Financing ·
Karyopharm Therapeutics Inc. entered into a Forbearance Agreement with its lenders and noteholders after failing to…
KPTIKaryopharm Therapeutics Inc.
Karyopharm Therapeutics Inc. entered into a Forbearance Agreement with its lenders and noteholders after failing to pay a $15.8 million term loan installment due on September 10, 2026, and missing cash interest payments on its 9.00% Convertible Senior Notes due 2028 and 2029. The agreement forbears creditors from exercising remedies for these defaults until October 15, 2026, or earlier upon bankruptcy, enforcement action, liquidity falling below $10 million, or FDA rejection of the sNDA for selinexor in myelofibrosis. To compensate lenders, Karyopharm issued a Fee Agreement requiring $20 million in fees paid via 20,000 shares of 0% convertible perpetual preferred stock at $1,000 per share, convertible into common stock at $1.62 per share. The company disclosed that absent additional funding or strategic transactions by October 15, it will be unable to continue as a going concern and may seek bankruptcy protection. Karyopharm Therapeutics Inc. operates in the biotechnology industry, developing and commercializing therapies for cancer.