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

Good morning, and welcome to Karyopharm Therapeutics, Inc. 2021 Annual Meeting of Stockholders. I would now like to introduce Richard Paulson, Karyopharm's President and Chief Executive Officer.

Good afternoon. I am Richard Paulson, President and Chief Executive Officer and a Director of Karyopharm Therapeutics. I would like to welcome you all to the Karyopharm 2020 (sic) [ 2021 ] 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 pandemic, 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 9:00 a.m. Eastern Time on the 21st day of May 2021, and I call this meeting to order. I will be serving as chairman of today's meeting, and I've asked Michael Mano, our Senior Vice President and General Counsel and Secretary, to act as Secretary and inspector of election for purposes of this meeting. Earlier today, Mr. Mano took the oath of an inspector of election, which will be filed with the minutes of this meeting. I would like to introduce my fellow Board members who are joining us today: Barry Greene, our lead independent director; as well as Garen Bohlin; Dr. Mikael Dolsten; Dr. Michael Kauffman; Christy Oliger; Dr. Deepa Pakianathan; and Chen Schor. In addition to Michael Mano mentioned earlier, we also have with us today, Mike Mason, Senior Vice President and Chief Financial Officer and Treasurer; and Ian Karp, Senior Vice President of Investor and Public Relations from the company; as well as Jason Kropp and Rebecca Chang of WilmerHale, our outside legal counsel. And also joining us are Brendan McCorry and Jonathan Manning 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 that 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. [Operator Instructions] 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 that various remarks that we may make about our future expectations, plans and prospects for the company constitute forward-looking statements for purposes of the safe harbor provision 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 subsequent to today. The Secretary has informed me that he's received an affidavit from the company's proxy adviser, Broadridge Financial Solutions, certifying that the notice of the annual meeting and proxy statement, which were sent to all stockholders of record as of March 26, 2020, (sic) [ March 26, 2021 ] a copy of which will be included in the minutes of the meeting. Our first order of business at 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 purpose of transacting business. Holders of 75,061,474 shares of common stock are entitled to vote at this meeting. There are present at this meeting, in person or through representation by proxy, a total of 60,134,050 shares of common stock or approximately 80.11% 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 on today as set forth in the company's proxy statement, which was mailed on or about April 7, 2021, to all of our stockholders of record as of the close of business on March 26, 2020 (sic) [ March 26, 2021 ]. Proposal 1 is the election of 3 Class II directors. The nominees for election are: Dr. Deepa Pakianathan, Chen Schor and myself. 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, 2021. Are there any questions on the proposals?

No questions have been submitted.

Seeing no questions or comments, we'll move on to voting on the proposals. It is now 9:06 a.m. Eastern Time, and the polls are now open for each matter to be voted upon today. Any stockholder who hasn't 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 vote, do not need to take any further action. I will pause briefly to allow stockholders to submit any final votes. [Voting]

Now that everyone has had the opportunity to vote, that concludes the voting on the proposals set forth in the proxy statement. It is now 9:07 a.m. Eastern Time, and I declare the polls closed for each matter to be voted on at this meeting. The inspector of elections has informed me that based on the preliminary voting results, each of the nominees for director has been elected as a Class II 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 a Form 8-K that 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 this meeting adjourned. We will now use our remaining available time to answer appropriate questions from stockholders. [Operator Instructions] 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 2021 Annual Meeting of Stockholders.

Thank you for attending the 2021 Annual Meeting of Stockholders for Karyopharm Therapeutics Inc. This meeting has now concluded. You may disconnect.