Karyopharm files for Chapter 11 with up to $110 million of new financing and plans to cancel its existing shares
SEC filings show Karyopharm Therapeutics filed Chapter 11 petitions in Texas on 2 November with a restructuring support agreement backed by all of its funded debt holders.
Karyopharm Therapeutics filed for Chapter 11 in the Southern District of Texas on 2 November 2026 with up to $110 million of debtor-in-possession financing, a stalking-horse merger with Ayrmid and a plan to cancel existing shares.
- Petition date
- 2 November 2026
- Court
- US Bankruptcy Court, Southern District of Texas
- DIP financing
- Up to $110 million
- Stalking horse
- Ayrmid Ltd
- Debt accelerated
- About $366.1 million across four instruments
Karyopharm Therapeutics Inc. and its subsidiary KPT Texas LLC filed voluntary Chapter 11 petitions in the US Bankruptcy Court for the Southern District of Texas on 2 November 2026, according to a Form 8-K filed with the SEC on 3 November (CIK 1503802).
The filing came with a restructuring support agreement signed by its term lenders, holders of its 2028 and 2029 convertible notes, royalty investors, convertible preferred holders and Ayrmid Ltd. The company says these parties hold all of its funded debt (Form 8-K, 3 November 2026, Item 1.01).
Ayrmid is the stalking-horse bidder for a merger with the reorganised company, subject to higher or better bids, with a break-up fee of 3% and expense reimbursement capped at 1%. The filing says Ayrmid is majority-owned by funds managed by Highbridge Capital Management, LLC, which is also party to the agreement and recused itself from sale deliberations (Form 8-K, Items 1.01 and 7.01).
Lenders with Wilmington Savings Fund Society, FSB as agent will provide up to $110 million of debtor-in-possession financing: up to $55 million of new money and up to $55 million rolled up from existing loans (Form 8-K, Item 2.03).
The filing accelerated about $129.0 million under the credit agreement, $15.6 million of 2028 notes, $108.0 million of 2029 notes and $113.5 million under a revenue interest financing agreement (Form 8-K, Item 2.04).
Under the plan, existing common and convertible preferred shares would be cancelled without distribution, and funded debt holders and debtor-in-possession lenders would receive the reorganised company's stock, to be exchanged for 55% of the merged company. The company says it expects existing equity to have no value. Closing is expected in the first quarter of 2027 (Form 8-K, Items 1.01 and 1.03).
The filings do not state how many jobs are affected. Loro has made no approach to the company. Figures are as reported in Karyopharm's SEC filings.
Primary sources
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