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KYTX

Kyverna Therapeutics, Inc.

KYTX

Kyverna Therapeutics, Inc. • NASDAQ
$7.67 ▼ -0.13% (-0.01)
Market Cap $335.88 M
52w High $8.45
52w Low $1.78
Dividend Yield 0%
P/E -2.06
Volume 154.09K
Outstanding Shares 43.79M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $38.312M ▼ $-36.787M ▲ 0% $-0.85 ▲ $-36.365M ▲
Q2-2025 $0 $43.895M ▼ $-42.081M ▲ 0% $-0.97 ▲ $-41.552M ▲
Q1-2025 $0 $46.907M ▲ $-44.635M ▼ 0% $-1.03 ▼ $-44.109M ▼
Q4-2024 $0 $40.478M ▲ $-37.489M ▼ 0% $-0.87 ▼ $-36.899M ▼
Q3-2024 $0 $9.577M $-34.492M 0% $-0.8 $-36.749M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $171.138M ▼ $187.156M ▼ $35.21M ▼ $151.946M ▼
Q2-2025 $211.677M ▼ $226.508M ▼ $42.131M ▲ $184.377M ▼
Q1-2025 $242.649M ▼ $260.655M ▼ $36.645M ▼ $224.01M ▼
Q4-2024 $285.979M ▼ $304.645M ▼ $38.058M ▲ $266.587M ▼
Q3-2024 $321.587M $339.196M $36.486M $302.71M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-36.787M ▲ $-43.321M ▼ $22.557M ▼ $1.488M ▲ $-19.276M ▼ $-43.713M ▼
Q2-2025 $-42.081M ▲ $-31.949M ▲ $29.167M ▲ $-649K ▼ $-3.431M ▲ $-32.153M ▲
Q1-2025 $-44.635M ▼ $-44.915M ▼ $5.578M ▼ $-414K ▼ $-39.751M ▼ $-44.915M ▼
Q4-2024 $-37.489M ▼ $-37.061M ▼ $29.222M ▲ $-215K ▼ $-8.042M ▲ $-37.593M ▼
Q3-2024 $-34.492M $-27.489M $676K $-152K $-26.955M $-27.591M

Five-Year Company Overview

Income Statement

Income Statement Kyverna is still in the development stage, so it effectively has no product revenue yet. The income statement is driven almost entirely by research and development and other operating costs, which have been growing as the company advances more trials. Losses are widening over time, which is normal for an early‑stage biotech building out a pipeline, but it also means the path to profitability depends heavily on successful trial results and eventual approvals rather than current operations.

Balance Sheet

Balance Sheet The balance sheet has strengthened recently, with a much larger asset and cash base than a few years ago and equity moving from negative to clearly positive. Debt remains very modest, so the company is not heavily leveraged and relies more on equity funding than borrowing. Overall, the financial foundation looks cleaner and more robust than in the past, but still depends on continued access to capital until the business can generate meaningful revenue.

Cash Flow

Cash Flow Kyverna consistently uses cash rather than generating it, mainly to fund research, clinical trials, and organizational build‑out. Operating and free cash flow are steadily negative, which is typical for a clinical‑stage biotech without approved products. This means future progress will likely require additional capital raises or partnerships unless there is a major shift toward revenue generation from collaborations or eventual product launches.

Competitive Edge

Competitive Edge Kyverna is positioning itself as a specialist in CAR T‑cell therapies for autoimmune diseases, a space that is far less crowded than cancer-focused cell therapies. Its lead program, KYV‑101, targets a clear unmet need and aims to differentiate on safety and tolerability, which matters a lot for chronic autoimmune patients. The company also benefits from partnerships with larger players like Gilead, which adds validation and resources, but it still faces competition from both big pharma and other emerging biotech firms chasing the same new market.

Innovation and R&D

Innovation and R&D Innovation is the core of Kyverna’s story. The company is pushing CAR T‑cell technology beyond cancer into autoimmune diseases, with a strong emphasis on safer, more tolerable treatments. Its pipeline spans autologous, off‑the‑shelf, and regulatory T‑cell platforms, supported by tools like CRISPR through collaborations. This broad and forward‑looking R&D strategy offers significant upside if the science translates into successful trials, but it also concentrates risk in complex, unproven technologies.

Summary

Kyverna is a classic high‑risk, high‑potential clinical‑stage biotech: no commercial revenue yet, growing losses, and heavy dependence on external funding, but with a potentially differentiated platform in a large, underserved market. The balance sheet and partnerships provide a better cushion than in earlier years, yet the company’s future hinges on clinical readouts over the next few years and its ability to turn scientific promise in autoimmune CAR T into real, approved therapies. Uncertainty is high, but so is the potential impact if its programs succeed.

NEWS

November 12, 2025 · 4:05 PM UTC

Kyverna Therapeutics Provides Business Update and Reports Third Quarter 2025 Financial Results

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November 10, 2025 · 8:00 AM UTC

Kyverna Therapeutics to Present at the Jefferies London Healthcare Conference

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November 3, 2025 · 8:00 AM UTC

Kyverna Therapeutics Secures up to $150 Million in Non-Dilutive Financing from Oxford Finance

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October 29, 2025 · 6:30 AM UTC

Kyverna Therapeutics Announces Positive Interim Phase 2 Data from KYSA-6 Study of KYV-101 in Generalized Myasthenia Gravis at AANEM 2025

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October 25, 2025 · 11:00 AM UTC

Kyverna Therapeutics Highlights Potential of KYV-101 in Rheumatoid Arthritis with Phase 1 Data from Investigator-Initiated Trial Presented at ACR Convergence 2025

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