Filing Alert: Karyopharm Therapeutics Chapter 11

Update (November 2, 2026): A comprehensive case summary is now available for the Chapter 11 bankruptcy filing of Karyopharm Therapeutics Inc.

Karyopharm Therapeutics Inc. and its debtor affiliate⁽¹⁾, a Newton, MA-based commercial-stage pharmaceutical company pioneering novel cancer therapies, filed for Chapter 11 protection on Nov. 2 in the U.S. Bankruptcy Court for the Southern District of Texas.

The company attributes the filing to a business that never generated enough revenue to fund its operations, R&D programs and debt service, leaving its access to capital dependent on clinical progress, and to two 2026 Phase 3 readouts that fell short of expectations. In March, the pivotal SENTRY trial of selinexor plus ruxolitinib in myelofibrosis met its spleen-volume endpoint but missed its symptom-score endpoint. In July, the XPORT-EC-042 endometrial cancer trial missed its primary endpoint, after which the company's stock fell approximately 68.47%. With liquidity projected to last only into September, the company did not pay June 30 cash interest on its second-lien convertible notes or a $15.8 million first lien term loan installment due Sept. 10. It then operated under forbearance through Nov. 1 from the holders of its approximately $390 million of secured funded debt, which comprises a first lien term loan, two series of second-lien convertible notes and a revenue interest financing agreement.

The prepackaged filing aims to implement a combination with Ayrmid Ltd., the parent of cell therapy company Gamida Cell Inc. It proceeds under an RSA with Ayrmid as plan sponsor and stalking horse and with holders of 100% of the first lien term loan, 100% of each series of second-lien notes and the royalty investors. Under the plan, first lien term loan and second-lien note claims, together with any excess DIP claims, totaling approximately $285 million, would be equitized into 55.0% of the combined company, subject to dilution. These holders would also receive contingent value rights paying up to 20.00% of selinexor's myelofibrosis net sales if the FDA grants accelerated approval in that indication. Ayrmid's equity holders would retain 45.0%. The royalty agreement would be cancelled in exchange for a new five-year unsecured royalty of 3% of selinexor net revenues, general unsecured claims would be unimpaired and existing equity would be cancelled. The transaction remains subject to a court-supervised market test, and any alternative bid must deliver at least $335,384,812 in net proceeds.

Having entered Chapter 11 with approximately $8.1 million of cash, cash equivalents and investments, the debtors are seeking approval of a priming DIP facility of up to $110 million, committed by their prepetition first lien lenders. The facility comprises $55 million in new money, of which $25 million is available upon interim approval, and a $55 million roll-up of prepetition first lien loans.

Karyopharm Therapeutics Inc. reports $111.3 million in assets and $441.5 million in liabilities (as of June 30, 2026). The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 26-90827.

⁽¹⁾ KPT Texas LLC.

Top Unsecured Claims

Key Parties

Counsel:

• Maegan Quejada
  Sidley Austin LLP
  Email: mquejada@sidley.com

Financial Advisor:

• FTI Consulting, Inc.

Investment Banker:

• Centerview Partners LLC

Signatories:

• Lori Macomber – Chief Financial Officer

Claims Agent:

• Stretto Inc.

Equity Security Holders:

• RA Capital Management LP – 8.45% Equity Interest
• Adage Capital Management LP – 6.71% Equity Interest
• Acorn Bioventures – 6.69% Equity Interest
• BlackRock Inc. – 6.26% Equity Interest
• Goldman Sachs Group Inc. – 6.12% Equity Interest
• Millennium Management LLC – 5.72% Equity Interest

Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.

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