<Page>

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  FORM 10-K/A

                                AMENDMENT NO. 1

               [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                    FOR THE FISCAL YEAR ENDED MARCH 31, 2001
                                      OR
             [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                         COMMISSION FILE NUMBER 1-8549

                              AVATEX CORPORATION
            (Exact name of registrant as specified in its charter)

                     DELAWARE                         25-1425889
          (State or other jurisdiction of          (I.R.S. Employer
          incorporation or organization)          Identification No.)

               5910 NORTH CENTRAL EXPRESSWAY,
                 SUITE 1780 , DALLAS, TEXAS               75206
          (Address of principal executive offices)     (Zip Code)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:  214-365-7450

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:   NONE

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

                TITLE OF EACH CLASS
                -------------------
Class A Common Stock, par value $.01 per share

Warrants to Purchase Class A Common Stock at $2.25 per share

6.75% Notes of Avatex Funding, Inc. due December 7, 2002
Guaranteed by Avatex Corporation

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days. Yes /X/  No / /

Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to the Form 10-K. / /

On June 1, 2001, the aggregate value of voting stock held by non-affiliates
of the registrant was approximately $4,863,000.

On June 1, 2001, there were 19,637,360 shares of the registrant's common
stock outstanding before deducting 2,340,327 shares which represent the
Corporation's 47.3% equity interest in common stock of the Corporation owned
by Phar-Mor, Inc.

                      DOCUMENTS INCORPORATED BY REFERENCE:

Portions of the Proxy Statement for the Annual Meeting of Stockholders of the
registrant are incorporated by reference into Part III. The financial
statements of, and portions of other information from, Phar-Mor, Inc. as
reported in their Annual Report on Form 10-K for the fiscal year ended June
30, 2001 are incorporated by reference into Parts III and IV.
<Page>

                                 EXPLANATORY NOTE

Avatex Corporation hereby amends our Annual Report on Form 10-K for the
fiscal year ended March 31, 2001 to include (i) the audited financial
statements of Phar-Mor, Inc. (a 47% owned affiliate at March 31, 2001) and
(ii) information concerning Bonuses, LTIP Payouts and Other Compensation paid
by Phar-Mor, Inc. to our Co-Chief Executive Officers, Abbey J. Butler and
Melvyn J. Estrin, in their capacity as Co-Chief Executive Officers of
Phar-Mor, Inc. These amounts are to be included in the section entitled "Item
11.  Executive Compensation" of our Annual Report on Form 10-K.  In addition,
this Amendment includes the consent of Phar-Mor's independent auditors.
Prior to filing its Annual Report on October 15, 2001, Phar-Mor filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy Code on
September 24, 2001.  Avatex Corporation did not file for bankruptcy
protection and is not part of the Phar-Mor bankruptcy proceeding except as it
may relate to our investment in the common stock of Phar-Mor.  See our Form
10-Q/A for the quarter ended June 30, 2001 for additional information.



                                        1
<Page>

                                   PART  III

        The information called for by Item 11 of Part III of our Annual
Report on Form 10-K was incorporated by reference to our definitive Proxy
Statement, which was filed with the Securities and Exchange Commission on
July 30, 2001.  The amount of Bonuses, LTIP Payouts and Other Compensation
paid by Phar-Mor, Inc. to our Co-Chief Executive Officers, Abbey J. Butler
and Melvyn J. Estrin, in their capacity as Co-Chief Executive Officers of
Phar-Mor, Inc. for its fiscal year ended June 30, 2001, was not available at
the time our definitive Proxy Statement was filed.  These amounts are hereby
incorporated herein by reference to Item 11 of Part III of the Annual Report
on Form 10-K filed by Phar-Mor, Inc. on October 15, 2001.



                                        2
<Page>

ITEM 14(a) (1) AND (2) AND ITEM 14(d)

                      AVATEX CORPORATION AND SUBSIDIARIES
        LIST OF FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES

The following audited financial statements of Phar-Mor, Inc. (a 47% owned
affiliate) for their fiscal year ending June 30, 2001 were filed on Form 10-K
with the Securities and Exchange Commission on October 15, 2001 and are
incorporated herein by reference (except for the Independent Auditors'
Consent which is included herein):

Independent Auditors' Report
Consolidated Balance Sheets as of June 30, 2001 and July 1, 2000
Consolidated Statements of Operations for the Fifty-Two Weeks Ended June 30,
   2001, the Fifty-Two Weeks Ended July 1, 2000 and the Fifty-Three Weeks Ended
   July 3, 1999
Consolidated Statements of Changes in Stockholders' Equity for the Fifty-Two
   Weeks Ended June 30, 2001, the Fifty-Two Weeks Ended July 1, 2000 and the
   Fifty-Three Weeks Ended July 3, 1999
Consolidated Statements of Cash Flows for the Fifty-Two Weeks Ended June 30,
   2001, the Fifty-Two Weeks Ended July 1, 2000 and the Fifty-Three Weeks Ended
   July 3, 1999
Notes to Consolidated Financial Statements
Schedule II - Valuation and Qualifying Accounts
Independent Auditors' Consent



                                        3
<Page>

                         INDEPENDENT AUDITORS' CONSENT

We consent to the incorporation by reference in Registration Statement No.
33-56097 on Form S-8, No. 33-37531 on Form S-3 and No. 333-84849 on Form S-4
of Avatex Corporation of our report dated September 24, 2001 (which report
expresses an unqualified opinion and includes explanatory paragraphs relating
to Phar-Mor's filing for reorganization under Chapter 11 of the United States
Bankruptcy Code and substantial doubt about Phar-Mor's ability to continue as
a going concern) on the Phar-Mor, Inc. consolidated financial statements for
the fiscal year ended June 30, 2001, incorporated by reference in Amendment
No. 1 to the Annual Report on Form 10-K/A of Avatex Corporation for the
fiscal year ended March 31, 2001.

Deloitte & Touche LLP
Pittsburgh, Pennsylvania
October 12, 2001



                                        4
<Page>

                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Corporation has duly caused this Amendment to the Annual
Report on Form 10-K to be signed on its behalf by the undersigned, thereunto
duly authorized.

                            Avatex Corporation


                            By /s/ Grady E. Schleier
                              --------------------------------
October 16, 2001               Grady E. Schleier
                               Senior Vice President and Chief Financial Officer



                                        5