Karyopharm Therapeutics Inc.

Karyopharm Therapeutics Inc. and its subsidiary KPT Texas LLC have filed voluntary petitions for Chapter 11 bankruptcy. Ayrmid Ltd. will serve as the stalking horse bidder in a court-supervised sale process for a merger with a reorganized Karyopharm. The company has secured a commitment for $55 million in debtor-in-possession financing and expects operations to continue uninterrupted. A prepackaged Chapter 11 Plan of Reorganization has been filed, with a voting deadline of November 30, 2026. Existing equity interests will be cancelled as part of the restructuring.

Karyopharm Therapeutics Inc. has entered into a Forbearance Agreement and Limited Waiver to Indentures with its lenders and noteholders. The agreement provides additional time for the company to advance its myelofibrosis program, negotiate with lenders, pursue strategic alternatives, or raise capital. The company has missed a principal installment and expects to miss an upcoming interest payment, and may also fail to meet a minimum liquidity covenant. The agreement allows for forbearance on exercising rights related to these defaults until October 15, 2026, contingent on certain conditions. The company will pay $20 million in fees, potentially in convertible preferred stock.

Karyopharm Therapeutics Inc. has raised substantial doubt about its ability to continue as a going concern within the next year, citing insufficient capital resources beyond September 2026. The company faces a $15.8 million debt principal payment on September 10, 2026, which would trigger a default on its term loan. For the second quarter of 2026, Karyopharm reported a net loss of $(67.0) million on total revenue of $33.4 million, compared to a net loss of $(37.3) million on $37.9 million revenue in the prior year's quarter. The company is actively evaluating financing opportunities and strategic alternatives.

Karyopharm Therapeutics reported a net loss of $67.0 million for Q2 2026, compared to $37.3 million in Q2 2025, on total revenue of $33.4 million. The company reaffirmed its full-year 2026 total revenue guidance of $130 million to $150 million. Karyopharm remains on track to submit its sNDA for selinexor in myelofibrosis in August, but its Phase 3 trial for endometrial cancer did not meet its primary endpoint. The company also disclosed liquidity concerns, stating that existing funds will last into September 2026, and a $15.8 million debt payment due in September could trigger a default without additional financing or a waiver.

Karyopharm Therapeutics announced that its Phase 3 XPORT-EC-042 trial for selinexor in endometrial cancer did not meet its primary endpoint of progression-free survival, though a trend favoring selinexor was observed in a modified intent-to-treat population. Concurrently, the company plans to submit an sNDA to the FDA in August 2026 for accelerated approval of selinexor in myelofibrosis, despite recent FDA correspondence requesting further data discussion. Amidst these developments, Karyopharm is exploring potential financing transactions and strategic alternatives to extend its cash runway and maximize stakeholder value.

Karyopharm Therapeutics Inc. has implemented a 2026 Leadership Cash Retention Program totaling $3.71 million for certain key employees, including its named executive officers and Chief Financial Officer. The program aims to incentivize retention during a period of anticipated meaningful catalysts for the company. These cash retention awards replace previously guaranteed amounts under the 2026 Annual Bonus Plan and are subject to repayment conditions if employment is terminated prematurely.

Karyopharm Therapeutics Inc. stockholders approved an amendment to the 2022 Equity Incentive Plan, increasing available shares by 3,000,000. The Board also approved a broad-based retention program, granting 3,838,380 performance-based restricted stock units (PSUs) to eligible employees, including named executive officers and the CEO. Additionally, stockholders elected two Class I directors and approved an amendment to the 2013 Employee Stock Purchase Plan, increasing shares by 1,400,000.

Karyopharm Therapeutics Inc. reported a net loss of $(22.4) million for Q1 2026, an improvement from $(23.5) million in Q1 2025, with total revenue increasing to $35.1 million. However, the company disclosed substantial doubt about its ability to continue as a going concern within the next year, citing dependence on additional funding or strategic alternatives. The company raised $49.8 million in net cash from financing activities, including an open market sale and a private placement offering.

Karyopharm Therapeutics Inc. reported first-quarter 2026 financial results, with total revenue reaching $35.1 million and U.S. XPOVIO net product revenue at $29.2 million. The company announced the completion of enrollment for its Phase 3 XPORT-EC-042 trial in endometrial cancer, with topline data anticipated in mid-2026. Additionally, results from the Phase 3 SENTRY trial in myelofibrosis were selected for a late-breaking oral presentation at ASCO. Karyopharm reaffirmed its full-year 2026 total revenue guidance of $130 million to $150 million.