Karyopharm to Present Selinexor Data in Patients with Myelofibrosis and Multiple Myeloma at the 68th American Society of Hematology Annual Meeting and Exposition (ASH)

Karyopharm expects its equity to be worthless amid ongoing Chapter 11 despite clinical progress.

What the company is saying

Karyopharm Therapeutics is highlighting the selection of selinexor clinical trial data for oral and poster presentations at ASH 2026, framing this as evidence of scientific momentum in myelofibrosis and multiple myeloma. The announcement details the Phase 3 SENTRY trial (N=353, 2:1 randomization, 60 mg selinexor dosing) and the Phase 2 SENTRY-2 trial (n=29 per arm), emphasizing co-primary endpoints such as spleen volume reduction ≥35% and symptom score changes. The company points to prior recognition at major oncology meetings and regulatory approvals for XPOVIO® (selinexor) in the U.S., EU, and multiple other territories. Safety data from earlier trials are disclosed, including 6% fatal adverse reactions and 52% serious adverse reactions in the BOSTON trial, and 9% fatal and 58% serious adverse reactions in the STORM trial. Despite these scientific and regulatory milestones, Karyopharm explicitly warns that its Chapter 11 process is likely to render existing equity securities worthless, urging extreme caution to investors.

What the data suggests

The announcement provides detailed clinical trial parameters: the SENTRY Phase 3 trial enrolled 353 JAK inhibitor–naïve myelofibrosis patients with platelet counts above 100 x 10^9/L, using a 2:1 randomization to selinexor plus ruxolitinib versus placebo plus ruxolitinib, with primary endpoints of spleen volume reduction ≥35% and symptom score improvement at 24 weeks. The SENTRY-2 Phase 2 trial involves 29 patients per arm with thrombocytopenia (platelet count ≥50 x 10^9/L), allowing add-on therapy if spleen volume reduction is <10% at week 12 or <35% at week 24. The STOMP Arm 12 study in multiple myeloma escalates selinexor dosing from 40 mg to 60 mg, with mezigdomide and dexamethasone, targeting patients with ≥2 prior therapies and T-cell–redirecting therapy ineligibility. Safety data are explicit: in the BOSTON trial, 6% of patients died within 30 days of last treatment, 52% had serious adverse reactions, and 19% discontinued due to adverse events; in the STORM trial, fatal adverse reactions occurred in 9%, serious adverse reactions in 58%, and discontinuation in 27%. The company estimates myelofibrosis prevalence at 20,000 in the U.S. and 19,000 in the EU. No financial results, revenue, or cash figures are disclosed. The company’s explicit statement that existing equity will have no value due to Chapter 11 is the dominant financial signal.

Analysis

The announcement is factual and restrained, focusing on the selection of clinical trial data for conference presentations and providing detailed descriptions of trial designs, endpoints, and regulatory approvals. There is no promotional or exaggerated language regarding future commercial or financial outcomes. The only forward-looking statement is the company's warning that its equity securities are expected to have no value due to ongoing Chapter 11 proceedings, which is a negative and cautionary disclosure rather than hype. No large capital outlay or future benefit projections are discussed, and the clinical and regulatory milestones cited are already realised. The tone is neutral, and the data is specific and supported by disclosed facts. There is no gap between narrative and evidence, and no attempt to inflate investor perception.

Risk flags

• ●Karyopharm is in voluntary Chapter 11 proceedings and expects that holders of its common and preferred stock will receive no payment or distribution, implying a total loss for equity investors. This is an existential risk for current shareholders, as explicitly stated by the company.
• ●The company warns that trading in its securities during Chapter 11 is highly speculative, with trading prices potentially bearing no relationship to actual recovery, further increasing the risk of capital loss for any new or existing investors.
• ●Serious and fatal adverse reactions remain significant in Karyopharm’s clinical programs, with up to 6% and 9% fatality rates and over 50% serious adverse event rates in key trials, which could impact future regulatory or commercial prospects even if the company were not in bankruptcy.
• ●The company faces operational and regulatory uncertainty, including the outcome of the Chapter 11 process, the ability to maintain relationships with partners and regulators, and the risk of delisting from Nasdaq, all of which threaten ongoing business viability.

Bottom line

Karyopharm Therapeutics’ announcement underscores scientific progress in myelofibrosis and multiple myeloma, with selinexor data selected for high-profile conference presentations and detailed clinical trial disclosures. However, the company is in Chapter 11 bankruptcy and expects its equity securities to be worthless, warning investors of a total loss regardless of clinical or regulatory achievements. No financial results or operational cash figures are provided, and the only actionable financial signal is the explicit expectation of zero recovery for shareholders. The near-term timeline for conference presentations is irrelevant to equity value given the bankruptcy context. Investors should treat the stock as uninvestable, as the company itself anticipates no value for current or future equity holders. The most important takeaway is that, despite ongoing clinical activity, the equity is expected to be wiped out in the restructuring process.

Announcement summary

(NASDAQ:KPTI) Karyopharm Therapeutics Inc. announced that data from its Phase 3 SENTRY trial and Phase 2 SENTRY-2 trial evaluating selinexor in myelofibrosis were selected for oral presentations at ASH 2026. An abstract from a clinical trial evaluating selinexor in combination with other backbone therapies in multiple myeloma was selected for a poster presentation. The Phase 3 SENTRY trial (XPORT-MF-034; NCT04562389) is a randomized study of 353 JAK inhibitor–naïve myelofibrosis patients with platelet counts > 100 x 10^9/L, comparing selinexor plus ruxolitinib to placebo plus ruxolitinib, with patients randomized 2-to-1 to the selinexor arm. The co-primary endpoints are spleen volume reduction ≥ 35% (SVR35) at week 24 and average change in absolute total symptom score (Abs-TSS) over 24 weeks relative to baseline. Results from the Phase 3 SENTRY trial were previously presented at the 2026 American Society of Clinical Oncology Annual Meeting and published in the Journal of Clinical Oncology, and were recognized as one of the six best abstracts at the 2026 European Hematology Association Congress. The Phase 2 SENTRY-2 trial (XPORT-MF-044; NCT05980806) is a multicenter, open-label study evaluating selinexor monotherapy (60 mg once-weekly; n=29 per arm) in JAKi-naïve myelofibrosis patients with thrombocytopenia (platelet count ≥50x10^9/L), with optional add-on of ruxolitinib, pacritinib, or momelotinib for patients with insufficient SVR at Weeks 12 or 24. The primary endpoint is SVR35 at Week 24, with key secondary endpoints of safety and Abs-TSS at Week 24. The STOMP Arm 12 study (NCT02343042) evaluates selinexor, mezigdomide, and dexamethasone (SMd) in adults with triple-class exposed relapsed/refractory multiple myeloma with ≥2 prior lines of therapy and who relapsed after or were ineligible for T-cell–redirecting therapy. Phase 1 had 3 cohorts with selinexor dose escalation from 40 mg once weekly to 60 mg on days 1, 8, and 15 of a 28-day cycle; mezigdomide at 0.6 or 1.0 mg daily on days 1–21; and dexamethasone 40 mg weekly. Phase 1 objectives are to determine maximum tolerated dose and recommended Phase 2 dose (RP2D) of SMd; Phase 2 primary objectives are to determine objective response rate (ORR) and further characterize safety at the RP2D. XPOVIO® (selinexor) is approved and marketed by Karyopharm in the U.S. in multiple oncology indications, including in combination with VELCADE® (bortezomib) and dexamethasone (XVd) in adult patients with multiple myeloma after at least one prior therapy, and in combination with dexamethasone in adult patients with heavily pre-treated multiple myeloma. XPOVIO® (also known as NEXPOVIO® in certain countries) has received regulatory approvals in the European Union, the United Kingdom, Mainland China, Taiwan, Hong Kong, Australia, South Korea, Singapore, Israel, and Canada, and is marketed in these territories by Karyopharm's partners Antengene, Menarini, Neopharm, and FORUS. Myelofibrosis affects approximately 20,000 patients in the United States and 19,000 patients in the European Union. The only approved class of therapies to treat myelofibrosis are JAK inhibitors, including ruxolitinib. In the BOSTON trial, fatal adverse reactions occurred in 6% of patients within 30 days of last treatment, serious adverse reactions occurred in 52% of patients, and treatment discontinuation rate due to adverse reactions was 19%. In the STORM trial, fatal adverse reactions occurred in 9% of patients, serious adverse reactions occurred in 58% of patients, and treatment discontinuation rate due to adverse reactions was 27%. The company cautions that trading in its securities during its voluntary Chapter 11 petitions is highly speculative and that holders of its common and preferred stock will not receive any payment or other distribution, and expects that its existing equity securities will have no value.

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