Boston, MA 03/07/2014 (wallstreetpr) – Karyopharm Therapeutics Inc. (NASDAQ:KPTI) a clinical pharmaceutical company that develops cancer drugs reported its financial results for the period ending December 31, 2013. Karyopharm Therapeutics saw its net loss for the year surge to highs of $15.9 million against lows of $8.95 per share reported in F2012. Full year 2013 marked a transformational year for Karyopharm Therapeutics as it experienced robust growth. The Company also continues to broaden its solid tumor development activity which should have a major on the current year earnings
Full year financial report
Karyopharm Therapeutics cash and cash equivalent as of December 31, 2013 came in at $156 million a massive improvement compared to lows of $391,000 reported in December 31, 2012. The improvement was mainly as a result of gross proceeds amounting to $67.2 million that came from private placements prior to the Company’s IPO as well as $125.1 million from the IPO.
Research and development activities for the year surged in the year as the company continue to undertake numerous research activities, expenses in this case amounted to $28.5 million against $14.1 million reported in F2012.
General administrative expenses for the year also surged to $5.9 million up from $2.4 million reported in F2012. The increase in General Expenses was mainly as a result of continued development of Selinexor (KPT-330).
Karyopharm Therapeutics saw a widening of total net loss for the full year which climbed to highs of $33.9 million up from $15.9 million reported in 2012, the net loss for the year also included stock based compensation worth $3.8 million.
Karyopharm Therapeutics 2014 Guidance
Karyopharm Therapeutics Inc. (NASDAQ:KPTI) expects to have enough cash and cash equivalents for its research and development programs for the year, the company projects this amount for the year to come in at $100 million
Despite the widening net loss for the full year, Karyopharm Therapeutics was up in the market in Thursday trading session moving up by 13.92% to close the day at highs of $43.28.
