Kyverna Therapeutics, Inc. (KYTX) SEC Filings

Kyverna Therapeutics is a late-stage clinical immunology company developing CAR T therapies for neurologic autoimmune diseases, led by mivocabtagene autoleucel (miv-cel/KYV-101). For the six months ended June 30, 2026, the company reported a net loss of $78.0 million, an improvement from $86.7 million a year earlier, driven mainly by lower research and development expenses of $54.9 million versus $73.2 million, partially offset by higher general and administrative expenses of $26.1 million versus $18.6 million.

Cash, cash equivalents and marketable securities totaled $199.4 million at June 30, 2026, with net cash used in operating activities of $81.9 million in the first half. Management expects existing cash, an undrawn $125.0 million capacity under a term loan facility, and an at-the-market equity program to fund operations for at least 12 months. Clinically, Kyverna reported positive Phase 2 data in stiff person syndrome, initiated a rolling BLA submission supported by RMAT and orphan designations, advanced its Phase 3 trial in generalized myasthenia gravis, secured an ElevateBio commercial supply agreement, and received RMAT designation for non-active secondary progressive multiple sclerosis.

Kyverna Therapeutics reported second quarter 2026 results and a business update centered on its lead CAR T-cell therapy miv-cel. The FDA granted RMAT designation for miv-cel in non-active secondary progressive multiple sclerosis, expanding its regulatory momentum across neuroimmunology.

The company has begun a rolling BLA for stiff person syndrome, submitted the CMC module, and expects to complete the filing in Q4 2026 while planning to seek priority review and preparing for a potential 2027 commercial launch. Enrollment continues in the Phase 3 KYSA-6 trial in generalized myasthenia gravis, with completion targeted by mid-2027 and additional Phase 2 data expected in Q3 2026.

Kyverna reported $199.4 million in cash, cash equivalents and marketable securities as of June 30, 2026, which together with its loan facility is expected to fund operations into 2028. In Q2 2026, R&D expenses were $24.8 million, G&A expenses were $14.8 million, and net loss was $38.3 million, or $0.63 per share.

BlackRock, Inc. has reported beneficial ownership of 3,103,757 shares of KYVERNA THERAPEUTICS INC common stock on a Schedule 13G. This represents 5.1% of the company’s outstanding common shares as of the reporting date.

BlackRock has sole voting power over 3,069,290 shares and sole dispositive power over 3,103,757 shares, with no shared voting or dispositive power. Various underlying clients have rights to dividends or sale proceeds, but no single client holds more than five percent of the total outstanding common shares.

Kyverna Therapeutics entered a new Clinical and Commercial Supply Agreement with ElevateBio that replaces their prior development and manufacturing arrangement for miv-cel, its autologous CD19-directed CAR T-cell therapy for autoimmune diseases. ElevateBio will provide development, clinical and commercial manufacturing under statements of work, and Kyverna agreed to order at least certain minimum quantities of miv-cel in specified years and after regulatory approvals.

The agreement runs for an initial term of five years, then automatically renews for successive one-year periods, and includes annual price and fee adjustments tied to the Producer Price Index for Pharmaceutical Preparation Manufacturing, along with customary quality, audit and confidentiality provisions. A joint press release notes ElevateBio’s clinical manufacturing success rate of more than 98% for miv-cel and states that Kyverna remains on track to complete its rolling Biologics License Application submission for stiff person syndrome in the fourth quarter of 2026, supporting potential launches in stiff person syndrome and generalized myasthenia gravis and other ongoing studies.

Kyverna Therapeutics, Inc. amended its existing non-dilutive term loan facility with Oxford Finance, which provides up to $150.0 million in multiple tranches. The company previously drew $25.0 million from Term A and now has extended access to the remaining $15.0 million of Term A Loans through December 31, 2026 in exchange for an upfront fee of $187,500.

If Kyverna does not use the full remaining Term A amount by that date, it will pay a 1.0% non‑utilization fee on the undrawn balance. Contingent on drawing the remaining Term A funds, availability periods for the Term B Loan of $5.0 million to $20.0 million and two $20.0 million Term C tranches will be extended or restructured around specific clinical and revenue milestones.

Under those same conditions, Kyverna will also become subject to minimum revenue covenants beginning with a quarter ending as early as June 30, 2027, with the start date tied to how much cash it raises from other capital sources over certain periods.

Kyverna Therapeutics, Inc. reported results from its 2026 annual stockholder meeting. Of 60,530,293 common shares outstanding as of March 30, 2026, 43,987,007 shares were represented, about 73% of shares entitled to vote, which was sufficient to constitute a quorum.

Stockholders elected Class II directors Ian Clark and Christi Shaw to serve until the 2029 annual meeting or until their successors are elected and qualified. Clark received 31,505,902 votes for and 3,255,231 votes withheld, while Shaw received 34,528,865 votes for and 232,268 votes withheld, with 9,225,874 broker non-votes on each nominee.

Stockholders also ratified the Audit Committee’s appointment of BDO USA, P.C. as the independent registered public accounting firm and independent auditor for the year ending December 31, 2026, with 43,830,300 votes for, 80,223 votes against, and 76,484 abstentions.

Kyverna Therapeutics director Ian T. Clark received new equity awards. He was granted 5,093 restricted stock units of common stock, bringing his direct common share holdings to 21,727. He also received options for 20,582 shares at an exercise price of $8.59, expiring in 2036.

Both the RSUs and options will fully vest on the earlier of May 27, 2027, or immediately before Kyverna’s 2027 annual stockholders’ meeting, as long as he remains in continuous service through that date.

Kyverna Therapeutics director Fred E. Cohen reported new equity awards and updated holdings. He received 5,093 shares of common stock as a restricted stock unit award, and 20,582 stock options with an exercise price of $8.59 per share.

The RSUs and options will fully vest on the earlier of May 27, 2027, or immediately before Kyverna’s 2027 annual stockholder meeting, as long as he remains in continuous service through that date. After the grant, he directly holds 21,727 common shares.

The filing also notes an indirect position of 4,523,924 common shares held by Vida Ventures, LLC. Vida Ventures Advisors, LLC serves as investment advisor, and Dr. Cohen and two others may be deemed to share voting and dispositive power but each disclaims beneficial ownership beyond any pecuniary interest.

Kyverna Therapeutics, Inc. director Beth C. Seidenberg reported equity compensation awards rather than open-market trading. She received 5,093 shares of common stock as a restricted stock unit grant, bringing her directly held common stock to 21,727 shares after the award.

She also received a stock option for 20,582 shares of common stock at an exercise price of $8.59 per share, all of which remain outstanding. Both the restricted stock units and the option will fully vest on the earlier of May 27, 2027, or immediately before Kyverna’s 2027 annual stockholder meeting, assuming her continuous service.

Separately from these direct holdings, entities associated with Westlake BioPartners report indirect ownership of 869,317 shares and 3,787,940 shares of Kyverna common stock. Seidenberg has voting and dispositive control over the relevant general partners but disclaims beneficial ownership except for any pecuniary interest.