Q2 2024 Karyopharm Therapeutics Inc Earnings Call Transcript
Key Points
- Karyopharm Therapeutics Inc (KPTI) reported a second consecutive quarter of growth in XPOVIO revenue, leading to an increase in the lower end of their revenue guidance for 2024.
- The company presented promising long-term data for selinexor in endometrial cancer, showing a median progression-free survival (PFS) of nearly 40 months in patients with TP53 wild-type pMMR tumors.
- Strong physician interest and favorable competitive environment for the Phase 3 myelofibrosis study, with positive preclinical and clinical data supporting selinexor's potential.
- Karyopharm Therapeutics Inc (KPTI) has expanded its global footprint with regulatory and reimbursement approvals for selinexor in multiple international markets, including the UK, South Korea, and China.
- The company has implemented disciplined cost management, resulting in a reduction of R&D and SG&A expense guidance for 2024, and expects to fund operations into Q1 2026.
- The timeline for the endometrial cancer trial has been pushed to early 2026 due to higher-than-expected screen failure rates and complexities in the molecularly targeted maintenance trial.
- Enrollment rates for the Phase 3 EMN29 trial in multiple myeloma have slowed due to increased global competitive trial activity, leading to a plan to enroll fewer participants.
- The gross-to-net discount for XPOVIO increased to 29% in Q2 2024 from 22% in Q2 2023, driven by higher utilization of Medicare rebates and expired product returns.
- Total expenses for Q2 2024 increased by 6% year-over-year, primarily due to higher clinical trial costs related to the pivotal Phase 3 program.
- The company's cash, cash equivalents, restricted cash, and investments decreased to $152.5 million as of June 30, 2024, from $192.4 million as of December 31, 2023.
Good morning. My name is Carolyn, and I will be your conference operator today. At this time, I would like to welcome everyone for Karyopharm Therapeutics second quarter 2024 financial results conference call (Operator instructions) Please be advised that this call is being recorded at the company's request.
I would now like to turn the call over to Elhan Webb, Senior Vice President, Investor Relations.
Thank you, Carolyn, and thank you all for joining us on today's conference call to discuss Karyopharm's second quarter Q2 2024 financial results and recent company progress. We issued a press release this morning detailing our financial results for Q2 2024. Distributed, along with a slide presentation that we'll reference during our call today are available on our website. For today's call as seen on slide 2, I'm joined by Richard, Reshma, Sohanya and Mike who will provide an update on our results for Q2 2024 and recent clinical developments.
Before we begin
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