Cambridge biotech tracker · Newton
Karyopharm Therapeutics
Listed on Nasdaq as KPTI, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $65.1M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $16.3M
- avg. operating cash flow, 4 qtrs
- Runway
- 12 mo
- Under 12 months
- Net loss
- $67.0M
- Q2 '26
- R&D expense
- $29.0M
- 52% of opex
- Raised, last 4 qtrs
- +$78.6M
- net financing cash flow
- Next readout
- Dec 2026
- Phase 2/3 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
12 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $5.4M a month.
Management’s own date
Into Sep 2026
Sep 2026
Going concern language: runway is set by financing terms, not spending plans, so it is not converted into a burn rate. That date has now passed.
“We expect that our existing liquidity, including cash, cash equivalents, and investments together with anticipated cash flow from net product revenue and license and other revenue, will enable us to fund our current operating plans into September 2026.”
Cash against the calendar
What the runway has to reach.
Dec 2026estimated
A Study of Rituximab-Gemcitabine-Dexamethasone-Platinum (R-GDP) With or Without Selinexor in Patients With Relapsed/Refractory Diffuse Large B-cell Lymphoma
Relapsed/Refractory Diffuse Large B-cell Lymphoma
NCT04442022 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 12 months
- Time to the date
- 4 weeks
It is about 4 weeks out. At the current burn there is roughly 11 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Dec 2026Phase 2/3A Study of Rituximab-Gemcitabine-Dexamethasone-Platinum (R-GDP) With or Without Selinexor in Patients With Relapsed/Refractory Diffuse Large B-cell Lymphoma
- Dec 2026Phase 2Selinexor (KPT-330) in Patients With Relapsed/Refractory Diffuse Large B-Cell Lymphoma (DLBCL)
- Apr 2027Phase 1/2Selinexor and Backbone Treatments of Multiple Myeloma Patients
- Jun 2027Phase 2A Study of Selinexor Monotherapy in Subjects With JAK Inhibitor-naïve Myelofibrosis and Moderate Thrombocytopenia
- Jan 2028Phase 2A Study of Selinexor (Seli) + Low-dose Dexamethasone (LDD) in Penta-refractory Multiple Myeloma (MM), Seli and Bortezomib + LDD in Triple-class Refractory MM.
Pipeline
8 active trials, through phase 3.
Phase 2 · 4Phase 3 · 2Phase 2/3 · 1Phase 1/2 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 2/3 readout in Dec 2026, about 4 weeks out. That leaves roughly 11 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 12 months of runway
Cash and investments of $65.1M at Q2 '26 against an average operating cash burn of $16.3M per quarter over the last four reported quarters runs out around May 2027. Under a year of runway is where ASC 205-40 going-concern evaluations, financing timing, and cost plans all get decided at once.
Cash position down $68.4M since Q3 '24
Net financing inflows of $78.6M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $42.1M above cash burn
The Q2 '26 net loss of $67.0M includes non-cash charges, including $1.9M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 52% of operating expenses
$29.0M of R&D against $56.0M of total operating expenses in Q2 '26, with G&A at $25.9M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $33.4M in Q2 '26
Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Going-concern language in the 10-Q filed Aug 13, 2026
The filing contains definite substantial-doubt language, the conclusion of an ASC 205-40 evaluation that cash may not cover twelve months from the issuance date without additional financing or cost actions. Read the liquidity note in the filing for management's plans and whether they are considered probable.
Stockholders' deficit of $330M
Liabilities exceed assets on the balance sheet. That is common with royalty financings, convertible debt, or large deferred revenue balances, and it is a fact auditors and exchange listing rules both pay attention to.
Accumulated deficit of $1.85B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $134M | −$19.5M | −$32.1M | $36.1M | $27.6M | $38.8M | $4.2M | $0 |
| Q4 '24 · Dec 31, 24 | $109M | −$25.8M | −$30.8M | $33.3M | $27.2M | $30.5M | $3.9M | $680K |
| Q1 '25 · Mar 31, 25 | $69.9M | −$39.0M | −$23.5M | $34.6M | $27.4M | $30.0M | $3.6M | $0 |
| Q2 '25 · Jun 30, 25 | $51.7M | −$18.7M | −$37.3M | $32.8M | $28.5M | $37.9M | $3.8M | $356K |
| Q3 '25 · Sep 30, 25 | $45.9M | −$5.9M | −$33.1M | $30.5M | $26.6M | $44.0M | $2.8M | $0 |
| Q4 '25 · Dec 31, 25 | $63.7M | −$11.8M | −$102M | $27.7M | $22.8M | $34.1M | $3.9M | $29.7M |
| Q1 '26 · Mar 31, 26 | $90.8M | −$22.7M | −$22.4M | $33.8M | $26.7M | $35.1M | $3.0M | $49.8M |
| Q2 '26 · Jun 30, 26 | $65.1M | −$24.9M | −$67.0M | $29.0M | $25.9M | $33.4M | $1.9M | −$898K |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.