Karyopharm Therapeutics is a commercial-stage oncology company focused on drugs that block XPO1, a protein cancer cells use to neutralize tumor suppressors. By inhibiting XPO1, Karyopharm's drugs force tumor suppressor proteins to accumulate in the cell nucleus, causing cancer cells to die while largely sparing normal cells. Karyopharm's only approved drug is XPOVIO (selinexor), the first oral XPO1 inhibitor approved by the FDA, primarily used to treat relapsed/refractory multiple myeloma. Karyopharm sells XPOVIO in the U.S. through its own sales force targeting hematology/oncology specialists, and has licensed selinexor to regional partners — Menarini for Europe and Latin America, and Antengene for Asia-Pacific — generating royalty and milestone revenue. Karyopharm outsources all manufacturing, so its cost structure is dominated by R&D and SG&A. The company's near-term strategy hinges on two Phase 3 trial readouts in 2026: the SENTRY trial in myelofibrosis, evaluating selinexor combined with the standard-of-care JAK inhibitor ruxolitinib, and the XPORT-EC-042 trial in TP53 wild-type endometrial cancer. Management sees myelofibrosis as the primary growth opportunity, targeting a population with no approved combination therapies. Karyopharm faces a serious liquidity challenge, with cash expected to last only into Q2 2026, and management has disclosed substantial doubt about its ability to continue as a going concern absent positive clinical data or new financing.