplo	22,380	8,750
Linfoma	31,940	12,600

Instituições de saúde e centros de tratamento de câncer

Número total de centros de tratamento de câncer nos Estados Unidos: 1.534

• Centros abrangentes de câncer: 51
• Centros de Câncer Comunitário: 1.483
• Orçamento médio de tratamento anual do câncer: US $ 42,3 milhões

Pesquisadores clínicos e profissionais médicos

Categoria de pesquisa	Número de profissionais	Potencial interesse da pesquisa
Pesquisadores de oncologia	8,750	65% interessados ​​em novas terapias
Pesquisadores de hematologia	3,200	72% explorando tratamentos direcionados

KaryOpharm Therapeutics Inc. (KPTI) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

De acordo com o relatório anual de 2022, a KaryOpharm Therapeutics Inc. registrou despesas totais de P&D de US $ 194,4 milhões no ano fiscal.

Categoria de despesa de P&D	Quantidade (em milhões)
Pesquisa relacionada à Selinexor	$87.2
Outro desenvolvimento de pipeline	$62.5
Custos de pessoal	$44.7

Investimentos de ensaios clínicos

Os investimentos em ensaios clínicos para 2022 totalizaram aproximadamente US $ 112,3 milhões.

• Ensaios de mieloma múltiplo: US $ 53,6 milhões
• Ensaios de tumores sólidos: US $ 38,7 milhões
• Outros ensaios oncológicos: US $ 20,0 milhões

Processos de conformidade e aprovação regulatórios

As despesas de conformidade regulatória para 2022 foram de US $ 18,5 milhões.

Atividade de conformidade	Custo (em milhões)
Processos de submissão da FDA	$8.2
Garantia de qualidade	$6.3
Documentação regulatória	$4.0

Despesas de vendas e marketing

As despesas de vendas e marketing para 2022 foram de US $ 95,7 milhões.

• Salários da equipe comercial: US $ 42,3 milhões
• Campanhas de marketing: US $ 33,4 milhões
• Infraestrutura de vendas: US $ 20,0 milhões

Overhead administrativo e operacional

A sobrecarga administrativa e operacional total para 2022 foi de US $ 76,2 milhões.

Categoria de sobrecarga	Quantidade (em milhões)
Despesas administrativas gerais	$45.6
Infraestrutura corporativa	$22.8
Tecnologia e sistemas	$7.8

Estrutura de custo total para 2022: US $ 496,9 milhões

KaryOpharm Therapeutics Inc. (KPTI) - Modelo de negócios: fluxos de receita

Vendas de produtos XPOVIO (Selinexor)

Para o ano fiscal de 2023, a KaryOpharm Therapeutics registrou receitas totais de produtos de US $ 168,7 milhões em vendas da XPOVIO. O medicamento é usado principalmente para tratamento de mieloma múltiplo e foi aprovado para várias indicações oncológicas.

Ano	Receita do produto XPOVIO	Crescimento ano a ano
2022	US $ 123,5 milhões	37.5%
2023	US $ 168,7 milhões	36.6%

Potenciais pagamentos marcantes de contratos de licenciamento

A KaryOpharm possui acordos de licenciamento que potencialmente geram pagamentos marcantes. A partir de 2023, a empresa garantiu possíveis pagamentos de marco até US $ 655 milhões de várias parcerias.

• Contrato de licenciamento da Antengene Corporation para XPovio em regiões da Ásia-Pacífico
• Potenciais pagamentos marcantes dependentes de aprovações regulatórias e realizações comerciais

Financiamento de pesquisa colaborativa

Em 2023, KaryOpharm recebeu financiamento colaborativo de pesquisa de aproximadamente US $ 12,3 milhões De parcerias de pesquisa estratégica.

Possíveis royalties futuros de drogas

A Companhia estruturou acordos que poderiam gerar royalties a partir de potencial comercialização futura de medicamentos, com taxas de royalties potenciais estimadas entre 5% e 15%, dependendo de termos de licenciamento específicos.

Subsídios governamentais e de pesquisa

Fonte de concessão	Valor de concessão (2023)	Foco na pesquisa
Institutos Nacionais de Saúde (NIH)	US $ 3,2 milhões	Pesquisa oncológica
Departamento de Defesa	US $ 1,8 milhão	Inovação do tratamento do câncer

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.