Free cash flow has been consistently negative for ten straight quarters, with the most recent quarterly burn at -$40.6 million, confirming the company's complete reliance on external financing to fund its pre-commercial operations.
Kyverna Therapeutics, Inc. (KYTX) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | -158.75M | -153.71M | -114.25M | -52.41M | -36.11M | -22.16M |
| Operating CF Margin % | - | - | - | - | -514.06% | -391.71% |
| Operating CF Growth % | -66.83% | -34.54% | -117.99% | -45.13% | -63% | - |
| Net Income | -152.64M | -161.31M | -127.48M | -60.37M | -28.89M | -26.35M |
| Depreciation & Amortization | 1.57M | 1.8M | 2.13M | 1.71M | 1.05M | 586K |
| Stock-Based Compensation | 12.08M | 10.08M | 8.36M | 2.22M | 929K | 7.25M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -7.37M | -3.21M | -5.12M | 605K | 1.13M | 850K |
| Working Capital Changes | -12.39M | -1.08M | 7.86M | 3.42M | -10.33M | -4.49M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -7.02M | 543K | 736K | 4.08M | 677K | 11K |
| Cash from Investing | -8.8M | 40.02M | -160.9M | -8.79M | -14.1M | -1.29M |
| Capital Expenditures | -684K | -5K | -2.21M | -621K | -768K | -1.29M |
| CapEx % of Revenue | - | - | - | - | 10.93% | 22.79% |
| Acquisitions | 70K | 70K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -1.27M | 5.76M | 7.66M | 0 | 0 | 0 |
| Cash from Financing | 145.92M | 141.17M | 337.11M | 58.12M | 11.88M | 72.52M |
| Debt Issued (Net) | 24.31M | 23.89M | -956K | -781K | -249K | -41K |
| Equity Issued (Net) | 122.14M | 117.42M | 341.17M | 60.55M | 12.13M | 72.56M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -539K | -144K | -3.1M | -1.65M | 0 | 0 |
| Net Change in Cash | -21.63M | 27.47M | 61.96M | -3.08M | -38.33M | 49.08M |
| Free Cash Flow | -159.43M | -153.72M | -116.45M | -53.03M | -36.88M | -23.44M |
| FCF Margin % | - | - | - | - | -525% | -414.5% |
| FCF Growth % | -12.08% | -32% | -119.6% | -43.79% | -57.32% | - |
| FCF per Share | -2.62 | -3.47 | -3.04 | -0.08 | -1.43 | -0.91 |
| FCF Conversion (FCF/Net Income) | 1.04x | 0.95x | 0.90x | 0.87x | 1.25x | 0.84x |
| Interest Paid | -568K | 0 | 0 | 187K | 65K | 3K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying KYTX stock.
Kyverna Therapeutics, Inc. (KYTX) generated $-153.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kyverna Therapeutics, Inc. (KYTX) reported negative free cash flow of $153.7M in 2025, indicating capital requirements exceeded cash from operations.
Kyverna Therapeutics, Inc. (KYTX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Pre-revenue cash burn sustainability
Metrics are mathematically derived from official filings.
Cash Burn Mirrors Net Losses
Operating cash flow consistently tracks net losses, with an OCF/NI ratio near 1.0 across most quarters, indicating that reported losses are a direct reflection of cash consumption from core R&D and operational activities.
The tight correlation between net losses and operating cash outflows, as seen in the OCF/NI ratio hovering around 1.05 in recent quarters, suggests minimal non-cash adjustments are distorting the cash burn picture. This implies the company's substantial operating losses are being realized as actual cash expenditures, primarily for research and development, with no revenue to offset the outflow.
Persistent Negative Free Cash Flow
Kyverna's free cash flow has been consistently negative for ten straight quarters, with the most recent quarterly burn at -$40.6 million, confirming its complete reliance on external financing to fund its pre-commercial operations.
The FCF trajectory shows no signs of improvement, with quarterly deficits ranging from approximately -$25 million to -$45 million. This persistent negative FCF, in the absence of any revenue, underscores the company's critical need for continued capital raises or debt financing to sustain its pipeline development and corporate structure.
Minimal Capital Intensity
Capital expenditures are negligible relative to the company's operating losses, with quarterly CapEx often below $1 million, indicating the cash burn is overwhelmingly driven by R&D and personnel costs rather than physical asset investment.
The extremely low CapEx/Rev ratio (data unavailable due to zero revenue) and minimal absolute spending suggest Kyverna's business model is not capital-intensive in the traditional sense. The primary cash consumption is for intellectual property development and clinical trials, not for building manufacturing plants or purchasing equipment at this stage.
Working Capital Swings Mask Core Burn
Working capital changes have been volatile, swinging from a -$8.9 million use in 2025Q3 to a +$8.2 million source in 2025Q2, which can temporarily obscure the underlying trend in core operating cash burn.
The erratic working capital movements, particularly the large positive swing in 2025Q2, appear to be driven by timing of payables and accruals rather than operational efficiency. Investors should focus on the underlying operating cash flow trend, which shows a consistent and substantial quarterly deficit, as working capital adjustments are likely non-recurring and mask the true cash consumption rate.
No Capital Returns, All Burn
With zero dividends, share repurchases, or significant acquisitions, 100% of Kyverna's cash outflows are directed toward funding its operating losses and minimal capital expenditures.
The complete absence of capital deployment activities like dividends or buybacks is expected for a pre-revenue biotech. The single, minor acquisition of $70,000 in 2025Q3 is immaterial. This confirms that all available cash is being consumed to advance the company's pipeline, making the sustainability of its cash reserves the paramount concern.
Cash Flow Statement's Limited View
The cash flow statement does not capture the full picture of Kyverna's obligations, as it excludes potential future liabilities from clinical trial commitments, manufacturing contracts, or lease obligations that could accelerate cash needs.
While the statement shows a steady cash burn, it obscures the company's forward-looking cash commitments. The true risk lies in the duration and magnitude of these off-balance-sheet obligations relative to the company's cash runway. The reported SBC expense, while non-cash, also represents a real dilutive cost to shareholders that is not reflected in the operating cash flow line.