Karyopharm Therapeutics Inc (KPTI) Reports Q3 2023 Earnings, Total Revenue of $36.0 Million
Third Quarter 2023 total revenue of $36.0 million, with U.S. XPOVIO net product revenue of $30.2 million.
Full year 2023 total revenue guidance maintained at $145 million to $160 million.
Net loss of $34.5 million for the third quarter of 2023, compared to a net loss of $36.3 million for the same period in 2022.
Cash, cash equivalents, restricted cash and investments as of September 30, 2023, totaled $209.2 million.
On November 2, 2023, Karyopharm Therapeutics Inc (NASDAQ:KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, reported its financial results for the quarter ended September 30, 2023. The company highlighted its recent progress and select corporate milestones.
Financial Performance
The total revenue for the third quarter of 2023 was $36.0 million, compared to $36.1 million for the same period in 2022. Net product revenue for the third quarter of 2023 was $30.2 million, compared to $32.0 million for the third quarter of 2022. The company reported a net loss of $34.5 million, or $0.30 per share, for the third quarter of 2023, compared to a net loss of $36.3 million, or $0.45 per share, for the same period in 2022.
Company Highlights
Richard Paulson, President and Chief Executive Officer of Karyopharm, stated,
We are strongly positioned for our next stage of growth driven by our focused and rapidly advancing late-stage pipeline with evolving data including impressive durability data observed with selinexor 60mg in combination with ruxolitinib in patients with myelofibrosis as well as the substantial progression-free survival observed in patients with TP53 wild-type endometrial cancer."
2023 Financial Outlook
Based on its current operating plans, Karyopharm reiterates its guidance for full year 2023 total revenue of $145 million to $160 million, including U.S. XPOVIO net product revenue guidance of $110 million to $125 million.
Balance Sheet and Cash Flow
As of September 30, 2023, Karyopharm's cash, cash equivalents, restricted cash, and investments totaled $209.2 million, compared to $279.7 million as of December 31, 2022.
For more details on Karyopharm Therapeutics Inc (NASDAQ:KPTI)'s Q3 2023 financial results, please visit the company's official website or SEC filings.
Explore the complete 8-K earnings release (here) from Karyopharm Therapeutics Inc for further details.
This article first appeared on GuruFocus.
