Free cash flow remains deeply negative with a $41.6M quarterly outflow in 2026Q1, reflecting the high capital intensity of the current clinical trial strategy.
| Cash from Operations | -150.39M | -153.71M | -114.25M | -52.41M | -36.11M | -22.16M |
| Operating CF Margin % | - | - | - | - | -514.06% | -391.71% |
| Operating CF Growth % | -72.83% | -34.54% | -117.99% | -45.13% | -63% | - |
| Net Income | -156.4M | -161.31M | -127.48M | -60.37M | -28.89M | -26.35M |
| Depreciation & Amortization | 1.65M | 1.8M | 2.13M | 1.71M | 1.05M | 586K |
| Stock-Based Compensation | 7.92M | 10.08M | 8.36M | 2.22M | 929K | 7.25M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 724K | -3.21M | -5.12M | 605K | 1.13M | 850K |
| Working Capital Changes | -4.29M | -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 | 3.03M | 543K | 736K | 4.08M | 677K | 11K |
| Cash from Investing | -15.76M | 40.02M | -160.9M | -8.79M | -14.1M | -1.29M |
| Capital Expenditures | -395K | -5K | -2.21M | -621K | -768K | -1.29M |
| CapEx % of Revenue | - | - | - | - | 10.93% | 22.79% |
| Acquisitions | 70K | 70K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -1.21M | 5.76M | 7.66M | 0 | 0 | 0 |
| Cash from Financing | 141.48M | 141.17M | 337.11M | 58.12M | 11.88M | 72.52M |
| Debt Issued (Net) | 24.15M | 23.89M | -956K | -781K | -249K | -41K |
| Equity Issued (Net) | 117.67M | 117.42M | 341.17M | 59.9M | 11.95M | 72.53M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -333K | -144K | -3.1M | -1M | 175K | 30K |
| Net Change in Cash | -24.68M | 27.47M | 61.96M | -3.08M | -38.33M | 49.08M |
| Free Cash Flow | -150.99M | -153.72M | -116.45M | -53.03M | -36.88M | -23.44M |
| FCF Margin % | - | - | - | - | -525% | -414.5% |
| FCF Growth % | -11.59% | -32% | -119.6% | -43.79% | -57.32% | - |
| FCF per Share | -2.50 | -3.47 | -3.04 | -0.08 | -1.43 | -0.91 |
| FCF Conversion (FCF/Net Income) | 0.97x | 0.95x | 0.90x | 0.87x | 1.25x | 0.84x |
| Interest Paid | 18K | 0 | 0 | 187K | 65K | 3K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial cash depletion
According to recent SEC filings, Kyverna's operating cash flow consistently tracks closely with net losses, with an OCF/NI ratio of 1.05 in 2026Q1, indicating that the company lacks non-cash revenue offsets and remains entirely dependent on external financing to sustain its ongoing clinical development activities.
The tight correlation between net income and operating cash flow suggests that the company's accounting is straightforward but reflects a precarious financial position. Investors should note that the absence of significant non-cash adjustments means the reported net loss is a direct proxy for the actual cash burn rate.
As reported in financial statements, Kyverna's free cash flow remains deeply negative, reaching a quarterly outflow of $41.6M in 2026Q1, which highlights the aggressive capital requirements necessary to support the company's multi-indication clinical trial strategy in the absence of any commercial product revenue streams.
The consistent negative free cash flow trajectory underscores the high-risk nature of the current pipeline expansion. Without a clear path to revenue, the company's ability to maintain this burn rate appears contingent on continued access to capital markets, which may be sensitive to clinical trial outcomes.
Based on Kyverna's reported figures, working capital changes have been highly erratic, swinging from a $8.2M inflow in 2025Q2 to an $8.9M outflow in 2025Q3, suggesting that the timing of clinical trial vendor payments and collaboration milestones creates significant quarterly fluctuations in available cash reserves.
This volatility in working capital suggests that management faces challenges in predicting cash outflows related to clinical operations. Investors should monitor these swings as they may mask the underlying structural burn rate of the business during periods of intense trial activity.
Data from financial disclosures indicates that Kyverna's capital deployment is currently restricted to operational survival, with no dividends or share repurchases, as the company prioritizes the preservation of cash to fund its broad portfolio of autoimmune CAR T-cell therapy trials across multiple high-cost clinical indications.
The lack of capital return programs is expected for a pre-revenue biotech, but the aggressive pursuit of multiple indications simultaneously warrants further investigation into the sustainability of this strategy. The company's capital allocation appears entirely defensive, aimed at reaching critical clinical data milestones before the current runway is exhausted.
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.