K
Kyverna Therapeutics, Inc.
KYTXCIK 0001994702NasdaqEmerging GrowthBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-161.30M
Total Assets
$293.83M
Equity
$232.28M
Shares Out
60.44M
Op. Cash Flow
$-153.70M
Business
Kyverna Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing cell therapies to treat B‑cell‑driven autoimmune diseases. Its main product candidates include KYV‑101, an autologous fully human CD19 CAR T‑cell therapy, next‑generation autologous KYV‑102 using a whole‑blood rapid manufacturing process, and an allogeneic program KYV‑201, alongside manufacturing innovations (Ingenui‑T). The company operates clinical development programs (pivotal and Phase 1/2 trials, investigator‑initiated studies and named‑patient activities) and maintains manufacturing partnerships with CMOs. It conducts trials and compassionate use in the United States, Europe (including Germany) and other global clinical sites, and plans commercialization through third parties or internal channels.
Summary from filing dated 2025-03-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Research and development | 134 | 112 | 50 | |
| General and administrative | 36 | 30 | 12 | |
| Total operating expenses | 170 | 143 | 62 | |
| Loss from operations | −170 | −143 | −62 | |
| Interest income | 9 | 15 | 2 | |
| Interest expense | −489,000 | −142,000 | −187,000 | |
| Other expense, net | −85,000 | −90,000 | −55,000 | |
| Total other income, net | 9 | 15 | 2 | |
| Net loss | −161 | −128 | −60 | |
| Unrealized gain (loss) on available-for-sale marketable securities, net | −8,000 | 101,000 | 30,000 | |
| Total other comprehensive gain (loss) | −8,000 | 101,000 | 30,000 | |
| Net loss and other comprehensive loss | −161 | −127 | −60 | |
| Net loss per share attributable to common stockholders, basic | −3.64 | −3.33 | −89.61 | |
| Net loss per share attributable to common stockholders, diluted | −3.64 | −3.33 | −89.61 | |
| Weighted-average shares of common stock outstanding, basic | 44 | 38 | 673,622 | |
| Weighted-average shares of common stock outstanding, diluted | 44 | 38 | 673,622 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 124 | 97 | 35 | — | |
| Available-for-sale marketable securities | 155 | 189 | 23 | — | |
| Prepaid expenses and other current assets | 4 | 5 | 3 | — | |
| Total current assets | 283 | 291 | 61 | — | |
| Restricted cash | 600,000 | 600,000 | 600,000 | — | |
| Property and equipment, net | 2 | 3 | 2 | — | |
| Operating lease right-of-use assets | 4 | 6 | 6 | — | |
| Finance lease right-of-use assets | 305,000 | 841,000 | 2 | — | |
| Other non-current assets | 5 | 3 | 3 | — | |
| Total assets | 294 | 305 | 75 | — | |
| Accounts payable | 5 | 5 | 4 | — | |
| Accrued compensation | 10 | 5 | 3 | — | |
| Accrued license expense - related party | 4 | 6 | 6 | — | |
| Other accrued expenses and current liabilities | 13 | 14 | 4 | — | |
| Operating lease liabilities, short-term portion | 4 | 3 | 2 | — | |
| Finance lease liabilities, short-term portion | 307,000 | 779,000 | 956,000 | — | |
| Total current liabilities | 36 | 34 | 20 | — | |
| Operating lease liabilities, net of short-term portion | 320,000 | 4 | 5 | — | |
| Finance lease liabilities, net of short-term portion | 0 | 142,000 | 921,000 | — | |
| Term loan | 25 | 0 | — | — | |
| Total liabilities | 62 | 38 | 26 | — | |
| Commitments and contingencies (Note 7) | — | — | — | — | |
| Preferred stock, 10,000,000 shares authorized, $0.00001 par value, no shares issued and outstanding at December 31, 2025 and 2024 | 0 | 0 | — | — | |
| Common stock, $0.00001 par value; 490,000,000 shares authorized as of December 31, 2025 and 2024, respectively; 60,389,893 and 43,214,918 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 1,000 | 0 | — | — | |
| Additional paid-in capital | 657 | 530 | 5 | — | |
| Accumulated other comprehensive income | 97,000 | 105,000 | 4,000 | — | |
| Accumulated deficit | −425 | −264 | −136 | — | |
| Total stockholders' equity | 232 | 267 | −13 | −74 | |
| Total liabilities and stockholders' equity | 294 | 305 | 75 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Stock-based compensation | 10 | 8 | 2 | |
| Accretion of discounts on available-for-sale marketable securities | −7 | −8 | −1 | |
| Non-cash lease expense | 3 | 3 | 2 | |
| Depreciation and amortization expense | 2 | 2 | 2 | |
| Impairment of capitalized software | 648,000 | 0 | — | |
| Non-cash interest expense | 72,000 | 0 | — | |
| Loss on disposal of property and equipment | 60,000 | 0 | — | |
| Prepaid expense and other current assets | 893,000 | −2 | −1 | |
| Other non-current assets | −980,000 | −2 | −2 | |
| Accounts payable | 543,000 | 736,000 | 4 | |
| Accrued compensation | 5 | 2 | 1 | |
| Other accrued expenses and current liabilities | −800,000 | 11 | 3 | |
| Accrued license expense - related party | −3 | 0 | — | |
| Operating lease liability | −3 | −2 | −2 | |
| Net cash used in operating activities | −154 | −114 | −52 | |
| Purchases of available-for-sale marketable securities | −365 | −490 | −55 | |
| Proceeds from maturities of available-for-sale marketable securities | 406 | 331 | 47 | |
| Internal-use software development costs | −1 | 0 | — | |
| Proceeds from sale of property and equipment | 70,000 | 0 | — | |
| Purchases of property and equipment | −5,000 | −2 | −621,000 | |
| Net cash provided by (used in) investing activities | 40 | −161 | −9 | |
| Proceeds from issuance of common stock upon initial public offering and underwritten public offering, net of underwriting commissions | 99 | 341 | — | |
| Proceeds from issuance of common stock under the ATM Facility, net of agent's fees | 17 | 0 | — | |
| Proceeds from borrowing of the term loan, net of issuance costs | 25 | 0 | — | |
| Proceeds from exercise of common stock options | 2 | 259,000 | 645,000 | |
| Principal paid on finance lease liabilities | −808,000 | −956,000 | −781,000 | |
| Payments for common stock issuance offering costs | −475,000 | −3 | −2 | |
| Taxes paid related to net share settlement upon vesting of restricted stock units | −144,000 | 0 | — | |
| Net cash provided by financing activities | 141 | 337 | 58 | |
| Net increase in cash and cash equivalents and restricted cash | 27 | 62 | −3 | |
| Conversion of 114,556,997 shares of redeemable convertible preferred stock to common stock shares upon the closing of initial public offering | 0 | 181 | — | |
| Unpaid offering costs included in accounts payable and other current liabilities | 352,000 | — | 829,000 | |
| Vesting of restricted stock | 0 | 6,000 | 71,000 | |
| Right-of-use asset obtained in exchange for operating and finance lease liability | 194,000 | 3 | 975,000 | |
| Cash paid for interest | 415,000 | 142,000 | 187,000 |
Filings
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