Latest Ratios: P/E Ratio -1.7x · EV/EBITDA N/A · ROE -64.7%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $378M | $416M | $143M | — | — | — |
| Enterprise Value | $283M | $321M | $55M | — | — | — |
| P/E Ratio → | -1.71 | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | — |
| P/B Ratio | 1.19 | 1.79 | 0.54 | — | — | — |
| P/FCF | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | 100.0% | 100.0% |
| Operating Margin | — | — | — | — | -418.3% | -465.8% |
| Net Profit Margin | — | — | — | — | -411.3% | -465.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -64.7% | -64.7% | -80.7% | -126.0% | -13661.0% | — |
| ROA | -53.9% | -53.9% | -67.1% | -85.0% | -37.9% | -30.8% |
| ROIC | -80.8% | -80.8% | -106.0% | -217.1% | — | — |
| ROCE | -64.3% | -64.3% | -87.4% | -113.2% | -47.2% | -37.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.12 | 0.12 | 0.03 | 0.18 | 0.23 | — |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.41 | -0.33 | -0.52 | -0.58 | — |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | -328.87 | -328.87 | -896.73 | -321.81 | -443.51 | -8782.33 |
Net cash position: cash ($124M) exceeds total debt ($29M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 7.75 | 7.75 | 8.61 | 3.05 | 4.45 | 4.84 |
| Quick Ratio | 7.75 | 7.75 | 8.61 | 3.05 | 4.45 | 4.84 |
| Cash Ratio | 7.65 | 7.65 | 8.47 | 2.90 | 4.29 | 4.78 |
| Asset Turnover | — | — | — | — | 0.10 | 0.07 |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $44M | $38M | $674M | $26M | $26M |
Includes 30+ ratios · 5 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying KYTX stock.
Kyverna Therapeutics, Inc.'s current P/E ratio is -1.7x. This places it at the 50th percentile of its historical range.
Kyverna Therapeutics, Inc.'s return on equity (ROE) is -64.7%. The historical average is -90.5%.
Based on historical data, Kyverna Therapeutics, Inc. is trading at a P/E of -1.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Pre-revenue cash burn sustainability
Metrics are mathematically derived from official filings.
Valuation Anchored to Pipeline, Not Financials
Kyverna's negative P/E of -2.27 and lack of forward multiples reflect its pre-revenue status, with valuation entirely dependent on speculative pipeline potential rather than current financial performance.
The negative P/E ratio is a mathematical artifact of the company's persistent net losses, offering no meaningful valuation signal. The P/B ratio of 1.57, while positive, is misleading as it is based on an equity base eroded by a $502.9 million accumulated deficit. For a pre-commercial biotech, traditional valuation multiples are largely irrelevant; the market is pricing the probability-weighted value of its clinical pipeline, not its current financials.
Liquidity Cushion Eroding Under Burn
Despite a current ratio of 9.06 in 2026Q2, Kyverna's cash reserves have plummeted from $224.3M to $31.8M over ten quarters, indicating the high ratio masks a rapidly diminishing liquidity buffer.
The current and quick ratios are identical at 9.06, confirming the absence of inventory and a purely cash-based liquidity position. However, this high ratio is a function of a shrinking asset base, not operational strength. The critical trend is the acceleration in cash consumption, with quarterly net cash outflows increasing from ~$27M to over $40M, suggesting the company's financial runway is contracting at an alarming pace.
Low Leverage, High Negative Coverage
Kyverna's debt-to-equity ratio has risen to 0.20, but the more telling metric is its negative interest coverage of -58.66, which underscores that operating losses are far too large to service even minimal debt costs.
The increase in D/E from 0.03 to 0.20 is driven by equity erosion from losses, not a strategic debt build-up. The negative interest coverage ratio is the key risk indicator; it mathematically confirms that the company's core operations generate no earnings to cover interest expenses, making it entirely reliant on its dwindling cash reserves and future financing to meet obligations.
Negative Returns Reflecting Pure Cash Burn
Return on Invested Capital has deteriorated from -14.0% in 2024Q2 to -16.3% in 2026Q2, a trend that quantifies the ongoing destruction of capital as the company funds R&D without any revenue generation.
The consistently negative ROIC and ROE figures are not cyclical but structural, directly resulting from the company's pre-revenue stage. The slight improvement from the -22.7% low in 2025Q4 is not a sign of operational progress but likely reflects changes in the capital base. These metrics will remain meaningless until the company achieves a commercial launch and begins to generate positive returns on the capital invested in its pipeline.
The Misleading Comfort of the Current Ratio
The current ratio of 9.06 is the most commonly misapplied metric for Kyverna, as it obscures the critical risk of a finite cash runway by presenting a facade of short-term solvency.
For a pre-revenue company burning cash, the current ratio is a poor indicator of financial health because it includes all current assets, primarily cash, against liabilities. It does not account for the rate of cash consumption. A more appropriate metric is the 'cash runway'—cash reserves divided by the quarterly cash burn rate—which, based on recent figures, suggests a runway of only a few quarters without additional financing, a far more urgent risk than the current ratio implies.