The equity base has contracted significantly to $195.6M as of 2026Q1, driven by the accumulation of $464.6M in retained losses.
| Total Current Assets | 241.73M | 282.95M | 290.6M | 60.66M | 53.25M | 77.09M |
| Cash & Short-Term Investments | 236.45M | 279.25M | 285.98M | 57.54M | 51.32M | 76.07M |
| Cash Only | 32.19M | 124.09M | 96.62M | 34.65M | 37.73M | 76.07M |
| Short-Term Investments | 204.25M | 155.16M | 189.36M | 22.9M | 13.59M | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 5.28M | 3.7M | 4.62M | 3.12M | 0 | 1.02M |
| Total Non-Current Assets | 15.3M | 10.87M | 15.92M | 14.53M | 13.67M | 8.4M |
| Property, Plant & Equipment | 9.73M | 5.42M | 10.66M | 10.61M | 12.44M | 7.81M |
| Fixed Asset Turnover | 0.00x | - | - | - | 0.56x | 0.72x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 551K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 5.57M | 5.45M | 5.26M | 3.92M | 1.23M | 593K |
| Total Assets | 257.02M | 293.83M | 304.64M | 75.19M | 66.92M | 85.49M |
| Asset Turnover | 0.00x | - | - | - | 0.10x | 0.07x |
| Asset Growth % | -87.39% | -3.55% | 305.14% | 12.36% | -21.72% | - |
| Total Current Liabilities | 29.67M | 36.49M | 33.76M | 19.86M | 11.95M | 15.93M |
| Accounts Payable | 11.6M | 5.31M | 4.62M | 4.36M | 1.45M | 773K |
| Days Payables Outstanding | 3.14K | - | 791.26 | 931.85 | - | - |
| Short-Term Debt | 1.99M | 3.97M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 6M |
| Other Current Liabilities | 16.09M | 27.21M | 4.88M | 9.77M | 565K | 1.72M |
| Current Ratio | 8.15x | 7.75x | 8.61x | 3.05x | 4.45x | 4.84x |
| Quick Ratio | 8.15x | 7.75x | 8.61x | 3.05x | 4.45x | 4.84x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 31.77M | 25.06M | 4.3M | 6.16M | 8.29M | 115.81M |
| Long-Term Debt | 6.96M | 24.74M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 4M | 320K | 4.3M | 6.16M | 8.29M | 4.74M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 24.81M | 0 | 0 | 0 | 6K | 110.05M |
| Total Liabilities | 61.44M | 61.55M | 38.06M | 26.02M | 20.25M | 131.74M |
| Total Debt | 8.94M | 29.03M | 8.24M | 9.08M | 10.56M | 5.55M |
| Net Debt | -23.25M | -95.06M | -88.38M | -25.57M | -27.17M | -70.51M |
| Debt / Equity | 0.05x | 0.12x | 0.03x | 0.18x | 0.23x | - |
| Debt / EBITDA | -0.06x | - | - | - | - | - |
| Net Debt / EBITDA | 0.14x | - | - | - | - | - |
| Interest Coverage | -139.20x | -328.87x | -896.73x | -321.81x | -443.51x | -8782.33x |
| Total Equity | 195.58M | 232.28M | 266.59M | 49.18M | 46.68M | -46.25M |
| Equity Growth % | -120.08% | -12.87% | 442.1% | 5.36% | 200.91% | - |
| Book Value per Share | 3.24 | 5.25 | 6.95 | 0.07 | 1.81 | -1.79 |
| Total Shareholders' Equity | 195.58M | 232.28M | 266.59M | 49.18M | 46.68M | -46.25M |
| Common Stock | 1K | 1K | 0 | 0 | 0 | 0 |
| Retained Earnings | -464.56M | -424.83M | -263.52M | -136.04M | -75.68M | -46.78M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -96K | 97K | 105K | 4K | -26K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Rapid cash runway depletion
As reported in financial statements, Kyverna's cash position has plummeted from $224.3M in 2024Q1 to $32.2M by 2026Q1, signaling a rapid deterioration in the company's financial flexibility as it continues to fund an expansive and capital-intensive clinical trial pipeline without any offsetting product revenue.
The consistent decline in total assets from $390.0M to $257.0M over the observed period reflects the aggressive consumption of capital to support R&D. This trajectory suggests that the company is approaching a critical juncture where external financing will be required to maintain its current clinical development pace.
Based on Kyverna's reported figures, the current ratio has contracted from a peak of 17.17 in 2024Q1 to 8.15 in 2026Q1, indicating that while the company maintains a technical liquidity cushion, the absolute cash balance is insufficient to support sustained long-term operations without further capital raises.
The sharp reduction in cash reserves relative to the ongoing burn rate implies that the company's ability to absorb unexpected clinical or regulatory setbacks is diminishing. Investors should monitor the cash runway closely, as the current liquidity profile appears increasingly sensitive to the timing of milestone payments and future equity issuance.
According to recent SEC filings, Kyverna's equity has declined from $361.0M in 2024Q1 to $195.6M in 2026Q1, a trend driven by the accumulation of significant retained losses which reached -$464.6M, reflecting the high cost of developing early-stage autoimmune CAR T-cell therapies.
The persistent growth in the accumulated deficit underscores the company's reliance on equity financing to fund its operations. This structure suggests that shareholders face ongoing dilution risk as the company continues to prioritize clinical advancement over the achievement of a self-sustaining capital structure.
Data from financial disclosures indicates that Kyverna's asset base is almost entirely composed of cash and minimal PPE, with no goodwill or intangible assets, which suggests that the company's valuation is currently tethered exclusively to the speculative success of its clinical pipeline rather than tangible book value.
The absence of significant tangible assets means that any failure in clinical trial outcomes could lead to a rapid impairment of the company's perceived value. This asset-light profile warrants further investigation into the company's ability to pivot its manufacturing strategy if the current autologous model proves too costly to scale.
Quick answers to the most common questions about buying KYTX stock.
As of 2025, Kyverna Therapeutics, Inc. (KYTX) had total assets of $293.8M including $283.0M in current assets.
Kyverna Therapeutics, Inc. (KYTX) carries total debt of $29.0M, offset by $279.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Kyverna Therapeutics, Inc. (KYTX) has total shareholders' equity (book value) of $232.3M ($5.25 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Kyverna Therapeutics, Inc. (KYTX) reported a current ratio of 7.75x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.