JWCA advises Karyopharm on its $170.3 million restructuring transaction including a term loan and convertible issuance, convertible equitization, and convertible exchange

October 2025 | read press release

Transaction Background

Karyopharm Therapeutics (“KPTI” or “the Company”) engaged J. Wood Capital Advisors (“JWCA”) to advise on its 2025 convertible maturity and options to extend cash runway

Karyopharm's objectives were to:

• Address financing overhang created by the maturity of the 2025 convertible notes

• Raise cash proceeds to support and extend runway past the Phase 3 SENTRY myelofibrosis data readout in March 2026

• Restructure existing liabilities to minimize near-term cash outflows and build some cushion against its minimum liquidity covenant

• Minimize covenants to maximize strategic and operational flexibility

• Manage overall dilution of the transaction

JWCA acted as Financial Advisor to KPTI on the transaction, providing the following support for the Company:

• Analyzed a range of capital structure transactions to help the Company assess tradeoffs across security, leverage, dilution, and cash

• Guided discussion with investors across existing secured 1st lien term loan, secured 2nd lien convertible notes, and unsecured convertible notes

• Execution of the placement and exchange

Results

In total, these transactions will allow Karyopharm to focus on its pipeline and the pivotal Phase 3 MF data readout in March 2026:

• Karyopharm was able to equitize ~99% of the 2025 unsecured convertible maturity, delivering shares and warrants instead of cash at maturity

• Restructured existing agreements to generate near-term cash savings and negotiated a $15mm temporary reduction to the minimum liquidity covenant

• Raised ~$36mm in cash to the balance sheet to extend runway into 2Q’2026