Karyopharm Therapeutics Inc. (KPTI) Bundle
A Brief History of Kiora Pharmaceuticals, Inc.
Kiora Pharmaceuticals, Inc. has undergone significant developments leading up to 2024. As of September 30, 2024, the company reported a total revenue of $16,020,000, which includes collaboration revenue of $16,000,000 and grant revenue of $20,000. This marks a substantial increase compared to previous financial periods, reflecting the successful execution of its strategic partnerships, particularly with TOI, a global ophthalmic specialty company.
Financial Performance
For the nine months ended September 30, 2024, Kiora's net income was reported at $7,818,235, a significant recovery from a net loss of $10,245,290 in the same period of the previous year. The company’s operating expenses totaled $8,945,030, down from $10,468,247 in the prior year, primarily due to a reduction in research and development costs and the fair value change of contingent considerations.
Stockholder Equity
As of September 30, 2024, Kiora's total stockholders’ equity stood at $30,030,052, a notable increase from $6,109,654 at the end of 2023. The components of stockholders' equity include:
| Component | Amount |
|---|---|
| Preferred Stock | $4 |
| Common Stock | $267,679 |
| Additional Paid-In Capital | $168,996,195 |
| Accumulated Deficit | $(139,158,620) |
| Accumulated Other Comprehensive Loss | $(75,206) |
| Total Stockholders’ Equity | $30,030,052 |
Cash Flow and Liquidity
Kiora reported unrestricted cash and cash equivalents of $5,637,019 and restricted cash of $4,520 as of September 30, 2024. The net cash provided by operating activities for the nine months was $10,811,473, contrasting with net cash used in investing activities of $(23,145,294). The financing activities yielded $15,498,155, primarily from a private offering that closed in February 2024.
Research and Development
Research and development expenses for the nine months ended September 30, 2024, totaled $3,717,570, which reflects an increase from $2,915,392 in the previous year. The company has continued to invest heavily in its product pipeline, which includes key candidates like KIO-101 and KIO-301, focusing on ocular diseases.
Market and Share Performance
Kiora's common stock trades on the Nasdaq Capital Market. The stock began trading on a split-adjusted basis on June 11, 2024. As of September 30, 2024, the company had a total of 3,000,788 shares issued and outstanding. The market response to recent developments has been positive, leading to increased investor interest and share price appreciation.
A Who Owns Karyopharm Therapeutics Inc. (KPTI)
Ownership Structure
As of September 30, 2024, Karyopharm Therapeutics Inc. (KPTI) has a total of 125,303,000 shares issued and outstanding. The company's ownership consists of both institutional and retail investors. The significant institutional investors include:
| Investor Name | Shares Owned | Ownership Percentage |
|---|---|---|
| Vanguard Group Inc. | 10,500,000 | 8.4% |
| BlackRock Inc. | 9,200,000 | 7.3% |
| HealthCare Royalty Management, LLC | 45,800,000 (Warrants) | 36.5% |
| Other Institutional Investors | 30,000,000 | 24.0% |
| Retail Investors | 29,000,000 | 23.1% |
Recent Financial Performance
Karyopharm reported a net loss of $45.6 million for the nine months ended September 30, 2024, compared to a net loss of $101.3 million for the same period in 2023. The accumulated deficit as of September 30, 2024, stood at $1.5 billion. The company had total liabilities and stockholders’ deficit of $189.5 million.
Stock Performance
As of September 30, 2024, KPTI's common stock traded at approximately $1.10 per share. The company has faced volatility in its stock price due to market conditions and operational performance.
Debt and Financial Obligations
Karyopharm has significant financial obligations, including a senior secured term loan of $100 million due in May 2028. The company also has a deferred royalty obligation to HealthCare Royalty Management, with a remaining balance of $128.3 million as of September 30, 2024.
Future Outlook
Looking forward, Karyopharm plans to continue its focus on the commercialization of XPOVIO and the development of new oncology therapies. However, the company has indicated substantial doubt about its ability to continue as a going concern, contingent upon securing additional funding.
Karyopharm Therapeutics Inc. (KPTI) Mission Statement
The mission statement of Karyopharm Therapeutics Inc. focuses on advancing novel therapies for patients with cancer and other serious diseases. The company aims to provide innovative oral therapies that target unique mechanisms of action, thereby addressing significant unmet medical needs in oncology.
Financial Overview
As of September 30, 2024, Karyopharm reported a net loss of $45.6 million for the nine months ended, compared to a net loss of $101.3 million for the same period in 2023. The company reported total revenues of $114.7 million for the nine months ended September 30, 2024.
Revenue Breakdown
| Revenue Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Product Revenue, Net | $29,516 | $30,207 | (2%) |
| License and Other Revenue | $9,267 | $5,802 | 60% |
| Total Revenue | $38,783 | $36,009 | 7.7% |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, were $202.9 million, reflecting a slight decrease from $204 million in 2023. The breakdown of operating expenses is detailed below:
| Expense Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Cost of Sales | $4,676 | $3,456 | 35% |
| Research and Development | $109,930 | $99,369 | 11% |
| Selling, General and Administrative | $88,251 | $101,193 | (13%) |
Liquidity and Capital Resources
Karyopharm's liquidity position included cash, cash equivalents, and investments totaling $133.5 million as of September 30, 2024. The company incurred $101.7 million in cash used in operating activities during the nine months ended September 30, 2024.
Debt Obligations
As of September 30, 2024, Karyopharm had outstanding debt obligations including:
| Debt Type | Outstanding Balance (in thousands) | Interest Rate (%) | Maturity Date |
|---|---|---|---|
| Term Loan | $100,000 | Variable rate plus 9.25% | May 2028 |
| Convertible Senior Notes (2029 Notes) | $116,000 | 6.00% | May 2029 |
Stock Performance
As of September 30, 2024, the company had 125,303 shares outstanding, with a par value of $0.0001 per share. The weighted average number of common shares used to compute basic net loss per share was 125,010.
Future Outlook
Karyopharm continues to focus on the development of its lead product, XPOVIO, and expanding its indications in the oncology space. The company anticipates ongoing operational losses but aims to leverage its innovative therapies to improve patient outcomes and drive future revenue growth.
How Karyopharm Therapeutics Inc. (KPTI) Works
Company Overview
Karyopharm Therapeutics Inc. is a commercial-stage pharmaceutical company focused on developing novel cancer therapies. Its primary product is XPOVIO (selinexor), which targets nuclear export mechanisms in cells, playing a critical role in cancer treatment.
Financial Performance
As of September 30, 2024, Karyopharm reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Product Revenue, Net | $29,516,000 | $30,207,000 | ($691,000) (-2%) |
| License and Other Revenue | $9,267,000 | $5,802,000 | $3,465,000 (60%) |
| Total Revenue | $38,783,000 | $36,009,000 | $2,774,000 (8%) |
| Total Operating Expenses | $65,066,000 | $67,269,000 | ($2,203,000) (-3%) |
| Net Loss | ($32,072,000) | ($34,506,000) | $2,434,000 (7%) |
Revenue Breakdown
The revenue sources for Karyopharm in the nine months ended September 30, 2024, were as follows:
| Source | Revenue (Q3 2024) | Revenue (Q3 2023) | Change |
|---|---|---|---|
| Menarini | $8,753,000 | $5,564,000 | $3,189,000 (57%) |
| Antengene | $273,000 | $80,000 | $193,000 (>100%) |
| Other | $241,000 | $158,000 | $83,000 (53%) |
| Total License and Other Revenue | $9,267,000 | $5,802,000 | $3,465,000 (60%) |
Operating Expenses
For the nine months ended September 30, 2024, Karyopharm’s operating expenses were categorized as follows:
| Expense Type | Amount (Q3 2024) | Amount (Q3 2023) | Change |
|---|---|---|---|
| Cost of Sales | $1,300,000 | $911,000 | $389,000 (43%) |
| Research and Development | $36,134,000 | $35,553,000 | $581,000 (2%) |
| Selling, General and Administrative | $27,632,000 | $30,805,000 | ($3,173,000) (-10%) |
| Total Operating Expenses | $65,066,000 | $67,269,000 | ($2,203,000) (-3%) |
Research and Development Expenditures
Karyopharm's research and development expenses for the nine months ended September 30, 2024, were as follows:
| Program | Expense (Q3 2024) | Expense (Q3 2023) | Change |
|---|---|---|---|
| Selinexor in Myelofibrosis | $22,225,000 | $4,540,000 | $17,685,000 (>100%) |
| Selinexor in Multiple Myeloma | $15,354,000 | $9,816,000 | $5,538,000 (56%) |
| Selinexor in Endometrial Cancer | $11,511,000 | $10,797,000 | $714,000 (7%) |
Cash Flow and Liquidity
Karyopharm's cash flow for the nine months ended September 30, 2024, is summarized below:
| Cash Flow Activity | Amount (2024) | Amount (2023) | Change |
|---|---|---|---|
| Net Cash Used in Operating Activities | ($101,676,000) | ($74,138,000) | ($27,538,000) (37%) |
| Net Cash Provided by (Used in) Investing Activities | $80,676,000 | ($18,903,000) | $99,579,000 (>100%) |
| Net Cash Provided by Financing Activities | $40,966,000 | $860,000 | $40,106,000 (>100%) |
Debt Obligations
As of September 30, 2024, Karyopharm had the following debt obligations:
| Debt Type | Principal Amount | Interest Rate | Maturity Date |
|---|---|---|---|
| Term Loan | $100,000,000 | Secured overnight financing rate + 9.25% (min 3.00%) | May 2028 |
| Convertible Senior Notes due 2029 | $111,000,000 | 6.00% | May 2029 |
Stockholder Deficit
As of September 30, 2024, Karyopharm reported the following stockholder deficit:
| Category | Amount |
|---|---|
| Total Stockholders’ Deficit | ($159,647,000) |
| Accumulated Deficit | ($1,532,680,000) |
How Karyopharm Therapeutics Inc. (KPTI) Makes Money
Product Revenue
Karyopharm Therapeutics generates revenue primarily from the sales of its product, XPOVIO (selinexor). The financial data for product revenue as of September 30, 2024, is as follows:
| Period | Gross Product Revenue (in thousands) | Provisions for Product Revenue (in thousands) | Total Product Revenue, Net (in thousands) |
|---|---|---|---|
| Three Months Ended September 30, 2024 | $43,031 | ($13,515) | $29,516 |
| Three Months Ended September 30, 2023 | $37,981 | ($7,774) | $30,207 |
| Nine Months Ended September 30, 2024 | $119,457 | ($35,903) | $83,554 |
| Nine Months Ended September 30, 2023 | $111,387 | ($24,432) | $86,955 |
The decrease in total product revenue for the nine months ended September 30, 2024, compared to the same period in 2023, was primarily due to decreased demand attributed to increasing competition and higher gross-to-net discounts driven by increased Medicare rebates and 340B discounts.
License and Other Revenue
Karyopharm also earns revenue from licensing agreements and collaboration arrangements. The license and other revenue figures for the same periods are as follows:
| Period | Menarini (in thousands) | Antengene (in thousands) | Other (in thousands) | Total License and Other Revenue (in thousands) |
|---|---|---|---|---|
| Three Months Ended September 30, 2024 | $8,753 | $273 | $241 | $9,267 |
| Three Months Ended September 30, 2023 | $5,564 | $80 | $158 | $5,802 |
| Nine Months Ended September 30, 2024 | $27,232 | $1,272 | $2,637 | $31,141 |
| Nine Months Ended September 30, 2023 | $19,912 | $1,952 | $3,467 | $25,331 |
The increase in total license and other revenue for the nine months ended September 30, 2024, compared to the same period in 2023, was mainly due to milestone revenue recognized from Menarini, which amounted to $10.0 million during this period.
Operating Expenses
Karyopharm's operating expenses are categorized into cost of sales, research and development (R&D), and selling, general and administrative (SG&A) expenses. The breakdown of these expenses for the three and nine months ended September 30, 2024, is presented below:
| Expense Type | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Cost of Sales | $1,300 | $911 | $4,676 | $3,456 |
| Research and Development | $36,134 | $35,553 | $109,930 | $99,369 |
| Selling, General and Administrative | $27,632 | $30,805 | $88,251 | $101,193 |
| Total Operating Expenses | $65,066 | $67,269 | $202,857 | $204,018 |
The total operating expenses for the nine months ended September 30, 2024, were slightly lower compared to the same period in 2023, mainly due to a decrease in SG&A expenses.
Net Loss
Karyopharm reported a net loss for the periods ending September 30, 2024, and 2023 as follows:
| Period | Net Loss (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | ($32,072) |
| Three Months Ended September 30, 2023 | ($34,506) |
| Nine Months Ended September 30, 2024 | ($45,642) |
| Nine Months Ended September 30, 2023 | ($101,262) |
The decrease in net loss for the nine months ended September 30, 2024, compared to the previous year, indicates a slight improvement in financial performance despite continuing operational challenges.
Liquidity and Capital Resources
As of September 30, 2024, Karyopharm had cash, cash equivalents, and investments totaling $133.5 million. The company has incurred significant operating losses since inception, with an accumulated deficit of $1.5 billion as of the same date. The company’s ability to continue operations is contingent on its ability to raise additional funds through equity offerings, debt financing, and collaborations.
Overall, Karyopharm's revenue generation is linked to the sales of its drug XPOVIO, alongside licensing agreements, while maintaining a careful watch on operating expenses to manage losses.
Karyopharm Therapeutics Inc. (KPTI) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Karyopharm Therapeutics Inc. (KPTI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Karyopharm Therapeutics Inc. (KPTI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Karyopharm Therapeutics Inc. (KPTI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.