KYTX

MKT CAP:$409M

Kyverna Therapeutics, Inc.

Market Cap

$409M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$10.23+$1.46 (+16.65%)

Apr 22, 2026

Company Details

Kyverna Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing cell therapies for patients suffering from autoimmune diseases. Its lead product candidate is KYV-101, an autologous CD19 CAR T-cell product candi...

CEO

Warner Biddle

IPO Date

Feb 9, 2024

Website

kyvernatx.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$161M

EPS (Diluted)

-$3.65

Free Cash Flow

-$154M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 26, 2026

$0EPS -$3.64

Q4 2025

Mar 26, 2026

$0EPS -$0.80

Q3 2025

Nov 12, 2025

$0EPS -$0.85

Q2 2025

Aug 12, 2025

$0EPS -$0.97

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$282.0K	-$92.0K	-$9M
Q1 23	$0	$0	-$11M
Q2 23	$0	$0	-$13M
Q3 23	$0	$0	-$16M
Q4 23	$0	-$17M	-$21M
Q2 24	$0	$0	-$33M
Q3 24	$0	-$29M	-$39M
Q4 24	$0	-$563.0K	-$41M
Q1 25	$0	-$501.0K	-$47M
Q2 25	$0	-$515.0K	-$44M
Q3 25	$0	-$415.0K	-$39M
Q4 25	$0	-$368.0K	-$39M

Valuation

Quarter	P/S	P/E
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	2521.1x	—
Q4 23	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	-$9M	-$9M
Q1 23	-$11M	-$11M
Q2 23	-$11M	-$11M
Q3 23	-$11M	-$11M
Q4 23	-$19M	-$19M
Q2 24	-$24M	-$25M
Q3 24	-$27M	-$28M
Q4 24	-$37M	-$38M
Q1 25	-$45M	-$45M
Q2 25	-$32M	-$32M
Q3 25	-$43M	-$44M
Q4 25	-$34M	-$34M

Capital Expenditures

Quarter	CapEx
Q4 22	$12.0K
Q1 23	$28.0K
Q2 23	$3.0K
Q3 23	$256.0K
Q4 23	$334.0K
Q2 24	$1M
Q3 24	$102.0K
Q4 24	$532.0K
Q1 25	$0
Q2 25	$204.0K
Q3 25	$392.0K
Q4 25	$5.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 23	-100.0%	+136.0%
Q2 24	—	+192.1%
Q3 24	—	+191.5%
Q4 24	—	+152.1%
Q1 25	—	+121.8%
Q2 25	—	+32.8%
Q3 25	—	-0.1%
Q4 25	—	-4.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$337.0K	119.5%
Q1 23	$468.0K	—
Q2 23	$447.0K	—
Q3 23	$521.0K	—
Q4 23	$784.0K	—
Q2 24	$1M	—
Q3 24	$3M	—
Q4 24	$1M	—
Q1 25	$2M	—
Q2 25	$3M	—
Q3 25	$3M	—
Q4 25	$3M	—

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 22	$7M	—	$2M
Q1 23	$9M	$3M	—
Q2 23	$10M	$3M	—
Q3 23	$14M	$3M	—
Q4 23	$17M	$4M	—
Q2 24	$27M	$6M	—
Q3 24	$29M	$8M	—
Q4 24	$33M	—	$8M
Q1 25	$37M	$10M	—
Q2 25	$36M	$9M	—
Q3 25	$30M	—	$8M
Q4 25	$30M	—	$9M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 23	$224M	$146M	$370M
Q3 23	$23M	$54M	$77M
Q4 23	$35M	$23M	$58M
Q1 24	$224M	$146M	$370M
Q2 24	$132M	$215M	$346M
Q3 24	$105M	$217M	$322M
Q4 24	$97M	$189M	$286M
Q1 25	$57M	$186M	$243M
Q2 25	$53M	$158M	$212M
Q3 25	$34M	$137M	$171M
Q4 25	$124M	$155M	$279M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	43M	—	—
Q1 23	26M	-40.2%	—
Q2 23	43M	+67.1%	—
Q3 23	43M	0.0%	—
Q4 23	43M	0.0%	0.0%
Q2 24	43M	+0.0%	+67.1%
Q3 24	43M	+0.1%	+0.1%
Q4 24	43M	+0.1%	+0.2%
Q1 25	43M	+0.0%	+0.2%
Q2 25	43M	+0.0%	+0.2%
Q3 25	43M	+0.4%	+0.6%
Q4 25	47M	+8.6%	+9.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$0	96
Q2 24	$0	96
Q3 24	$0	96
Q4 24	$0	112
Q1 25	$0	112
Q2 25	$0	112
Q3 25	$0	112
Q4 25	$0	200K

Revenue / Employee