The company lacks any product revenue, resulting in consistent operating losses that peaked at $47.4M in 2025Q1 due to heavy R&D investment.
| Sales/Revenue | 0 | 0 | 0 | 0 | 7.03M | 5.66M |
| Revenue Growth % | - | - | - | -100% | 24.2% | - |
| Cost of Goods Sold | 866K | 0 | 2.13M | 1.71M | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -866K | 0 | -2.13M | -1.71M | 7.03M | 5.66M |
| Gross Margin % | - | - | - | - | 100% | 100% |
| Gross Profit Growth % | - | 100% | -24.96% | -124.3% | 24.2% | - |
| Operating Expenses | 162.92M | 169.83M | 140.47M | 60.7M | 36.41M | 32M |
| OpEx % of Revenue | - | - | - | - | 518.28% | 565.81% |
| Selling, General & Admin | 37.43M | 36.11M | 30.13M | 12.48M | 8.01M | 6.15M |
| SG&A % of Revenue | - | - | - | - | 113.98% | 108.73% |
| Research & Development | 126.01M | 133.72M | 112.47M | 48.22M | 28.4M | 25.85M |
| R&D % of Revenue | - | - | - | - | 404.3% | 457.07% |
| Other Operating Expenses | -515K | 0 | -2.13M | 0 | 0 | 0 |
| Operating Income | -163.79M | -169.83M | -142.6M | -62.41M | -29.38M | -26.35M |
| Operating Margin % | - | - | - | - | -418.28% | -465.81% |
| Operating Income Growth % | - | -19.09% | -128.51% | -112.38% | -11.53% | - |
| EBITDA | -162.14M | -168.03M | -140.47M | -60.7M | -28.33M | -25.76M |
| EBITDA Margin % | - | - | - | - | -403.32% | -455.45% |
| EBITDA Growth % | -2.14% | -19.62% | -131.42% | -114.23% | -9.99% | - |
| D&A (Non-Cash Add-back) | 1.65M | 1.8M | 2.13M | 1.71M | 1.05M | 586K |
| EBIT | -157.57M | -160.82M | -127.33M | -60.18M | -28.83M | -26.35M |
| Net Interest Income | 7.46M | 8.61M | 15.22M | 2.1M | 500K | -2K |
| Interest Income | 8.6M | 9.09M | 15.36M | 2.28M | 565K | 1K |
| Interest Expense | 1.13M | 489K | 142K | 187K | 65K | 3K |
| Other Income/Expense | 7.39M | 8.52M | 15.13M | 2.04M | 491K | -4K |
| Pretax Income | -156.4M | -161.31M | -127.48M | -60.37M | -28.89M | -26.35M |
| Pretax Margin % | - | - | - | - | -411.29% | -465.88% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -156.4M | -161.31M | -127.48M | -60.37M | -28.89M | -26.35M |
| Net Margin % | - | - | - | - | -411.29% | -465.88% |
| Net Income Growth % | -7.55% | -26.54% | -111.17% | -108.93% | -9.65% | - |
| Net Income (Continuing) | -156.4M | -161.31M | -127.48M | -60.37M | -28.89M | -26.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.59 | -3.64 | -3.33 | -0.00 | -1.12 | -1.02 |
| EPS Growth % | 2.67% | -9.31% | - | 99.99% | -9.8% | - |
| EPS (Basic) | - | -3.64 | -3.33 | -0.00 | -1.12 | -1.02 |
| Diluted Shares Outstanding | 60.43M | 44.26M | 38.33M | 673.62M | 25.8M | 25.8M |
| Basic Shares Outstanding | 60.43M | 44.26M | 38.33M | 673.62M | 25.8M | 25.8M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Clinical trial cash depletion
As reported in financial statements, Kyverna's R&D expenses have consistently remained the primary driver of operational losses, peaking at $37.4M in 2025Q1, which underscores the company's aggressive pursuit of multiple clinical indications simultaneously without any offsetting product revenue to mitigate the ongoing cash outflow.
The company's cost structure is heavily skewed toward clinical development, with R&D spending consistently dwarfing SG&A expenses. This allocation suggests a management strategy prioritized on rapid pipeline advancement, though it leaves the firm highly exposed to the financial risks inherent in multi-indication trial execution.
Based on Kyverna's reported figures, the absence of revenue generation means that operating leverage cannot be realized, as operating losses have fluctuated between $21.4M and $47.4M over the last ten quarters while the company continues to scale its infrastructure and clinical trial footprint.
Without a top-line revenue stream, the company's operating income is entirely dependent on the management of fixed costs. The lack of scalability in the current income statement highlights the significant financial burden of maintaining autologous cell therapy manufacturing capabilities before achieving commercial viability.
According to recent SEC filings, Kyverna's net losses are exacerbated by non-cash stock-based compensation expenses, which reached $2.7M in 2025Q4, indicating that the company is relying on equity-based incentives to attract talent while simultaneously facing significant pressure on its cash-based operating liquidity.
Investors should monitor the impact of stock-based compensation on the company's capital structure, as these non-cash charges effectively dilute shareholders while the firm remains in a pre-revenue state. The reliance on equity to manage human capital costs suggests a strategic effort to preserve cash, though it complicates the assessment of true operational efficiency.
As indicated by the company's financial history, the decision to fund simultaneous trials across lupus nephritis, multiple sclerosis, and myasthenia gravis creates a high-risk financial profile, as the quarterly net loss of $39.7M in 2026Q1 suggests that the current cash runway may be rapidly depleting.
Short-term observers may question the sustainability of this 'broad front' clinical strategy, particularly if trial data does not provide clear differentiation from competitors. The lack of revenue to offset these substantial R&D investments warrants further investigation into whether the company will require dilutive financing to reach critical clinical milestones.
Quick answers to the most common questions about buying KYTX stock.
For fiscal year 2025, Kyverna Therapeutics, Inc. (KYTX) reported total revenue of $0.0M. This represents a 100.0% decline compared to $5.7M in 2021.
Kyverna Therapeutics, Inc. (KYTX) reported a net loss of $161.3M for the fiscal year ending 2025.