Welcome to the Karyopharm Therapeutics 2025 annual meeting of stockholders. I'd like to now turn the call over to the company's President and Chief Executive Officer, Richard Paulson. Richard?
Thank you, operator, and good morning, everyone. I am Richard Paulson, the President, CEO, and Director of Karyopharm Therapeutics. I would like to welcome you to Karyopharm's 2025 annual meeting of stockholders. We are holding our annual meeting in a virtual format, 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 9:01 A.M. Eastern Time on May 28th, 2025, and I call this meeting to order. I will be serving as Chair of today's meeting, and I have asked Michael Mano, our General Counsel, to act as Secretary and Inspector of Election for purposes of this meeting. Earlier today, Mr. Mano took the oath of Inspector of Election, which will be filed with the minutes of the meeting.
In addition to Michael Mano, we also have with us today members of our Board of Directors: Lori Macomber, our Chief Financial Officer, and Brendan Strong, our Senior Vice President of Investor Relations. Also joining us are Rebecca Chang of WilmerHale, our outside legal counsel, and Victoria Forward 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.
If you logged on to this meeting as a stockholder, you can submit your question online during the meeting by going to the Ask a Question area on the lower left side of the screen, selecting a question topic from the drop-down menu, typing your question where it states "Enter Question," and clicking the Submit tab. Questions pertaining to a particular proposal must be submitted online before the polls are closed. All other questions can be submitted online 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 make about our future expectations, plans, and prospects for the company constitute forward-looking statements for the purposes 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 factor 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 statement 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 has received an affidavit from the company's proxy advisor, Broadridge Financial Solutions, certifying that the notice of the annual meeting and proxy statement were sent to all stockholders of record as of April 2nd, 2025, a copy of which will be included in the minutes of this 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 8,569,618 shares of common stock are entitled to vote at this meeting. The Inspector of Election has informed me that more than a majority in voting power of the shares of common stock issued and outstanding and entitled to vote at this meeting are present in person, virtually, or represented by proxy.
Therefore, I hereby declare that a quorum exists. Now I will present the matters to be voted upon. There are five matters to be voted on today as set forth in the company's proxy statement, which was mailed on or about April 14th, 2025, to all of our stockholders of record as of the close of business on April 2nd, 2025. Proposal one is the election of two Class 3 directors to serve until the 2028 annual meeting of stockholders and until their resignation or removal or until their successors are duly elected and qualified. The nominees for election are Garen Boylan and Zhen Zhu. Proposal two is the approval of an amendment to the Karyopharm Therapeutics 2022 Equity Incentive Plan, as amended to increase the number of shares of our common stock available for issuance thereunder by 450,000 shares.
Proposal three is the approval on an advisory basis of the compensation of our named executive officers as described in the proxy statement. Proposal four is a recommendation on an advisory basis of the frequency of future non-binding advisory votes on the compensation of our named executive officers, and proposal five is the ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31st, 2025. Are there any questions on the proposals?
Richard, there are no questions on the proposals.
Thank you, Mike. I'm seeing no questions. We'll move on to voting on the proposals. It is now 9:07 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. 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 9:08 A.M. Eastern Time, and I declare the polls closed for each matter to be voted on at this meeting. The Inspector of Election has informed me that based on the preliminary voting results, both of the nominees for director have been elected as a Class 3 director.
The amendment to the Karyopharm Therapeutics 2022 Equity Incentive Plan, as amended to increase the number of shares of our common stock available for issuance thereunder by 450,000 shares, has been approved. The advisory resolution approving the compensation of our named executive officers has been approved. A frequency of every one year for future non-binding advisory votes on the compensation of our named executive officers has been approved, and the appointment of Ernst & Young LLP as our independent registered public accounting firm for the year ended December 31st, 2025, has been ratified. The final vote results will be included in a Form 8-K that will be filed within four business days after this meeting. I'd like to thank our shareholders for participating in the vote and continuing to support Karyopharm as we execute in our mission to dramatically improve patient lives and defeat cancer.
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. As a reminder, if you would like to submit a question online, please do so by going to the Ask a Question area on the lower left side of the screen, selecting a question topic from the drop-down menu, typing your question where it states "Enter Question," and clicking the Submit tab. Our rules of conduct limit each stockholder to one question, which should be succinct and should cover only one topic. Questions from multiple stockholders on the same topic or that are otherwise related may be grouped, summarized, and answered together. We will briefly pause to review the questions.
Richard, our first question comes from Sean Comitinski.
While several good things have been accomplished by the Karyopharm team, why are patients and investors best served by the current path as the near-term potential for non-compliance with lender requirements erodes shareholder value and has created significant opportunity loss with the inability to further develop assets? Would executing a formal strategic review unlock additional opportunities for patients and shareholders?
Thank you for the question. You know, our focus is always on maximizing our value for our shareholders, and we are highly focused on advancing our late-stage pipeline in areas of high unmet need to better serve patients and continue to grow our revenues on top of our core foundation of multiple myeloma. As I mentioned, you know, we have near-term phase III data readouts.
We have a profitable commercial organization, and I think, as we've mentioned on our last earnings call as well, you know, we're exploring various alternatives to extend our cash runway to deliver value for our shareholders.
The next question comes from Chris Comitinski. What is your plan to maximize shareholder value given your cash runway is insufficient to reach phase III trial readouts?
Yeah, you know, we understand and we share the frustration of many of our shareholders with our stock performance, and you know, all of us are professionally and personally invested in the success of Karyopharm, as all of you are, and we very much want to see our vision succeed in the interest of patients in creating stockholder value. I think both management and our board understand the importance of building shareholder value, and we're working diligently every day to create that long-term shareholder value by progressing our phase III trials and focusing on the continued success of our net product revenue, you know, despite an ever-changing and extremely competitive myeloma market.
It's our top priority to advance our late-stage pipeline as these trials, you know, have the potential to enhance and create new standards of care for patients and provide significant value creation opportunities in the very near term.
Thank you. There are no further questions.
Thank you, Mike. Being no further questions, I now declare the meeting adjourned. Thank you all for joining Karyopharm's 2025 annual meeting of stockholders.
This now concludes the meeting. Thank you for attending and have a wonderful rest of your day.