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 research-driven cash burn is being financed by new capital, while reported liquidity strength largely reflects fundraising rather than self-funding.
FY2025 ended with cash and equivalents of$124.1M , up from$96.6M . But operating cash flow worsened to-$153.7M while financing supplied$141.2M , so the larger cash balance reflects fresh funding rather than a lower burn rate, and the balance sheet can look stronger on paper even as operations consume more cash internally.
The spending profile is overwhelmingly research-led: FY2025 R&D was
Current assets of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Kyverna Therapeutics's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Kyverna Therapeutics carries a low D/E ratio of 0.27, meaning only $0.27 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 7.75, Kyverna Therapeutics holds $7.75 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Kyverna Therapeutics generates a -69.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -47.8% the prior year.
Kyverna Therapeutics passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Kyverna Therapeutics generates $0.95 in operating cash flow (-$153.7M OCF vs -$161.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Kyverna Therapeutics earns $-347.3 in operating income for every $1 of interest expense (-$169.8M vs $489K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
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.
Cash & Balance Sheet
Kyverna Therapeutics generated -$153.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 32.0% from the prior year.
Kyverna Therapeutics held $124.1M in cash against $0 in long-term debt as of fiscal year 2025.
Kyverna Therapeutics had 60M shares outstanding in fiscal year 2025. This represents an increase of 39.7% from the prior year.
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.
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.
KYTX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $30.1M | N/A | $30.5M-15.0% | $35.8M-4.3% | $37.4M | N/A | $29.2M+6.9% | $27.3M |
| SG&A Expenses | $11.3M | N/A | $8.3M-3.8% | $8.6M-13.8% | $10.0M | N/A | $9.6M+56.6% | $6.1M |
| Operating Income | -$41.4M | N/A | -$38.7M+12.8% | -$44.4M+6.3% | -$47.4M | N/A | -$38.8M-16.0% | -$33.4M |
| Interest Expense | $667K | N/A | $7K-50.0% | $14K-44.0% | $25K | N/A | $32K-17.9% | $39K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$39.7M | N/A | -$36.8M+12.6% | -$42.1M+5.7% | -$44.6M | N/A | -$34.5M-19.8% | -$28.8M |
| EPS (Diluted) | $-0.66 | N/A | $-0.85+12.4% | $-0.97+5.8% | $-1.03 | N/A | $-0.80-19.4% | $-0.67 |
KYTX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $257.0M-12.5% | $293.8M+57.0% | $187.2M-17.4% | $226.5M-13.1% | $260.7M-14.4% | $304.6M-10.2% | $339.2M-6.6% | $363.1M |
| Current Assets | $241.7M-14.6% | $283.0M+61.8% | $174.9M-18.4% | $214.3M-13.5% | $247.7M-14.8% | $290.6M-10.7% | $325.4M-6.7% | $348.8M |
| Cash & Equivalents | $32.2M-74.1% | $124.1M+263.2% | $34.2M-36.1% | $53.4M-6.0% | $56.9M-41.1% | $96.6M-7.7% | $104.7M-20.5% | $131.6M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $61.4M-0.2% | $61.5M+74.8% | $35.2M-16.4% | $42.1M+15.0% | $36.6M-3.7% | $38.1M+4.3% | $36.5M+23.2% | $29.6M |
| Current Liabilities | $29.7M-18.7% | $36.5M+7.7% | $33.9M-14.9% | $39.8M+19.5% | $33.3M-1.4% | $33.8M+8.9% | $31.0M+32.0% | $23.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $195.6M-15.8% | $232.3M+52.9% | $151.9M-17.6% | $184.4M-17.7% | $224.0M-16.0% | $266.6M-11.9% | $302.7M-9.2% | $333.5M |
| Retained Earnings | -$464.6M-9.4% | -$424.8M-9.8% | -$387.0M-10.5% | -$350.2M-13.7% | -$308.2M-16.9% | -$263.5M-16.6% | -$226.0M-18.0% | -$191.5M |
KYTX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$41.6M-24.1% | -$33.5M+22.6% | -$43.3M-35.6% | -$31.9M+28.9% | -$44.9M-21.2% | -$37.1M-34.8% | -$27.5M-13.7% | -$24.2M |
| Capital Expenditures | N/A | -$1K-150.0% | $2K-50.0% | $4K | $0-100.0% | $532K+421.6% | $102K-90.1% | $1.0M |
| Free Cash Flow | N/A | -$33.5M+22.6% | -$43.3M-35.6% | -$32.0M+28.9% | -$44.9M-19.5% | -$37.6M-36.3% | -$27.6M-9.5% | -$25.2M |
| Investing Cash Flow | -$50.2M-190.4% | -$17.3M-176.6% | $22.6M-22.7% | $29.2M+422.9% | $5.6M-80.9% | $29.2M+4222.8% | $676K+101.0% | -$67.9M |
| Financing Cash Flow | -$101K-100.1% | $140.7M+9358.5% | $1.5M+329.3% | -$649K-56.8% | -$414K-92.6% | -$215K-41.4% | -$152K+73.3% | -$569K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
KYTX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -20.3% | N/A | -24.2%-1.4pp | -22.8%-2.9pp | -19.9% | N/A | -11.4%-2.7pp | -8.6% |
| Return on Assets | -15.5% | N/A | -19.7%-1.1pp | -18.6%-1.5pp | -17.1% | N/A | -10.2%-2.2pp | -7.9% |
| Current Ratio | 8.15+0.4 | 7.75+2.6 | 5.16-0.2 | 5.39-2.1 | 7.44-1.2 | 8.61-1.9 | 10.50-4.4 | 14.86 |
| Debt-to-Equity | 0.31+0.0 | 0.27+0.0 | 0.230.0 | 0.23+0.1 | 0.16+0.0 | 0.14+0.0 | 0.12+0.0 | 0.09 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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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.
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) generated -$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) generated -$153.7M in operating cash flow during fiscal year 2025, representing cash generated from 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 0.27 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 9, indicating weak financial health. 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) has an earnings quality ratio of 0.95x, considered low quality (accrual-driven). 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) has an interest coverage ratio of -347.3x, meaning it can struggle to cover its interest obligations. 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.
How financially healthy is Kyverna Therapeutics?
Kyverna Therapeutics (KYTX) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.