Karyopharm Therapeutics Inc., a Massachusetts-based developer of cancer treatments, has filed for Chapter 11 bankruptcy protection. The filing comes as the company plans to merge with another pharmaceutical company, Ayrmid Ltd., as part of a restructuring plan.
Note: Chapter 11 allows businesses to reorganize their debts while continuing operations under court supervision. A Chapter 11 filing does not necessarily mean that a business is closing. For additional information, readers are encouraged to contact the business directly.
Overview of the Chapter 11 Filing
The company submitted its petition on November 2 in the U.S. Bankruptcy Court for the Southern District of Texas. Court records on PACER show that the company has listed more than 1,000 creditors in the filing.
Lori Macomber, the company’s chief financial officer, signed the petition before it was filed.
In a company announcement, the company has signed a Restructuring Support Agreement with its existing lenders, noteholders, and other key stakeholders. The agreement would help it reorganize and merge with Ayrmid. Operations would continue with an emphasis on supporting patients through cancer program advancements.
Ayrmid, the parent company of Gamida Cell Inc., focuses on developing treatments for blood cancers and other serious blood disorders. It has two FDA-approved products, Omisirge and APHEXDA.
The announcement states that Ayrmid will be the lead bidder in the court-supervised sale process. Karyopharm will look for court approval for bidding procedures. Once approved, other interested parties could offer alternative proposals and bid for its assets. The process is intended to maximize value for all stakeholders.
Karyopharm’s President and Chief Executive Officer, Richard Paulson, said that after reviewing available alternatives, the company believes this process could provide stakeholders with maximum value. He added that the company intends to continue advancing its programs for myelofibrosis and multiple myeloma.
The company hopes to complete the transaction through a Chapter 11 plan. Based on the plan’s conditions, the deal could end by next year’s first quarter.
$55 Million Funding to Support Operations
The company has secured commitments from its existing secured lenders for up to $55 million in debtor-in-possession (DIP) financing. According to the announcement, the company must obtain court approval before accessing the financing.
Together with cash generated by its ongoing business, the financing is expected to help fund operations and meet certain obligations during the Chapter 11 proceedings.
The company expects its regular business operations and partnerships to continue without disruption during the process.
Case Related Details
Court records show that the company listed around $111.3 million in assets and $441.5 million in liabilities as of June 30, 2026. These figures are from an unaudited balance sheet.
Attorney Maegan Quejada of Sidley Austin LLP is the company’s legal counsel in the proceedings. FTI Consulting Inc. is the company’s financial and communications advisor. Centerview Partners LLC is another involved name, which is serving as the investment banker.
Latham & Watkins LLP is representing the ad hoc group of term lenders and noteholders. Haynes and Boone LLP is the legal counsel. Houlihan Lokey Capital, Inc. is its investment banker and financial advisor.
Ayrmid is advised by Paul Hastings LLP as its legal counsel.
A summary of the Chapter 11 petition is shared here:
- Filing Date: November 2, 2026
- Court and Jurisdiction: U.S. Bankruptcy Court for the Southern District of Texas
- Type of Filing: Active, Voluntary Petition
- Chapter: 11
- Case Number: 26-90827
- Estimated Assets: Between $50,000,001 and $100 million
- Estimated Liabilities: Between $100,000,001 and $500 million
- Estimated Creditors: Between 1,000 and 5,000
An affiliate of the company, KPT Texas LLC, has also made its separate filing in the court.
About the Company
Karyopharm Therapeutics Inc. operates as a commercial-stage pharmaceutical firm that develops cancer treatments. Its lead drug is XPOVIO (selinexor), which works by blocking a protein called exportin 1 (XPO1). The FDA-approved drug is marketed in the country for adults with relapsed or refractory multiple myeloma. It is also approved as XPOVIO or NEXPOVIO in 50-plus countries and territories outside the U.S.
The latest filing marks a new phase for the company as it works through its financial restructuring.
