Karyopharm Cuts 20 Percent of Workforce

Rare Daily Staff

Karyopharm Therapeutics said it would cut 20 percent of its 385-person workforce to optimize its organization and cost structures and prioritize its focus on advancing its late-stage clinical pipeline.

“As we continue to focus on our near-term Phase 3 clinical programs, driving benefit for our patients and creating value for our shareholders, we’ve also taken further actions to streamline our operations and optimize our cost structure and workforce to maximize the potential of these programs,” said Richard Paulson, president and CEO of Karyopharm.

The company announced the cuts as part of its second quarter earnings report. In the second quarter, Karyopharm initiated a pivotal phase 3 study evaluating its experimental therapy selinexor in combination with ruxolitinib in JAKi-naïve patients with myelofibrosis. It also reported continued growth in multiple myeloma patients despite growing competition. Nevertheless, product revenue fell to $28.5 million, compared to $29 million in the second quarter of 2022.

Photo: Richard Paulson, president and CEO of Karyopharm