KARYOPHARM THERAPEUTICS (KPTI) saw its loss narrow to $25.42 million, or $0.69 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $30.37 million, or $0.85 a share.
Revenue during the quarter plunged 36 percent to $0.05 million from $0.08 million in the previous year period.
Operating loss for the quarter was $25.74 million, compared with an operating loss of $30.61 million in the previous year period.
"During the third quarter, we communicated our planned development and regulatory approval path for oral selinexor as a treatment for patients with multiple myeloma MM," said Michael G. Kauffman, MD, PhD, chief executive officer of Karyopharm. "We believe this plan, based on the positive selinexor-dexamethasone efficacy emerging from STORM and the selinexor-Velcade bortezomib dexamethasone combination data from STOMP, provides a path to FDA and EMA filings. At the upcoming American Society of Hematology ASH 2016 Annual Meeting, we will be highlighting twenty-one abstracts, including key presentations featuring maturing data from both STORM and STOMP, new clinical data in acute myeloid leukemia AML, including selinexor in combination with chemotherapies in patients with newly diagnosed and relapsed/refractory AML, and preliminary data from a Phase 1 study of KPT-8602 in patients with relapsed refractory MM."
Working capital drops significantlyKaryopharm Therapeutics has witnessed a decline in the working capital over the last year. It stood at $115.30 million as at Sep. 30, 2016, down 37.30 percent or $68.60 million from $183.90 million on Sep. 30, 2015. Current ratio was at 8.71 as on Sep. 30, 2016, down from 13.74 on Sep. 30, 2015.
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