Free cash flow remains consistently negative, with quarterly outflows reaching as high as $43.9 million in 2024Q1, indicating a structural struggle to achieve self-sustaining operations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -59.11M | -75.37M | -127.49M | -92.72M | -149.55M | -107.12M | -160.23M | -190.82M | -159.12M | -73.72M | -84.39M | -94.03M | -51.45M | -30.29M | -15.51M | -8.55M |
| Operating CF Margin % | - | -51.6% | -87.78% | -63.49% | -95.21% | -51.05% | -148.25% | -466.64% | -524.52% | -4592.96% | -54799.35% | -37611.6% | -22465.94% | -7826.87% | -2446.21% | -5624.34% |
| Operating CF Growth % | 217.18% | 40.88% | -37.49% | 38% | -39.62% | 33.15% | 16.03% | -19.93% | -115.85% | 12.65% | 10.25% | -82.77% | -69.85% | -95.31% | -81.41% | - |
| Net Income | -194.97M | -196.04M | -76.42M | -143.1M | -165.29M | -124.09M | -196.27M | -199.59M | -178.41M | -128.98M | -109.58M | -118.18M | -75.78M | -33.95M | -15.89M | -10.31M |
| Depreciation & Amortization | 2.56M | -114K | 340K | 530K | 621K | 789K | 972K | 974K | 735K | 713K | 717K | 634K | 323K | 144K | 122K | 83K |
| Stock-Based Compensation | 10.49M | 14.05M | 18.43M | 21.71M | 35.4M | 29.78M | 24.41M | 15.29M | 17.27M | 20.41M | 22.28M | 17.06M | 14.24M | 3.79M | 653K | 24K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.45M | 904K | -1.38M | 29K | 0 | 0 | 1.78M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 89.16M | 78.46M | -69.53M | -3.28M | -294K | 8.13M | 8.4M | 7.19M | 1.42M | 1.19M | 1.2M | 685K | 52K | 88K | 257K | 0 |
| Working Capital Changes | 33.65M | 28.27M | -302K | 31.41M | -19.99M | -23.19M | 1.36M | -13.31M | -169K | 32.96M | 987K | 4M | 9.71M | -360K | -396K | 1.66M |
| Change in Receivables | 11.89M | 4.59M | -3.8M | 20.12M | -5.08M | -9.62M | -5.02M | -7.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 1.17M | 701K | -1.7M | 1.18M | -118K | -1.46M | -2.63M | -346K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.59M | -1.1M | 1.98M | 350K | 1.17M | -2.85M | 3.46M | -3.3M | -1.38M | 909K | 945K | -2.43M | 4.5M | 664K | -66K | 1.13M |
| Cash from Investing | 31.29M | 43.38M | 95.47M | 7.94M | -104.26M | 141.84M | -53.69M | 78.45M | -107.66M | 17.11M | 24.59M | -90.82M | -67.03M | -57K | -121K | -376K |
| Capital Expenditures | 0 | 0 | -142K | 0 | -118K | -5.71M | -145K | -206K | -2.36M | -62K | -70K | -1.42M | -2.83M | -57K | -121K | -376K |
| CapEx % of Revenue | 0% | - | 0.1% | - | 0.08% | 2.72% | 0.13% | 0.5% | 7.79% | 3.86% | 45.45% | 566.4% | 1237.55% | 14.73% | 19.09% | 247.37% |
| Acquisitions | 0 | 0 | 0 | 0 | 104.26M | 5.5M | 53.54M | -78.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -104.26M | -5.5M | -53.54M | 78.66M | -105.3M | 17.17M | 24.66M | -82K | -400K | 0 | 0 | 0 |
| Cash from Financing | 79.85M | 30.05M | 41.65M | 1.12M | 193.74M | 73.65M | 172.08M | 124.31M | 316.11M | 75.74M | 51.16M | 92.7M | 113.12M | 185.93M | 9.51M | 11.99M |
| Debt Issued (Net) | 20.54M | 20.54M | 83.3M | 0 | 0 | 60M | 0 | 0 | 166.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 59.74M | 9.51M | 1.45M | 1.12M | 189.76M | 9.9M | 161.78M | 46.19M | 145.71M | 74.89M | 50.57M | 92.08M | 112.84M | 185.59M | 9.51M | 11.99M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -431K | 0 | -43.11M | 0 | 3.98M | 3.75M | 10.31M | 78.11M | 3.52M | 858K | 591K | 616K | 284K | 341K | 0 | 0 |
| Net Change in Cash | 52.08M | -1.92M | 9.62M | -83.69M | -60.56M | 108.32M | -41.57M | 11.95M | 49.25M | 19.33M | -8.7M | -92.25M | -5.37M | 155.58M | -6.12M | 3.07M |
| Free Cash Flow | -59.11M | -75.37M | -127.63M | -92.72M | -149.67M | -112.83M | -160.38M | -191.03M | -161.48M | -73.78M | -84.46M | -95.44M | -54.28M | -30.35M | -15.63M | -8.93M |
| FCF Margin % | -39.12% | -51.6% | -87.88% | -63.49% | -95.29% | -53.77% | -148.38% | -467.14% | -532.3% | -4596.82% | -54844.81% | -38178% | -23703.49% | -7841.6% | -2465.3% | -5871.71% |
| FCF Growth % | 51.82% | 40.95% | -37.64% | 38.05% | -32.66% | 29.65% | 16.04% | -18.3% | -118.87% | 12.65% | 11.51% | -75.83% | -78.87% | -94.16% | -75.13% | - |
| FCF per Share | -2.39 | -6.89 | -15.71 | -12.18 | -27.42 | -22.50 | -33.39 | -46.25 | -42.64 | -24.11 | -33.76 | -40.19 | -26.15 | -75.02 | -7.88 | -4.50 |
| FCF Conversion (FCF/Net Income) | 0.30x | 0.38x | 1.67x | 0.65x | 0.90x | 0.86x | 0.82x | 0.96x | 0.89x | 0.57x | 0.77x | 0.80x | 0.68x | 0.89x | 0.98x | 0.83x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
According to the provided cash flow data, Karyopharm exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly, including a notable 1.66x ratio in 2025Q1, suggesting that accruals and non-cash adjustments frequently obscure the underlying cash burn.
The volatility in the OCF/NI ratio indicates that reported net income is a poor proxy for the company's actual cash-generating capacity. Investors should monitor these swings as they likely reflect the timing of milestone payments and working capital shifts rather than a stable improvement in core operational efficiency.
As reported in financial statements, Karyopharm's free cash flow trajectory remains deeply negative, with quarterly outflows consistently exceeding $10 million and reaching as low as $43.9 million in 2024Q1, underscoring the company's ongoing struggle to achieve self-sustaining commercial operations in the competitive oncology market.
The lack of a clear path toward positive FCF margins suggests that the current commercialization strategy for XPOVIO is not yet generating sufficient scale to cover the high fixed costs of the business. This trend warrants further investigation into whether the company can reach a break-even point before its current liquidity runway is exhausted.
Based on the company's reported figures, working capital changes have been highly erratic, swinging from a $12.6 million outflow in 2024Q1 to a $16.6 million inflow in 2023Q4, which suggests that the company's cash position is heavily dependent on the timing of receivables and payables management.
These fluctuations in working capital appear to be a primary driver of the company's inconsistent quarterly cash flow performance. The reliance on these shifts to manage liquidity may indicate that the underlying business lacks the operational stability required to maintain a predictable cash conversion cycle.
Analysis of the cash flow statement reveals that stock-based compensation, which averaged over $4 million per quarter throughout 2024, serves as a significant non-cash adjustment that masks the true economic cost of talent retention and management incentives in a cash-constrained environment.
While SBC is a standard practice in biotechnology, the magnitude of these adjustments relative to the company's cash burn suggests that shareholders are bearing a significant dilution cost to support operations. Investors should monitor whether this level of compensation is sustainable given the stagnant revenue growth and the company's limited cash reserves.
Quick answers to the most common questions about buying KPTI stock.
Karyopharm Therapeutics Inc. (KPTI) generated $-75.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Karyopharm Therapeutics Inc. (KPTI) reported negative free cash flow of $75.4M in 2025, indicating capital requirements exceeded cash from operations.
Karyopharm Therapeutics Inc. (KPTI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.