Karyopharm Therapeutics Inc. filed a Current Report on Form 8-K with the SEC on November 3, 2026, disclosing that the company and its subsidiary KPT Texas LLC voluntarily filed for Chapter 11 bankruptcy protection on November 2, 2026, in the United States Bankruptcy Court for the Southern District of Texas, Houston Division.

Key Highlights

  • Chapter 11 petitions filed: Karyopharm Therapeutics Inc. and subsidiary KPT Texas LLC filed voluntary Chapter 11 petitions on November 2, 2026, in the Southern District of Texas, Houston Division.
  • Restructuring Support Agreement: The Debtors entered into a Restructuring Support Agreement with lenders and noteholders holding, in the aggregate, 100% of the outstanding principal amount of the company's funded debt.
  • Stalking horse bidder: Ayrmid Ltd. is named as the stalking horse bidder for a proposed merger with the reorganized company.
  • Prepackaged plan filed: A Joint Prepackaged Chapter 11 Plan of Reorganization was filed on the Petition Date, with a voting deadline of November 30, 2026.
  • Equity cancellation: Under the Prepackaged Plan, existing common stock, Convertible Preferred Stock, and other equity interests will be cancelled, with holders receiving no distribution.
  • Confirmation hearing targeted: The Debtors have requested a confirmation hearing on or about January 11, 2027, subject to court availability.
  • Pre-petition marketing: Centerview Partners LLC conducted a marketing process that generated five non-binding indications of interest prior to the Petition Date.

Karyopharm Therapeutics Seeks Court-Supervised Sale or Reorganization After Chapter 11 Filing

According to the filing, Karyopharm Therapeutics Inc. (NASDAQ:KPTI), a Newton, Massachusetts-based pharmaceutical company, and its subsidiary KPT Texas LLC filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code on November 2, 2026. The Debtors will continue to operate as "debtors-in-possession" under court jurisdiction while pursuing a reorganization or asset sale process. The company disclosed that it engaged Centerview Partners LLC to advise on strategic options, including the potential sale of assets in connection with the bankruptcy cases.

Prior to the filing, the filing states, the company conducted a pre-petition marketing process through Centerview, which contacted numerous potential strategic and financial counterparties. Several of those parties entered into confidentiality agreements and performed due diligence. That process produced five non-binding indications of interest. The company disclosed that, after evaluating those proposals, it determined that the proposed transaction with Ayrmid Ltd. "subject to a court-supervised market test under the Bidding Procedures, represented the best available path to maximize value for its stakeholders." Under the Prepackaged Plan, existing common shareholders and holders of the 0% Series A Convertible Perpetual Preferred Stock are expected to receive no distribution, as those interests would be cancelled.

The Restructuring Support Agreement covers the company's funded debt, which the filing identifies as loans under a Credit and Guaranty Agreement, 9.00% Convertible Senior Notes due 2028, and 9.00% Convertible Senior Notes due 2029. Holders representing 100% of that aggregate outstanding principal are party to the agreement, according to the filing. The Debtors also filed various first-day motions seeking customary relief and a separate motion seeking approval of a debtor-in-possession financing facility. The filing notes that confirmation of the Prepackaged Plan is subject to court approval and that "there can be no assurance that the Prepackaged Plan will be confirmed or consummated on the terms or timeline described herein, or at all."

What Was Disclosed

Karyopharm Therapeutics and subsidiary KPT Texas LLC filed Chapter 11 petitions on November 2, 2026, disclosing a Restructuring Support Agreement backed by 100% of funded debt holders, a Prepackaged Plan with a November 30, 2026 voting deadline, and Ayrmid Ltd. as the proposed stalking horse merger partner.