Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | Karyopharm Therapeutics Inc. | |
Trading Symbol | KPTI | |
Entity Central Index Key | 0001503802 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 117,710,263 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-36167 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-3931704 | |
Entity Address, Address Line One | 85 Wells Avenue, 2nd Floor | |
Entity Address, City or Town | Newton | |
Entity Address, Postal Zip Code | 02459 | |
City Area Code | 617 | |
Local Phone Number | 658-0600 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Shell Company | false | |
Entity Address, State or Province | MA | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 30,628 | $ 52,231 |
Investments | 117,950 | 139,212 |
Accounts receivable, net | 31,082 | 26,962 |
Inventory | 2,769 | 3,043 |
Prepaid expenses and other current assets | 15,478 | 11,813 |
Restricted cash | 459 | 660 |
Total current assets | 198,366 | 233,921 |
Property and equipment, net | 719 | 606 |
Operating lease right-of-use assets | 3,735 | 4,276 |
Restricted cash | 304 | 301 |
Other assets | 1,334 | 1,334 |
Total assets | 204,458 | 240,438 |
Current liabilities: | ||
Accounts payable | 5,028 | 3,123 |
Accrued expenses | 54,851 | 61,394 |
Operating lease liabilities | 3,425 | 3,308 |
Other current liabilities | 2,037 | 1,654 |
Total current liabilities | 65,341 | 69,479 |
Convertible senior notes | 171,127 | 170,919 |
Deferred royalty obligation | 132,479 | 132,479 |
Operating lease liabilities, net of current portion | 1,884 | 2,789 |
Other liabilities | 2,582 | 978 |
Total liabilities | 373,413 | 376,644 |
Stockholders' deficit | ||
Preferred stock, $0.0001 par value; 5,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock $0.0001 par value; 400,000 shares authorized; 116,457 and 114,915 shares issued and outstanding at March 31,2024 and December 31,2023, respectively | 12 | 12 |
Additional paid-in capital | 1,355,951 | 1,350,981 |
Accumulated other comprehensive loss | (518) | (161) |
Accumulated deficit | (1,524,400) | (1,487,038) |
Total stockholders' deficit | (168,955) | (136,206) |
Total liabilities and stockholders' deficit | $ 204,458 | $ 240,438 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 116,457,000 | 114,915,000 |
Common stock, shares outstanding | 116,457,000 | 114,915,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Revenue from contract with customer, license and other revenue | $ 33,126 | $ 38,698 |
Operating expenses: | ||
Research and development | 35,425 | 32,339 |
Selling, general and administrative | 29,549 | 35,907 |
Total operating expenses | 66,885 | 69,597 |
Loss from operations | (33,759) | (30,899) |
Other income (expense): | ||
Interest income | 2,156 | 2,849 |
Interest expense | (5,884) | (5,758) |
Other income (expense), net | 196 | (264) |
Total other expense, net | (3,532) | (3,173) |
Loss before income taxes | (37,291) | (34,072) |
Income tax provision | (71) | (54) |
Net loss | $ (37,362) | $ (34,126) |
Net loss per share-basic | $ (0.32) | $ (0.30) |
Net loss per share-diluted | $ (0.32) | $ (0.30) |
Weighted-average number of common shares outstanding used to compute net loss per share-basic | 115,454,000 | 113,481,000 |
Weighted-average number of common shares outstanding used to compute net loss per share-diluted | 115,454,000 | 113,481,000 |
Product [Member] | ||
Revenues: | ||
Revenue from contract with customer, license and other revenue | $ 26,006 | $ 28,288 |
Operating expenses: | ||
Cost of sales | 1,911 | 1,351 |
License and Other [Member] | ||
Revenues: | ||
Revenue from contract with customer, license and other revenue | $ 7,120 | $ 10,410 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (37,362) | $ (34,126) |
Other comprehensive (loss) income | ||
Unrealized (loss) gain on investments | (39) | 33 |
Foreign currency translation adjustment | (318) | 186 |
Comprehensive loss | $ (37,719) | $ (33,907) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities | ||
Net loss | $ (37,362) | $ (34,126) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 4,970 | 5,389 |
Depreciation and amortization | 85 | 290 |
Amortization of debt issuance costs | 208 | 201 |
Net amortization of premiums and discounts on investments | (911) | (1,126) |
Other | 0 | 4 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (4,120) | 11,886 |
Inventory | 274 | 397 |
Prepaid expenses and other assets | (3,665) | 1,537 |
Operating lease right-of-use assets | 541 | 462 |
Accounts payable | 1,905 | 6,272 |
Accrued expenses and other liabilities | (4,862) | (9,414) |
Operating lease liabilities | (788) | (682) |
Net cash used in operating activities | (43,725) | (18,910) |
Investing activities | ||
Proceeds from maturities of investments | 53,743 | 27,944 |
Purchases of investments | (31,608) | (60,332) |
Purchases of property and equipment | (195) | 0 |
Net cash provided by (used in) investing activities | 21,940 | (32,388) |
Financing activities | ||
Effect of exchange rate on cash, cash equivalents and restricted cash | (16) | (45) |
Net decrease in cash, cash equivalents and restricted cash | (21,801) | (51,343) |
Cash, cash equivalents and restricted cash at beginning of period | 53,192 | 136,885 |
Cash, cash equivalents and restricted cash at end of period | 31,391 | 85,542 |
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets | ||
Cash and cash equivalents | 30,628 | 84,062 |
Short-term restricted cash | 459 | 846 |
Long-term restricted cash | 304 | 634 |
Total cash, cash equivalents and restricted cash | 31,391 | 85,542 |
Supplemental disclosures: | ||
Cash paid for amounts included in the measurement of operating lease liabilities | 948 | 923 |
Cash paid for interest on deferred royalty obligation | $ 4,103 | $ 4,076 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Deficit (unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive (loss) Income [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2022 | $ (16,656) | $ 12 | $ 1,327,909 | $ (638) | $ (1,343,939) |
Beginning balance,Shares at Dec. 31, 2022 | 113,213,000 | ||||
Vesting of restricted stock (in shares) | 758,000 | ||||
Stock-based compensation expense | 5,389 | 5,389 | |||
Unrealized (loss) gain on investments | 33 | 33 | |||
Foreign currency cumulative translation adjustment | 186 | 186 | |||
Net Income (Loss) | (34,126) | (34,126) | |||
Ending balance at Mar. 31, 2023 | (45,174) | $ 12 | 1,333,298 | (419) | (1,378,065) |
Ending balance,Shares at Mar. 31, 2023 | 113,971,000 | ||||
Beginning balance at Dec. 31, 2023 | (136,206) | $ 12 | 1,350,981 | (161) | (1,487,038) |
Beginning balance,Shares at Dec. 31, 2023 | 114,915,000 | ||||
Vesting of restricted stock (in shares) | 1,542,000 | ||||
Stock-based compensation expense | 4,970 | 4,970 | |||
Unrealized (loss) gain on investments | (39) | (39) | |||
Foreign currency cumulative translation adjustment | (318) | (318) | |||
Net Income (Loss) | (37,362) | (37,362) | |||
Ending balance at Mar. 31, 2024 | $ (168,955) | $ 12 | $ 1,355,951 | $ (518) | $ (1,524,400) |
Ending balance,Shares at Mar. 31, 2024 | 116,457,000 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (37,362) | $ (34,126) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature of Business and Basis of Presentation | 1. Nature of Business and Basis of Presentation Nature of Business Karyopharm Therapeutics Inc., a Delaware corporation (collectively with its subsidiaries, the “Company,” “we,” “us,” or “our”), is a commercial-stage pharmaceutical company pioneering novel cancer therapies and dedicated to the discovery, development and commercialization of first-in-class drugs directed against nuclear export for the treatment of cancer and other diseases. We were incorporated in Delaware on December 22, 2008 and have a principal place of business in Newton, Massachusetts. Our scientific expertise is based upon an understanding of the regulation of intracellular communication between the nucleus and the cytoplasm. We have discovered and are developing and commercializing novel, small molecule Selective Inhibitor of Nuclear Export compounds that inhibit the nuclear export protein exportin 1. Our primary focus is on marketing XPOVIO ® (selinexor) in its currently approved indications, as well as developing and seeking regulatory approval of selinexor as an oral agent targeting multiple high unmet cancer indications, including our core programs in endometrial cancer, multiple myeloma, and myelofibrosis. Our lead asset, XPOVIO, received its initial U.S. approval from the U.S. Food and Drug Administration (the “FDA”) in July 2019 and is currently approved and marketed for the following indications: (i) in combination with bortezomib and dexamethasone for the treatment of adult patients with multiple myeloma who have received at least one prior therapy; (ii) in combination with dexamethasone for the treatment of adult patients with relapsed or refractory multiple myeloma who have received at least four prior therapies and whose disease is refractory to at least two proteasome inhibitors, at least two immunomodulatory agents, and an anti-CD38 monoclonal antibody; and (iii) for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma (“DLBCL”), not otherwise specified, including DLBCL arising from follicular lymphoma, after at least two lines of systemic therapy. The commercialization of XPOVIO and NEXPOVIO (the brand name for selinexor in Europe and the United Kingdom) outside of the U.S. is managed by our partners in their respective territories. XPOVIO/NEXPOVIO has received regulatory approval in various indications in over 40 countries outside the U.S. and is commercially available in a growing number of countries as our partners continue to secure reimbursement approvals. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2024. For further information, refer to the financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission on February 29, 2024 (“Annual Report”). Basis of Consolidation The condensed consolidated financial statements at March 31, 2024 include the accounts of Karyopharm Therapeutics Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The significant accounting policies used in preparation of these condensed consolidated financial statements in this Form 10-Q are consistent with those discussed in Note 2, “ Summary of Significant Accounting Policies ,” in our Annual Report. |
Product Revenue
Product Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Product Revenue [Member] | |
Product Revenue | 2. Product Revenue To date, our only source of product revenue has been from the U.S. sales of XPOVIO. Net product revenue, including provisions primarily consisting of distribution fees and cash discounts, as well as reserves for chargebacks, rebates and returns, were as follows (in thousands): For the Three Months 2024 2023 Gross product revenue $ 36,763 $ 37,065 Provisions for product revenue ( 10,757 ) ( 8,777 ) Total product revenue, net $ 26,006 $ 28,288 As of March 31, 2024 and December 31, 2023, net product revenue of $ 23.1 million and $ 17.8 million, respectively, were included in accounts receivable. To date, we have had no bad debt write-offs and we do not currently have credit issues with any customers. There were no credit losses associated with accounts receivable as of March 31, 2024 and December 31, 2023. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventory | 3. Inventory The following table presents our inventory (in thousands), all of which was related to XPOVIO: As of March 31, 2024 As of December 31, 2023 Raw materials $ 553 $ 553 Work in process 1,589 1,732 Finished goods 627 758 Total inventory $ 2,769 $ 3,043 XPOVIO was initially approved by the FDA in July 2019 at which time we began to capitalize costs to manufacture XPOVIO. |
License Agreements
License Agreements | 3 Months Ended |
Mar. 31, 2024 | |
License Agreements | |
License Agreements | 4. License Agreements In prior periods, we entered into license agreements with Berlin-Chemie AG, an affiliate of the Menarini Group (“Menarini”) and Antengene Therapeutics Limited (“Antengene”), both of which are accounted for within the scope of Accounting Standards Codification 606, Revenue from Contracts with Customers . For further details on the terms and accounting treatment considerations for these contracts, please refer to Note 5, “ License and Asset Purchase Agreements ,” to our consolidated financial statements contained in Item 8 of our Annual Report. The following table presents information about our license and other revenue (in thousands): For the Three Months 2024 2023 Menarini $ 6,406 $ 8,737 Antengene 511 1,112 Other 203 561 Total license and other revenue $ 7,120 $ 10,410 During the three months ended March 31, 2024 , we recognized $ 5.8 million of revenue for the reimbursement of development-related expenses from Menarini. During the three months ended March 31, 2023, we recognized $ 4.8 million of revenue for the reimbursement of development-related expenses and $ 3.5 million of license-related revenue from Menarini. At March 31, 2024, license and other revenue of $ 8.0 million and $ 1.0 million were included in accounts receivable and other current assets, respectively. At December 31, 2023, license and other revenue of $ 9.1 million and $ 1.0 million were included in accounts receivable and other current assets, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements Financial instruments, including cash, cash equivalents, accounts receivable, net, other current assets, other assets, restricted cash, accounts payable, and accrued expenses, are presented at amounts that approximate fair value at March 31, 2024 and December 31, 2023. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value and is not a measure of credit quality. The hierarchy defines three levels of valuation inputs: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3 - Unobservable inputs that reflect the assumptions market participants would use in pricing the asset or liability Items classified as Level 2 consist of corporate debt securities, commercial paper and U.S. government and agency securities. We estimate the fair value of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. We validate the prices provided by our third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. In certain cases where there is limited activity or less transparency around inputs to valuation, the related assets or liabilities are classified as Level 3. The embedded derivative liability associated with a Revenue Interest Financing Agreement (the “Revenue Interest Agreement”) we entered into with HealthCare Royalty Partners III, L.P. and HealthCare Royalty Partners IV, L.P. (“HCRx”) in September 2019 and as amended in June 2021 and August 2023 (as amended, the “Amended Revenue Interest Agreement”), as discussed further in Note 10, “ Long-Term Obligations ”, is measured at fair value and is included as a component of the deferred royalty obligation on our condensed consolidated balance sheets. The embedded derivative liability is subject to remeasurement at the end of each reporting period, with changes in fair value recognized as a component of other income (expense), net on the condensed consolidated statements of operations. The valuation method incorporates certain unobservable Level 3 key inputs including: (i) the probability-weighted net sales of XPOVIO and any of our other future products, including worldwide net product sales, upfront payments, milestones and royalties; (ii) our risk-adjusted discount rate; and (iii) the probability of a change in control occurring during the term of the instrument. The following tables present information about our financial assets and liability that have been measured at fair value and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description As of March 31, 2024 Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 8,535 $ 8,535 $ — $ — Commercial paper 1,490 — 1,490 — U.S. government and agency securities 4,045 — 4,045 — Investments: Corporate debt securities 89,356 — 89,356 — Commercial paper 13,626 — 13,626 — U.S. government and agency securities 14,968 — 14,968 — $ 132,020 $ 8,535 $ 123,485 $ — Financial liability Embedded derivative liability $ 2,800 $ — $ — $ 2,800 Description As of December 31, 2023 Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 27,963 $ 27,963 $ — $ — U.S. government and agency securities 1,998 — 1,998 — Investments: Corporate debt securities 77,961 — 77,961 — Commercial paper 13,744 — 13,744 — U.S. government and agency securities 47,507 — 47,507 — $ 169,173 $ 27,963 $ 141,210 $ — Financial liability Embedded derivative liability $ 2,800 $ — $ — $ 2,800 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 6. Investments The following tables summarize our investments, which are classified as available-for-sale and recorded at fair value (in thousands): As of March 31, 2024 Amortized Total Total Aggregate Fair Value Corporate debt securities $ 89,444 $ 27 $ ( 115 ) $ 89,356 Commercial paper 13,639 3 ( 16 ) 13,626 U.S. government and agency securities 14,974 — ( 6 ) 14,968 Total $ 118,057 $ 30 $ ( 137 ) $ 117,950 As of December 31, 2023 Amortized Total Total Aggregate Fair Value Corporate debt securities $ 78,004 $ 79 $ ( 122 ) $ 77,961 Commercial paper 13,734 13 ( 3 ) 13,744 U.S. government and agency securities 47,543 4 ( 40 ) 47,507 Total $ 139,281 $ 96 $ ( 165 ) $ 139,212 We determine the appropriate classification of our investments at the time of purchase. All of our investments are reported as short-term as they are available for use during the normal cycle of business. We review any investment when its fair value is less than its amortized cost and when evidence indicates that the investment’s carrying amount is not recoverable within a reasonable period. We evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the investment is compared to its amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded on our condensed consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to a credit loss is recognized in other comprehensive (loss) income. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when we believe the uncollectability of an investment is confirmed or when either of the criteria regarding intent or requirement to sell is met. We held 55 and 41 debt securities at March 31, 2024 and December 31, 2023, respectively, that were in an unrealized loss position. The unrealized losses at March 31, 2024 and December 31, 2023 were attributable to changes in interest rates, and we do no t believe any unrealized losses represent credit losses. We do not intend to sell the investments before recovery of their amortized cost bases, which may be at maturity. All of our investments mature within two years from March 31, 2024 . The following tables summarize our investments in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time in a continuous unrealized loss position (in thousands): As of March 31, 2024 Less than 12 Months 12 Months or Longer Total Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Corporate debt securities $ 69,829 $ ( 105 ) $ 6,851 $ ( 10 ) $ 76,680 $ ( 115 ) Commercial paper 10,703 ( 16 ) — — 10,703 ( 16 ) U.S. government and agency securities 12,968 ( 5 ) 2,000 ( 1 ) 14,968 ( 6 ) Total $ 93,500 $ ( 126 ) $ 8,851 $ ( 11 ) $ 102,351 $ ( 137 ) As of December 31, 2023 Less than 12 Months 12 Months or Longer Total Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Corporate debt securities $ 50,322 $ ( 112 ) $ 4,279 $ ( 10 ) $ 54,601 $ ( 122 ) Commercial paper 6,952 ( 3 ) — — 6,952 ( 3 ) U.S. government and agency securities 27,191 ( 37 ) 1,997 ( 3 ) 29,188 ( 40 ) Total $ 84,465 $ ( 152 ) $ 6,276 $ ( 13 ) $ 90,741 $ ( 165 ) |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 7. Net Loss Per Share Basic net loss per common share is calculated by dividing net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per common share is calculated by dividing the diluted net loss by the weighted average number of common shares outstanding, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which we have reported net losses, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not included if their effect is anti-dilutive. The following potentially dilutive securities were excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect (in thousands): As of March 31, 2024 2023 Outstanding stock options 8,472 11,851 Unvested restricted stock units 12,775 8,085 As discussed further in Note 10, “ Long-Term Obligations ”, we have the option to settle the conversion obligation for our 3.00 % convertible senior notes due 2025 (the “2025 Notes”) in cash, shares or any combination of the two. Based on our net loss position, there was no impact on the calculation of dilutive loss per common share during the three months ended March 31, 2024 and 2023. As discussed further in Note 9, “ Stockholders’ Equity ”, warrants to purchase up to 9,787,563 shares of our common stock are outstanding as of March 31, 2024. These warrants were excluded from the calculation of basic and diluted net loss per common share during the three months ended March 31, 2024 and 2023 as the warrant holders do not have an obligation to share in our losses. |
Stock-based Compensation Expens
Stock-based Compensation Expense | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation Expense | 8. Stock-based Compensation Expense The following table summarizes stock-based compensation expense included in operating expenses (in thousands): For the Three Months Ended March 31, 2024 2023 Cost of sales $ 54 $ 81 Research and development 1,421 1,938 Selling, general and administrative 3,495 3,370 Total $ 4,970 $ 5,389 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Common Share Warrants On December 5, 2022, we issued to certain institutional investors, in a private placement offering of securities, warrants to purchase up to 9,537,563 shares of common stock at an exercise price of $ 6.36 per share. The warrants are exercisable through December 7, 2027. As of March 31, 2024 , no ne of these warrants have been exercised. On August 1, 2023, in connection with the Second Amendment to the Revenue Interest Agreement dated as of August 1, 2023, we issued warrants to HCRx to purchase up to 250,000 shares of common stock at an exercise price of $ 2.25 per share. The warrants are exercisable through August 1, 2030. As of March 31, 2024 , no ne of these warrants have been exercised. Open Market Sale Agreement On February 17, 2023, we entered into an Open Market Sale Agreement (the “2023 Open Market Sale Agreement”) with Jefferies LLC, as agent (“Jefferies”). Under the 2023 Open Market Sale Agreement, we may issue and sell shares of our common stock having an aggregate offering price of up to $ 100.0 million (the “Shares”) from time to time through Jefferies (the “2023 Open Market Offering”). Under the 2023 Open Market Sale Agreement, Jefferies may sell the Shares by methods deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). We may sell the Shares in amounts and at times to be determined by us from time to time subject to the terms and conditions of the 2023 Open Market Sale Agreement, but we have no obligation to sell any of the Shares in the 2023 Open Market Offering. We or Jefferies may suspend or terminate the offering of Shares upon notice to the other party and subject to other conditions. We have agreed to pay Jefferies commissions for its services in acting as agent in the sale of the Shares in the amount of up to 3.0 % of gross proceeds from the sale of the Shares pursuant to the 2023 Open Market Sale Agreement. We have also agreed to provide Jefferies with customary indemnification and contribution rights. We did no t sell any Shares under the 2023 Open Market Sale Agreement during the three months ended March 31, 2024 and 2023. As of March 31, 2024, $ 100.0 million of Shares was available for issuance and sale under the 2023 Open Market Sale Agreement. |
Long-Term Obligations
Long-Term Obligations | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Obligations | 10. Long-Term Obligation s 3.00% Convertible Senior Notes due 2025 On October 16, 2018, we completed an offering of $ 150.0 million aggregate principal amount of the 2025 Notes. In addition, on October 26, 2018, we issued an additional $ 22.5 million aggregate principal amount of the 2025 Notes pursuant to the full exercise of the option to purchase additional 2025 Notes granted to the initial purchasers in the offering. The 2025 Notes were sold in a private offering to qualified institutional buyers in reliance on Rule 144A under the Securities Act. In connection with the issuance of the 2025 Notes, we incurred approximately $ 5.6 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees. Debt issuance costs are being amortized to interest expense using the effective interest method over seven years . The 2025 Notes are senior unsecured obligations and bear interest at a rate of 3.00 % per year payable semiannually in arrears on April 15 and October 15 of each year, beginning on April 15, 2019. Upon conversion, the 2025 Notes will be converted into cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. As of October 15, 2022, the 2025 Notes are subject to redemption at our option, in whole or in part, if the conditions described below are satisfied. Holders may require us to repurchase their 2025 Notes following a fundamental change (as defined within the indenture governing the 2025 Notes) at a cash repurchase price generally equal to the principal amount of the 2025 Notes to be repurchased, plus accrued and unpaid interest. The 2025 Notes will mature on October 15, 2025 , unless earlier converted, redeemed or repurchased in accordance with their terms. Subject to satisfaction of certain conditions and during the periods described below, the 2025 Notes may be converted at an initial conversion rate of 63.0731 shares of common stock per $ 1,000 principal amount of the 2025 Notes (equivalent to an initial conversion price of approximately $ 15.85 per share of common stock). Holders of the 2025 Notes may convert all or any portion of their 2025 Notes, in multiples of $ 1,000 principal amount, at their option at any time prior to the close of business on the business day immediately preceding June 15, 2025 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2018 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price for the 2025 Notes on each applicable trading day; (2) during the five-business day period immediately after any five consecutive trading day period (the “Measurement Period”) in which the trading price p er $ 1,000 principal amount o f 2025 Notes for each trading day of the Measurement Period was less than 98 % of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (3) if we call the 2025 Notes for redemption, until the close of business on the business day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events as described within the indenture governing the 2025 Notes. As of March 31, 2024, none of the above circumstances had occurred and as such, the 2025 Notes could not have been converted. As of October 15, 2022, we may redeem for cash all or part of the 2025 Notes at our option if the last reported sale price of our common stock equals or exceeds 130 % of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending within five trading days prior to the date on which we send any notice of redemption. The redemption price will be 100 % of the principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest, if any. In addition, calling any convertible note for redemption will constitute a make-whole fundamental change with respect to that convertible note, in which case the conversion rate applicable to the conversion of that convertible note, if it is converted in connection with the redemption, will be increased in certain circumstances. We did not redeem any of the 2025 Notes as of March 31, 2024. The outstanding balances of the 2025 Notes consisted of the following (in thousands): As of March 31, 2024 As of December 31, 2023 Principal $ 172,500 $ 172,500 Less: debt issuance costs ( 1,373 ) ( 1,581 ) Net carrying amount $ 171,127 $ 170,919 We determined the expected life of the 2025 Notes was equal to its seven-year term and the effective interest rate was 3.53 % . As of March 31, 2024, the “if-converted value” did not exceed the remaining principal amount of the 2025 Notes. The fair value of the 2025 Notes was determined based on data points other than quoted prices that are observable, either directly or indirectly, and has been classified as Level 2 within the fair value hierarchy. The fair value of the 2025 Notes, which differs from their carrying value, is influenced by market interest rates, our stock price and stock price volatility. The estimated fair value of the 2025 Notes as of March 31, 2024 and December 31, 2023 was approximately $ 93.0 million and $ 87.9 million, respectively. The following table sets forth total interest expense recognized related to the 2025 Notes (in thousands): For the Three Months 2024 2023 Contractual interest expense $ 1,294 $ 1,294 Amortization of debt issuance costs 208 201 Total $ 1,502 $ 1,495 Future minimum payments on the 2025 Notes as of March 31, 2024 were as follows (in thousands): Years ended December 31, Future Minimum 2024 $ 5,175 2025 177,675 Total minimum payments 182,850 Less: interest expense and issuance costs ( 11,723 ) Convertible senior notes $ 171,127 Following completion of the transactions discussed below under “ Refinance of Long-Term Obligations ,” we expect that $ 24.5 million aggregate principal amount of Notes will remain outstanding. Deferred Royalty Obligation In September 2019, we entered into the Revenue Interest Agreement with HCRx, which was subsequently amended in June 2021 and August 2023. We received $ 75.0 million, less certain transaction expenses, upon closing of the Revenue Interest Agreement (the “First Investment Amount”) and $ 60.0 million in June 2021 (the “Second Investment Amount” and together with the First Investment Amount, the “Investment Amounts”). In exchange for the above payments, HCRx receives payments from us at a tiered percentage (the “Applicable Tiered Percentage”) of net revenues of selinexor and any of our other future products, including worldwide net product sales and upfront payments, milestones, and royalties. The Applicable Tiered Percentage is subject to reduction in the future if a target based on cumulative U.S. net sales of selinexor is met. Total payments to HCRx are capped at 195 % of the Investment Amounts (the “Payment Cap”). As described in more detail below, as of May 2024, HCRx will receive payments from us at a fixed royalty percentage for the remainder of the Revenue Interest Agreement, as amended. If HCRx has not received 100 % of the First Investment Amount and 65 % of the Second Investment Amount by June 30, 2025 (the “First Minimum Aggregate Payment”), or 100 % of both the First Investment Amount and the Second Investment Amount by September 30, 2026, we must make a cash payment sufficient to gross up the payments to such minimum amounts. As described in more detail below, HCRx received 100 % of the First Investment Amount and Second Investment Amount in May 2024 and as such, these gross payments are no longer applicable. As the repayment of the funded amount is contingent upon worldwide net product sales and upfront payments, milestones, and royalties, the repayment term may be shortened or extended depending on actual worldwide net product sales and upfront payments, milestones, and royalties. The repayment period commenced on October 1, 2019 for the First Investment Amount and on July 1, 2021 for the Second Investment Amount, and expires on the earlier of (i) the date in which HCRx has received cash payments totaling an aggregate of 195 % of the Investment Amounts or (ii) the legal maturity date of October 1, 2031. If HCRx has not received payments equal to 195 % of the Investment Amounts by the twelve-year anniversary of the initial closing date, we will be required to pay an amount equal to the Investment Amounts plus a specific annual rate of return less payments previously paid to HCRx. In the event of a change of control, we are obligated to pay HCRx an amount equal to 195 % of the Investment Amounts less payments previously paid to HCRx. In addition, upon the occurrence of an event of default, including, among others, our failure to pay any amounts due to HCRx, insolvency, our failure to pay indebtedness when due, the revocation of regulatory approval of XPOVIO in the U.S. or our breach of any covenant contained in the Amended Revenue Interest Agreement and our failure to cure the breach within the prescribed time frame, we are obligated to pay HCRx an amount equal to 195 % of the Investment Amounts less payments previously paid to HCRx. In addition, upon an event of default, HCRx may exercise all other rights and remedies available under the Amended Revenue Interest Agreement, including foreclosing on the collateral that was pledged to HCRx, which consists of all of our present and future assets. As of March 31, 2024, we have made $ 65.8 million in payments to HCRx. We have evaluated the terms of the Amended Revenue Interest Agreement and concluded that the features of both the First Investment Amount and Second Investment Amount are similar to those of a debt instrument. Accordingly, we have accounted for the transaction as long-term debt and presented it as a deferred royalty obligation on our condensed consolidated balance sheets. We have also determined that the repayment of 195 % of the Investment Amounts, less any payments made to date, upon a change of control is an embedded derivative that requires bifurcation from the debt instrument and fair value recognition as further described in Note 5, “ Fair Value Measurements” to our condensed consolidated financial statements. The effective interest rate as of March 31, 2024 was approximately 14 % . We have incurred debt issuance costs totaling $ 1.7 million. Debt issuance costs have been netted against the debt and are being amortized over the estimated term of the debt using the effective interest method, adjusted on a prospective basis for changes in the underlying assumptions and inputs. The carrying value of the deferred royalty obligation at both March 31, 2024 and December 31, 2023 was $ 129.7 million, based on $ 135.0 million of proceeds, net of the fair value of the bifurcated embedded derivative liability upon receipt of the First Investment Amount and Second Investment Amount, and debt issuance costs incurred. The carrying value of the deferred royalty obligation approximated fair value at March 31, 2024 and December 31, 2023 and is based on our current estimates of future payments to HCRx over the life of the arrangement, which are considered Level 3 inputs. Refinance of Long-Term Obligations On May 8, 2024, we entered into a series of transactions to limit our aggregate indebtedness, extend the maturity of certain of our indebtedness and provide us with additional working capital. As described in more detail below we: (1) Borrowed $ 85.0 million from existing holders of our 2025 Notes and $ 15.0 million from HCRx under a $ 100.0 million senior secured term loan facility (the “Term Loan”). (2) Entered into agreements to exchange approximately $ 148.0 million aggregate principal amount of our 2025 Notes for (i) approximately $ 111.0 million aggregate principal amount of our newly issued 6.00 % secured Convertible Senior Notes due 2029 (the “2029 Notes”) and (ii) warrants to purchase up to 45.8 million s hares of our common stock (the “Warrants”). Closing of these transactions is expected to occur on or around May 13, 2024, subject to customary closing conditions. (3) Entered into an amendment to the Amended Revenue Interest Agreement with HCRx (the “HCRx Amendment” and as further amended in May 2024, the “Amended Revenue Interest Agreement”) that, among other things, (i) acknowledges that aggregate payments to HCRx will equal $ 135.0 million after the refinancing transactions are complete, (ii) subordinates the indebtedness and liens under the Amended Revenue Interest Agreement to the indebtedness and liens under the Term Loan, and (iii) modifies the Applicable Tiered Percentage for the remainder of the payments we will make to HCRx under the Amended Revenue Interest Agreement. Credit Agreement and Term Loan On May 8, 2024 (the “Closing Date”), we entered into a credit and guaranty agreement (the “Credit Agreement”) with certain existing holders of the 2025 Notes and HCRx, which provides for a senior secured term loan facility of $ 100.0 million. We will use the proceeds of the Term Loan to pay obligations under our Amended Revenue Interest Agreement with HCRx, for general corporate purposes and to pay fees and expenses in connection with the transactions described herein. The Term Loan matures in May 2028 and bears interest at a variable rate equal to the applicable secured overnight financing rate plus 9.25 %, subject to a floor of 3.00 %. Principal payments under the Term Loan will begin in June 2026, and consist of quarterly cash payments in the amount of 6.25 % of the aggregate principal amount of the Term Loan, with the remaining principal due when the Term Loan matures in May 2028. We can prepay the Term Loan at any time. All repayments, including prepayments, are subject to a redemption fee of 3.00 % of the principal paid. Prepayments made before May 8, 2027 are subject to a prepayment premium ranging from 3.00 % to 5.00 % of the principal prepaid. The prepayment premium for prepayments made before May 8, 2025 also includes the unpaid interest that would have accrued on the amount being prepaid through May 8, 2025. In addition, we are required to repay the Term Loan with proceeds from certain asset sales and condemnation events, subject, in some cases, to reinvestment rights. All obligations under the Credit Agreement will be secured on a first priority basis, subject to certain exceptions, by substantially all of our assets. The Credit Agreement contains customary covenants, including a requirement to maintain cash, cash equivalents and investments of at least $ 25.0 million at all times, and restrictions on indebtedness, liens, investments, fundamental changes, asset sales, licensing transactions, dividends, modifications to material agreements, payment of subordinated indebtedness, and other matters customarily restricted in such agreements. Specifically, we are prohibited from exclusively licensing, selling or otherwise disposing of U.S. rights to oncology indications of selinexor. If certain events of default occur, the Term Loan may be due and payable immediately. These events include the withdrawal of approval of certain indications of selinexor, payment defaults, covenant defaults, bankruptcy, cross-defaults to certain other agreements, change in control and lien priority. 2029 Notes On the Closing Date, we also entered into privately-negotiated agreements (the “Exchange Agreements”) with a limited number of existing holders of the 2025 Notes (the “Exchange Participants”) to exchange approximately $ 148.0 million aggregate principal amount of the Exchange Participants’ existing 2025 Notes for (i) approximately $ 111.0 million aggregate principal amount of the 2029 Notes and (ii) the Warrants to purchase up to 45.8 million shares of our common stock. The 2029 Notes and the Warrants are described in more detail below. Closing of the transactions pursuant to the Exchange Agreements is expected to occur on or around May 13, 2024, subject to customary closing conditions (the “2029 Notes Closing Date”). The 2029 Notes will be issued pursuant to an indenture (the “Indenture”) under which we expect to issue $ 116.0 million aggregate principal amount of the 2029 Notes on the 2029 Notes Closing Date, including $ 111.0 million to the Exchange Participants and $ 5.0 million to HCRx. The 2029 Notes will be second-lien secured obligations of the Company and bear interest at a rate of 6.00 % per year payable quarterly in arrears beginning on June 30, 2024. The 2029 Notes will mature on May 13 , 2029, unless earlier converted, redeemed or repurchased in accordance with their terms. The 2029 Notes will be convertible into shares of our common stock at an initial conversion rate of 444.4444 shares per $ 1,000 principal amount, which is equivalent to a conversion price of $ 2.25 per share and subject to adjustment upon the occurrence of certain events and customary anti-dilution adjustments. Upon conversion of the 2029 Notes, we will deliver shares of our common stock plus cash in lieu of any fractional shares to the holders of the 2029 Notes. Holders of the 2029 Notes may convert their 2029 Notes at any time prior to the close of business on May 13, 2029. On or after May 13, 2026, we may redeem for cash all or a portion of the 2029 Notes if the last reported sale price of our common stock equals or exceeds 130 % of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period. The redemption price will be equal to the principal amount of the 2029 Notes to be redeemed, plus any accrued and unpaid interest as of the redemption date. The redemption price will also include an amount equal to the aggregate value of all remaining interest payments on the 2029 Notes to be redeemed from the redemption date through maturity, which is payable in cash or, under certain circumstances and if we so elect, in shares of our common stock or a combination of cash and our common stock. Any sha res of our common stock used to pay this amount will be valued based on their market price at the time of the redemption. In some cases, we will be required to make an offer to repurchase the 2029 Notes at a 101 % premium with proceeds from certain asset sales, subject, in some cases, to reinvestment rights. If certain corporate events occur prior to the maturity date, a holder that elects to convert their 2029 Notes may be entitled to receive a payment from us, in cash or, under certain circumstances and if we so elect, in shares of our common stock, or a combination of cash and our common stock, based on an increase in the conversion rate in connection with such corporate event. In addition, if we undergo certain fundamental changes, holders may require us to repurchase for cash all or any portion of their 2029 Notes at a price equal to the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid interest as of the repurchase date. No holder will be entitled to receive shares of our common stock in connection with the 2029 Notes if such receipt would cause the holder (together with its affiliates) to own more than 4.99 % (subject to increase or decrease at the election of the holder, but in no event to exceed 19.99 %) of the number of shares of the common stock outstanding immediately after giving effect to such event. In addition, a holder may elect to receive pre-funded warrants with respect to any shares of common stock that would otherwise be issuable in connection with the 2029 Notes but for the foregoing ownership limitations. These pre-funded warrants will have an exercise price of $ 0.0001 per share and will not expire. All obligations under the 2029 Notes will be secured on a second priority basis by the same collateral that secures the obligations under the Term Loan. The 2029 Notes contain covenants and events of default that are generally consistent with the Term Loan. Warrants The exercise price of the Warrants to be issued will be $1.10 per share, subject to customary antidilution adjustments, and are exercisable at any time after their issuance and prior to May 13, 2029. If the closing price of our common stock exceeds two times the then current exercise price of the warrant for 20 trading days during any 30 consecutive trading day period, we can require the holder to exercise the warrant. Under the terms of the Warrants, a holder cannot receive our common stock if such receipt would cause the holder (together with its affiliates) to own more than 4.99 % (subject to increase or decrease at the election of the holder, but in no event to exceed 19.99 %) of our common stock outstanding on the date of receipt. In addition, a holder may elect to receive pre-funded warrants with respect to any common stock that would otherwise be issuable but for the foregoing ownership limitations. These pre-funded warrants will have an exercise price of $ 0.0001 per share and will not expire. HCRx Amendment On the Closing Date, we entered into the HCRx Amendment, pursuant to which we: (1) made a cash payment to HCRx in the amount of approximately $ 49.5 million, (2) delivered to HCRx a Term Loan note with a principal amount of $ 15.0 million, and (3) agreed to deliver to HCRx 2029 Notes with a principal amount of $ 5.0 million on or around May 13, 2024. After giving effect to the above, we will have made aggregate payments under the Amended Revenue Interest Agreement totaling $ 135.0 million. As a result, we will have no further gross-up payment obligations to HCRx, and the maximum remaining amount we owe to HCRx is $ 128.3 million. After the Closing Date, we will make quarterly payments in the amount of a fixed percentage of our net product revenues, upfront payments, milestones, and royalties earned in the applicable quarter, subject to the provisions in the Amended Revenue Interest Agreement described earlier in this footnote. The HCRx Amendment also subordinates the indebtedness and liens under the Amended Revenue Interest Agreement to the indebtedness and liens under the Term Loan, and, subject to certain exceptions, makes the indebtedness and liens under the Amended Revenue Interest Agreement pari passu with the indebtedness and liens under the 2029 Notes. In addition, the HCRx Amendment reduces the exercise price of warrants to purchase shares of common stock issued to HCRx on August 1, 2023 from $ 2.25 per share to $1.10 per share. Private Placement Shares to J. Wood Capital Advisors LLC We agreed with our financial advisor, J. Wood Capital Advisors LLC, to settle our financial advisory fee for services provided in connection with the transactions described above through the private placement of 6.9 million shares of our common stock. |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2024. For further information, refer to the financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission on February 29, 2024 (“Annual Report”). |
Basis of Consolidation | Basis of Consolidation The condensed consolidated financial statements at March 31, 2024 include the accounts of Karyopharm Therapeutics Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The significant accounting policies used in preparation of these condensed consolidated financial statements in this Form 10-Q are consistent with those discussed in Note 2, “ Summary of Significant Accounting Policies ,” in our Annual Report. |
Product Revenue (Tables)
Product Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
XPOVIO [Member] | |
Summary of Product Revenue | To date, our only source of product revenue has been from the U.S. sales of XPOVIO. Net product revenue, including provisions primarily consisting of distribution fees and cash discounts, as well as reserves for chargebacks, rebates and returns, were as follows (in thousands): For the Three Months 2024 2023 Gross product revenue $ 36,763 $ 37,065 Provisions for product revenue ( 10,757 ) ( 8,777 ) Total product revenue, net $ 26,006 $ 28,288 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The following table presents our inventory (in thousands), all of which was related to XPOVIO: As of March 31, 2024 As of December 31, 2023 Raw materials $ 553 $ 553 Work in process 1,589 1,732 Finished goods 627 758 Total inventory $ 2,769 $ 3,043 |
License Agreements (Tables)
License Agreements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
License and other revenue [Member] | |
Schedule of License and Other Revenue | The following table presents information about our license and other revenue (in thousands): For the Three Months 2024 2023 Menarini $ 6,406 $ 8,737 Antengene 511 1,112 Other 203 561 Total license and other revenue $ 7,120 $ 10,410 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets That Have Been Measured at Fair Value | The following tables present information about our financial assets and liability that have been measured at fair value and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description As of March 31, 2024 Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 8,535 $ 8,535 $ — $ — Commercial paper 1,490 — 1,490 — U.S. government and agency securities 4,045 — 4,045 — Investments: Corporate debt securities 89,356 — 89,356 — Commercial paper 13,626 — 13,626 — U.S. government and agency securities 14,968 — 14,968 — $ 132,020 $ 8,535 $ 123,485 $ — Financial liability Embedded derivative liability $ 2,800 $ — $ — $ 2,800 Description As of December 31, 2023 Quoted Significant Significant Financial assets Cash equivalents: Money market funds $ 27,963 $ 27,963 $ — $ — U.S. government and agency securities 1,998 — 1,998 — Investments: Corporate debt securities 77,961 — 77,961 — Commercial paper 13,744 — 13,744 — U.S. government and agency securities 47,507 — 47,507 — $ 169,173 $ 27,963 $ 141,210 $ — Financial liability Embedded derivative liability $ 2,800 $ — $ — $ 2,800 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investments, Classified as Available-for-Sale | The following tables summarize our investments, which are classified as available-for-sale and recorded at fair value (in thousands): As of March 31, 2024 Amortized Total Total Aggregate Fair Value Corporate debt securities $ 89,444 $ 27 $ ( 115 ) $ 89,356 Commercial paper 13,639 3 ( 16 ) 13,626 U.S. government and agency securities 14,974 — ( 6 ) 14,968 Total $ 118,057 $ 30 $ ( 137 ) $ 117,950 As of December 31, 2023 Amortized Total Total Aggregate Fair Value Corporate debt securities $ 78,004 $ 79 $ ( 122 ) $ 77,961 Commercial paper 13,734 13 ( 3 ) 13,744 U.S. government and agency securities 47,543 4 ( 40 ) 47,507 Total $ 139,281 $ 96 $ ( 165 ) $ 139,212 |
Debt Securities Available-For-Sale | The following tables summarize our investments in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time in a continuous unrealized loss position (in thousands): As of March 31, 2024 Less than 12 Months 12 Months or Longer Total Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Corporate debt securities $ 69,829 $ ( 105 ) $ 6,851 $ ( 10 ) $ 76,680 $ ( 115 ) Commercial paper 10,703 ( 16 ) — — 10,703 ( 16 ) U.S. government and agency securities 12,968 ( 5 ) 2,000 ( 1 ) 14,968 ( 6 ) Total $ 93,500 $ ( 126 ) $ 8,851 $ ( 11 ) $ 102,351 $ ( 137 ) As of December 31, 2023 Less than 12 Months 12 Months or Longer Total Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Aggregate Related Fair Value Unrealized Corporate debt securities $ 50,322 $ ( 112 ) $ 4,279 $ ( 10 ) $ 54,601 $ ( 122 ) Commercial paper 6,952 ( 3 ) — — 6,952 ( 3 ) U.S. government and agency securities 27,191 ( 37 ) 1,997 ( 3 ) 29,188 ( 40 ) Total $ 84,465 $ ( 152 ) $ 6,276 $ ( 13 ) $ 90,741 $ ( 165 ) |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Potentially Dilutive Securities were Excluded from the Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect | The following potentially dilutive securities were excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect (in thousands): As of March 31, 2024 2023 Outstanding stock options 8,472 11,851 Unvested restricted stock units 12,775 8,085 |
Stock-based Compensation Expe_2
Stock-based Compensation Expense (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Total Stock-based Compensation Expense Recognized in Connection with All Share-based Payment Awards | The following table summarizes stock-based compensation expense included in operating expenses (in thousands): For the Three Months Ended March 31, 2024 2023 Cost of sales $ 54 $ 81 Research and development 1,421 1,938 Selling, general and administrative 3,495 3,370 Total $ 4,970 $ 5,389 |
Long-Term Obligations (Tables)
Long-Term Obligations (Tables) - 3% Convertible Senior Notes Due 2025 [Member] | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Outstanding Balances of Convertible Notes | The outstanding balances of the 2025 Notes consisted of the following (in thousands): As of March 31, 2024 As of December 31, 2023 Principal $ 172,500 $ 172,500 Less: debt issuance costs ( 1,373 ) ( 1,581 ) Net carrying amount $ 171,127 $ 170,919 |
Schedule of Interest Expense Recognized Related to Convertible Notes | The following table sets forth total interest expense recognized related to the 2025 Notes (in thousands): For the Three Months 2024 2023 Contractual interest expense $ 1,294 $ 1,294 Amortization of debt issuance costs 208 201 Total $ 1,502 $ 1,495 |
Summary of Future Minimum Payments on Convertible Notes | Future minimum payments on the 2025 Notes as of March 31, 2024 were as follows (in thousands): Years ended December 31, Future Minimum 2024 $ 5,175 2025 177,675 Total minimum payments 182,850 Less: interest expense and issuance costs ( 11,723 ) Convertible senior notes $ 171,127 |
Product Revenue - Summary of Pr
Product Revenue - Summary of Product Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total product revenue, net | $ 33,126 | $ 38,698 |
Product [Member] | ||
Gross product revenue | 36,763 | 37,065 |
Provisions for product revenue | (10,757) | (8,777) |
Total product revenue, net | $ 26,006 | $ 28,288 |
Product Revenue - Additional In
Product Revenue - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Accounts receivable | $ 31,082,000 | $ 26,962,000 |
Bad debt write-offs | 0 | |
Credit losses | 0 | 0 |
Product Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable | $ 23,100,000 | $ 17,800,000 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory Current (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 553 | $ 553 |
Work in process | 1,589 | 1,732 |
Finished goods | 627 | 758 |
Total inventory | $ 2,769 | $ 3,043 |
License Agreements - Schedule o
License Agreements - Schedule of License and Other Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Total license and other revenue | $ 7,120 | $ 10,410 |
License and other revenue [Member] | Menarini [Member] | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Total license and other revenue | 6,406 | 8,737 |
License and other revenue [Member] | Antengene [Member] | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Total license and other revenue | 511 | 1,112 |
Other [Member] | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Total license and other revenue | $ 203 | $ 561 |
License Agreements - Additional
License Agreements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Royalty revenue recognized | $ 33,126 | $ 38,698 | |
Revenue from contract with customer, license and other revenue | 33,126 | 38,698 | |
Menarini [Member] | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Reimbursement of development related expenses | 5,800 | 4,800 | |
License and other revenue [Member] | Other Current Assets [Member] | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Royalty revenue recognized | 1,000 | $ 1,000 | |
Revenue from contract with customer, license and other revenue | 1,000 | 1,000 | |
License and other revenue [Member] | Accounts Receivable 1 [Member] | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Royalty revenue recognized | 8,000 | 9,100 | |
Revenue from contract with customer, license and other revenue | $ 8,000 | $ 9,100 | |
License [Member] | Menarini [Member] | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Royalty revenue recognized | 3,500 | ||
Revenue from contract with customer, license and other revenue | $ 3,500 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets That Have Been Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 117,950 | $ 139,212 |
Total | 132,020 | 169,173 |
Financial liability | ||
Embedded derivative liability | 2,800 | 2,800 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 8,535 | 27,963 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 123,485 | 141,210 |
Level 3 [Member] | ||
Financial liability | ||
Embedded derivative liability | 2,800 | 2,800 |
Short-Term Investments, Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 89,356 | 77,961 |
Short-Term Investments, Corporate debt securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 89,356 | 77,961 |
Short-Term Investments, Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 13,626 | 13,744 |
Short-Term Investments, Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 13,626 | 13,744 |
Short-Term Investments, US Government Agencies Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 14,968 | 47,507 |
Short-Term Investments, US Government Agencies Debt Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 14,968 | 47,507 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,490 | |
Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,490 | |
U.S. government and agency securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,045 | 1,998 |
Investments | 14,968 | 47,507 |
U.S. government and agency securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,045 | 1,998 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 8,535 | 27,963 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 8,535 | $ 27,963 |
Investments - Summary of Invest
Investments - Summary of Investments, Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 118,057 | $ 139,281 |
Gross Unrealized Gains | 30 | 96 |
Total Unrealized Loss | (137) | (165) |
Aggregate Fair Value | 117,950 | 139,212 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 89,444 | 78,004 |
Gross Unrealized Gains | 27 | 79 |
Total Unrealized Loss | (115) | (122) |
Aggregate Fair Value | 89,356 | 77,961 |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,639 | 13,734 |
Gross Unrealized Gains | 3 | 13 |
Total Unrealized Loss | (16) | (3) |
Aggregate Fair Value | 13,626 | 13,744 |
U.S. government and agency securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 14,974 | 47,543 |
Gross Unrealized Gains | 0 | 4 |
Total Unrealized Loss | (6) | (40) |
Aggregate Fair Value | $ 14,968 | $ 47,507 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | Mar. 31, 2024 USD ($) Security | Dec. 31, 2023 USD ($) Security |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | Security | 55 | 41 |
Unrealized losses, other-than-temporary impairments | $ | $ 0 | $ 0 |
Investments - Debt Securities A
Investments - Debt Securities Available-For-Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Unrealized Losses, Less than 12 Months | $ (126) | $ (152) |
Unrealized Losses,12 Months or Longer | (11) | (13) |
Fair Value, Less than 12 Months | 93,500 | 84,465 |
Fair Value, 12 Months or Longer | 8,851 | 6,276 |
Unrealized Losses | (137) | (165) |
Fair Value | 102,351 | 90,741 |
Corporate Debt Securities [Member] | ||
Unrealized Losses, Less than 12 Months | (105) | (112) |
Unrealized Losses,12 Months or Longer | (10) | (10) |
Fair Value, Less than 12 Months | 69,829 | 50,322 |
Fair Value, 12 Months or Longer | 6,851 | 4,279 |
Unrealized Losses | (115) | (122) |
Fair Value | 76,680 | 54,601 |
Commercial Paper [Member] | ||
Unrealized Losses, Less than 12 Months | (16) | (3) |
Fair Value, Less than 12 Months | 10,703 | 6,952 |
Unrealized Losses | (16) | (3) |
Fair Value | 10,703 | 6,952 |
U.S. government and agency securities [Member] | ||
Unrealized Losses, Less than 12 Months | (5) | (37) |
Unrealized Losses,12 Months or Longer | (1) | (3) |
Fair Value, Less than 12 Months | 12,968 | 27,191 |
Fair Value, 12 Months or Longer | 2,000 | 1,997 |
Unrealized Losses | (6) | (40) |
Fair Value | $ 14,968 | $ 29,188 |
Net Loss Per Share (Additional
Net Loss Per Share (Additional Information) (Details) - shares | 3 Months Ended | |
Dec. 05, 2022 | Mar. 31, 2024 | |
Warrant [Member] | Private Placement [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of shares of common stock issued | 9,537,563 | |
Warrant [Member] | Maximum [Member] | Private Placement [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of shares of common stock issued | 9,787,563 | |
3% Convertible Senior Notes Due 2025 [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Notes, interest rate | 3% |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Potentially Dilutive Securities were Excluded from the Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Outstanding Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from the calculation of diluted net loss per share due to anti-dilutive effect (in shares) | 8,472 | 11,851 |
Unvested Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from the calculation of diluted net loss per share due to anti-dilutive effect (in shares) | 12,775 | 8,085 |
Stock-based Compensation Expe_3
Stock-based Compensation Expense - Schedule of Total Stock-based Compensation Expense Recognized in Connection with All Share-based Payment Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 4,970 | $ 5,389 |
Cost of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 54 | 81 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 1,421 | 1,938 |
Selling,General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 3,495 | $ 3,370 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Aug. 01, 2023 | Dec. 05, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Feb. 17, 2023 | |
Equity Offering [Line Items] | ||||||
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 | ||||
Warrant [Member] | Private Placement [Member] | ||||||
Equity Offering [Line Items] | ||||||
Number of shares of common stock issued | 9,537,563 | |||||
Sale of stock price per share | $ 6.36 | |||||
Warrant Exercised | $ 0 | |||||
Warrant [Member] | HealthCare Royalty Partners IV LP [Member] | ||||||
Equity Offering [Line Items] | ||||||
Number of shares of common stock issued | 250,000,000 | |||||
Sale of stock price per share | $ 2.25 | |||||
Warrant Exercised | 0 | |||||
Open Market Sale Agreement [Member] | Common Stock [Member] | ||||||
Equity Offering [Line Items] | ||||||
Net proceeds from sale of common stock | $ 100,000 | |||||
Jefferies LLC [Member] | Open Market Sale Agreement [Member] | Common Stock [Member] | ||||||
Equity Offering [Line Items] | ||||||
Number of shares of common stock issued | 0 | 0 | ||||
Maximum [Member] | Warrant [Member] | Private Placement [Member] | ||||||
Equity Offering [Line Items] | ||||||
Number of shares of common stock issued | 9,787,563 | |||||
Maximum [Member] | Jefferies LLC [Member] | Open Market Sale Agreement [Member] | ||||||
Equity Offering [Line Items] | ||||||
Aggregate offering price | $ 100,000 | |||||
Percentage of commission of gross proceeds from the sale of Shares | 3% |
Long-Term Obligations - Additio
Long-Term Obligations - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Oct. 15, 2022 Days | May 31, 2024 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2019 USD ($) | Mar. 31, 2024 USD ($) Days $ / shares shares | Dec. 31, 2023 USD ($) | Aug. 01, 2023 $ / shares | Oct. 26, 2018 USD ($) | Oct. 16, 2018 USD ($) | |
Subsequent Event [Line Items] | |||||||||
Debt instrument convertible threshold consecutive trading days | Days | 5 | ||||||||
Description of debt instrument convertible period | during the five-business day period immediately after any five consecutive trading day period | ||||||||
Principal amount of notes used in conversion rate | $ 1,000 | ||||||||
Debt instrument convertible threshold maximum percentage of product of last reported sale price of common stock | 98% | ||||||||
Percentage of redemption fee | 3% | ||||||||
Debt instrument exchange amount | $ 148,000 | ||||||||
Exercise price | $ / shares | $ 0.0001 | $ 2.25 | |||||||
Line of Credit [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Quarterly cash payments | 6.25% | ||||||||
Secured Overnight Financing Rate [Member] | Line of Credit [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Rate margin | 9.25% | ||||||||
Base Rate [Member] | Line of Credit [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Rate margin | 3% | ||||||||
Maximum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Prepayment premium | 5% | ||||||||
Minimum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Prepayment premium | 3% | ||||||||
Warrant [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Notes instrument, trading days | Days | 20 | ||||||||
Debt instrument convertible threshold consecutive trading days | Days | 30 | ||||||||
Exercise price | $ / shares | $ 0.0001 | ||||||||
Warrant [Member] | Maximum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Percentage common stock outstanding | 19.99% | ||||||||
Warrant [Member] | Minimum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Percentage common stock outstanding | 4.99% | ||||||||
Deferred Royalty Obligation [Member] | Level 3 [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Deferred royalty obligation at fair value | $ 129,700,000 | $ 129,700,000 | |||||||
HealthCare Royalty Partners IV LP [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Notes payable | 15,000,000 | ||||||||
Maximum remaining amount | $ 128,300,000 | ||||||||
Revenue Interest Financing Agreement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt issuance costs | $ 1,700,000 | ||||||||
First investment amount | $ 75,000,000 | ||||||||
Revenue Interest Financing Agreement [Member] | HealthCare Royalty Partners IV LP [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Royalty payable percentage on first investment amount | 100% | ||||||||
Revenue Interest Financing Agreement [Member] | HealthCare Royalty Partners IV LP [Member] | Royalty Due On December 31, 2024 [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Royalty payable percentage on first investment amount | 100% | ||||||||
Revenue Interest Financing Agreement [Member] | HealthCare Royalty Partners IV LP [Member] | Royalty Due On September 30, 2026 [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Royalty payable percentage on first investment amount | 100% | ||||||||
Royalty payable percentage on second investment amount | 100% | ||||||||
Amended Revenue Interest Agreement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate principal amount | $ 135,000,000 | ||||||||
Second investment amount | $ 60,000,000 | ||||||||
Amended Revenue Interest Agreement [Member] | HealthCare Royalty Partners IV LP [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Long-term debt gross | 135,000,000 | ||||||||
Amended Revenue Interest Agreement [Member] | HealthCare Royalty Partners IV LP [Member] | Royalty Due On December 31, 2024 [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Royalty payable percentage on second investment amount | 65% | ||||||||
Revenue Interest Agreement and Amended Revenue Interest Agreement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt instrument interest rate | 14% | ||||||||
Revenue Interest Agreement and Amended Revenue Interest Agreement [Member] | HealthCare Royalty Partners IV LP [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate Royalties Percentage | 195% | ||||||||
Cumulative payments | 49,500,000 | $ 65,800,000 | |||||||
First Investment Amount and Second Investment | |||||||||
Subsequent Event [Line Items] | |||||||||
First investment amount | $ 135,000,000 | 135,000,000 | |||||||
Convertible Note Offering [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Notes converted in to common stock, amount | shares | 63.0731 | ||||||||
Notes converted in to common stock, shares | $ 1,000 | ||||||||
Notes, conversion price per share | $ / shares | $ 15.85 | ||||||||
Term Loan [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate principal amount | 15,000,000 | ||||||||
Long-term debt gross | 100,000,000 | ||||||||
3% Convertible Senior Notes Due 2025 [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate principal amount | $ 172,500,000 | 172,500,000 | $ 22,500,000 | $ 150,000,000 | |||||
Debt issuance costs | $ 5,600,000 | ||||||||
Debt discount and issuance costs amortized to interest expense, amortization period | 7 years | ||||||||
Notes, interest rate | 3% | ||||||||
Notes, maturity date | Oct. 15, 2025 | ||||||||
Principal amount of notes used in conversion rate | $ 1,000 | ||||||||
Debt instrument, convertible latest date | Jun. 15, 2025 | ||||||||
Notes conversion price, percentage | 130% | 130% | |||||||
Notes instrument, trading days | Days | 20 | 20 | |||||||
Debt instrument convertible threshold consecutive trading days | Days | 30 | 30 | |||||||
Notes, repurchase price | 100% | ||||||||
Estimated fair value of convertible notes | $ 93,000,000 | $ 87,900,000 | |||||||
Expected life of convertible notes | 7 years | ||||||||
Debt instrument interest rate | 3.53% | ||||||||
Long-term debt gross | $ 182,850,000 | ||||||||
Notes payable | 85,000,000 | ||||||||
3% Convertible Senior Notes Due 2025 [Member] | Term Loan [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate principal amount | 24,500,000 | ||||||||
6% Convertible Senior Notes Due 2029 [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate principal amount | $ 111,000,000 | ||||||||
Debt Instrument interest rate stated percentage | 6% | ||||||||
6% Convertible Senior Notes Due 2029 [Member] | HealthCare Royalty Partners IV LP [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate principal amount | $ 5,000,000 | ||||||||
Credit Agreement and Term Loan [Member] | Line of Credit [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Cash, cash equivalents and investments | 25,000,000 | ||||||||
Line of credit facility | $ 100,000,000 | ||||||||
2029 Notes [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate principal amount | $ 116,000,000 | ||||||||
Notes, interest rate | 6% | ||||||||
Notes conversion price, percentage | 130% | ||||||||
Notes instrument, trading days | Days | 20 | ||||||||
Debt instrument convertible threshold consecutive trading days | Days | 30 | ||||||||
Percentage of redeem notes at premium with proceeds | 101% | ||||||||
2029 Notes [Member] | Maximum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Percentage common stock outstanding | 19.99% | ||||||||
2029 Notes [Member] | Minimum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Percentage common stock outstanding | 4.99% | ||||||||
2029 Notes [Member] | HealthCare Royalty Partners IV LP [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate principal amount | $ 5,000,000 | ||||||||
2029 Notes [Member] | Convertible Note Offering [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Notes converted in to common stock, amount | shares | 444.4444 | ||||||||
Notes converted in to common stock, shares | $ 1,000 | ||||||||
Proceeds from convertible debt | $ 111,000,000 | ||||||||
Notes, conversion price per share | $ / shares | $ 2.25 | ||||||||
2025 Notes [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate principal amount | $ 111,000,000 | ||||||||
2025 Notes [Member] | Convertible Note Offering [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Notes converted in to common stock, shares | $ 148,000,000 |
Long-Term Obligations - Summary
Long-Term Obligations - Summary of Outstanding Balances of Convertible Notes (Detail) - 3% Convertible Senior Notes Due 2025 [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Oct. 26, 2018 | Oct. 16, 2018 |
Liability component: | ||||
Principal | $ 172,500 | $ 172,500 | $ 22,500 | $ 150,000 |
Less: debt discount costs | (1,373) | (1,581) | ||
Net carrying amount | $ 171,127 | $ 170,919 |
Long-Term Obligations - Schedul
Long-Term Obligations - Schedule of Interest Expense Recognized Related to Convertible Notes (Detail) - 3% Convertible Senior Notes Due 2025 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Instrument [Line Items] | ||
Contractual interest expense | $ 1,294 | $ 1,294 |
Amortization of debt issuance cost | 208 | 201 |
Total | $ 1,502 | $ 1,495 |
Long-Term Obligations - Summa_2
Long-Term Obligations - Summary of Future Minimum Payments on Convertible Notes (Detail) - 3% Convertible Senior Notes Due 2025 [Member] $ in Thousands | Mar. 31, 2024 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 5,175 |
2025 | 177,675 |
Total minimum payments | 182,850 |
Less: interest and issuance costs | (11,723) |
Convertible senior notes | $ 171,127 |