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Existential event
Time-sensitive event — see the red-flag panel below for the source-quoted detail.
Red Flags Detected
- Debt Default (new) — The company missed a $15.8M principal payment and June 30 interest payments, and expects to miss September 30 interest, constituting events of default and cross-defaults under its debt agreements.
- Going Concern (new) — The company states it will be unable to continue as a going concern beyond October 15, 2026 without additional funding or a strategic transaction, and may consider bankruptcy, liquidation, or ceasing operations.
Karyopharm misses $15.8M debt payment, enters forbearance, warns it may run out of cash by Oct 15
Filed September 11, 2026 · Period ending September 10, 2026 · ~2 min read
Key Changes
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Missed a $15.8M principal payment on its term loan and June 30 interest payments, with September 30 interest also expected to be missed, triggering events of default and cross-defaults.
Item 2.04 verify on EDGAR → -
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Entered a forbearance agreement with lenders, noteholders, and royalty investors that pauses enforcement until October 15, 2026, but does not waive defaults or extend payment deadlines.
Item 1.01 verify on EDGAR → -
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Will pay a $20.0M forbearance fee by issuing 20,000 shares of new 0% convertible perpetual preferred stock at $1,000 per share, convertible into common at $1.62 per share.
Item 1.01 verify on EDGAR → -
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Discloses cash runway only through October 15, 2026, and states that without additional funding or a strategic transaction it may seek bankruptcy protection, liquidate assets, or cease operations.
Item 8.01 verify on EDGAR → -
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As of September 10, 2026, approximately $129.0M of term loan principal was outstanding, and future royalty obligations totaled $113.5M.
Item 2.04 verify on EDGAR →
Summary
Karyopharm Therapeutics has disclosed a severe liquidity crisis. The company missed a $15.8 million principal payment on its term loan due September 10, 2026, and did not make cash interest payments on its notes on June 30, 2026. It also expects to miss the September 30 interest payment.
These missed payments constitute events of default under its credit agreement and indentures, and trigger cross-defaults under its royalty agreement. In response, the company entered into a forbearance agreement with its lenders, noteholders, and royalty investors, under which the creditors agree to temporarily refrain from exercising remedies until October 15, 2026.
However, the defaults are not waived and payment deadlines are not extended. As consideration for the forbearance, Karyopharm will pay a $20.0 million fee by issuing 20,000 shares of new convertible perpetual preferred stock at $1,000 per share, convertible into common stock at $1.62 per share, subject to a 19.99% voting power cap until shareholder approval. The company's own disclosures paint a dire picture. Karyopharm states that its existing liquidity and expected cash flows will fund operations only until October 15, 2026. Absent additional funding or a strategic transaction, the company says it will be unable to continue as a going concern and may have to consider bankruptcy protection, liquidating assets, or ceasing operations. As of September 10, 2026, approximately $129.0 million of term loan principal was outstanding, and future royalty obligations totaled $113.5 million. While the forbearance provides a brief window, the company faces a hard deadline to secure new capital or a strategic alternative, and the outcome is highly uncertain.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Karyopharm enters forbearance with lenders after missing debt payments, pays $20M fee in new convertible preferred stock.
Added in current filing · verify on EDGAR →
On September 10, 2026, Karyopharm Therapeutics Inc. (the “Company”) and its subsidiary guarantors entered into a Forbearance Agreement and Limited Waiver to Indentures (the “Forbearance Agreement”) to provide the Company with additional time to continue to advance its myelofibrosis program, further negotiate with its lenders, pursue strategic alternatives, or consummate an equity capital raise.
The company entered a forbearance agreement with lenders, noteholders, and royalty investors to pause enforcement of specified defaults while it pursues strategic options. The forbearance period ends October 15, 2026, unless extended or terminated earlier.
Added in current filing · verify on EDGAR →
The Company did not pay the principal installment of approximately $15.8 million due under the Credit Agreement on September 10, 2026 and does not expect to pay the cash interest due on September 30, 2026 under the Credit Agreement and the Indentures. Additionally, the Company did not make cash interest payments on the Notes on June 30, 2026
The company has already missed a $15.8M principal payment and June 30 interest payments, and expects to miss September 30 interest. These missed payments constitute events of default under its debt agreements. Note: these figures were previously disclosed in the company's Aug 13, 2026 8-K.
Added in current filing · verify on EDGAR →
the Company agreed to pay fees to the applicable Consenting Parties in an aggregate amount of $20.0 million
The company agreed to pay a $20.0 million fee to the consenting parties as consideration for the forbearance. This fee is fully earned as of the effective date and not subject to reduction or rebate.
Added in current filing · verify on EDGAR →
all obligations under the Credit Agreement will bear interest at a rate of 2.00% per annum above the otherwise applicable rate
While payment defaults continue, the company's credit agreement obligations accrue an additional 2.00% per annum in default interest. The notes also accrue an additional 2.00% per annum on defaulted amounts.
Event · Item 2.04 — Triggering Events That Accelerate or Increase a Direct Financial Obligation
Item 2.04 — Triggering Events That Accelerate or Increase a Direct Financial Obligation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On September 10, 2026, the Company did not pay the approximately $15.8 million installment of principal due under the Credit Agreement
Karyopharm missed a scheduled principal payment of about $15.8 million on its term loan. This nonpayment is an event of default under the credit agreement and may trigger cross-defaults under other debt agreements.
Added in current filing · verify on EDGAR →
From and including September 10, 2026, and for so long as such payment default continues, all obligations under the Credit Agreement bear interest at a rate of 2.00% per annum above the otherwise applicable rate.
While the default continues, the company will pay an additional 2.00% per year in interest on all obligations under the credit agreement, increasing its borrowing costs.
Added in current filing · verify on EDGAR →
As of September 10, 2026, the principal amount, excluding interest incurred after June 30, 2026, of approximately $129.0 million of the term loan was outstanding under the Credit Agreement.
The company had about $129.0 million of term loan principal outstanding as of September 10, 2026, excluding interest accrued after June 30, 2026. This is the debt subject to the default.
Added in current filing · verify on EDGAR →
The Consenting Parties have agreed to forbear from exercising specified rights and remedies with respect to the applicable defaults during the Forbearance Period, but such defaults have not been waived and the applicable payment deadlines have not been extended.
Creditors have agreed to temporarily hold off on enforcing their rights during a forbearance period, but the defaults remain in place and payment deadlines have not been extended. If the forbearance ends, the overdue amounts become immediately due and payable.
Added in current filing · verify on EDGAR →
In addition, as of September 10, 2026, future royalty obligations under the Royalty Agreement totaled $113.5 million.
The company also has $113.5 million in future royalty obligations under a separate royalty agreement. This adds to the company's total financial commitments.
Event · Item 3.02 — Unregistered Sales of Equity Securities
Item 3.02 — Unregistered Sales of Equity Securities filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The securities described in this Item 3.02 will be issued in a private placement in reliance on the exemption from registration provided by Section 4(a) (2) of the Securities Act.
The company is issuing Convertible Preferred Stock in a private placement to satisfy a fee obligation under a Fee Agreement described in Item 1.01. The securities are being issued without registration under the Securities Act, relying on the Section 4(a)(2) private placement exemption.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The recipients of the Convertible Preferred Stock represented, among other things, that they are accredited investors, as such term is defined in Rule 501(a) of Regulation D under the Securities Act, and that they are acquiring such securities for investment purposes only and not with a view to any resale, distribution or other disposition of the securities in violation of the United States federal securities laws.
The recipients of the Convertible Preferred Stock have represented that they are accredited investors and are acquiring the securities for investment purposes only, not for resale or distribution. This supports the company's reliance on the private placement exemption.
Event · Item 8.01 — Other Events
Karyopharm warns it can only fund operations until Oct 15, 2026 and may face bankruptcy without new funding or a strategic deal.
Added in current filing · verify on EDGAR →
the Company expects that its existing liquidity, including cash, cash equivalents, and investments as well as cash flow from net product revenue and license and other revenue, will enable the Company to fund its current operating plans until October 15, 2026.
Karyopharm discloses that its current liquidity and expected cash flows are sufficient to fund operations only through October 15, 2026. This is a very short runway, indicating imminent financial distress.
Added in current filing · verify on EDGAR →
Absent additional funding or entry into one or more strategic transactions to extend the Company’s cash runway beyond October 15, 2026, the Company will be unable to continue as a going concern and may have to consider seeking protection under the bankruptcy laws, liquidating assets or ceasing operations.
The company states that without new funding or a strategic transaction, it will be unable to continue as a going concern and may pursue bankruptcy, liquidation, or cease operations. This is a direct going-concern warning.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 11, 2026 · How we verify