Karyopharm Files for Bankruptcy, Shares Fall 83% as Ayrmid Bids

Karyopharm Therapeutics, a cancer drugmaker based in Newton, Massachusetts, has filed for Chapter 11 bankruptcy. The company said on Nov. 2 that it plans a court-supervised sale, with Ayrmid, the parent company of Gamida Cell, as the lead bidder.

What happened

Karyopharm said it signed a restructuring support agreement with its lenders, noteholders and other key stakeholders. The deal provides for a merger between Ayrmid and a reorganized Karyopharm. The company filed its petitions in the U.S. Bankruptcy Court for the Southern District of Texas.

• Bidding: Other parties can still make competing offers for the company's assets. Neither company has disclosed the value of Ayrmid's bid, BioSpace reported.
• Financing: Existing secured lenders committed up to $55 million in debtor-in-possession financing, which still needs court approval.
• Timing: Karyopharm expects the deal to close in the first quarter of 2027.
• Operations: The company said it will keep running in the ordinary course of business during the process.

The stock dropped 83%, to 11 cents a share, BioPharma Dive reported. At that price the whole company was worth about $2.5 million.

Why it matters

Xpovio is Karyopharm's only marketed product, BioSpace reported. The blood cancer drug first won approval for multiple myeloma in 2019. Yet the company has not turned a profit, BioPharma Dive noted.

Karyopharm's 2025 annual report showed net Xpovio sales of roughly $115 million against a loss of $196 million, according to BioPharma Dive. Losses built up over the years reached $1.8 billion. The company also has $15.8 million in debt coming due.

Plans to grow sales through new uses have hit setbacks. A study of Xpovio in endometrial cancer did not succeed, BioPharma Dive reported. In March, Karyopharm announced mixed phase 3 results in myelofibrosis, with one of two main goals met. Karyopharm later asked the FDA for accelerated approval in that disease, in combination with Incyte's Jakafi, according to BioSpace.

Ayrmid's chief executive, Joe Wiley, said he sees a strong strategic fit between the two companies. He pointed to complementary portfolios and a shared focus on unmet needs in hematology. Ayrmid already has two FDA-approved products, Omisirge and Aphexda.

Shareholders may get little. Analysts at Rodman & Renshaw downgraded their outlook on Karyopharm and wrote that the value left for shareholders "could be minimal," since lenders and noteholders recover first, BioSpace reported.

What it means for people in the industry

A spokesperson for FTI Consulting, Karyopharm's financial and communications adviser, told BioSpace that no layoffs are tied to the announcement. The spokesperson added that, as they understand it from Ayrmid, Ayrmid intends to keep the majority of Karyopharm's organization.

Staff have already been through several rounds of cuts. Karyopharm reduced its workforce in August 2023, August 2024 and July 2025. The most recent round let go of 20% of staff, BioSpace reported.

Things to watch include whether rival bids emerge, whether the court approves the loan, and the FDA's decision on myelofibrosis.

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Sources

• Karyopharm Therapeutics Inc. Announces Planned Merger with Ayrmid Ltd. to Strengthen Company for the Future, Karyopharm Therapeutics (SEC filing, Exhibit 99.1)
• Karyopharm, deep in debt, to sell itself in bankruptcy, BioPharma Dive
• Karyopharm files for bankruptcy, looks to merger with Ayrmid for life raft, BioSpace