Karyopharm hits four-month low after guidance cut
jurgenfr
Shares of Karyopharm Therapeutics (NASDAQ:KPTI) fell ~24% on Thursday to hit the lowest level since December after the oncology-focused biotech trimmed its full-year outlook despite beating Wall Street forecasts with its Q1 2023 financials.
Due to an ongoing impact from increased use of Patient Assistant Programs (PAP), Karyopharm slashed its 2023 outlook for Xpovio cancer therapy, indicating a $110M – $125M in net product revenue compared to $125M – $140M in the prior guidance.
However, the company’s total revenue guidance for 2023 lowered to $145M – $160M from $160M – $175M stands in line with consensus.
As for Q1 results, Karyopharm (KPTI) reported $38.7M total revenue with a ~19% YoY drop driven by a decline in license and other revenue, while Xpovio net product revenue remained flat from last year at $28.3M amid the impact from PAP programs.
The company’s net loss narrowed by ~18% YoY to $34.1M as R&D expenses fell ~23% YoY to $32.3M due mainly to a decline in clinical trial expenditure following a decision to prioritize core clinical programs.
While posting $260.4M in cash, cash equivalents, and investments, with a ~6% drop from 2022-end, Karyopharm (KPTI) reaffirmed its cash runway into late 2025.