Karyopharm Therapeutics Inc. (KPTI) Earnings Call Transcript & Summary

Ladies and gentlemen. Welcome to the Karyopharm Therapeutics Inc. meeting. Your speaker for today, Michael Kauffman, will now begin.

Good afternoon. I am Michael Kauffman, Chief Executive Officer and the Director of Karyopharm Therapeutics. I'd like to welcome you all to Karyopharm's 2020 Annual Meeting of Stockholders. We have chosen to hold our annual meeting this year as a virtual meeting in order to better support the health and well-being of our stockholders, employees and directors in light of the COVID-19 outbreak, and we welcome you to this live webcast. We have designed this meeting to provide stockholders the same rights and opportunities to participate as they would at an in-person meeting. It is now 2:00 p.m. Eastern time on this 21st day of May 2020, and I call this meeting to order. I will be serving as Chairman of today's meeting, and I've asked Chris Primiano, our Executive Vice President, Chief Business Officer, General Counsel and Secretary, to act as secretary and inspector of election for purposes of this meeting. Earlier today, Mr. Primiano took the oath of inspector of election which will be filed with the minutes of the meeting. I'd also like to mention that several of my fellow Board members will be joining the call today. I'd also like to take this opportunity to thank Scott Garland, who is not standing for reelection at this meeting, for his many contributions during his tenure of more than 5 years as service from the Board of our company. In addition with Chris Primiano mentioned earlier, we also have with us today, Mike Mason, Senior Vice President, Chief Financial Officer and Treasurer; and Ian Karp, Vice President of Investor and Public Relations for the company; as well as Jason Kropp of WilmerHale, our outside legal counsel. Also joining us today are Brendan McCorry and Michael Levy of Ernst & Young, our independent registered public accounting firm, who will be available during the question-and-answer session after the meeting to respond to any appropriate questions. In order to conduct an orderly meeting, we ask the participants abide by the rules of conduct and procedures, which can be found on the bottom right of the screen and which include information about participating in the meeting, including asking questions. If you logged on to this meeting as a stockholder, you can submit your question during the meeting by typing it in the Ask Your Question box at the bottom left of the screen, and clicking Submit. Questions pertaining to a particular proposal must be submitted before the polls are closed. All other questions can be submitted at any time during the meeting, and will be addressed subject to time constraints and appropriateness of subject matter, following the formal business of the meeting. Please note the various remarks that we make about the future expectations, plans and prospects for the company constitute forward-looking statements for purpose of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the "Risk Factors" section of our most recent quarterly report on Form 10-Q, which is on file with the SEC. In addition, these forward-looking statements represent the company's expectations only as of today. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so. Any forward-looking statements should not be relied upon as representing the company's estimates or views as of any date or today -- subsequent to today. The secretary has informed me that he has received an affidavit from the company's proxy adviser, Broadridge Financial Solutions, certifying that the notice of the annual meeting and proxy statement were sent to all stockholders of record as of March 27, 2020, a copy of which will be included in the minutes of the meeting. Our first order of business of this meeting is to determine whether the shares represented at this meeting, either in person via this virtual meeting or by proxy, are sufficient to constitute a quorum for the purposes of transacting business. Holders of 73,089,530 shares of common stock were entitled to vote at this meeting. There are present at this meeting, in person or through representation by proxy, a total of 64,983,148 shares of common stock or approximately 88.90% of all shares entitled to vote at this meeting. Therefore, I hereby declare that a quorum exists. Now I will present the matters to be voted upon. There are 3 matters to be voted upon today, as we set forth in the company's proxy statement, which was mailed on or about April 9, 2020, to all stockholders of record as of the close of business on March 27, 2020. Proposal 1 is the election of 2 Class I directors. The nominees for election are: Mr. Barry E. Greene and Dr. Mansoor Raza Mirza. Proposal 2 is the approval, on an advisory basis, of the compensation of our named executive officers as described in the proxy statement. And Proposal 3 is the ratification of the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020. Are there any questions on the proposals?

No questions have been submitted on any of the proposals.

Seeing that no questions or comments, we will move on to voting on the proposals. It is now 2:05 p.m. Eastern Time, and the polls are now open for each matter to be voted upon today. Any stockholder who has not yet voted or has previously voted by proxy and wishes to change their vote may do so by clicking on the voting button on the virtual meeting website and following the instructions. Stockholders who have sent in proxies or voted via telephone or internet and do not want to change their votes do not need to take any further action. I will pause briefly to allow any stockholders to submit any final votes. [Voting]

Now that everyone has had an opportunity to vote, that concludes the voting on the proposals set forth in the proxy statement. It is now 2:07 p.m. Eastern time, and I declare the polls closed for each matter to be voted upon on this meeting. The inspector of elections have informed me that based on the preliminary voting results, both of the nominees for director have been elected as a Class I director. The advisory resolution approving the compensation of our named executive officers has been approved, and the appointment of Ernst & Young LLP as the company's independent registered public accounting firm has been ratified. The final vote results will be included in Form 8-K, and will be filed within 4 business days after this meeting. As there is no further business to come before the meeting, I declare the formal part of the meeting adjourned. We will now use our remaining available time to answer appropriate questions from stockholders. As a reminder, if you would like to submit a question, please do so by entering it in the "Ask A Question" box on the bottom of your screen. We will briefly pause to review the questions.

No questions have been submitted.

There being no questions, I now declare the meeting adjourned. Thank you all for joining Karyopharm's 2020 Annual Meeting of Stockholders.

Ladies and gentlemen, this concludes your call. You may disconnect at this time.