Kyverna Therapeutics Financials
This page shows Kyverna Therapeutics (KYTX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Kyverna's development-stage model converts heavy R&D spending into cash losses while liquidity is replenished through financing.
In FY2025, operating cash flow of-$153.7M nearly matched the net loss of-$161.3M , so reported losses largely translated into cash consumption rather than being offset by working-capital movements. Capital expenditures were only$5K , indicating that cash use was driven by the operating development program, not by building a capital-intensive physical footprint.
The cost structure is weighted toward development rather than commercial overhead: R&D was about 3.7x SG&A in FY2025. That concentration helps explain why operating losses widened as R&D reached
Cash was replenished externally rather than generated internally: financing cash flow provided
Financial Health Signals
Kyverna Therapeutics does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Kyverna Therapeutics passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Kyverna Therapeutics reported a net loss of $161.3M while operations used $153.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Kyverna Therapeutics reported an operating loss of $169.8M against $489K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Kyverna Therapeutics's EBITDA was -$168.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.6% from the prior year.
Kyverna Therapeutics reported -$161.3M in net income in fiscal year 2025. This represents a decrease of 26.5% from the prior year.
Kyverna Therapeutics earned -$3.64 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 9.3% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Kyverna Therapeutics recorded an outflow of $153.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 32.0% from the prior year.
Kyverna Therapeutics held $124.1M in cash against $24.7M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Kyverna Therapeutics's ROE was -69.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 21.6 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Kyverna Therapeutics invested $133.7M in research and development in fiscal year 2025. This represents an increase of 18.9% from the prior year.
Kyverna Therapeutics invested $5K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 99.8% from the prior year.
Not reported for fiscal year 2025.
KYTX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| R&D Expenses | N/A | $133.7M+18.9% | $112.5M+125.3% | $49.9M |
| SG&A Expenses | N/A | $36.1M+19.8% | $30.1M+141.4% | $12.5M |
| Operating Income | N/A | -$169.8M-19.1% | -$142.6M-128.5% | -$62.4M |
| Interest Expense | N/A | $489K+244.4% | $142K-24.1% | $187K |
| Income Tax | N/A | $0 | $0 | $0 |
| Net Income | N/A | -$161.3M-26.5% | -$127.5M-111.2% | -$60.4M |
| EPS (Diluted) | — | -$3.64-9.3% | -$3.33 | -$89.61 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
KYTX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Assets | $293.8M-3.6% | $304.6M+305.1% | $75.2M |
| Current Assets | $283.0M-2.6% | $290.6M+379.0% | $60.7M |
| Cash & Equivalents | $124.1M+28.4% | $96.6M+178.9% | $34.6M |
| Total Liabilities | $61.5M+61.7% | $38.1M-56.9% | $88.3M |
| Current Liabilities | $36.5M+8.1% | $33.8M+70.0% | $19.9M |
| Long-Term Debt | $24.7M | N/A | N/A |
| Total Equity | $232.3M-12.9% | $266.6M+2129.0% | -$13.1M |
| Retained Earnings | -$424.8M-61.2% | -$263.5M-93.7% | -$136.0M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
KYTX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Operating Cash Flow | -$158.8M | -$153.7M-34.5% | -$114.3M-118.0% | -$52.4M |
| Capital Expenditures | N/A | $5K-99.8% | $2.2M+255.1% | $621K |
| Free Cash Flow | N/A | -$153.7M-32.0% | -$116.5M-119.6% | -$53.0M |
| Investing Cash Flow | -$8.8M | $40.0M+124.9% | -$160.9M-1731.6% | -$8.8M |
| Financing Cash Flow | $145.9M | $141.2M-58.1% | $337.1M+480.0% | $58.1M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
KYTX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Return on Equity | -69.5%-21.6pp | -47.8% | N/A |
| Return on Assets | -54.9%-13.1pp | -41.8%+38.4pp | -80.3% |
| Current Ratio | 7.75-0.9x | 8.61+5.6x | 3.05 |
| Debt-to-Equity | 0.110.0x | 0.14 | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Kyverna Therapeutics Ranks
Frequently Asked Questions
Is Kyverna Therapeutics profitable?
No, Kyverna Therapeutics (KYTX) reported a net income of -$161.3M in fiscal year 2025.
What is Kyverna Therapeutics's EBITDA?
Kyverna Therapeutics (KYTX) had EBITDA of -$168.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Kyverna Therapeutics have?
As of fiscal year 2025, Kyverna Therapeutics (KYTX) had $124.1M in cash and equivalents against $24.7M in long-term debt.
What is Kyverna Therapeutics's return on equity (ROE)?
Kyverna Therapeutics (KYTX) has a return on equity of -69.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Kyverna Therapeutics's free cash flow?
Kyverna Therapeutics (KYTX) recorded an outflow of $153.7M in free cash flow during fiscal year 2025. This represents a -32.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Kyverna Therapeutics's operating cash flow?
Kyverna Therapeutics (KYTX) recorded an outflow of $153.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Kyverna Therapeutics's total assets?
Kyverna Therapeutics (KYTX) had $293.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Kyverna Therapeutics's capital expenditures?
Kyverna Therapeutics (KYTX) invested $5K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Kyverna Therapeutics spend on research and development?
Kyverna Therapeutics (KYTX) invested $133.7M in research and development during fiscal year 2025.
What is Kyverna Therapeutics's current ratio?
Kyverna Therapeutics (KYTX) had a current ratio of 7.75 as of fiscal year 2025, which is generally considered healthy.
What is Kyverna Therapeutics's debt-to-equity ratio?
Kyverna Therapeutics (KYTX) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Kyverna Therapeutics's return on assets (ROA)?
Kyverna Therapeutics (KYTX) had a return on assets of -54.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Kyverna Therapeutics's cash runway?
Based on fiscal year 2025 data, Kyverna Therapeutics (KYTX) had $124.1M in cash against an annual operating cash burn of $153.7M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Kyverna Therapeutics's Piotroski F-Score?
Kyverna Therapeutics (KYTX) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Kyverna Therapeutics's earnings high quality?
Kyverna Therapeutics (KYTX) reported a net loss of $161.3M while operations used $153.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Kyverna Therapeutics cover its interest payments?
Kyverna Therapeutics (KYTX) reported an operating loss of $169.8M against $489K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.