Kyverna Therapeutics, Inc.
Business
Kyverna Therapeutics is a late-stage clinical biopharmaceutical company developing autologous CAR T-cell therapies for B-cell-driven autoimmune diseases. The company's lead program, miv-cel (KYV-101), is a fully human anti-CD19 CAR T designed to deeply deplete B cells and achieve durable, treatment-free remission. Miv-cel is in late-stage clinical development for stiff person syndrome and generalized myasthenia gravis, with a BLA filing planned for the first half of 2026. The pipeline includes additional programs in progressive multiple sclerosis, rheumatoid arthritis, lupus nephritis and systemic sclerosis, along with next-generation candidates KYV-102 (rapid manufacturing autologous) and KYV-201 (allogeneic) in earlier development.
Summary from 10-K filed 2026-03-26
Financials
Consolidated Statement of Income
| 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
| 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
| 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Kyverna Therapeutics, Inc.'s CIK number?
Kyverna Therapeutics, Inc.'s SEC CIK number is 0001994702 (1994702). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Kyverna Therapeutics, Inc.'s SEC filings?
All of Kyverna Therapeutics, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Kyverna Therapeutics, Inc. last report earnings?
Kyverna Therapeutics, Inc. (KYTX) most recently filed an earnings 8-K with the SEC on May 12, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-219377). This is Kyverna Therapeutics, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Kyverna Therapeutics, Inc.'s most recent earnings 8-K?
Kyverna Therapeutics, Inc.'s latest earnings 8-K (Item 2.02) was filed May 12, 2026 under accession 0001193125-26-219377. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Kyverna Therapeutics, Inc.'s latest earnings 8-K →
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