$KYTX

Kyverna Therapeutics, Inc.

CIK:0001994702|SEC Filings

Condensed Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses
Research and development	$ 24,788	$ 35,816	$ 54,861	$ 73,249
General and administrative	14,768	8,594	26,062	18,569
Total operating expenses	39,556	44,410	80,923	91,818
Loss from operations	(39,556)	(44,410)	(80,923)	(91,818)
Interest income	1,929	2,364	4,256	5,189
Interest expense	(674)	(14)	(1,341)	(38)
Other expense, net	(18)	(21)	(39)	(49)
Total other income, net	1,237	2,329	2,876	5,102
Net loss	(38,319)	(42,081)	(78,047)	(86,716)
Other comprehensive loss
Unrealized loss on available-for-sale marketable securities, net	(46)	(19)	(239)	(125)
Total other comprehensive loss	(46)	(19)	(239)	(125)
Net loss and other comprehensive loss	$ (38,365)	$ (42,100)	$ (78,286)	$ (86,841)
Net loss per share attributable to common stockholders, basic	$ (0.63)	$ (0.97)	$ (1.29)	$ (2.01)
Net loss per share attributable to common stockholders, diluted	$ (0.63)	$ (0.97)	$ (1.29)	$ (2.01)
Weighted-average shares of common stock outstanding, basic	60,896,872	43,225,365	60,666,814	43,220,498
Weighted-average shares of common stock outstanding, diluted	60,896,872	43,225,365	60,666,814	43,220,498

Condensed Statements of Cash Flows - USD ($)	6 Months Ended
Condensed Statements of Cash Flows - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (78,047,000)	$ (86,716,000)
Adjustments to reconcile net loss to net cash used in operations:
Stock-based compensation	6,678,000	4,679,000
Accretion of discounts on available-for-sale marketable securities	(920,000)	(3,953,000)
Non-cash interest expense	231,000	0
Depreciation and amortization expense	785,000	1,016,000
Impairment of capitalized software	0	648,000
Gain on sale of property and equipment	(47,000)	0
Non-cash lease expense	963,000	1,419,000
Changes in assets and liabilities:
Prepaid expense and other current assets	(526,000)	1,972,000
Other non-current assets	1,541,000	(505,000)
Accounts payable	(2,373,000)	5,193,000
Accrued compensation	(4,509,000)	88,000
Other accrued expenses and current liabilities	(4,443,000)	1,016,000
Operating lease liability	(1,236,000)	(1,721,000)
Net cash used in operating activities	(81,903,000)	(76,864,000)
Cash flows from investing activities
Purchases of available-for-sale marketable securities	(147,823,000)	(175,851,000)
Proceeds from maturities of available-for-sale marketable securities	134,300,000	210,800,000
Internal-use software development costs	(255,000)	(200,000)
Purchases of property and equipment	(293,000)	(4,000)
Net cash (used in) provided by investing activities	(14,071,000)	34,745,000
Cash flows from financing activities
Proceeds from issuance of common stock under the ATM Facility, net of agent's fees	2,487,000	0
Proceeds from exercise of common stock options	1,896,000	3,000
Principal paid on finance lease liabilities	(181,000)	(603,000)
Payments for offering costs	(138,000)	(412,000)
Taxes paid related to net share settlement upon vesting of restricted stock units	(377,000)	(51,000)
Net cash provided by (used in) financing activities	3,687,000	(1,063,000)
Net decrease in cash, cash equivalents and restricted cash	(92,287,000)	(43,182,000)
Cash, cash equivalents and restricted cash, at beginning of period	124,644,000	97,173,000
Cash, cash equivalents and restricted cash, at end of period	32,357,000	53,991,000
Reconciliation of cash, cash equivalents and restricted cash to statement of financial position
Cash and cash equivalents	31,806,000	53,440,000
Restricted cash	551,000	551,000
Cash, cash equivalents and restricted cash at end of period	32,357,000	53,991,000
Supplemental disclosure for non-cash investing and financing activities
Internal-use software development costs in accounts payable	0	100,000
Unpaid offering costs included in other current liabilities	83,000	0
Receivable from sale of property and equipment included in prepaid expenses and other current assets	50,000	0
Unsettled trade related to sales of common stock under ATM Facility	1,096,000	0
Right-of-use asset obtained in exchange for operating lease liability	5,243,000	0
Supplemental disclosure of cash flow information
Cash paid for interest	$ 1,141,000	$ 37,000

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 31,806	$ 124,093
Available-for-sale marketable securities	167,621	155,160
Prepaid expenses and other current assets	7,115	3,700
Total current assets	206,542	282,953
Restricted cash	551	551
Property and equipment, net	1,326	1,546
Operating lease right-of-use assets	7,848	3,568
Finance lease right-of-use assets	112	305
Other non-current assets	3,444	4,903
Total assets	219,823	293,826
Current liabilities
Accounts payable	2,933	5,306
Accrued compensation	5,481	9,990
Accrued license expense - related party	3,750	3,750
Other accrued expenses and current liabilities	9,112	13,472
Operating lease liabilities, short-term portion	1,400	3,662
Finance lease liabilities	126	307
Total current liabilities	22,802	36,487
Operating lease liabilities, net of short-term portion	6,589	320
Term loan	24,883	24,743
Total liabilities	54,274	61,550
Commitments and contingencies (Note 7)
Stockholders' equity
Preferred stock, 10,000,000 shares authorized, $0.00001 par value, no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.00001 par value; 490,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 61,570,247 and 60,389,893 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	1	1
Additional paid-in capital	668,564	657,005
Accumulated other comprehensive (loss) income	(142)	97
Accumulated deficit	(502,874)	(424,827)
Total stockholders' equity	165,549	232,276
Total liabilities and stockholders' equity	$ 219,823	$ 293,826