Despite maintaining gross margins above 95%, the company reported a -76.3% operating margin in 2026Q1, reflecting an inability to scale commercial operations profitably.
| 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 |
|---|
| Sales/Revenue | 151.12M | 146.07M | 145.24M | 146.03M | 157.07M | 209.82M | 108.08M | 40.89M | 30.34M | 1.6M | 154K | 250K | 229K | 387K | 634K | 152K |
| Revenue Growth % | 6.33% | 0.57% | -0.55% | -7.03% | -25.14% | 94.12% | 164.31% | 34.8% | 1790.09% | 942.21% | -38.4% | 9.17% | -40.83% | -38.96% | 317.11% | - |
| Cost of Goods Sold | 6M | 5.95M | 6.01M | 4.94M | 5.21M | 3.4M | 2.71M | 2.41M | 161.37M | 107.27M | 86.94M | 97.74M | 60.13M | 28.45M | 14.1M | 0 |
| COGS % of Revenue | - | 4.07% | 4.14% | 3.38% | 3.32% | 1.62% | 2.5% | 5.89% | 531.95% | 6683.68% | 56453.25% | 39097.6% | 26256.33% | 7351.94% | 2223.19% | - |
| Gross Profit | 145.11M | 140.12M | 139.23M | 141.09M | 151.86M | 206.42M | 105.38M | 38.49M | -131.04M | -105.67M | -86.78M | -97.49M | -59.9M | -28.07M | -13.46M | 152K |
| Gross Margin % | 96.03% | 95.93% | 95.86% | 96.62% | 96.68% | 98.38% | 97.5% | 94.11% | -431.95% | -6583.68% | -56353.25% | -38997.6% | -26156.33% | -7251.94% | -2123.19% | 100% |
| Gross Profit Growth % | - | 0.64% | -1.32% | -7.09% | -26.43% | 95.88% | 173.81% | 129.37% | -24.01% | -21.76% | 10.99% | -62.77% | -113.43% | -108.49% | -8955.92% | - |
| Operating Expenses | 229.32M | 230.82M | 258.67M | 270.63M | 294.06M | 304.69M | 277.23M | 227.76M | 210.22M | 132.14M | 110.89M | 119.33M | 76.08M | 34.34M | 16.52M | 10.46M |
| OpEx % of Revenue | - | 158.03% | 178.1% | 185.32% | 187.21% | 145.21% | 256.49% | 556.97% | 692.97% | 8233.21% | 72003.9% | 47730.4% | 33220.52% | 8872.61% | 2606.31% | 6883.55% |
| Selling, General & Admin | 104.54M | 105.21M | 115.44M | 131.88M | 145.4M | 143.85M | 126.42M | 105.42M | 48.85M | 24.87M | 23.95M | 21.58M | 15.95M | 5.88M | 2.43M | 1.84M |
| SG&A % of Revenue | - | 72.03% | 79.48% | 90.31% | 92.57% | 68.56% | 116.96% | 257.8% | 161.02% | 1549.53% | 15550.65% | 8632.8% | 6964.19% | 1520.67% | 383.12% | 1210.53% |
| Research & Development | 124.78M | 125.62M | 143.23M | 138.75M | 148.66M | 160.84M | 150.81M | 122.34M | 161.37M | 107.27M | 86.94M | 97.74M | 60.13M | 28.45M | 14.1M | 8.62M |
| R&D % of Revenue | - | 86% | 98.62% | 95.01% | 94.64% | 76.66% | 139.53% | 299.17% | 531.95% | 6683.68% | 56453.25% | 39097.6% | 26256.33% | 7351.94% | 2223.19% | 5673.03% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -33K | -81K | 10K | -2K | -27K | 0 | 0 | 0 |
| Operating Income | -84.21M | -90.71M | -119.44M | -129.54M | -142.2M | -98.27M | -171.85M | -189.28M | -179.88M | -130.54M | -110.73M | -119.08M | -75.85M | -33.95M | -15.89M | -10.31M |
| Operating Margin % | -55.73% | -62.1% | -82.24% | -88.71% | -90.53% | -46.84% | -159% | -462.85% | -592.97% | -8133.21% | -71903.9% | -47630.4% | -33120.52% | -8772.61% | -2506.31% | -6783.55% |
| Operating Income Growth % | - | 24.06% | 7.79% | 8.9% | -44.7% | 42.82% | 9.21% | -5.22% | -37.8% | -17.89% | 7.01% | -57% | -123.41% | -113.66% | -54.11% | - |
| EBITDA | -84.02M | -90.41M | -119.1M | -129.01M | -141.58M | -97.48M | -170.88M | -188.3M | -179.15M | -129.82M | -110.02M | -118.44M | -75.52M | -33.81M | -15.77M | -10.23M |
| EBITDA Margin % | -55.6% | -61.9% | -82.01% | -88.34% | -90.14% | -46.46% | -158.1% | -460.47% | -590.55% | -8088.78% | -71438.31% | -47376.8% | -32979.48% | -8735.4% | -2487.07% | -6728.95% |
| EBITDA Growth % | 29.16% | 24.09% | 7.68% | 8.88% | -45.24% | 42.95% | 9.25% | -5.11% | -37.99% | -18.01% | 7.11% | -56.83% | -123.4% | -114.4% | -54.16% | - |
| D&A (Non-Cash Add-back) | 187K | 296K | 340K | 530K | 621K | 789K | 972K | 974K | 735K | 713K | 717K | 634K | 323K | 144K | 122K | 83K |
| EBIT | -165.03M | -150.15M | -38.94M | -118.95M | -139.93M | -97.77M | -168.82M | -183.9M | -175.89M | -128.92M | -109.44M | -119.08M | -75.78M | -33.95M | -15.89M | -10.31M |
| Net Interest Income | -45.12M | -43.08M | -30.02M | -12.88M | -22.64M | -25.46M | -24.32M | -10.22M | 1.53M | 1.7M | 1.28M | 897K | 96K | 3K | 2K | 0 |
| Interest Income | 2.28M | 2.77M | 7.4M | 10.94M | 2.36M | 582K | 2.82M | 5.42M | 4.03M | 1.7M | 1.28M | 897K | 97K | 3K | 2K | 0 |
| Interest Expense | 47.41M | 45.85M | 37.42M | 23.82M | 25M | 26.05M | 27.14M | 15.65M | 2.49M | 0 | 0 | 0 | 1K | 0 | 0 | 0 |
| Other Income/Expense | -110.75M | -105.29M | 43.08M | -13.24M | -22.72M | -25.55M | -24.11M | -10.28M | 1.5M | 1.62M | 1.29M | 895K | 69K | 3K | 2K | 0 |
| Pretax Income | -194.96M | -196M | -76.36M | -142.78M | -164.92M | -123.82M | -195.96M | -199.55M | -178.38M | -128.92M | -109.44M | -118.18M | -75.78M | -33.95M | -15.89M | -10.31M |
| Pretax Margin % | -129.01% | -134.18% | -52.58% | -97.77% | -105% | -59.01% | -181.31% | -487.98% | -588.02% | -8032.46% | -71063.64% | -47272.4% | -33090.39% | -8771.83% | -2505.99% | -6783.55% |
| Income Tax | 8K | 43K | 57K | 323K | 369K | 268K | 309K | 40K | 26K | 63K | 139K | -895K | -69K | -3K | -2K | 0 |
| Effective Tax Rate % | -0% | -0.02% | -0.07% | -0.23% | -0.22% | -0.22% | -0.16% | -0.02% | -0.01% | -0.05% | -0.13% | 0.76% | 0.09% | 0.01% | 0.01% | 0% |
| 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 |
| Net Margin % | -129.02% | -134.21% | -52.62% | -97.99% | -105.23% | -59.14% | -181.59% | -488.08% | -588.1% | -8036.39% | -71153.9% | -47272.4% | -33090.39% | -8771.83% | -2505.99% | -6783.55% |
| Net Income Growth % | -211.84% | -156.52% | 46.59% | 13.43% | -33.2% | 36.78% | 1.66% | -11.87% | -38.32% | -17.71% | 7.28% | -55.96% | -123.22% | -113.66% | -54.09% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -7.89 | -17.93 | -9.41 | -18.79 | -30.28 | -24.75 | -40.87 | -48.32 | -47.11 | -42.15 | -43.80 | -49.80 | -36.45 | -83.85 | -8.01 | -5.20 |
| EPS Growth % | -13.65% | -90.54% | 49.92% | 37.95% | -22.34% | 39.44% | 15.42% | -2.56% | -11.78% | 3.77% | 12.05% | -36.63% | 56.53% | -946.7% | -54.09% | - |
| EPS (Basic) | - | -17.93 | -9.41 | -18.79 | -30.28 | -24.75 | -40.87 | -48.32 | -47.11 | -42.15 | -43.80 | -49.80 | -36.45 | -83.85 | -8.01 | -5.20 |
| Diluted Shares Outstanding | 24.71M | 10.94M | 8.12M | 7.61M | 5.46M | 5.01M | 4.8M | 4.13M | 3.79M | 3.06M | 2.5M | 2.37M | 2.08M | 404.51K | 1.98M | 1.98M |
| Basic Shares Outstanding | 22.01M | 10.94M | 8.12M | 7.61M | 5.46M | 5.01M | 4.8M | 4.13M | 3.79M | 3.06M | 2.5M | 2.37M | 2.08M | 404.51K | 1.98M | 1.98M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Limited liquidity and dilution
According to the latest quarterly financial data, Karyopharm's revenue growth remains highly volatile, oscillating between double-digit gains and contractions, with the most recent period showing a 16.8% increase that fails to establish a clear, sustainable upward trajectory for the company's core XPOVIO product line.
The inconsistency in top-line performance suggests that the company struggles with predictable patient acquisition and retention in the competitive oncology landscape. Investors should monitor whether these fluctuations are driven by lumpy milestone payments or genuine underlying demand, as the lack of a steady growth trend complicates long-term valuation models.
As reported in recent financial statements, Karyopharm maintains a robust gross margin profile consistently exceeding 95%, yet this efficiency is entirely overshadowed by a deeply negative operating margin that reached -76.3% in the most recent quarter, highlighting a fundamental disconnect between production costs and commercial scale.
While the high gross margin confirms the inherent value of the SINE platform, it appears insufficient to cover the substantial SG&A and R&D expenditures required to maintain market presence. This structural reality implies that the company is currently unable to leverage its intellectual property into meaningful bottom-line profitability without significant changes to its cost base.
Based on the company's reported figures, the persistent reliance on heavy R&D and SG&A spending has resulted in a recurring operating deficit, with quarterly operating losses frequently exceeding $25 million despite the company's efforts to optimize its commercial footprint in the multiple myeloma market.
The company's cost structure appears heavily front-loaded, suggesting that management is prioritizing pipeline expansion and market share over immediate fiscal discipline. This approach warrants further investigation into whether the current level of investment is yielding the necessary clinical catalysts to justify the ongoing cash burn.
Analysis of the income statement reveals that net income is frequently distorted by non-operating items and significant quarterly fluctuations, with EPS remaining deeply negative and failing to show a clear path toward stabilization or improvement in the near-term financial outlook for the organization.
The erratic nature of the bottom line suggests that investors should focus more on cash flow and revenue durability than on reported net income, which appears to be a poor proxy for operational health. The presence of non-cash expenses and potential milestone-driven revenue spikes further obscures the underlying quality of the company's earnings.
A critical assessment of the income statement suggests that the current business model may be unsustainable, as the company's cash reserves of $60.5 million appear inadequate to support the ongoing operating losses without the potential for further dilutive financing or strategic restructuring in the near future.
Short-term observers may point to the stagnant revenue growth and high burn rate as evidence that the company is struggling to find a viable commercial path for its SINE platform. Unless management can demonstrate a clear inflection point in revenue or a drastic reduction in operating expenses, the risk of continued shareholder dilution remains a primary concern.
Quick answers to the most common questions about buying KPTI stock.
For fiscal year 2025, Karyopharm Therapeutics Inc. (KPTI) reported total revenue of $146.1M. This represents a 95996.7% increase compared to $0.2M in 2011.
Karyopharm Therapeutics Inc. (KPTI) reported a net loss of $196.0M for the fiscal year ending 2025.
Karyopharm Therapeutics Inc. (KPTI) reported an operating income of $-90.7M, resulting in an operating profit margin of -62.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Karyopharm Therapeutics Inc. (KPTI) generated $140.1M in gross profit for the year, representing a gross profit margin of 95.9%. This demonstrates the company's core pricing power and production efficiency.