STOCK TITAN

[8-K] Kyverna Therapeutics, Inc. Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Kronos Bio, Inc. (KRON) filed a Form 15-12G with the U.S. SEC on 30 June 2025, certifying the termination of registration of its common stock under Section 12(g) of the Securities Exchange Act of 1934 and suspending the company’s duty to file reports under Sections 13 and 15(d).

The company relied on Rule 12g-4(a)(1) and Rule 12h-3(b)(1)(i), disclosing an approximate holder count of one. No other securities remain subject to reporting obligations. The notice was signed by Chief Financial Officer Michael Hearne.

Once the Form 15 becomes effective, Kronos Bio will no longer submit periodic filings such as Forms 10-K, 10-Q or 8-K, significantly reducing public disclosure and potentially affecting liquidity for remaining shareholders.

Kronos Bio, Inc. (KRON) ha presentato il Modulo 15-12G alla SEC degli Stati Uniti il 30 giugno 2025, certificando la cessazione della registrazione delle sue azioni ordinarie ai sensi della Sezione 12(g) del Securities Exchange Act del 1934 e sospendendo l'obbligo della società di presentare report ai sensi delle Sezioni 13 e 15(d).

La società si è basata sulla Regola 12g-4(a)(1) e sulla Regola 12h-3(b)(1)(i), dichiarando un numero approssimativo di azionisti pari a uno. Nessun altro titolo rimane soggetto agli obblighi di segnalazione. L'avviso è stato firmato dal Direttore Finanziario Michael Hearne.

Una volta che il Modulo 15 entrerà in vigore, Kronos Bio non presenterà più documenti periodici come i Moduli 10-K, 10-Q o 8-K, riducendo significativamente la trasparenza pubblica e potenzialmente influenzando la liquidità per gli azionisti residui.

Kronos Bio, Inc. (KRON) presentó el Formulario 15-12G ante la SEC de EE.UU. el 30 de junio de 2025, certificando la terminación del registro de sus acciones ordinarias bajo la Sección 12(g) del Securities Exchange Act de 1934 y suspendiendo la obligación de la compañía de presentar informes bajo las Secciones 13 y 15(d).

La empresa se basó en la Regla 12g-4(a)(1) y la Regla 12h-3(b)(1)(i), revelando un conteo aproximado de accionistas de uno. No quedan otros valores sujetos a obligaciones de reporte. El aviso fue firmado por el Director Financiero Michael Hearne.

Una vez que el Formulario 15 entre en vigor, Kronos Bio dejará de presentar informes periódicos como los Formularios 10-K, 10-Q o 8-K, reduciendo significativamente la divulgación pública y posiblemente afectando la liquidez para los accionistas restantes.

Kronos Bio, Inc. (KRON)는 2025년 6월 30일 미국 SEC에 Form 15-12G를 제출하여 1934년 증권거래법 섹션 12(g)에 따른 보통주 등록 종료를 인증하고 섹션 13 및 15(d)에 따른 보고 의무를 중단하였습니다.

회사는 규칙 12g-4(a)(1)규칙 12h-3(b)(1)(i)를 근거로 약 주주 수가 1명임을 공개하였습니다. 보고 의무가 적용되는 다른 증권은 없습니다. 이 통지는 최고재무책임자 Michael Hearne가 서명하였습니다.

Form 15가 발효되면 Kronos Bio는 10-K, 10-Q, 8-K와 같은 정기 보고서를 더 이상 제출하지 않아 공개 정보가 크게 줄어들고 남은 주주들의 유동성에 영향을 미칠 수 있습니다.

Kronos Bio, Inc. (KRON) a déposé un formulaire 15-12G auprès de la SEC américaine le 30 juin 2025, certifiant la cessation de l’enregistrement de ses actions ordinaires en vertu de la section 12(g) du Securities Exchange Act de 1934 et suspendant l’obligation de la société de déposer des rapports en vertu des sections 13 et 15(d).

La société s’est appuyée sur la règle 12g-4(a)(1) et la règle 12h-3(b)(1)(i), divulguant un nombre approximatif d’un détenteur. Aucun autre titre n’est soumis aux obligations de déclaration. L’avis a été signé par le directeur financier Michael Hearne.

Une fois le formulaire 15 effectif, Kronos Bio ne soumettra plus de dépôts périodiques tels que les formulaires 10-K, 10-Q ou 8-K, réduisant ainsi considérablement la divulgation publique et pouvant affecter la liquidité des actionnaires restants.

Kronos Bio, Inc. (KRON) reichte am 30. Juni 2025 bei der US-SEC das Formular 15-12G ein und bestätigte damit die Beendigung der Registrierung seiner Stammaktien gemäß Abschnitt 12(g) des Securities Exchange Act von 1934 sowie die Aussetzung der Berichtspflicht des Unternehmens gemäß den Abschnitten 13 und 15(d).

Das Unternehmen stützte sich auf Regel 12g-4(a)(1) und Regel 12h-3(b)(1)(i) und gab eine ungefähre Aktionärszahl von einem an. Es unterliegen keine weiteren Wertpapiere den Berichtspflichten. Die Mitteilung wurde vom Finanzvorstand Michael Hearne unterzeichnet.

Sobald das Formular 15 wirksam wird, wird Kronos Bio keine periodischen Einreichungen wie Formulare 10-K, 10-Q oder 8-K mehr vorlegen, was die öffentliche Offenlegung erheblich reduziert und möglicherweise die Liquidität der verbleibenden Aktionäre beeinträchtigt.

Positive
  • None.
Negative
  • Termination of SEC registration eliminates mandatory public disclosures, reducing transparency and likely decreasing trading liquidity for remaining shareholders.

Insights

TL;DR: Deregistration ends SEC reporting, sharply reducing transparency and likely hurting public shareholders.

Filing Form 15 under Rules 12g-4(a)(1) and 12h-3(b)(1)(i) is a decisive step to exit the public-company reporting framework. With only one holder of record, KRON meets the statutory thresholds, so the termination should take effect automatically. While legally permissible, the move eliminates audited financial statements, proxy disclosures and current reports, removing critical oversight mechanisms. For investors still holding shares, reduced information flow may lower market liquidity and widen bid-ask spreads. The action is therefore material and, from a governance standpoint, negative for minority shareholders.

TL;DR: Form 15 filing is materially negative; future financial data will disappear, complicating valuation.

This filing signals an immediate shift from public to private-style disclosure. Without periodic SEC reports, fundamental analysis becomes difficult, forcing investors to rely on limited or voluntary information. Liquidity constraints typically follow, as many institutional mandates restrict holdings in non-reporting securities. Consequently, the risk-adjusted required return on KRON stock rises, pressuring valuation. Unless an exit event—such as a tender offer—follows, shareholders face higher uncertainty.

Kronos Bio, Inc. (KRON) ha presentato il Modulo 15-12G alla SEC degli Stati Uniti il 30 giugno 2025, certificando la cessazione della registrazione delle sue azioni ordinarie ai sensi della Sezione 12(g) del Securities Exchange Act del 1934 e sospendendo l'obbligo della società di presentare report ai sensi delle Sezioni 13 e 15(d).

La società si è basata sulla Regola 12g-4(a)(1) e sulla Regola 12h-3(b)(1)(i), dichiarando un numero approssimativo di azionisti pari a uno. Nessun altro titolo rimane soggetto agli obblighi di segnalazione. L'avviso è stato firmato dal Direttore Finanziario Michael Hearne.

Una volta che il Modulo 15 entrerà in vigore, Kronos Bio non presenterà più documenti periodici come i Moduli 10-K, 10-Q o 8-K, riducendo significativamente la trasparenza pubblica e potenzialmente influenzando la liquidità per gli azionisti residui.

Kronos Bio, Inc. (KRON) presentó el Formulario 15-12G ante la SEC de EE.UU. el 30 de junio de 2025, certificando la terminación del registro de sus acciones ordinarias bajo la Sección 12(g) del Securities Exchange Act de 1934 y suspendiendo la obligación de la compañía de presentar informes bajo las Secciones 13 y 15(d).

La empresa se basó en la Regla 12g-4(a)(1) y la Regla 12h-3(b)(1)(i), revelando un conteo aproximado de accionistas de uno. No quedan otros valores sujetos a obligaciones de reporte. El aviso fue firmado por el Director Financiero Michael Hearne.

Una vez que el Formulario 15 entre en vigor, Kronos Bio dejará de presentar informes periódicos como los Formularios 10-K, 10-Q o 8-K, reduciendo significativamente la divulgación pública y posiblemente afectando la liquidez para los accionistas restantes.

Kronos Bio, Inc. (KRON)는 2025년 6월 30일 미국 SEC에 Form 15-12G를 제출하여 1934년 증권거래법 섹션 12(g)에 따른 보통주 등록 종료를 인증하고 섹션 13 및 15(d)에 따른 보고 의무를 중단하였습니다.

회사는 규칙 12g-4(a)(1)규칙 12h-3(b)(1)(i)를 근거로 약 주주 수가 1명임을 공개하였습니다. 보고 의무가 적용되는 다른 증권은 없습니다. 이 통지는 최고재무책임자 Michael Hearne가 서명하였습니다.

Form 15가 발효되면 Kronos Bio는 10-K, 10-Q, 8-K와 같은 정기 보고서를 더 이상 제출하지 않아 공개 정보가 크게 줄어들고 남은 주주들의 유동성에 영향을 미칠 수 있습니다.

Kronos Bio, Inc. (KRON) a déposé un formulaire 15-12G auprès de la SEC américaine le 30 juin 2025, certifiant la cessation de l’enregistrement de ses actions ordinaires en vertu de la section 12(g) du Securities Exchange Act de 1934 et suspendant l’obligation de la société de déposer des rapports en vertu des sections 13 et 15(d).

La société s’est appuyée sur la règle 12g-4(a)(1) et la règle 12h-3(b)(1)(i), divulguant un nombre approximatif d’un détenteur. Aucun autre titre n’est soumis aux obligations de déclaration. L’avis a été signé par le directeur financier Michael Hearne.

Une fois le formulaire 15 effectif, Kronos Bio ne soumettra plus de dépôts périodiques tels que les formulaires 10-K, 10-Q ou 8-K, réduisant ainsi considérablement la divulgation publique et pouvant affecter la liquidité des actionnaires restants.

Kronos Bio, Inc. (KRON) reichte am 30. Juni 2025 bei der US-SEC das Formular 15-12G ein und bestätigte damit die Beendigung der Registrierung seiner Stammaktien gemäß Abschnitt 12(g) des Securities Exchange Act von 1934 sowie die Aussetzung der Berichtspflicht des Unternehmens gemäß den Abschnitten 13 und 15(d).

Das Unternehmen stützte sich auf Regel 12g-4(a)(1) und Regel 12h-3(b)(1)(i) und gab eine ungefähre Aktionärszahl von einem an. Es unterliegen keine weiteren Wertpapiere den Berichtspflichten. Die Mitteilung wurde vom Finanzvorstand Michael Hearne unterzeichnet.

Sobald das Formular 15 wirksam wird, wird Kronos Bio keine periodischen Einreichungen wie Formulare 10-K, 10-Q oder 8-K mehr vorlegen, was die öffentliche Offenlegung erheblich reduziert und möglicherweise die Liquidität der verbleibenden Aktionäre beeinträchtigt.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 30, 2025

 

 

 

Kyverna Therapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

 

Delaware   001-41947   83-1365441
(State or Other Jurisdiction
of Incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

5980 Horton St., STE 550    
Emeryville, California   94608
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (510) 925-2492

 

N/A

 

(Former Name or Former Address, if Changed Since Last Report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.00001 per share   KYTX   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

Appointment of Marc Grasso as Chief Financial Officer

 

On June 17, 2025, the Board of Directors (the “Board”) of Kyverna Therapeutics, Inc. (the “Company”) appointed Marc Grasso, MD, as the Company’s Chief Financial Officer, effective June 30, 2025 (the “Effective Date”). In this role, Dr. Grasso will serve as the Company’s principal financial officer and principal accounting officer.

 

Dr. Grasso, age 53, most recently served as Chief Financial Officer of Alector, Inc. (Nasdaq: ALEC), a clinical-stage biotechnology company from February 2022 to June 2025. Prior to that, Dr. Grasso served as Chief Financial Officer and Chief Business Officer of Kura Oncology, Inc (Nasdaq: KURA), a clinical-stage biopharmaceutical company, from August 2018 to February 2022. From March 2013 to August 2018, he served as Managing Director of Stifel Financial Corp. (NYSE: SF), an investment bank and financial services company, where he was responsible for building and managing the west coast life sciences and biotechnology investment banking business. From June 2010 to February 2013, Dr. Grasso was Managing Director of Investment Banking in the Global Healthcare Group at UBS Group AG (NYSE: UBS), focusing on the biotechnology sector. From May 2008 to June 2010, Dr. Grasso was Managing Director of Investment Banking at Leerink Swann LLC (now Leerink Partners LLC), a specialist investment bank focused on the healthcare sector, where he was instrumental in the west coast expansion of its franchise. Prior to that, Dr. Grasso held key positions at Morgan Stanley, Credit Suisse First Boston, and Deutsche Bank Alex. Brown Inc. Dr. Grasso received his M.D. from The Johns Hopkins University School of Medicine. He obtained an A.B. in molecular biology with honors from Princeton University.

 

There are no reportable family relationships or related party transactions (as defined in Item 404(a) of Regulation S-K) involving the Company and Dr. Grasso or any director or executive officer of the Company, and he was not selected to serve as the Company’s Chief Financial Officer pursuant to any arrangement or understanding with any person.

 

In connection with his appointment, on June 5, 2025, Dr. Grasso and the Company entered into an offer letter (the “Offer Letter”). Pursuant to the Offer Letter, Dr. Grasso’s initial annualized salary will be $510,000. Additionally, Dr. Grasso will be eligible to receive an annual performance bonus of up to 40% of his base salary (which will not be pro-rated for 2025 and will be fixed at target for 2025) and he will receive a sign-on bonus of $250,000, subject to applicable withholding, with $100,000 to be paid no later than the second regularly scheduled Company payroll date that occurs on or after the Effective Date and the remaining $150,000 to be paid on January 1, 2026, subject to Dr. Grasso’s continued employment with the Company through and including that date; provided, however, solely for purposes of paying the remaining $150,000, in the event of the termination of Dr. Grasso’s employment by the Company without Cause (as such term is defined in the Offer Letter) prior to January 1, 2026, Dr. Grasso shall be deemed to remain an employee of the Company (meaning the remaining $150,000 will still be paid on January 1, 2026), and provided further that the full $250,000 sign-on bonus shall be repayable by Dr. Grasso in the event of the termination of his employment as a result of his voluntary resignation prior to the first anniversary of the Effective Date. His salary and performance bonus percentage may be increased in the future at the discretion of the Compensation Committee (the “Compensation Committee”) of the Board. Dr. Grasso’s employment will be on an “at-will” basis.

 

In connection with his appointment, and as provided in the Offer Letter, on the Effective Date, the Company will grant Dr. Grasso an option pursuant to the Kyverna Therapeutics, Inc. 2024 Inducement Equity Incentive Plan to purchase 450,000 shares of the Company’s common stock (the “Option”), which option will vest over four years, with 25% of the total number of shares subject to the Option vesting on the one-year anniversary of the Effective Date and 1/48th of the total number of shares subject to the Option vesting monthly thereafter, subject to Dr. Grasso’s continued service to the Company on each applicable vesting date. The Option was an inducement material to Dr. Grasso’s agreement to enter into employment with the Company, and Dr. Grasso has not previously been an employee or director of the Company.

 

Pursuant to the Offer Letter, if the Company terminates Dr. Grasso’s employment without Cause (as defined in the Offer Letter) or Dr. Grasso resigns for Good Reason, Dr. Grasso will be entitled to (a) twelve months of Dr. Grasso’s then-current annual base salary, less all applicable withholdings and deductions, paid in equal installments on the Company’s regular payroll cycle commencing on the 60th day following Dr. Grasso’s separation from service, (b) reimbursement of COBRA premiums for Dr. Grasso and his eligible dependents for up to twelve months, provided, that such reimbursement will cease on the date that Dr. Grasso becomes covered under a similar plan, and (c) if the separation from service occurs within three months prior to or upon or within twelve months following a “Change in Control” (as defined in the Offer Letter), Dr. Grasso shall be entitled to full acceleration of vesting with respect to 100% of all unvested equity awards (with any performance-based vesting requirements being deemed satisfied at target). Payment of the foregoing under the Offer Letter is conditioned upon Dr. Grasso’s execution of a separation agreement and release of claims in favor of the Company.

 

1

 

In connection with his employment, Dr. Grasso also entered into the Company’s standard Employee Confidential Information and Inventions Assignment Agreement, which includes confidentiality provisions, an invention assignment and non-compete covenants during his employment and non-solicit covenants during his employment and for one year thereafter.

 

The foregoing description of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Offer Letter, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

 

In connection with Dr. Grasso’s appointment, the Company also entered into the Company’s standard indemnification and advancement agreement with Dr. Grasso, a copy of which is filed as Exhibit 10.6 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

 

Letter Agreement with Ryan Jones

 

Effective upon the appointment of Dr. Grasso as the Company’s Chief Financial Officer, Ryan Jones ceased serving as the Company’s Chief Financial Officer, principal financial officer and principal accounting officer. Mr. Jones will move to a strategic advisor role to ensure a seamless transition.

 

On June 28, 2025, the Company and Ryan Jones entered into a letter agreement (the “Jones Letter Agreement”), pursuant to which the Company will continue Mr. Jones’ employment as a strategic advisor to Dr. Grasso, providing certain advisory services relating to the transition and transfer of Mr. Jones’ prior services to the Company (the “Services”), commencing on June 30, 2025 through August 8, 2025, as may be extended by mutual written agreement of Mr. Jones and the Company (the “Advisor Period”). As compensation for the Services, during the Advisor Period, the Company will continue to provide Mr. Jones with his current salary, Mr. Jones will continue to vest in his outstanding equity compensation and he will remain eligible for benefits on the same basis as any other full-time employee of the Company.

 

Further, pursuant to the Jones Letter Agreement, as consideration for Mr. Jones releasing any claims against the Company, if within 30 days of the termination of the Advisor Period Mr. Jones re-executes the Jones Letter Agreement and allows it to become effective and irrevocable as a result of such re-execution, then, subject to certain exceptions, (A) the Company will continue to provide Mr. Jones with his current base salary for nine (9) months, (B) the Company will reimburse Mr. Jones for health insurance coverage under COBRA in effect for Mr. Jones and his eligible dependents for a period of up to nine (9) months, (C) solely for purposes of Company stock option vesting and expiration, but subject to Mr. Jones continuing to comply with his obligations to the Company, he will be deemed to remain a continuous service provider and continue to vest in his outstanding equity compensation for the later of nine (9) months following the end of the Advisor Period and April 30, 2026, (D) the Company will pay Mr. Jones his 2025 target bonus amount (40% of base salary of $375,000, or $150,000), pro-rated for days elapsed from January 1, 2025, through the end of the Advisor Period, and (E) the Company will directly pay Mr. Jones’ actual, reasonable and documented attorneys’ fees incurred in connection with the negotiation and documentation for the Jones Letter Agreement, not to exceed $15,000.

 

The foregoing description of the Jones Letter Agreement is not complete and is qualified in its entirety by reference to the Jones Letter Agreement, the full text of which is filed as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.

 

Item 8.01. Other Events.

 

On June 30, 2025, the Company issued a press release announcing the appointment of Dr. Grasso as the Company’s Chief Financial Officer. A copy of the press release is filed herewith as Exhibit 99.1.

 

2

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits.

 

Number   Description
10.1   Employment Offer Letter, dated June 5, 2025, between Kyverna Therapeutics, Inc. and Marc Grasso, MD.
10.2   Letter Agreement, entered into on June 28, 2025, between Kyverna Therapeutics, Inc. and Ryan Jones.
99.1   Press Release, dated June 30, 2025.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

3

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  KYVERNA THERAPEUTICS, INC.
     
Date: June 30, 2025 By: /s/ Warner Biddle
    Name:  Warner Biddle
    Title: Chief Executive Officer

 

 

4

 

FAQ

What did Kronos Bio (KRON) file with the SEC on June 30, 2025?

Kronos Bio filed Form 15-12G, certifying the termination of registration of its common stock.

Which rules did Kronos Bio rely on for deregistration?

The company checked Rule 12g-4(a)(1) and Rule 12h-3(b)(1)(i).

How many holders of record does Kronos Bio report in the filing?

The filing states there is one holder of record.

What class of securities is covered by Kronos Bio's Form 15?

The filing covers the company’s Common Stock, $0.001 par value per share.

Who signed the Form 15 on behalf of Kronos Bio?

It was signed by Michael Hearne, Chief Financial Officer.

Does Kronos Bio have any other securities that remain registered?

No. The filing lists None for other classes of securities.
Kyverna Therapeutics

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132.68M
38.02M
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85.12%
7.07%
Biotechnology
Biological Products, (no Disgnostic Substances)
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United States
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